Property Investment Advisors

Property Investment Advisors, Inc. is a specialized manager focusing solely on real estate investments. We raise capital from endowments, foundations and other accredited investors (Capital Partners) for commercial U. S. real estate development and acquisitions through a series of private funds. Founded in 1994, PIA focuses on long-term relationships with experienced, proven real estate developers (Developer Partners) across a variety of commercial property types and geographic markets. Our firm currently has eleven Developer Partner relationships in 27 geographic locations across seven property types. Each Developer Partner focuses on specific property types and markets. We value and seek out developers who have survived both up and down markets and have the experience to manage assets during difficult economic times. PIA seeks to use its knowledge, experience and relationships with developers to provide its clients with a diversified portfolio of investments in real estate development projects and acquisitions. Our goal is to provide superior and stable returns not correlated with traditional asset classes.

Real Estate Specialization
Multifamily
Office
Industrial
Retail
Land/Development
Senior Housing
Investment Type
JV partnership
Investment Style
Development
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Chairman

Lewis Boggs

Lew had almost twenty-five years of experience in all aspects of real estate before forming Property Investment Advisors in 1994. He managed the liquidation of problem commercial real estate loans and foreclosed properties for Bank of Virginia (now Wells Fargo) from 1971-1978. Subsequently, he spent two years working directly for one of the Bank’s developer clients and learned all phases of the development process. In 1980, Lew formed Laveer Development Corporation, which developed 1.5 million square feet of commercial space for institutional and corporate clients over the next 14 years. Laveer also served as a development manager for three public/private joint ventures. The assets developed and managed by Laveer have been sold and PIA is Lew’s sole professional focus. Lew has served as a Trustee, and later Chairman of the Board, of Trinity Episcopal School. He currently serves on both the University of Richmond Board of Trustees and the University of Richmond Robins School of Business Executive Advisory Council. He served as a member of the Board of Westminster Canterbury and development consultant to the Boards of the Virginia Biotechnology Research Park, the Engineering School at Virginia Commonwealth University and the Board of Trustees of the Darden Graduate School of Business at the University of Virginia.

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President

Christopher Boggs

Chris joined PIA in 1998 to help grow the business and bring a more systematic approach to the firm’s operations. He has helped PIA define and develop its strategy, value propositions and processes. He also established a regimen to recruit and train analysts. Today, Chris manages and directs PIA’s overall operations, from raising capital and qualifying developers to analyzing and monitoring new opportunities and portfolio assets. Chris has personally overseen the growth of PIA’s portfolio from $25 million to $297.5 million in invested capital, expanded developer relationships from five to thirteen partners, broadened geographic markets from five to twenty-seven cities, and extended property-type diversity from five to eight asset classes—all while maintaining not only geographic and market diversification, but also aggressive cost control. Chris previously worked as a project manager for Laveer Development Corporation, where he successfully managed the development of three buildings: a 137,000 square foot corporate headquarters and two industrial build-to-suits totaling 150,000 square feet. The headquarters, built for Crestar Mortgage Corporation (now Suntrust) in a public-private joint venture with the City of Richmond, won the Richmond Real Estate Group’s Project of the Year in 1995. Chris earned his BA in Economics with honors from Washington and Lee University and his MBA from the Darden Graduate School of Business at the University of Virginia.

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Chief Financial Officer

David Croy

Dave joined PIA in 2007. In addition to serving as Chief Compliance Officer, Dave is also responsible for providing overall finance and accounting management for PIA, managing the integration of asset management with financial systems and processes, and handling investor and developer partner communications. A 21-year veteran of the U.S. Army, Dave served as both a Special Forces Officer and Military Comptroller. He has over 15 years of experience in requirements analysis, budget development and execution, and financial processes development and management. His most recent military assignment was as the Deputy Controller for ground forces in Iraq where he was responsible for the day to day management of the $12.7 billion operating budget and a $997 million reconstruction budget. Dave retired from the Army as a Lieutenant Colonel and was awarded the Bronze Star for his actions in Iraq. Dave earned a BS in Business Administration from Oklahoma State University and an MBA in Finance from City University of Seattle.

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National Director of Business Development

Scott Harris

Scott joined PIA in 2015 and is the National Director of the firm’s business development and client relations activities. His focus is expanding the firm’s existing client base of pension funds, endowments, foundations, family offices and high net worth individuals. Scott has over thirty years of experience in the real estate industry. He has executed more than $2.0 billion in acquisitions and dispositions, managed portfolios in excess of $3.0 billion and raised more than $3.0 billion in capital for investment. Prior to joining PIA, Scott owned his own investment advisory firm and directed the real estate business development area for Principal Real Estate Investors, ING Real Estate and AmerUs Life Insurance. Additionally, Scott’s experience encompasses developing and implementing fund and separate account investment strategies, capital markets financing, development and asset valuation for a variety of asset types such as multifamily, office, industrial, retail, hotel, mixed-use assets, medical office and senior living facilities. Scott has testified in state and federal court as an expert witness in real estate. Scott graduated from Drake University with a BA degree and holds the MAI and SRA designations from the Appraisal Institute.

Key Focus Areas
Private Equity Real Estate Real Estate Investing Institutional Investors
Geographical Area
Mapped Location