The RMR Group Appoints Summit Walia as Vice President, Head of Residential Acquisitions

The RMR Group (Nasdaq: RMR) today announced the appointment of Summit Walia as Vice President, Head of Residential Acquisitions. In this new role, Mr. Walia will lead the execution of RMR Residential’s investment strategy nationwide and will report to Rob Lester, Senior Vice President, Chief Investment Officer, Residential.

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Mr. Walia joins RMR with more than 20 years of real estate investment and leadership experience at large institutional asset managers where he has closed more than $5.2 billion in acquisitions, including more than $4.1 billion in acquisitions in the residential sector. Most recently, Mr. Walia was Managing Director, Real Estate Acquisitions for LaSalle Investment Management where he led a team that executed transactions across all asset classes and sourced investments across the risk spectrum in the western United States. Previously, he was Executive Director, Real Estate Acquisitions for JP Morgan Asset Management.

Adam Portnoy, President & Chief Executive Officer, made the following statement:

“We welcome Summit to RMR’s leadership team and look forward to leveraging his experience as we focus on deploying equity capital. We believe his market knowledge and multifamily investment expertise will enhance our ability to successfully execute on residential acquisition opportunities.”

The appointment of Mr. Walia underscores RMR's commitment to residential real estate and its focus on growth through private capital. This strategic hire follows RMR’s 2023 acquisition of a vertically integrated multifamily platform, now known as RMR Residential, which has approximately $5.5 billion of assets under management. RMR Residential is actively seeking opportunities to broaden its investor base, strengthen its competitive position and expand its product and service offerings. In his new role, Mr. Walia will lead RMR Residential’s team of residential investment professionals responsible for sourcing and closing residential acquisitions across the U.S.

Mr. Lester made the following statement:

“As a highly experienced real estate professional with a strong investment acumen, Summit is the ideal person to lead our acquisitions team. He is well known and well respected within the multifamily sector and we are excited to have him join our team and further drive our acquisition efforts as we continue to grow our platform.”