CBRE elevates 2 to 1st vice presidents of New York Tri-State Institutional Properties Group

CBRE on Wednesday announced the promotions of Stuart MacKenzie and Eric Apfel to first vice presidents of the firm’s industry-leading New York Tri-State Institutional Properties Group.

The two, who both sit in CBRE’s Stamford, Connecticut, office, work closely with the group leader, Vice Chairman Jeffrey Dunne, and together lead the multifamily vertical for the team, advising institutional clients throughout the New York Tri-State region. They have completed a combined $6 billion in sales across 85 transactions since joining the team.

In 2022, MacKenzie and Apfel were instrumental in helping the team close 18 multifamily transactions, which totaled 4,790 units, for a total consideration of $1.35 billion. This included the $173.5 million sale of Plaza Square, a 415-unit Class A apartment community in downtown New Brunswick. The Plaza Square trade marked the largest multifamily sale in New Jersey in 2022.

Stuart Mackenzie. (Photos courtesy CBRE)
Eric Apfel.

“Stuart and Eric have been tremendous assets to our Institutional Properties Group, contributing to CBRE’s unprecedented success in the multifamily sector,” Dunne said. “We are excited to promote them both to first vice presidents and look forward to their continued success in 2023 and beyond.”

Prior to joining CBRE’s New York Tri-State Institutional Properties Group in 2017, MacKenzie was a member of CBRE’s Valuation & Advisory Services Group. In his role as a senior valuation associate, he was engaged in the valuation of all asset types including office, retail, multifamily, industrial and development sites within the tri-state region.

Apfel joined the team in 2016 and has focused on the multifamily segment, with experience in portfolio sales, tax abatements, brownfield tax credits, ground lease structures, affordable housing and ground-up development over the course of the last seven years. Prior to CBRE, Apfel worked in corporate development at a New York-based real estate capital advisory firm.