Sterling Real Estate Trust

Sterling Real Estate Trust was formed to invest in a portfolio of multifamily (apartment) properties. Sterling’s Mission is to provide investors the opportunity of long-term ownership in lower-risk and well-managed income-producing real estate. Our portfolio of multifamily properties is located principally in the upper and central United States.

Real Estate Specialization
Health Care
Investment Type
Acquisition/Fee Simple
Investment Style

Bruce Furness

Mr. Furness was elected to Sterling Real Estate Trust’s Board of Trustees in 2008 and has served as our Chairman of the Board since June 2011. Mr. Furness served as Vice Chairman of the Sterling Real Estate Trust Board from May 2008 to June 2011 and currently serves as the Chair of our Executive Committee and as a member of our Nomination and Governance Committee. Mr. Furness previously served as the Vice President for business relations and development of State Bank & Trust of Fargo from June 2006 through March 2008 when he was appointed interim Chief Executive Officer of the North Dakota Workforce Safety & Insurance Agency. He served as CEO of North Dakota Workforce Safety & Insurance Agency until his retirement in March 2009. In 1992, Mr. Furness was elected to the Fargo City Commission, and in April 1994, was elected as Mayor of the City of Fargo, North Dakota where he held office until June 2006. Mr. Furness also worked with the Greater North Dakota Association from 1992 through 1996. Mr. Furness was employed by International Business Machines (IBM) (NYSE: IBM), a worldwide technology company, for over 30 years where he held numerous positions, including management, in several of their locations. Mr. Furness currently serves as a director for the Lake Agassiz Water Authority, Tri-College University, The Consensus Council, Red River Zoo, the FM Area Foundation, the Metro Sports Foundation, and State Bank & Trust of Fargo, North Dakota, where he is also a member of their audit committee. Mr. Furness received his Bachelor of Science degree in Mathematics from Jamestown College and a Master’s degree in Mathematics from Montana State University.

Chief Executive Officer

Kenneth Regan

Mr. Regan was elected to Sterling Real Estate Trust’s Board of Trustees July 2007 and serves as our Chief Executive Officer. He has also served as Chief Executive Officer and Chairman of the Board of Sterling Management, LLC, our Management Company, since May 2007. Mr. Regan has over 31 years of experience in the real estate industry which began in March 1981, when he co-founded the GOLDMARK companies with Mr. James Wieland. Mr. Regan is the Chief Executive Officer, Chairman and co-owner of GOLDMARK Property Management, Inc., one of our property managers, and is the Chief Executive Officer, Chairman and co-owner of both GOLDMARK Schlossman Real Estate Services, Inc. and GOLDMARK Development Corporation. During his service to the GOLDMARK companies, Mr. Regan has been active in the acquisition, development, operation and management of multi-family and commercial real estate. Prior to co-founding the GOLDMARK companies, Mr. Regan began his career in 1979 with Warner and Company, located in Fargo, North Dakota. He also worked as an Assistant National Bank Examiner for the OCC Division of the U.S. Treasury. Mr. Regan received a Bachelor of Science Business Administration degree in Business Management from the University of North Dakota. He is a Certified Commercial Investment Member (CCIM), Certified Property Manager (CPM) and Graduate Realtors Institute (GRI). Mr. Regan is also a member of the FM Apartment Association, FM Association of Realtors and the National Association of Realtors.


Timothy Hunt

Mr. Hunt was elected to Sterling Real Estate Trust’s Board of Trustees October 2003 and currently serves as the Chair of our Audit Committee and as a member of our Executive Committee. Mr. Hunt has over 30 years of experience in healthcare administration and has served as the Chief Executive Officer of Alexandria Clinic, PA, a 36-physician clinic in Alexandria, MN since 1990. Throughout his career as a hospital and clinic CEO, Mr. Hunt has gained experience in the planning and construction of multiple healthcare facilities. Mr. Hunt currently serves on the Board of Directors and the audit committee of Bremer Trust. He is also a fellow in the American College of Healthcare Administrators, and a past Board member of the Minnesota Medical Group Management Association. He serves as the administrator of a large, corporate retirement plan, and has experience in the investment and management of personal real estate income properties. Mr. Hunt received a Master’s degree in Healthcare Administration from the University of Minnesota.


Richard Savageau

Mr. Savageau was elected to Sterling Real Estate Trust's Board of Trustees May 2009 and currently serves as Chair of the Nomination and Governance Committee and is a member of the Executive Committee. Previously, Mr. Savageau served in various positions with Caterpillar, Inc. (NYSE: CAT) - Butler Machinery Company: President from 1986 through 1998, Executive Vice President from 1981 to 1986, Vice President & CFO from 1979 to 1981, General Manager I & I Division from 1975 to 1977 and Finance Manager from 1970 to 1975. Mr. Savageau also served as the Finance Manager for General Motors Acceptance Corporation (now known as Ally Financial, Inc.), a wholly-owned subsidiary of General Motors Corporation, from 1960 to 1965. From 1965 to 1970, he was a Sales Executive with A.H. Robins Pharmaceutical. Mr. Savageau has served and currently serves on several boards, including St. Johns Hospital Fargo, Hospice of the Red River Valley, Riverview Seniors Living Center, Grow Parochial Fund, Associated Equipment Dealers, F-M Credit Manager, St. Anthony's Parish and School, and Dean Real Estate. More recently, he has presided over several commercial and residential real estate developments. Mr. Savageau also served in the U.S. Army in the Infantry Medical Corp. Mr. Savageau received a Bachelor of Science degree in Science and Mathematics and a degree in Education from North Dakota State University.


Brad Swenson

Mr. Swenson has served as our President since December 2011. He has also served as the President and a governor of Sterling Management, LLC since August 2010. Mr. Swenson has more than 23 years of leadership and management experience in corporate governance, operational strategy, ethics and compliance, real estate and the law. Prior to joining the Advisor, Mr. Swenson practice law in both the public and private sectors. In 1999, he was appointed Assistant Special Counsel to investigate the FBI stand‑off and fire at the Branch Davidian compound in Waco, Texas. Upon completion of the investigation in 2001, Swenson joined the law firm of Dorsey and Whitney where he served Of Counsel until joining Ulteig as General Counsel and Corporate Secretary in 2004. Mr. Swenson was later named Ulteig’s Chief Operating Officer serving in that role until 2010. Mr. Swenson received a B.A. degree in English from the North Dakota State University and a J.D. degree from the University of Denver, College of Law. Mr. Swenson currently serves or has held leadership positions on numerous boards including the Board of Directors for the NDSU Research and Technology Park, the Board of Directors for the National Center for Employee Ownership, the Board of Trustees for the F‑M Symphony, the Board of Directors for F‑M Chamber of Commerce, the Board of Directors of the Downtown Community Partnership, the Executive Board for the Northern Lights Council, the Advisory Board for the Center for Ethical Leadership at Concordia College, the Executive Committee of the NDSU Alumni Association, and the Editorial Boards for the North Dakota and Missouri Bars.

Key Focus Areas
Acquisitions Asset Management Leasing Property Management Real Estate Investing Individual Investors
Geographical Area
Mapped Location