Boston real estate investor Jerome Rappaport Jr. is launching a new venture with Chestnut Hill Realty that will focus on investments in the region’s red hot rental housing sector.
Rappaport, who previously co-founded New Boston Fund, a real estate investment firm, will work with Chestnut Hill chief executive Ed Zuker and his son, Robert, to acquire rental housing properties and development opportunities.
“This is one of the best times to invest in the apartment sector,’’ said Rappaport, who has worked in real estate for more than 30 years. “I’m thrilled to be pursuing opportunities in the New England multifamily market with a quality company like Chestnut Hill Realty,’’
Chestnut Hill Realty, established in 1969, specializes in rental housing and owns and manages 4,000 units in 30 apartment communities in greater Boston and Rhode Island.
Rappaport has been consulting with Chestnut Hill Realty for the past two years, helping to develop its investment strategy. He has also assisted in its development group, which has completed over $40 million in projects and has another $100 million planned.
At New Boston Fund, Rappaport created eight real estate equity funds that raised more than $1 billion used to build and acquire 20 million square feet of commercial property and more than 7,000 housing units.