Syndicated Equities

Syndicated Equities is a private real estate investment firm that provides its clients with nationwide access to institutional-quality real estate opportunities. We believe that investing in professionally managed real estate is essential to both a well-diversified portfolio and the creation of personal wealth. For over 25 years, our firm has generated attractive returns for its clients through our expertise in evaluating, structuring and actively managing real estate investments. These investments include stabilized retail, office, parking, government, hotel, and credit tenant net leased properties. The principals of Syndicated Equities invest alongside our clients in each property, reflecting our careful due diligence, alignment of interests, and personal commitment to the success of our investments. Syndicated Equities also works closely with investors completing 1031 Exchanges. Our firm has provided over $750 million of credit tenant, net leased properties for our investors as either replacement property or as a new equity investment. Syndicated Equities is constantly looking for new opportunities to add to our portfolio. We typically seek the following types of properties: Retail Properties: Single- or Multi-Tenant, Credit Anchor Office Properties: Single- or Multi-Tenant, Credit Anchor Medical Properties: Single- or Multi-Tenant, Credit Anchor Government-Leased Properties: Single- or Multi-Tenant leased to Federal Agencies Hotel Properties: Major Urban Markets, National Brands Parking Properties: Major Urban Markets Multifamily Properties: Class A or B in Major Urban or Select Secondary Markets Please reach out to us at 312-640-9020 to learn more about acquisition criteria.

Real Estate Specialization
Health Care
Special Purpose
Student Housing
Net Lease
Investment Type
JV partnership
Investment Style
Founder and CEO

Richard Kaplan

Richard Kaplan, Founder and CEO of Syndicated Equities, has been active in Chicago and national real estate markets for over 40 years. To date, Richard and the companies he has founded have participated in over $3 billion of real estate transactions. These transactions involve commercial and residential properties nationwide, condominium and apartment development, Section 1031 exchanges, and global real estate opportunity funds. Richard founded Syndicated Equities in 1986. Under Richard's leadership, Syndicated Equities has acquired approximately $1 billion of real estate assets on behalf of its investors. These assets have included retail, government, student housing, office, parking, and hotel properties throughout the country. The firm has assisted numerous 1031 exchange investors find suitable replacement property, including over 1,000 net leased properties. Richard also designed and implemented the Syndicated Access Funds, a series of global, real estate opportunity fund-of-funds. Prior to Syndicated Equities, Richard founded (1972) Kaplan & Associates Realtors, which represented thousands of clients in the purchase and sale of personal and investment properties. Richard successfully sold Kaplan and Associates Realtors in 1986. Richard has also been active in the acquisition, renovation and conversion of more than 1,000 Chicago-area apartment and condominium units, including 71 East Division, 2850 North Sheridan Road, 33 East Cedar and 2700 North Hampton. Richard is frequently quoted in national and local real estate publications and has spoken on a wide variety of topics at Northwestern University, University of Illinois, DePaul University, Loyola University, the Chicago Real Estate Board, Francis W. Parker School, The Latin School and the Chicago Bar Association. He also participates in numerous roundtables for industry, law and accounting forums. Richard graduated from the University of Illinois in 1969. He has served on the Board of Directors for Cole Taylor Bank. He is an active member of The Standard Club of Chicago where he has served as board member and as President (1994-1996). Richard has served as Varsity Tennis Coach for Francis W. Parker School and as a mentor for Chicago Hoops Express Girls Club Basketball Program. He supports Woodlawn Children's Promise Community, Working In the Schools (WITS), the Rocky Mountain Institute, Chicago Sinai Congregation, United States Holocaust Memorial Museum, The Jewish United Fund, and Children’s Memorial Hospital. He is a member of Lake Shore Country Club, Northmoor Country Club, and the Maroon Creek Club (Aspen). Richard and his wife Kathy, a former freelance writer for the Chicago Tribune, live in Chicago. They have two children, David and Lizzie. Richard is an avid athlete who enjoys basketball, fly fishing, paddle tennis, skiing and tennis. In 1993, Richard represented the United States in Tennis at the Maccabian Games in Israel.

Senior Principal

Matthew McCulloch

Matt McCulloch is a Senior Principal of Syndicated Equities and is based in Washington, DC. Matt joined the firm in Chicago in 2001. Matt's primary focus is managing the firm's acquisition program, where he coordinates the due diligence, structuring and financing of investment transactions. Matt has been principally involved in over $1 billion of such transactions, including retail, government, student housing, net-leased, office, parking, and hotel properties throughout the country. Matt also raises capital and works with private investors in each of Syndicated Equities' transactions. Additionally, Matt works closely with Syndicated Equities' asset managers, monitoring the performance of the firm's real estate assets. Matt holds a B.A. in Political Science from Williams College, Williamstown, MA. He is an alumni class representative for the Sidwell Friends School in Washington, DC and an active volunteer with the Guitars Not Guns National Capital Area program, which provides music education to at-risk and underprivileged youth. Matt and his wife Jill live in Washington, DC.

Senior Principal

Michael Crandall

Mike Crandall is a Senior Principal of Syndicated Equities. Mike joined the firm in 2012 and focuses on working with Syndicated Equities’ private investors and participating in the firm’s transactional efforts. He also concentrates on developing strategic relationships with buyers and sellers of real estate as well as joint venture partners. Prior to joining Syndicated Equities, Mike was principal and general counsel of a real estate private equity firm and, before that, an Associate in DLA Piper’s real estate group in Chicago, IL. Before graduating from law school, Mike was an analyst with Trizec Properties and a commercial real estate broker at Colliers Bennett & Kahnweiler. Mike holds a J.D. from the University of Chicago Law School and a B.S. from University of Wisconsin-Madison. He is active with the Anti Defamation League as a Co-Chair of the ADL Outreach Network in Chicago. Mike and his wife Lauren live in Chicago, IL.

Senior Director of Corporate Strategy

Tracy Treger

Tracy Treger is the Senior Director of Corporate Strategy at Syndicated Equities. Tracy helps high net worth individuals and family offices to profitably invest in real estate. She also assists investors in identifying appropriate replacement property to complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code. Drawing upon her 20 years of legal experience in the areas of real estate, bankruptcy and corporate restructuring, finance, and commercial law, Tracy seeks out opportunities to improve the relationship between Syndicated Equities and its investors, to cultivate new investors, and to identify new investment opportunities and align them with investors' goals. Tracy joined the Syndicated Equities team in 2013 after serving as vice president and assistant general counsel for a private REIT, where she handled all legal aspects of the company’s daily operations and its joint venture relationships in the U.S. and Mexico. Prior to working with the REIT, she was a partner in two large Chicago-based law firms with national and international practices. Tracy holds a B.A. in Psychology and an M.S. in Psychological Services from the University of Pennsylvania, and a J.D. from Chicago Kent College of Law. She actively serves on both the National Commission and the Regional Board of the Anti-Defamation League and the Chicago Regional Board of the Jewish National Fund.

Vice President & Controller

Robert Handler

Robert Handler, Vice President & Controller for Syndicated Equities, is responsible for all aspects of investment accounting and investor reporting. Additionally, he is charged with managing the company's professional accounting relationships and the coordination of accounting systems with on-site property managers. Robert started his professional career at Altchuler, Melvoin and Glasser in Chicago. Prior to joining Syndicated Equities Corporation, he spent over 13 years as Director of Accounting with a national real estate auction and brokerage company, where he was responsible for all finance and accounting projects. He has extensive experience in the management and coordination of human resource benefits and in the design and implementation of accounting systems. Robert received his B.S. in Accountancy from the University of Illinois in Urbana-Champaign and is a Certified Public Accountant.

Director of Finance and Acquisitions

Ashley Szatkowski

Ashley Szatkowski is the Director of Finance and Acquisitions at Syndicated Equities. Ashley joined the firm in August 2015 and focuses on developing strategic relationships with lenders and acquiring strong cash-flowing properties for our investors. She works with new and existing lender relationships to structure financing for the firm's investments as well as coordinate due diligence and negotiate PSA's during the acquisition process. Ashley brings a wealth of knowledge and experience to the team from her many years as a Commercial Banker with MB Financial Bank. Ashley earned her B.S. from the University of Illinois at Chicago with a specialty in Finance and Management. She is an active member of CREW Chicago (Commercial Real Estate Women) and REEF (Real Estate Finance Forum). Ashley and her family live in Crystal Lake.

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Key Focus Areas
1031 Exchange Acquisitions Asset Management Private Equity Real Estate Real Estate Investing Individual Investors
Geographical Area
Mapped Location