Akridge, one of Washington, D.C.'s most-prolific developers, has restructured its C-suite as the 50-year-old firm enters a pivotal period by opening the first phase of a large mixed-use project in its hometown as it grows in the mid-Atlantic region.
Akridge said President and CEO Matt Klein has stepped into the role of chairman of the company founded by Chairman Emeritus Chip Akridge in 1974. Klein succeeded Chip Akridge as chief executive and president in 2001.
Under Klein's leadership, Akridge moved into the multifamily market and expanded into North Carolina. It has several apartment complexes underway in Washington and Virginia.
The developer also said three long-serving Akridge executives have taken roles as managing principals. They are Mike Gill, managing principal and chief investment officer; Adam Gooch, managing principal and chief development officer; and Sarah Knutson, managing principal and chief operating officer.
The three managing principals "will be assuming the roles and responsibilities of the CEO position and will be sharing duties," an Akridge spokesperson said in an email.
“This evolution allows us to tap into this next generation while maintaining our established stability," Klein said in a statement. "I look forward to continuing to support this team in the years ahead.”
The firm is reorganizing its leadership team as commercial property markets in Washington and across the country show new signs of life after several years of dormancy during the pandemic. As capital to fund projects slowly becomes more available and interest rates have edged lower, developers are announcing and launching new endeavors.
In Southwest D.C., Akridge is developing The Stacks, a waterfront development in the Buzzard Point neighborhood that spans nearly six acres. The development's first phase contains three multifamily buildings, The Byron, Colette, and Everly, that contain a total of more than 1,100 units. The first residents just began moving into The Byron.
At build-out, The Stacks would contain about 2 million square feet of space including retail, restaurant and office space and a total of 2,000 residential units.
In Reston, Virginia, Akridge is nearing completion of The Arbor at Halley Rise. The 480-unit multifamily project also contains 9,500 square feet of retail.
As for the three company veterans named managing principals, Gill joined Akridge in 2004. He leads acquisitions, project financing and dispositions, the company said. Knutson also joined Akridge in 2004. She oversees the developer's property operations, marketing, human resources, and technology divisions.
Gooch joined a year after Gill and now manages development, zoning, design, and construction, Akridge said. He also will provides strategic guidance for the firm’s acquisitions.
The succession plan was set into motion about four years ago, a group of Akridge executives, each who had been with the developer for an average of 20 years, purchased the company. This deal, Akridge said, would enable it "to build an enduring ownership structure" and "allow the firm to adapt to evolving markets."
Since its founding, Akridge has acquired, developed and entitled for building more than 31.3 million square feet of commercial property across the D.C. region and in North Carolina.