These days, some first-time investors may be approaching the real estate market with a little trepidation. But some have not only navigated the troubled waters but continue to sail on success: Here’s a list of 11 of the top black real estate moguls in the country:
R. Donahue Peebles
R. Donahue Peebles is Chairman and CEO of the most successful African American real estate development company in the nation. The Peebles Corporation, which has offices in Miami, Las Vegas and the nation’s capitol, manages a $4 billion development portfolio which includes: The Royal Palm Hotel on South Beach, Las Palmas Hotel Residencies in Las Vegas, and 10 G Street, N.E. Washington D.C.
Quintin Primo III
Quintin Primo III is Co-founder of Capri, a major equity and debt investor in US property markets. Primo launched the company in 1992 and now the company boasts of having more than $2.7 billion in real-estate assets. He continues to oversee all aspects of Capir’s business including investments.
Herman J. Russell
In 1953 Herman J. Russell extended the family plastering business into general contracting. The result was H.J. Russell & Company which today operates as a construction and real estate development corporation. The marriage of the two has proved successful for Russell. Forbes estimates his net worth hovers around $200 million.
Thomas J. Baltimore Jr.
Thomas J. Baltimore Jr., is also known as the co founder of RLJ Development, LLC., a privately held real estate investment company. Before launching RLJ, Baltimore served as Vice President of Development and Finance with Hilton Hotels Corporation. He also was Vice President of Business Development for Host Marriott Services.
Victor MacFarlane
Victor MacFarlane is the managing principal of MacFarlane Partners. The company describes itself as the leading minority owned real estate investment management company, and for good reason. MacFarlane Partners has $2.2 billion in investor equity and $6 billion in properties completed and under management.
Tate George
Tate George is a former NBA player who spent five seasons in the league playing with teams including the New Jersey Nets, Philadelphia 76ers and Milwaukee Bucks. Since hanging up his jersey, George began leading a new team, as founder and CEO of the George Group, a real estate development company based in Newark, N.J. To date, the development portfolio of the company has exceeded $500 million.
Maurice “Mo” Vaughn
Former Major League baseball MVP, Mo Vaugn has immersed himself into the real estate game since retiring. He heads Omni New York LLC based in Midtown Mahnhattan. The group rehabs dilapidated affordable apartment buildings within the New York metropolitan area. Since December 2004, ONY has acquired and has either rehabilitated or is in the process of rehabilitating 3,462 units of affordable housing in New York state. In 2007 the company decided to go green by incorporating energy-efficient ways of rehabilitating property.
Emmitt Smith
NFL Hall of Fame running back Emmitt Smith became CEO of Smith/Cypress Partners LP in 2005, which is a real estate development firm that works to build “commercially viable properties anchored by national retail giants.” Smith is also co-founder of ESmith Legacy, Inc. in Dallas, a premier real estate development and asset management firm that is 100% minority owned.
Stacie Turner
Before becoming a member of the Real Housewives of Washington D.C. cast, Stacie Turner carved her niche in real estate. She partnered with Long & Foster Real Estate Inc. earlier this earlier, after taking a four year break from the company, and formed the Turner, Morris & Shirley Team. During her career as a realtor, Turner sold over $160 million worth of real estate.
Kenneth H. Fearn
Kenneth Fearn is Managing Partner at Integrated Capital LLC. The company is a hotel-focused, private real estate advisory and investment firm. Since he founded Integrated Capital in 2004, Fearn’s company has acquired and developed assets that exceed $285 million in value.
Robert (Bob) Johnson
After Bob Johnson became the first African American billionaire by selling his beloved BET, he focused his attention on other businesses entities. Among them, RLJ Development LLC, the real estate investment arm of The RLJ Companies. The company successfully manages real estate funds for its clients. In 2006 RLJ acquired 100 hotels for $1.7 billion.
