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


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
CEO & Founder
Matt McCulloch
Senior Principal
Mike Crandall
Senior Principal
René 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
Susan Plichta
Legal & Accounting Administrator
Jessica Healy

Jessica Healy


University of Wisconsin-Madison
Bachelor's Degree in History

Jessica Healy'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.


Susan Plichta

Legal & Accounting Administrator

Susan Plichta'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.


Jason Schwartz

Director of Investment Services

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

Jason Schwartz'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.


Tracy Treger

Senior Director of Corporate Strategy

University of Pennsylvania
B.A. in Psychology

Tracy Treger'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


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.


Terri Leslie

Chief of Staff

Purdue University
B.A. in Secondary Education

Terri Leslie'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.


Robert Handler

VP & Controller

University of Illinois
B.S. in Accounting

Robert Handler'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.<br><br>

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.


René Ristau

VP & Director of Asset Management

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

René Ristau'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


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.


Mike Crandall

Senior Principal

University of Wisconsin-Madison
Bachelor of Science

Mike Crandall'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.


Matt McCulloch

Senior Principal

Williams College
B.A. Political Science

Matt McCulloch'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.


Richard Kaplan

CEO & Founder

University of Illinois

Richard Kaplan'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.<br><br>

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-


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


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.


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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