 hen two talented, successful
teams combined in 1994 to form Summit Residential L.L.C. and acquire a 138-unit,
single-family home development in Monroe, Connecticut, a stir was created
within the industry. Great Oak Farm has won three awards from the National
Association of Home Builders: Best Cluster Housing Project in the State
of Connecticut, Best Site Plan in the State, and Best Designed "Empty
Nester" style home. |
Summit Residential is a partnership between James Pendry, an experienced
residential developer, and equity investor Louis Cappelli, a large commercial
office and shopping center developer based in Valhalla, New York. Pendry
entered the real estate development industry in the mid 1980s. He brought
strategic planning, marketing and management skills he had gained while
working for Pepsico and Mars & Company, an international consulting
company, which he joined after business school at Yale. |
"I
was putting in 12 and 14 hour days in front of a computer screen, doing
analytics all day," Pendry says. "It was intellectually stimulating
and challenging to formulate competitive strategies for Fortune 500 companies,
but I was really looking to get into a field that offered something more
concrete—something tangible."
Having worked on construction jobs during his summers while in college,
the building industry appealed to Pendry. He joined the Westchester based
firm of Baker Companies where he...
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