David McKenney recently joined the Capital Square Apartment REIT Inc. board of directors. McKenney brings a wealth of experience and expertise to the board and strengthens the company’s leadership team, according to the real estate investment trust.
McKenney replaced Jay Olander, who resigned his seat on the board when he was named president and chief financial officer of the company’s sponsor, Capital Square. With McKenney’s induction, the company’s board is still comprised of three directors, with two recognized as independent members of the board.
“We are thrilled to have David McKenney join the board as an independent director of Capital Square Apartment REIT,” said Louis Rogers, chairman and chief executive officer of Capital Square Apartment REIT. “McKenney is an experienced real estate executive with decades of REIT experience. He brings an extensive depth of knowledge at an optimal time as the REIT begins the process of expanding its asset base by pursuing the contribution of numerous investment-grade apartment communities by owners in tax-free UPREIT transactions.”
McKenney has served as director, chief financial officer, and secretary of the Energy 11 GP LLC since its formation in July 2013, and is chief financial officer and part owner of Energy Resources 12 LP, a partnership focused on investments in the oil and gas industry. Previously, McKenney was the president of capital markets for Apple REIT Ten Inc. until it merged with Apple Hospitality REIT Inc. in September 2016. McKenney formerly served as president of capital markets for Apple REIT Six Inc. until the company merged with an affiliate of Blackstone Real Estate Partners VII in May 2013. He also served in the same capacity for Apple Hospitality Five Inc. and Apple Hospitality Two Inc.
From 1994 to 2001, McKenney was the senior vice president and treasurer of Cornerstone Realty Income Trust Inc., a REIT that owned and operated apartment communities in Georgia, North Carolina, South Carolina, Texas, and Virginia. From 1992 to 1994, McKenney operated as chief financial officer for The Henry A. Long Company, a regional development firm located in Washington, D.C. Prior to that, McKenney served as a controller at Bozzuto & Associates, a regional developer of apartments and condominiums in the Washington, D.C. area.
“Capital Square Apartment REIT is pursuing a winning strategy by targeting quality housing options located in high-growth markets throughout the Southeast and Texas,” said McKenney. “This is a strategy I’m very familiar with and have helped successfully pursue for several other real estate investment trusts throughout my career. I look forward to helping deliver the same success to the stockholders of Capital Square Apartment REIT.”
McKenney holds a Bachelor of Science in accounting and management information systems from James Madison University.
Capital Square Apartment REIT Inc. is a real estate investment trust that buys and manages a mixture of Class A and Class B multifamily properties in the Southeast and Texas for both income and growth. The company is sponsored by Capital Square.
Capital Square is a real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost more than $590 million. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume.
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