New world market
The U.S. real estate industry has gone south with the economy, but amidst the downturn, the nation's largest fee manager of apartments is gearing up for growth at home and abroad, focused on an international frontier. Stan Harrelson, CEO of Seattle-based Pinnacle has his sights set on ramping up business in Europe and Asia.
He named Rick Graf as successor president of the company last July, re-centering Pinnacle's operations in Dallas, where he believes access to industry talent is greater than in the Pacific Northwest. Graf, who joined Pinnacle 14 years ago, now directs the company's daily operations from the Dallas office, within shouting distance of Riverstone Residential and Greystar, two of Pinnacle's top U.S. competitors.
"The move doesn't take away from the Seattle roots of the company. I still remain here in Seattle and we have a number of affiliate companies and regional operations based here. But the international markets are a natural evolution for us and I wanted a day-to-day president for the company, so I could pursue those opportunities," said Harrelson, whose firm provides a full complement of real estate investment, management and development services for more than 235 institutional investors, pension funds, private partnerships, foreign investors, sole owners and government housing groups in North America and Asia.
Pinnacle entered Tokyo and Beijing around five years ago and is moving into other foreign markets on the back of its development company.
Through various subsidiaries, Pinnacle has been in and out of Canada, is undertaking a venture in
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