Speedway, IN – May 15th, 2023
KennMar is pleased to announce that it is expanding its property management team and services. Kristy Carter, EVP Asset Management, joined the firm in early 2022 with a focus on enhancing the company’s property management capabilities and offering new services such as third-party management and receivership.
KennMar recently earned the AMO® (Accredited Management Organization) accreditation from IREM (Institute of Real Estate Management) and joins an exclusive group of over 500 real estate management companies world-wide that have met the requirements to earn this distinction. The company also hired Carrie Blastic in the role of Business Development, Property Management Services to direct the company’s entrance into multifamily property management and Pam Lucido as Senior Property Manager for the Louisville market.
“We have built a diverse team of property management professionals with an average tenure of 24 years in the industry. With Carrie and Pam on the team, their industry experience and relationships will be instrumental in helping us expand our depth and breadth of services,” stated Kristy Carter, EVP of Asset Management at KennMar.
KennMar’s portfolio has grown significantly over the past 18 months. In addition to its ground up development projects, in 2022, the company purchased the Pyramids Office Park, one of the most highly visible and iconic office parks in Indianapolis. In March 2023, the company made its first acquisition in Kentucky by acquiring Fifth Third Tower, a 346,000 square foot office tower in downtown Louisville.
In addition to increasing staff to support the properties it owns and develops, KennMar recently introduced receivership and third-party property management to its suite of services. The company’s decision to expand its capabilities in these areas is part of a broader strategy aimed at supporting an industry that is being significantly impacted by rising interest rates.
“Given the latest interest rate hikes, we have been monitoring several markets that are signaling the potential for commercial and multifamily property loan defaults,” stated Brent Benge, CEO at KennMar. “By adding receivership services to our suite of property management solutions, we now have the ability to support owners and lenders in the Indianapolis area that do not have these capabilities in-house.”
