About Us
Founded in 1994 and headquartered in Chicago, GEM Realty Capital is a real estate investment company with over $6 billion in assets under management across two distinct lines of business. GEM invests in private-market real estate assets through GEM Realty Properties and publicly traded real estate securities through GEM Realty Securities.
GEM’s private/public platform combines perspective, relationships, and real time information that serves as our foundation to capitalize on secular trends, inefficiencies, and dislocations in the real estate market.
GEM Realty Properties Investment: Carneros Resort & Spa -- Napa, CA
Our Business Lines
GEM Realty Properties
GEM Realty Properties has a dedicated investment team of acquisitions and asset management professionals with a 25+ year track record investing in real estate properties, debt, and operating companies. GEM has completed more than 160 private real estate transactions with a total investment cost of over $8 billion.
Since 2000, GEM has invested and managed approximately $3 billion in total equity on behalf of its Opportunity Funds. Since 2016, GEM has invested and managed GEM Realty Evergreen, a perpetual life fund that owns a diversified portfolio of high-quality real estate with a focus on current income.
GEM has the experience and platform to target a wide range of opportunities and has a history of executing complex transactions across all property types throughout the U.S.
GEM Realty Properties has a dedicated investment team of acquisitions and asset management professionals with a 25+ year track record investing in real estate properties, debt, and operating companies. GEM has completed more than 160 private real estate transactions with a total investment cost of over $8 billion.
Since 2000, GEM has invested and managed approximately $3 billion in total equity on behalf of its Opportunity Funds. Since 2016, GEM has invested and managed GEM Realty Evergreen, a perpetual life fund that owns a diversified portfolio of high-quality real estate with a focus on current income.
GEM has the experience and platform to target a wide range of opportunities and has a history of executing complex transactions across all property types throughout the U.S.
GEM Realty Securities
GEM Realty Securities has a dedicated investment team of portfolio management, research and trading professionals with a 20+ year track record investing in publicly traded real estate securities. Our universe includes REITs and real estate operating companies that total over $3 trillion of equity market value.
Since 2000, GEM Realty Securities has managed its flagship fund, a long/short hedge fund with low correlation to equity, bond, and alternative indices. GEM Realty Securities also manages market neutral and long-only portfolios on behalf of institutional investors.
GEM Realty Securities has the experience and platform to execute multiple investment strategies and actively invest throughout economic cycles and capital market volatility.
GEM Realty Securities has a dedicated investment team of portfolio management, research and trading professionals with a 20+ year track record investing in publicly traded real estate securities. Our universe includes REITs and real estate operating companies that total over $3 trillion of equity market value.
Since 2000, GEM Realty Securities has managed its flagship fund, a long/short hedge fund with low correlation to equity, bond, and alternative indices. GEM Realty Securities also manages market neutral and long-only portfolios on behalf of institutional investors.
GEM Realty Securities has the experience and platform to execute multiple investment strategies and actively invest throughout economic cycles and capital market volatility.
Our Team
INVESTMENT COMMITTEE
GEM’s Investment Committee is comprised of seven senior professionals. Together, they have a comprehensive set of skills across the private and public real estate markets and average almost 30 years of real estate experience. The Investment Committee collaborates to set investment strategy for GEM’s investment funds.
Norman Geller
Senior Managing Partner
Mr. Geller co-founded GEM in 1994 and sets corporate strategy. For GEM Realty Properties, Mr. Geller is involved in acquisitions, portfolio management, and valuation. For GEM Realty Securities, Mr. Geller is involved in all aspects of the investment process.
Mr. Geller received a Bachelor of Science in Accounting from the University of Illinois at Urbana-Champaign and passed the Uniform Certified Public Accountant Examination.
Michael Elrad
Senior Managing Partner
Mr. Elrad co-founded GEM in 1994 and sets corporate strategy. Mr. Elrad is the Chief Investment Officer of GEM Realty Securities and has overseen all GEM’s funds that invest in publicly traded real estate securities since 1998.
Mr. Elrad is a member of Wharton’s Undergraduate Executive Board. Mr. Elrad is also a board member of Abundant Venture Partners and the Digestive Health Foundation at Northwestern Medicine. Mr. Elrad is actively involved in the YPO and CEO organizations. Mr. Elrad received a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.
Barry Malkin
Senior Managing Partner
Mr. Malkin co-founded GEM in 1994 and sets corporate strategy. Mr. Malkin is Co-Chief Investment Officer of GEM Realty Properties and oversees its investment process. Since 1994, he has directed GEM Realty Properties investments, representing a total investment cost of approximately $8 billion.
Mr. Malkin serves on the Board of Trustees for Tulane University and is a Board Member of the Holocaust Educational Foundation of Northwestern University. Mr. Malkin received a Master of Management from Kellogg School of Management, Northwestern University, and a Bachelor of Arts from Tulane University.
Denise Olsen
Senior Managing Director
Ms. Olsen heads business development for both GEM Realty Properties and GEM Realty Securities, and leads new business and capital raising activities. In addition, Ms. Olsen has primary responsibility for investor relations, reporting and communication with GEM’s investors.
Ms. Olsen is a board member of First Industrial Realty Trust, Inc. (NYSE: FR). Ms. Olsen is on the Investment Advisory Committee of the Harry and Jeanette Weinberg Foundation. Ms. Olsen serves as an Executive Committee member of the Zell Lurie Real Estate Center at the Wharton School at the University of Pennsylvania and is a member of Pension Real Estate Association (PREA). Ms. Olsen received a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.
Derek Lopez
Senior Managing Director
Mr. Lopez is the Co-Chief Investment Officer of GEM Realty Properties, overseeing GEM’s funds that invest in opportunistic and value-add real estate assets. In addition, Mr. Lopez manages GEM’s acquisitions team and sources real estate opportunities throughout the U.S. Prior to joining GEM in 2017, he was an international director and head of U.S. acquisitions for LaSalle Investment Management.
Mr. Lopez is a member of Urban Land Institute (ULI) and Pension Real Estate Association (PREA) and serves on the Chicago Board for Cradles to Crayons. Mr. Lopez received a Master of Business Administration from Kellogg School of Management, Northwestern University, where he was a Toigo Fellow, and a Bachelor of Business Administration from Texas A&M University.
Brad Caldwell
Managing Director
Mr. Caldwell is a Portfolio Manager of GEM Realty Securities and has joint decision-making authority to construct and manage its portfolios. Mr. Caldwell focuses on lodging, leisure, infrastructure, and other real estate related sectors, and works across GEM’s platform to source and prioritize investment opportunities.
Mr. Caldwell received a Bachelor of Science in Finance from the Leeds School of Business and a Bachelor of Arts in Economics with a minor in Leadership from the School of Arts and Sciences at the University of Colorado and serves on the board for The Night Ministry.
Michael Geller
Managing Director
Mr. Geller is a Portfolio Manager of GEM Realty Securities and has joint decision-making authority to construct and manage its portfolios. Mr. Geller focuses on traditional and specialty REITs, and works across GEM’s platform to source and prioritize investment opportunities.
Mr. Geller received a Bachelor of Arts in Economics with a minor in Urban Studies and Real Estate from the University of Pennsylvania and serves on the board for Owls Lacrosse.
Our Approach
GEM has an established track record that spans numerous economic cycles and is grounded in fundamental investing and portfolio management. GEM embraces a thematic approach to investing by employing multiple investment strategies across property types and markets. Our employees are dedicated to a common investment philosophy and committed to long-term partnership with our investors.
GEM Investment Strategy: Single Family Rental Portfolios
Our Culture
GEM is a steward of investor capital and is highly focused on its fiduciary duties. GEM’s inclusive culture promotes innovation and collaboration, rewards hard work and integrity, and provides opportunity for professional development. GEM believes these values attract and retain talented professionals who are committed to delivering strong investment performance over the long term.
Our
Responsibility
Environmental, Social, and Governance: ESG is core to GEM’s culture and our commitment to all stakeholders. GEM believes that thoughtful focus on ESG factors can positively influence investment returns, as well as strengthen our workplace and positively impact our communities.
Community
Engagement
GEM is committed to improving the lives of underserved children in Chicagoland communities. GEM invests a portion of its profits each year in programs that support education, literacy, and family services. Working together in teams, GEM employees regularly volunteer their time and donate resources to community service projects.
Diversity
& Inclusion
GEM is committed to creating and fostering a diverse and inclusive work environment that values unique insights and perspective. GEM sponsors company-wide workshops to further explore and promote diversity of thought and engagement across all backgrounds.
Our Mission
GEM’s mission is to be a trusted, innovative real estate investment firm creating value for our investors over the long term.
In Pursuit of Our Mission, GEM embraces these Core Values:
Community Impact
We work to positively impact the communities where we live and invest.
We work to positively impact the communities where we live and invest.
Innovative Thinking
We embrace open-mindedness and creativity in pursuit of opportunities and solutions.
We embrace open-mindedness and creativity in pursuit of opportunities and solutions.
Integrity
We act with honesty, respect and care in all our endeavors.
We act with honesty, respect and care in all our endeavors.
Relationships
We strive to build enduring relationships with our investors and operating partners.
We strive to build enduring relationships with our investors and operating partners.
Collaboration
We promote a collaborative and inclusive culture, built on trust and a shared vision.
We promote a collaborative and inclusive culture, built on trust and a shared vision.
Contact
Address
14th Floor
Chicago, Illinois 60611
