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HSR CEO's Career Journey and Lessons Learned

Explore HSR’s CEO's unique career journey and the valuable lessons he's learned.


HSR's Chairman, Ethan Penner, discusses CEO Joseph Penner's remarkable career journey in the real estate industry. Ethan praised Joseph's extensive experience, noting that he has worked from almost every vantage point in the business, starting from his early years at Citicorp in New York City, where he learned the intricacies of the securities and finance industry.

Joseph shared how the economic crash in the late 1980s prompted a career shift, leading him to join one of the first real estate opportunity funds in 1990. Despite having limited real estate experience at the time, he quickly learned the complexities of debt, real estate, and borrowers and how they all function together. From day one, he faced the challenge of managing significant investments in distressed assets, quickly adapting to handle these challenging situations effectively.

One significant experience was managing a 440-unit apartment complex in Atlanta, where Joseph relocated to start the in-house property management division of the firm and served as the onsite manager there for a year. This hands-on role provided him with invaluable insights into property management and operations.

Joseph highlighted how these early lessons have shaped HSR's approach to property management. Since founding the company 22 years ago, HSR has managed its properties internally, believing that third-party managers are not always in the best interest of their investors. He believes direct management allows for better control and more closely aligns with investor interests.

View the full interview with HSR’s Chairman Ethan Penner here.

Important Disclaimer:

The summaries, descriptions, and content in these videos are for informational purposes only and do not constitute tax, legal, or investment advice. The views expressed are those of the speakers and do not necessarily reflect the official policy or position of HSR or its affiliates. Investing in real estate involves risks, including potential loss of principal. HSR does not guarantee the accuracy or completeness of the information provided in the summaries or videos. Consult with qualified tax advisors, legal counsel, and financial planners before making any investment decisions.

Furthermore, these videos and their written summaries do not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products. Any such offer will be made only by means of official offering documents and in accordance with applicable laws.

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