Construction industry veterans launch apartment development company in Solana Beach
Construction industry stalwarts Ronnie Morgan, Louis Kuntz and Ric Shwisberg, veterans of The Morgan Group, Inc. (MGI), have joined forces to launch a new apartment development company, MKS Residential LLC, the trio announced recently. The three principals have more than a century of combined experience developing and building more than $1 billion worth of high-end multifamily projects.
Based in Solana Beach, MKS Residential is an institutional quality developer of Class A apartments with a regional construction and development office in Denver. Its maiden projects, including the upcoming 3100 Pearl development in Boulder, Colo., will be located in the Western United States.
“Our team has a decade of experience working together, having built more than 3,500 apartment units in Southern California since 1997,” explained MKS Residential Principal Ronnie Morgan. “Since moving on from MGI we’ve been looking for the right opportunity to work together. We sold most of our properties prior to the recession, which has allowed us to remain financially strong and free of any legacy issues that might have limited our ability to act once the economy began to stabilize.”
All three principals of MKS Residential were formerly with MGI, which is based in Houston:
• Ronnie Morgan was co-chairman of MGI and president of Morgan Construction Company. Morgan began his career as a real estate attorney in Houston where he practiced with two downtown law firms during the 1980s. In 1995, he served as the president of the Houston Apartment Association and in 2005-06, after relocating to the San Diego area, was chairman of the San Diego Chapter of the Young Presidents Organization (YPO).
• Louis Kuntz was the executive vice president/national and west coast development partner for MGI. For more than two decades, he has entitled and developed apartment sites across the nation, forging a reputation as one of the most experienced and knowledgeable apartment development professionals in the country.
• Ric Shwisberg was senior vice president/west coast general counsel for MGI. Shwisberg has more than 20 years of experience practicing real estate law and was a partner and the leader of the real estate team of Procopio, one of the largest law firms in San Diego. Shwisberg also spent time working in the commercial and apartment development industries where he honed his extensive operational experience in all facets of real estate development, construction and management.
Another MGI alumnus, Barney Addamo, is also part of Team MKS. Addamo was the regional senior vice president, construction operations of Morgan Construction Company and now serves as the president of ReyLenn Construction Co., Inc., a subsidiary of MKS Residential. Addamo brings more than 30 years of experience in high-density urban infill development, construction technology and management.
ReyLenn is currently building over 900 units as a third party general contractor on four separate apartment communities in Southern California.
“What sets us apart is our unblemished track record and pristine industry reputation,” said Kuntz. “As a boutique developer, we operate ‘lean and mean’ and are able to turn on a dime in order to capitalize on opportunities or adjust to marketplace changes. And we have always — without exception — brought our projects in on-time and under budget.”