Providing Access to Opportunity

Syndicated Equities is a private real estate investment firm that was founded in 1986. Since its inception, Syndicated Equities has acquired over $2 billion of institutional-quality and government-leased real estate on behalf of its clients. We provide investment opportunities to accredited investors, family offices and institutions that seek attractive cash flow and long-term appreciation from real estate.
Since 1986, Syndicated Equities has been dedicated to the performance of its investments and has earned a reputation for integrity throughout the marketplace. Our personal commitment has resulted in successful, long-standing relationships with our clients, many of whom have invested with us for three decades.

Richard Kaplan

- FOUNDER & CEO -

Investing with Syndicated

Syndicated Equities provides accredited investors and family offices with opportunity to acquire interests in institutional-quality real estate. Since 1986, Syndicated Equities has acquired over $2 billion of real estate assets on behalf of its clients. Investments are structured to provide attractive current returns and preserve capital through multiple market cycles.

  • Full Service Investment Management
  • Strong Asset Management and Experienced Operating Partners
  • Low Leverage, Conservative Financing
  • Current Cash Flow
  • Access Fund and Current Offerings

Our Team

Syndicated Equities’ senior management team combines over 100 years of principal-oriented real estate experience, including expertise in acquisitions, finance, development, asset management, leasing, brokerage, institutional advisory services and 1031 Exchanges. The depth of this experience is called upon as we evaluate new investment opportunities and manage existing assets within our portfolio. Our reputation for integrity, coupled with our commitment to the performance of our investments, has served our clients well for 25 years and continues to do so today.

Richard Kaplan
- Founder & CEO -
Matt McCulloch
- Senior Principal -
Mike Crandall
- Senior Principal -
Rene Ristau
- VP & Director of
Asset Management -
Robert Handler
- VP & Controller -
Terri Leslie
- Chief of Staff -
Tracy Treger
- Senior Director of Corporate Strategy -
Jason Schwartz
- Director of Investment Services -
Jessica Healy
- Analyst -
Susan Plichta
- Legal & Accounting Administrator -
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Richard Kaplan

- Founder & CEO -

University of Illinois
Psychology

Richard’s Bio

Richard Kaplan, Founder and CEO of Syndicated Equities, has been active in Chicago and national real estate markets for over 40 years. To date, Richard and the companies he has founded have participated in over $4 billion of real estate transactions. These transactions involve commercial and residential properties nationwide, condominium and apartment development, Section 1031 exchanges, and global real estate opportunity funds. Richard founded Syndicated Equities in 1986. Under Richard's leadership, Syndicated Equities has acquired approximately $2 billion of real estate assets on behalf of its investors.

These assets have included retail, government, student housing, office, parking, and hotel properties throughout the country. The firm has assisted numerous 1031 exchange investors find suitable replacement property, including over 1,000 net leased properties. Richard also designed and implemented the Syndicated Access Funds, a series of global, real estate opportunity fund-of- funds.

Prior to Syndicated Equities, Richard founded (1972) Kaplan & Associates Realtors, which represented thousands of clients in the purchase and sale of personal and investment properties. Richard successfully sold Kaplan and Associates Realtors in 1986. Richard has also been active in the acquisition, renovation and conversion of more than 1,000 Chicago-area apartment and condominium units, including 71 East Division, 2850 North Sheridan Road, 33 East Cedar and 2700 North Hampton.

Richard is frequently quoted in national and local real estate publications and has spoken on a wide variety of topics at Northwestern University, University of Illinois Psychology, DePaul University, Loyola University, the Chicago Real Estate Board, Francis W. Parker School, The Latin School and the Chicago Bar Association. He also participates in numerous roundtables for industry, law and accounting forums.

Richard graduated from the University of Illinois in 1969. He has served on the Board of Directors for Cole Taylor Bank. He is an active member of The Standard Club of Chicago where he has served as board member and as President (1994-1996). Richard has served as Varsity Tennis Coach for Francis W. Parker School and as a mentor for Chicago Hoops Express Girls Club Basketball Program. He supports Woodlawn Children's Promise Community, Working In the Schools (WITS), the Rocky Mountain Institute, Chicago Sinai Congregation, United States Holocaust Memorial Museum, The Jewish United Fund, and Children’s Memorial Hospital. He is a member of Lake Shore Country Club, Northmoor Country Club, and the Maroon Creek Club (Aspen).

Richard and his wife Kathy, a former freelance writer for the Chicago Tribune, live in Chicago. They have two children, David and Lizzie, and two grandchildren, Rex and Jasper. Richard is an avid athlete who enjoys basketball, fly fishing, paddle tennis, skiing and tennis. In 1993, Richard represented the United States in Tennis at the Maccabian Games in Israel.

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Matt McCulloch

- Senior Principal-

Williams College
B.A. Political Science

Matt’s Bio

Matt McCulloch is a Senior Principal of Syndicated Equities and is based in Washington, DC. Matt joined the firm in Chicago in 2001. Matt manages the firm's acquisition program, where he coordinates the due diligence, structuring and financing of investment transactions. Matt has been principally involved in all of the firm’s transactions, which include retail, government, student housing, net-leased, office, parking, and hotel properties throughout the country. Additionally, Matt works closely with Syndicated Equities' asset managers, monitoring the performance of the firm's investments.

Matt holds a B.A. in Political Science from Williams College, Williamstown, MA. He is an alumni class representative for the Sidwell Friends School in Washington, DC and volunteers with the Guitars Not Guns National Capital Area program. Matt, his wife Jill, and their two children live in Chevy Chase, MD.

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René Ristau

- VP & Director of Asset Management -

University of Chicago
B.A. in Public Policy/Economics

René's Bio

René Ristau is Vice President & Director of Asset Management for Syndicated Equities. René joined the firm in 2008 and manages the company's property investment portfolio, which currently includes retail, office, government, hotel, parking, and residential housing assets. Utilizing skills and experiences acquired over 17 years in commercial real estate, René oversees property management teams and collaborates with brokers and third-party professionals to optimize value for each asset.  She provides strategy and direction for leasing activities, tenant matters, budgeting, facility preservation, and property tax and insurance.  At the owner level, René evaluates and advises reserve and distribution levels as a function of property performance and requirements and serves as a clearinghouse of information for the principals and investors of Syndicated Equities.  She originates most investor correspondence including consent requests and annual reports.  As part of Syndicated’s executive team, René conducts due diligence for certain acquisitions and helps to develop strategic direction at critical times in a property's life cycle.

René earned her B.A. in Public Policy/Economics from the University of Chicago in three years. She was an active member of CREW (Commercial Real Estate Executive Women) from 2006 until 2010 and a board member of the CAIC (Calumet Area Industrial Commission) prior to that.  René and her husband Chris are now busy raising a family.

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Mike Crandall

- Senior Principal -

University of Wisconsin-Madison
Bachelor of Science

Mike’s Bio

Mike Crandall is a Senior Principal of Syndicated Equities. Mike joined the firm in 2012 and focuses on working with Syndicated Equities’ private investors and participating in the firm’s transactional efforts.  He also concentrates on developing strategic relationships with buyers and sellers of real estate as well as joint venture partners.  Prior to joining Syndicated Equities, Mike was principal and general counsel of a real estate private equity firm and, before that, an Associate in DLA Piper’s real estate group in Chicago, IL.  Before graduating from law school, Mike was an analyst with Trizec Properties and a commercial real estate broker at Colliers Bennett & Kahnweiler.

Mike holds a J.D. from the University of Chicago Law School and a B.S. from University of Wisconsin-Madison. He is active with the Anti-Defamation League in Chicago.  Mike and his family live in Chicago, IL.

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Robert Handler

- VP & Controller -

University of Illinois
B.S. in Accounting

Robert’s Bio

Robert Handler, Vice President & Controller for Syndicated Equities, is responsible for all aspects of investment accounting and financial reporting. Additionally, he is charged with managing the company's professional accounting relationships and the coordination of accounting systems with on-site property managers.

Robert started his professional career as an Audit Manager for a public accounting firm based in Chicago. Prior to joining Syndicated Equities Corporation, he spent over 13 years as Director of Accounting with a national real estate auction and brokerage company, where he was responsible for all finance and accounting projects. He has extensive experience in the management and coordination of human resource benefits and in the design and implementation of accounting systems. Robert received his B.S. in Accountancy from the University of Illinois in Urbana- Champaign and is a Certified Public Accountant. Robert has served as Treasurer on the Board of Directors for a local homeowners association, religious organization and parent support group for a high school band.

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Terri Leslie

- Chief of Staff -

Purdue University
B.A. in Secondary Education

Terri's Bio

Terri Leslie, Syndicated Equities' Chief of Staff, is charged with making sure the office runs smoothly. Her responsibilities include payroll, accounts payable and purchasing. She also serves as Richard Kaplan's personal assistant and has been with Syndicated Equities since 1989. Terri enjoys world travel, gardening and singing and she supports several animal and wildlife organizations. Terri attended both Indiana and Purdue Universities and holds a B.A. in Secondary Education.

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Tracy Treger

- Senior Director of Corporate Strategy -

University of Pennsylvania
B.A. in Psychology

Tracy's Bio

Tracy Treger is the Senior Director of Corporate Strategy at Syndicated Equities. Tracy helps high net worth individuals and family offices to profitably invest in real estate. She also assists investors in identifying appropriate replacement property to complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code. Drawing upon her 20 years of legal experience in the areas of real estate, bankruptcy and corporate restructuring, finance, and commercial law, Tracy seeks out opportunities to improve the relationship between Syndicated Equities and its investors, to cultivate new investors, and to identify new investment opportunities and align them with investors' goals.

Tracy joined the Syndicated Equities team in 2013 after serving as vice president and assistant general counsel for a private REIT, where she handled all legal aspects of the company’s daily operations and its joint venture relationships in the U.S. and Mexico. Prior to working with the REIT, she was a partner in two large Chicago-based law firms with national and international practices. Tracy holds a B.A. in Psychology and an M.S. in Psychological Services from the University of Pennsylvania, and a J.D. from Chicago Kent College of Law. She actively serves on both the National Commission and the Regional Board of the Anti-Defamation League and the Chicago Regional Board of the Jewish National Fund.

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Jason Schwartz

- Director of Investment Services -

Ohio State University
Bachelor’s in Real Estate and Urban Analysis

Jason's Bio

Jason Schwartz, Director of Investment Services with Syndicated Equities, joined Syndicated Equities in 2010 as a net lease broker. He developed experience in commercial real estate acquisitions and investment sales, representing 1031 exchange clients, high net worth individuals, and institutional investors. In 2013 Jason began working on directly with Syndicated Equities for their own acquisitions. This included underwriting potential properties, putting together marketing materials and investment summaries, and working with lenders to secure attractive financing. Today, Jason continues to manage the net lease brokerage division for investors interested in owning outright while simultaneously working on the acquisition side for those investors interested in partial ownership.

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Jessica Healy

- Analyst -

University of Wisconsin-Madison
Bachelor's Degree in History

Jessica's Bio

Jessica Healy joined Syndicated Equities in October 2013. Prior to joining Syndicated, Jessica worked as an intern for United Airlines. Jessica is involved with evaluating acquisitions and providing research support for the company’s investment platforms. She assists in creating presentations and materials for investment offerings. Additionally, Jessica is involved in sourcing new investors seeking to complete a 1031 exchange and has spearheaded our FEA membership. Jessica holds a bachelor’s degree from the University of Wisconsin-Madison and a graduate certificate in Change Management from Northwestern. She is actively involved in Chicago Council on Global Affairs and is a licensed real estate broker in the state of Illinois. She currently lives in Lincoln Park.

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Susan Plichta

- Legal & Accounting Administrator -

Susan's Bio

Susan Plichta, Legal & Accounting Administrator for Syndicated Equities', manages the investment platforms. Her responsibilities include providing investor support, coordinating with Qualified Intermediaries/Third Party IRA Administrators, and public relations. Susan has been in the real estate field for over 20 years, many of which were spent working with a global law firm.

We believe that investing in professionally managed real estate is essential to both a well-diversified portfolio and the creation of personal wealth.

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