Richard Cotton is Managing Director of Multifamily Realty Advisors. He has an extensive background in the acquisition, management, and sale of multifamily projects. For more than twenty-five years, he was President, CEO, and majority stockholder of Montgomery Financial Corporation (“MFC”), a real estate investment and management firm where he successfully created and managed a series of nineteen (19) real estate limited partnerships that acquired, owned and operated a diversified portfolio of residential and commercial real estate in four states. Fourteen of the MFC sponsored partnerships were formed for the acquisition and management of multi-family and single-family residential properties, and five partnerships were formed for the acquisition and management of commercial projects, including two office buildings, two hotels, and one industrial property. The MFC sponsored partnerships continued in operation under Richard’s direct management for an average of ten years each until the last project was sold in 2001.
Richard has broad experience as a principal in the negotiation of contracts relating to the acquisition, financing and sale of commercial real estate, particularly multi-family and hotel properties. He was President and CEO of six MFC wholly-owned subsidiary corporations including Montgomery Mortgage, Inc., which provided overall mortgage banking services; Montgomery Equities, Inc., an NASD registered broker/dealer firm; Montgomery Advisors, Inc., a registered investment advisor; Montgomery Real Estate, Inc., a licensed real estate subsidiary providing real estate brokerage services; and Montgomery Model Homes, Inc., an investment subsidiary.
Prior to the formation of Multifamily Realty Advisors, from 2004-2009, Richard was a commercial broker specializing in multifamily with Prudential CRES Commercial Real Estate (Raleigh and Wilmington) which subsequently merged with Coldwell Banker-Sun Coast Partners. During this period, he was the leading broker in sales volume for the years 2005-2006 and was “Broker of the Year” in both 2007 and 2009. He is a recipient of the CoStar Power Broker Award for the Raleigh-Durham-Chapel Hill market for the years 2009, 2011, 2012, and 2013. Richard’s exclusive focus as a broker is multifamily acquisitions, sales, and development in both the Raleigh and Wilmington apartment markets.
“In my role as a commercial real estate broker specializing in apartments, I find that I am doing basically the same work for others as I did for more than twenty-five years as a CEO of a real estate investment firm. That is, helping institutional owners and private investors make the best decisions regarding the acquisition and sale of their commercial real estate projects. My exclusive focus now as a broker is multifamily acquisitions, sales and development, since apartments are the properties I know best. My past experience as an owner–operator gives me a competitive advantage over most other apartment brokers who may not have the benefit of an owner’s perspective.”
Richard R. Cotton
|REPRESENTATIVE TRANSACTIONS BROKERED BY MRA|
|Apartment Projects and Apartment Sites|
|Project Name||Location||Units||Sale Price|
|Apartment Project Sales:|
|Quail Forest Apartments||Wilmington, NC||48||$3,400,000|
|Camden Forest & Wilshire anding *||UNCW-Wilmington NC||200 Units/504 Beds||$29,000,000|
|Campus Walk & Brookstone Village *||UNCW- Wilmington NC||413 Units/557 Beds||$26,550,000|
|College Inn Apartments||NC State-Raleigh NC||121 Units/440 Beds||$26,500,000|
|Apartment Land Sales:|
|Gateway Center||Downtown Durham, NC||3.97 Acres||$6,100,000|
|Meridian at Fairfield Park||Wilmington, NC||9.34 Acres||Joint Venture **|
|Woodfield Marshall Park||Crabtree Valley-Raleigh NC||9.17 Acres||$6,400,000|
|Westgate Senior Apartments||Leland NC (Wilmington area)||5.53 Acres||$1,100,000|
|* Projects sold together. ** Land contributed by Seller to Joint Venture.|