Syndicated Equities is a private real estate investment firm that provides its clients with nationwide access to institutional-quality real estate opportunities. We believe that investing in professionally managed real estate is essential to both a well-diversified portfolio and the creation of personal wealth.
For over 30 years, our firm has generated attractive returns for its clients through our expertise in evaluating, structuring and actively managing real estate investments. These investments include stabilized retail, office, parking, government, hotel, and credit tenant net leased properties. The principals of Syndicated Equities invest alongside our clients in each property, reflecting our careful due diligence, alignment of interests, and personal commitment to the success of our investments.
Syndicated Equities also works closely with investors completing 1031 Exchanges. Our firm has provided over $750 million of credit tenant, net leased properties for our investors as either replacement property or as a new equity investment.
CEO & Founder
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.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. Heis 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.
Matt McCulloch's Bio
Matt McCulloch is a Managing Partner at 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.
Mike Crandall's Bio
Mike Crandall is a Managing Partner at 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.
Principal & Director of Asset Management
Principal & 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. René oversees a variety of third-party professionals and provides strategy and direction for leasing activities, tenant matters, budgeting, facility preservation, and property tax and insurance. René also advises owner-level reserve and distribution levels, provides regular investor updates, and manages lender and owner consents. As part of Syndicated’s executive team, René conducts due diligence for certain acquisitions and helps to develop refinance and disposition plans at critical junctures. 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.
Principal & Controller
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. 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.
Chief of Staff
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.
Tracy Treger's Bio
Tracy Treger is a Principal 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 is the National Leadership Co-Chair and a longtime Regional Board member of the Anti-Defamation League.
Jason Schwartz's Bio
Jason Schwartz, Principal 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 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.
Director of Finance and Acquisitions
Director of Finance and Acquisitions
University of Illinois at Chicago
Bachelor of Science
Ashley Szatkowski's Bio
Ashley Szatkowski is the Director of Finance and Acquisitions at Syndicated Equities. Ashley joined the firm in August 2015 and focuses on developing strategic relationships with lenders and acquiring strong cash-flowing properties for our investors. She works with new and existing lender relationships to structure financing for the firm's investments as well as coordinate due diligence and negotiate PSA's during the acquisition process. Ashley brings a wealth of knowledge and experience to the team from her many years as a Commercial Banker with MB Financial Bank. Ashley earned her B.S. from the University of Illinois at Chicago with a specialty in Finance and Management. She is an active member of CREW Chicago (Commercial Real Estate Women) and REEF (Real Estate Finance Forum). Ashley and her family live in Crystal Lake.
Senior Investment Advisor
Senior Investment Advisor
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 in business development for United Airlines. Jessica is a Senior Acquisitions Associate and is responsible for finding both on and off-market investment opportunities. Additionally, Jessica manages growth initiatives by expanding our investor base, which includes individuals and families seeking to place capital from a Section 1031 ("like-kind") exchange. Jessica holds a bachelor’s degree from the University of Wisconsin-Madison and a graduate certificate in Management from Northwestern. She holds her Series 63 and Series 22 certifications and is a licensed real estate broker in the state of Illinois. She is active in the Chicago Council on Global Affairs and runs with a charity organization called Back on My Feet. Jessica and her partner live in Chicago's West Town neighborhood along with their son, Johnny.
Jon Carlson's Bio
Jon Carlson joined Syndicated Equities in September 2014. Jon serves on the net lease brokerage team focusing on delivering an exceptional level of advisory service and experience for all clients. He also provides a framework to assist principals evaluate acquisition opportunities for the firm. Jon was a collegiate baseball player at the University of Kentucky and continued to play at High Point University while earning his bachelor’s degree in Business Administration. Jon is on the Young Professionals board of Good Sports, an organization that provides sports equipment and apparel to children in need. He’s also actively involved in International Council of Shopping Centers (ICSC), Real Estate Investment Association (REIA), and Big Brothers Big Sisters of America. Jon is a licensed real estate broker in the state of Illinois.
Legal and Accounting Administrator
Legal and Accounting Administrator
Saint Xavier University
Bachelors Degree in Criminal Justice
Bibi Barrera's Bio
Bibiana Barrera joined Syndicated Equities as their Legal and Accounting Administrator in August 2016. Bibiana attended Saint Xavier University, graduating with a bachelor's degree in Criminal Justice. She began her career as a Paralegal in criminal and class-action law and later, an Office/ Paralegal Manager. As the Legal and Accounting Administrator, Bibiana works primarily with the accounting department managing the investment platforms. Bibiana spends her free time with her son, reading and painting, and is part of the volunteer team for the I Speak You Speak We All Speak For Autism Organization.
Investor Relations & Marketing Manager
Investor Relations & Marketing Manager
University of North Florida
Bachelor's Degree in Political Science
Anika Allen's Bio
Anika Allen joined Syndicated Equities as their Administrative Assistant to the Managing Partner in June 2017, she was promoted to Investor Relations & Marketing Manager in May 2018. Anika graduated from the University of North Florida with a Bachelor’s Degree in Political Science. Anika has over eight years of administrative, event planning and marketing experience. Anika grew up in Miami, Florida and relocated to Chicago in 2013. She is actively involved with the Junior League of Chicago.
Kelly McDermott's Bio
Kelly McDermott joined Syndicated Equities in May 2018. Prior to joining Syndicated, Kelly worked in the medical field as a published researcher at Northwestern University and as an engineer in biotechnology. Kelly is an Associate serving on the net lease brokerage team focusing on the purchase and sale of single-tenant investment properties throughout the country. Additionally, she is responsible for finding acquisition opportunities for the firm. Kelly attended Lake Forest College obtaining a B.A. in Philosophy followed by a Post Baccalaureate Pre-Medical Program at Northwestern University. She has run five marathons and has studied and volunteered in multiple countries. Kelly has also hosted fundraisers for local Chicago charities including Back on My Feet and Chicago Police Memorial Foundation. She is a member of Real Estate Investment Association (REIA) and a licensed real estate broker in the state of Illinois.
Syndicated Equities believes strongly in giving back to the community. The principals and employees of Syndicated Equities support these and other civic and charitable organizations with time or financial commitments.
- Alzheimer’s Association
- American Red Cross
- American Bird Conservancy
- Anti-Cruelty Society
- Anti-Defamation League
- Art Institute of Chicago
- Aspen Music Festival & School
- Aspen Valley Ski & Snowboard Club
- Avon Walk for Breast Cancer
- Best Friends Animal Sanctuary
- Camp of Dreams
- Chicago Bully Breed Rescue
- Chicago Cares
- Chicago Child Care Society
- Chicago Hoops Express
- Chicago Sinai Congregation
- CREW Network
- Doctors Without Borders
- Emily Krzyzewski Center
- Facing History and Ourselves
- Francis W. Parker School
- Greater Chicago Food Depository
- Guide Dogs for the Blind
- Habitat for Humanity
- Harold E. Eisenberg Foundation
- Hillel Foundation
- Jewish Council for Youth Services
- Jewish National Fund
- Jewish United Fund
- Juvenile Diabetes Research Foundation
- Lawyers in the Classroom
- Leukemia & Lymphoma Society
- Lynn Sage Cancer Research Foundation
- March of Dimes
- Minds Matter
- Mothers Against Drunk Driving
- Mountain Rescue – Aspen
- Multiple Myeloma Research Foundation
- Multiple Sclerosis Foundation
- Murphy Scholarship Fund
- National Public Radio (WBEZ)
- Noah’s Ark Animal Rehabilitation Center
- Northwestern Brain Tumor Institute
- Northwestern Memorial Foundation
- One Goal
- Pamela B. Katten Memorial Foundation
- PAWS – Chicago
- Rocky Mountain Institute
- Save the Rain
- SGA Youth & Family Services
- Special Olympics
- Spertus Institute of Jewish Studies
- St. Baldrick’s Foundation
- St. Jude Children’s Cancer Research
- Susan G. Komen for the Cure
- The Lilac Tree
- The Wild Animal Sanctuary
- University of Chicago
- U.S. Ark
- U.S. Holocaust Memorial Museum
- U.S. Ski & Snowboard Association
- Woodlawn Children’s Promise Community
- Woody Creek Community Center
- World Wildlife Fund
- Wounded Warrior Project
- WTTW 11