A fifth-floor tenant suite inside the newly redeveloped Lincoln Building in Ridgewood — Courtesy: Saxum Real Estate Partners
By Joshua Burd
Saxum Real Estate has added to its team with the hiring of a new controller.
In a news release, the privately held real estate investment and development firm announced the addition of David Schoer. The industry veteran will be based in the company’s Parsippany headquarters, with a focus on its strategic financial planning, forecasting, financial reporting and information technology systems.
The new hire comes amid continued expansion for Saxum. The firm over the past two years has launched its first fund, the Saxum Adamas Fund I LP, and acquired multiple assets in some of the state’s vibrant downtowns and communities.
Saxum also recently launched its Saxum Opportunity Zone Fund, which plans to deploy capital into certain transit-oriented and urban-centric markets in line with the recently established federal Opportunity Zone program.
“Financial reporting and information technology are among the most important and necessary tools for a firm’s success,” Schoer said. “They provide up to date information necessary for economic analysis to maximize profits and returns.
“With Saxum’s solid foundation and our continual investment in evolving technology, we can better prepare ourselves to break into new regions and markets all across the United States.”
Prior to joining Saxum, Schoer was a senior property accountant in the accounting department at Roseland Residential Trust, the Mack-Cali Realty Corp. subsidiary, according to a news release. His responsibilities included financial reporting and asset management for more than 10,000 Class A residential units and 30,000 square feet of commercial space.
He was also responsible for creating sound accounting and system controls to ensure accurate and timely reporting to both internal and external partners. Saxum also pointed to Schoer’s experience in the accounting departments of multiple publicly traded companies.
“Dave’s impressive track record and experience has enabled him to gain an extensive understanding of the needs and requirements of today’s forward-thinking real estate companies,” said Anthony Rinaldi, managing principal of Saxum. “Dave’s unique understanding and perspective is a great compliment to our dynamic team and will further enhance Saxum’s ability execute our investment strategy.”