Executive Leadership
“’No’ is not in my vocabulary. There’s always a way to make things happen.”
As co-CEO, Brandt oversees corporate strategy and drives organizational growth at Subtext. Brandt takes a hands-on leadership approach, with a focus on creating spaces that allow Subtext’s residents to live their best lives. Since the company’s inception, Brandt has guided its growth into a leading student and multifamily housing development, construction management, and property management company.
Brandt obtained an MAcc from the University of Missouri and began his career as an accountant for PricewaterhouseCoopers. In 2009, Brandt and Tim co-founded an investment and management company focused on opportunistic repositioning of residential real estate. Driven by a shared vision of developing vibrant communities in top markets across the country, Brandt and Tim launched Subtext in 2014.
“’No’ is not in my vocabulary. There’s always a way to make things happen.”
“It’s amazing to think back across each project and know where you started, then see where you end up. We’re very proud of doing the right thing.”
As co-CEO, Tim oversees strategy implementation across the Subtext platform. Driven by a passion for the built environment, Tim takes tremendous pride in bringing complex, meaningful projects to life and creating communities with enduring appeal for Subtext’s residents. Under Tim’s leadership, the company has not only achieved remarkable growth but also set new standards of excellence in student and multifamily housing development, construction management, and property management, becoming a benchmark for success in the industry.
Tim obtained a Bachelor of Science in Business Management from the University of Central Missouri and began his career redeveloping over 550,000 SF of historic projects with Blue Urban, a Midwest-based developer. Before launching Subtext with Brandt in 2014, Tim and Brandt co-founded an investment and management company focused on opportunistic repositioning of residential real estate in 2009.
“It’s amazing to think back across each project and know where you started, then see where you end up. We’re very proud of doing the right thing.”
“Everything we do comes down to creating spaces where people feel at home and can make the most of every day. It all starts with a team that’s passionate about bringing that vision to life.”
As Chief Operating Officer, Marina is the driving force behind Subtext’s growth and daily operations. She leverages her legal and development background to advance Subtext’s mission of creating thoughtfully designed communities where residents thrive. Passionate about fostering an environment that reflects Subtext’s vision and values, she oversees recruiting, talent development, and culture initiatives. Through her leadership in raising capital and negotiating agreements, Marina grows and strengthens Subtext’s partnerships.
Marina began her career in multifamily real estate development in Washington, D.C. with Paradigm Development Company and later developed student housing with Landmark Properties. She joined Subtext to launch and scale the company’s multifamily vertical, defining its strategy, expanding the development team, and developing communities in high-growth markets across the US.
“Everything we do comes down to creating spaces where people feel at home and can make the most of every day. It all starts with a team that’s passionate about bringing that vision to life.”
Our Team
As Executive Vice President of Development, Mitchell oversees all aspects of Subtext’s development projects, including site selection, land acquisition, entitlements and approvals, design, deal structuring, marketing strategy and stabilization.
Mitchell joined Subtext in 2015 and has played an integral role in the development of over $1.3B in student housing and multifamily projects. Prior to joining Subtext, Mitchell practiced law at an Am Law 100 firm, where he counseled clients through a variety of complex real estate matters, including loan origination, leasing, and securitization.
Patrick leads Subtext’s Public-Private Partnerships (P3) vertical, driving all aspects of the company’s national P3 strategy. He oversees real estate development and capitalization efforts, ensuring alignment with key stakeholders across higher education, municipal, and corporate partnerships. With over a decade of experience in P3 transactions, Patrick has played a pivotal role in delivering more than $2.0 billion in mixed-use rental housing projects in collaboration with public partners nationwide.
Rich leads the land acquisitions team in its pursuit of development opportunities across the country. Since joining Subtext in 2018, Rich and his team have sourced over $3B in student housing and multi-family development sites nationwide.
Prior to joining Subtext, Rich gained broad experience as a broker with a focus on acquiring value add real estate and non-performing debt. Throughout his 25+ year career, Rich has acquired nearly 1,000 real estate related assets and brokered over $400 million in transactions.
As Director of Development at Subtext, Chris Russ oversees the full development lifecycle, from market and site selection to acquisitions, entitlements, design, and construction management. He collaborates closely with the Development, Acquisitions, and Capital Markets teams to identify opportunities, structure deals, and ensure seamless execution. Managing project budgets, schedules, and stakeholder coordination, Chris plays a pivotal role in delivering high-quality, strategically positioned developments that align with Subtext’s growth objectives.
Chris has over 20 years of experience leading $2+ billion in real estate development across student housing, senior living, and self-storage. Before joining Subtext, he founded his own development consulting firm and served as Managing Director of Development at SAFStor, entitling 20+ self-storage facilities in the U.S.. He previously held leadership roles at top-tier real estate investment, development and management firms, overseeing the development and entitlement of 75+ projects nationwide. Beginning his career as a civil engineer and earning his Professional Engineering (PE) license, Chris brings a technical foundation and strategic expertise to every project he leads.
As a Development Manager, Ryan is responsible for all aspects of the development process from purchase agreement through stabilization, with a focus on risk mitigation, entitlements, and approvals. Since joining Subtext in 2022 he has managed over $500M in new developments. Ryan is driven to serve the communities and residents we work with through the built environment.
Prior to Subtext, Ryan worked for Opus Development Company on institutional senior living and multifamily developments.
Dylan joined Subtext in 2018 as a Development Associate and as of 2022, is now a Development Manager responsible for ensuring that projects are successfully executed from inception through completion. Since joining Subtext, he has been involved in the development of over $500M in multifamily and student housing projects.
Dylan started his career as a Community Assistant with a nationwide property management group, advancing to a General Manager focused on new student and multifamily developments.
As a Development Manager, Matt Swedenburg oversees the full development cycle, guiding projects from purchase agreement to stabilization. His role focuses on risk mitigation, entitlements, and securing approvals, ensuring projects are executed efficiently and successfully from inception to completion.
Before joining the Subtext team, Matt was with StoneHawk Capital Partners, LLC, where he managed an $800 million Class “A” multifamily portfolio across Texas. His experience spans ground-up development and asset management, with expertise in land acquisition, entitlements, project design, government approvals, capital sourcing, and overall portfolio strategy.
Angelina Hristova is an experienced commercial real estate professional with over twelve years of expertise, including a strong focus on urban research, sustainable development, and retail strategy. She began her career exploring the intersection of data and placemaking, later specializing in site selection and lease negotiations for both retail tenants and landlords.
Since joining Subtext in 2020, Angelina has played a key role across multiple departments. She initially helped expand the Acquisitions team, leading market and site selection efforts through a data-driven lens. Now serving as Director of Retail, she oversees the full retail portfolio from tenant curation and lease execution to predevelopment planning, shaping the retail experience across Subtext’s growing footprint.
As an Associate Director, Tanner is responsible for site selection, relationship management, sourcing, and underwriting new development opportunities. Tanner joined Subtext in 2020 as an analyst and previously worked as a Development Associate, where he focused on entitlements and pre-development management.
Prior to Subtext, Tanner worked in the Loan Servicing and Asset Management branch of KeyBank Real Estate Capital.
As Associate Director of Land Acquisitions, Noah Pickus oversees site selection, relationship management, and sourcing strategies to identify prime opportunities for development. Previously, he sourced and analyzed deals at Hubbard Street Group, a Chicago-based real estate development firm. Noah’s expertise lies in identifying high-potential sites and fostering strategic partnerships to drive successful projects.
As Associate Director of Land Acquisitions at Subtext, Preston Pittman leads site selection, cultivates strategic relationships, and sources new development opportunities across Subtext’s growing portfolio. His work is grounded in market analysis, underwriting expertise, and a passion for unlocking long-term value through smart, place-based investment.
Prior to joining Subtext, Preston worked with a Texas-based build-to-rent real estate company, where he helped source and manage over $500 million in ground-up developments. His experience spans the full lifecycle of real estate—from land acquisition and entitlements to project design, capital sourcing, asset management, and dispositions.
Preston holds a Bachelor of Science in Entrepreneurship from Oklahoma State University and a J.D. from Texas A&M School of Law, which uniquely positions him to navigate both the business and legal complexities of real estate development with agility and insight.
Jason is responsible for assisting in all phases of the development process. His primary responsibilities are focused on entitlements and pre-development management.
Prior to Subtext, Jason worked for a large property and casualty insurance company and owned a multifamily property.
Jack is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Jack’s previous experience includes working at Keeley Properties as a Development Analyst, where he played a significant role in various aspects of the development process. This included everything from site selection and due diligence to acquisition, zoning/permitting, and management of architectural and engineering activities. During his tenure at Keeley, Jack’s contributions helped underwrite and develop over $500 million worth of real estate assets. Additionally, he played an instrumental role in creating a robust development pipeline, which consisted of future developments valued at more than $400 million.
As an Acquisitions and Development Analyst, Brandon is responsible for assisting in all phases of development, primarily working in underwriting and market analysis. Prior to joining Subtext, Brandon worked at a regional multi-family brokerage and has experience in corporate finance.
Kyle is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Prior to joining the team, he worked in industrial development for Northpoint Development, where he gained a great deal of experience in the field while working on several projects in the Saint Louis and Minneapolis areas. In addition to his work in industrial development, Kyle also held a key role as a LIHTC Portfolio Financial Analyst for U.S. Bank Community Development Corporation. In this position, he was responsible for overseeing the financial health of a broad portfolio of properties, monitoring each one’s income statements, balance sheets, and rent rolls.
As a development analyst, Thatcher is involved in every phase of the acquisitions and development process at Subtext, with key responsibilities in underwriting and market analysis.
Prior to joining Subtext, Thatcher focused on the industrial sector within the Dallas-Fort Worth area, building his network and skills in real estate and market dynamics.
Sean is responsible for assisting in all phases of development, primarily working in market analysis and underwriting. Prior to joining Subtext, Sean worked as an asset management analyst for a private equity real estate investment firm specializing in manufactured housing. He previously managed teams of multifamily leasing agents in Chicago, Denver, and Atlanta.
As a Development Analyst, Jake Millenbruck supports site selection, underwriting, and entitlements across Subtext’s multifamily and student housing pipeline. He brings experience in estimating, permitting, and stakeholder coordination from his time in construction management, where he led preconstruction efforts on healthcare, commercial, and industrial projects. Jake’s data-focused MBA and background in project engineering help bridge development strategy and execution.
As Executive Vice President of Design and Construction at Subtext, Zach leads the planning, design, and execution of new development projects, while overseeing a growing team of design and construction professionals.
Zach is an entrepreneurial, seasoned executive with over $5 billion in new development and construction projects. He has experience launching new business units and expanding regions, overseeing complex and high-profile projects, and scaling teams for Top-25 ENR / Fortune 500 public and private developer-builder firms.
Jack has the responsibility of ensuring that design focus centers around reinforcing lifestyle experience on all subtext projects. He oversees the project design team to ensure that unit plan design, amenity programming, and operational planning all reinforce unique tenant experiences that are best-in-class. Jack’s previous experience as a licensed architect and partner in a national architectural design firm has kept him current in multi-family design trends and construction techniques, including tens of thousands of apartments in large concrete high-rise and wood-framed mid-rise communities.
Jon has the responsibility of ensuring that design focus centers around reinforcing lifestyle experience on all Subtext projects. He oversees the project design team to ensure that unit plan design, amenity programming, and operational planning all reinforce unique tenant experiences that are best-in-class. Jon joined Subtext with more than 10 years of experience in the design/construction industry managing all project aspects from concept design through construction administration.
Jerod brings over 18 years of experience in the design and construction industry, with a deep understanding of how thoughtful planning and execution shape the resident experience. Throughout his career, he has managed projects from concept design through construction administration, with a consistent focus on delivering high-quality, livable environments. As a Design Manager at Subtext, Jerod ensures that every design decision is rooted in lifestyle-driven thinking. He helps lead the project design team to align unit layouts, amenity programming, and operational planning with exceptional tenant experiences across the Subtext portfolio.
At Subtext, Lauryn supervises each phase of the interior design process. Her design philosophy is rooted in the belief that every space has the potential to inspire and uplift its inhabitants. With 9+ years of experience in the industry, Lauryn has honed her skills in turning a vision into an environment that blends functionality with aesthetics seamlessly.
Nathan leads preconstruction and estimating at Subtext, overseeing constructability reviews, value engineering, design management, conceptual budgeting, and coordination with architects and contractors. With 24+ years in the construction industry, he has successfully completed over $7.8 billion in projects, delivering 23,000+ units of multifamily, mixed-use, and student housing. His experience spans NMHC Top 5 firms and high-profile projects across sectors, including hospitality, healthcare, and senior housing.
Jack analyzes project blueprints, specifications, and other documentation to estimate the quantities of materials, equipment, and labor needed for each project phase. Utilizing specialized software and historical data, he calculates costs for materials, subcontractor services, and overhead expenses to develop comprehensive project budgets. Working closely with project managers, architects, and general contractors, Jack ensures that cost estimates are accurate and practical, facilitating efficient project completion within budget.
Danielle is responsible for managing all aspects of FF&E procurement, delivery, and installation for Subtext. Her role includes tracking budgets and costs for all furnishings and equipment required for project completion. She strives to create organization and efficiency, collaborates with diverse teams, while leading by example as an individual contributor.
Danielle joined Subtext as an accountant in 2020; her organizational skills, adaptability, and passion for the industry allow her to complete projects of great quality.
As Senior Director of Construction, Nate Messner oversees construction operations and execution for Subtext’s student housing and multifamily developments. With 17 years of industry experience and a portfolio exceeding $1.4 billion in multifamily projects, Nate has a proven track record of delivering large-scale developments. He has also driven growth and market expansion for top ENR and Fortune 500 companies, showcasing his expertise in managing complex projects and entering new markets.
Will is responsible for the execution of Subtext projects in accordance with design standards, budget, and timeline.
Prior to Subtext, Will served as a Project Director of an ENR Top 400 Contractor. Will has over 25 years of valuable construction experience and has served in various roles including project executive, project manager and project superintendent.
Justin Illuzzi is a Director of Construction at Subtext, responsible for executing and coordinating the construction phase of development projects from early preconstruction through operational turnover. With over two decades of experience across every facet of the construction industry—including field labor, subcontracting, general contracting, and ten years as an Owner’s Representative—Justin brings a well-rounded, deeply informed perspective to project delivery. Before joining Subtext, he led construction efforts for a nationwide student and market-rate multifamily development firm.
Jamie is responsible for the execution of Subtext projects in accordance with design standards, budget, and timeline. Prior to Subtext, Jamie worked as a Senior Project Engineer for a local general contractor focusing on the pharmaceutical industry as well as a Process Engineer for an ENR Top 500 Design Firm. He has over 7 years of experience in the construction industry managing contractors, time sensitive project schedules, and budgets.
John Prazma is an Assistant Construction Manager at Subtext, supporting the execution of high-quality projects from design through delivery. He works closely with internal teams and external partners to help ensure every project is completed on time, within budget, and aligned with design intent. With previous experience in the multifamily sector at a general contracting firm, John brings a practical, detail-oriented approach to construction management.
Pat is responsible for communicating the progress of projects thru site visits and field reports. Ensures contractors are adhering to the specifications, quality, job site safety and develop solutions to issues.
Before Subtext Pat has served as a MEP superintendent managing large scale commercial projects for an ENR top 400 contractor.
Pat has over 22 years in the construction industry.
As Partner & Executive Vice President, Acquisitions, Mike is responsible for launching Subtext’s acquisition platform and oversees all aspects of existing property acquisitions including strategy, deal sourcing and deal structuring.
Prior to Subtext, Mike founded Citrine Partners, a boutique real estate investment shop. He previously worked as Senior Vice President of Acquisitions and was a member of the executive team for CA Ventures’ student housing platform, CA Student Living. Mike held a similar position at Waypoint Residential, where he launched their student housing division and oversaw all student housing acquisitions and dispositions. He has also held various positions at Wells Fargo and BlackRock and is currently a member of ULI’s National Student Housing Council. Mike has 15 years of experience in the real estate sector and has transacted on over $1B of student housing throughout his career.
Nick is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Before Subtext, Nick worked in the Commercial Real Estate Loan Production branch of Associated Bank, N.A. He served as a Portfolio Manager for a portfolio of $400MM in loan & equity commitments that included various asset types such as: industrial warehouses, office buildings, multifamily properties, and LIHTC Affordable Housing. Prior to that, Nick worked as a Financial Analyst for Berkadia Real Estate Advisors’ Student Housing Team. He was responsible for all underwriting & market research, and during his time the team underwrote over $8B in value and sold over $1B of student housing properties across the nation.
Heather brings over 15 years of expertise, seamlessly blending her passion for operations and marketing with her seasoned background in property management. This unique skillset allows her to contribute strategic vision, resident focus, and operations knowledge to the team. Working collaboratively with the VP of Operations, she oversees portfolio leasing, spearheads revenue-generating initiatives, and fosters seamless communication with partners, vendors, and on-site teams.
As Director of Leasing, Alyson oversees the overall leasing and marketing performance of each community owned or under development, including but not limited to monitoring brand development, office design and delivery, the individual leasing and marketing strategies, market conditions, the prospect and resident experience, and stabilization of each community.
With her background spanning over 15 years in both student and multifamily housing, Alyson brings experience in operations, sales, leasing, training, and marketing. Her career has allowed her to develop brand new departments within large organizations, coach and develop new team members and future leaders, build processes that exceed customer service standards, and design memorable experiences that impact the prospect and resident journey. Prior to joining Subtext, Alyson worked for some of the largest third-party management companies in the country in various roles including Vice President of Leasing and Development, Director of New Development Marketing, and Associate Director of Sales and Marketing.
Jill Duchinsky is a seasoned finance and accounting professional with deep experience in real estate operations and investment. Over the course of her career, she has led accounting, financial reporting, and tax compliance functions across a wide range of real estate assets, bringing both strategic insight and operational discipline to every phase of the financial lifecycle.
As the leader of Subtext’s accounting and finance teams, Jill is responsible for developing and executing financial strategies aligned with the company’s goals. She oversees budgeting, forecasting, reporting, and analysis to ensure strong financial performance and informed decision-making.
Andrew is a valuable asset to our team at Subtext, specializing in collating, analyzing, and visualizing both internal and external data. His expertise in data aggregation, machine learning, and spatial analysis allows us to make informed decisions based on crucial market and business intelligence.
Before joining Subtext, Andrew served as a Managing Director at CoStar Advisory Services, where he provided invaluable recommendations regarding institutional investment in commercial real estate. With his extensive knowledge in the Multifamily property type, Andrew frequently spoke and wrote on the subject, even being published in the prestigious Journal of Portfolio Management. His work has also been featured in prominent national media outlets such as WMRE, The Washington Post, and the New York Times.
Maggie is a passionate marketing leader with a knack for strategic communication and design. Her experience spans more than 15 years and multiple industries, where she has built and managed brands in real estate, self storage, private equity, academia, and the arts. In school, Maggie studied visual communications and, subsequently, integrated marketing to merge the creative and business sides of marketing.
As the marketing director for Subtext, Maggie leads enterprise marketing and branding. She’s focused on delivering an unparalleled user experience across all internal and external audiences.
Madison Lodde is a detail-oriented marketing professional with a passion for creative storytelling and brand building. With over 8 years of experience, she brings a strong foundation in project management, content creation, email strategy, and driving brand loyalty through thoughtful, engaging campaigns. Her background also includes hands-on experience in graphic design, allowing her to blend visual and written communication effectively.
At Subtext, Madison supports enterprise marketing initiatives including brand strategy, digital content, and internal and external communications—helping to elevate the Subtext brand with fresh perspective and creative energy.
Dan is responsible for maintaining financial procedures and confirming financial compliance through preparation of the company’s reports and statements.
Prior to Subtext, Dan worked as an accountant for a national real estate development company. He mainly focused on industrial and multi-family developments, identifying accounting and tax related issues.
As a Senior Staff Accountant and Tax Specialist, Ashley oversees audit and tax workpapers, ensuring compliance and accuracy across all entities. She collaborates with tax preparers, auditors, and leadership to streamline tax planning, execute audits, and provide strategic financial reviews. Partnering with the CFO, she helps develop tax-efficient strategies, while also ensuring financial accuracy through journal entry and monthly reporting oversight.
Before joining Subtext, Ashley spent four years as a Tax Staff Accountant at RubinBrown, specializing in real estate and construction clients. She prepared tax returns, led intern and new hire training sessions, and mentored real estate interns during busy seasons, helping them navigate complex tax filings. Her expertise in real estate tax strategy and financial analysis makes her a key asset in driving tax efficiency and operational excellence.
As a staff accountant at Subtext, Josie is responsible for processing accounts payable, drafting construction draws, performing general ledger account and bank statement reconciliations, preparing journal entries, and assisting with other accounting and financial projects as needed.
Prior to Subtext, Josie worked as an Audit Associate for a Big Four accounting firm where she ensured compliance, accuracy, and the proper use of controls for clients in the banking and capital markets sector.
Amanda wears many hats at Subtext, blending her roles as Human Resource Manager and Office Manager. Her outgoing nature, empathy, and creative problem-solving skills are instrumental as Subtext continues to expand its operations.
In her role, Amanda is dedicated to making Subtext an incredible place to work. She focuses on maintaining people & culture, benefits administration, office management, and event planning, ensuring a positive and productive environment for all team members.
Before joining Subtext, Amanda spent 10 years in the financial sector, holding various HR positions, including Human Resources Administrator, Onboarding Specialist, and Corporate Trainer. This experience equipped her with an understanding of HR practices and a knack for fostering a supportive workplace.
As the Senior Executive Assistant at Subtext, Candace provides vital support to the Principal Executive Team by efficiently managing schedules, coordinating meetings, and facilitating departmental communications. With a robust background spanning over 15 years in administrative roles, she has honed her skills through experience at Fortune 500 companies and a Big 4 accounting firm. Candace’s diverse professional journey also includes valuable contributions to startups and navigating through mergers. This wealth of experience equips her with a comprehensive understanding of business operations and teamwork dynamics.
Jeremy Lyman is a seasoned capital markets professional with over 12 years of experience in real estate investment and equity fundraising. He has a deep understanding of investor needs and how to structure offerings that support long-term alignment and performance.
As Executive Vice President of Capital Markets at Subtext, Jeremy leads the firm’s equity strategy for its purpose-built student housing platform. He works closely with RIAs, family offices, and high-net-worth investors, partnering with development and construction teams to drive transparency, disciplined execution, and strategic growth.
Cole’s responsibilities include managing capital relationships at Subtext as well as overseeing the capitalization from inception to final disposition for development projects nationwide. He manages the analysis, organization, and structuring of debt, equity, and joint ventures, aligning the company’s long term investment strategy with capital markets initiatives.
Prior to Subtext, Cole worked as a lender at Stifel Bank & Trust and Wells Fargo. During that time he underwrote and managed $1B+ of commercial real estate debt nationwide across all property types.
As an investment associate, Caleb evaluates new investment opportunities and manages relationships with capital partners. He spent nearly a decade in commercial real estate acquisitions and asset management before coming to Subtext. In this experience, he closed on $1 billion in real estate across various asset classes.
As Executive Vice President of Development, Mitchell oversees all aspects of Subtext’s development projects, including site selection, land acquisition, entitlements and approvals, design, deal structuring, marketing strategy and stabilization.
Mitchell joined Subtext in 2015 and has played an integral role in the development of over $1.3B in student housing and multifamily projects. Prior to joining Subtext, Mitchell practiced law at an Am Law 100 firm, where he counseled clients through a variety of complex real estate matters, including loan origination, leasing, and securitization.
Patrick leads Subtext’s Public-Private Partnerships (P3) vertical, driving all aspects of the company’s national P3 strategy. He oversees real estate development and capitalization efforts, ensuring alignment with key stakeholders across higher education, municipal, and corporate partnerships. With over a decade of experience in P3 transactions, Patrick has played a pivotal role in delivering more than $2.0 billion in mixed-use rental housing projects in collaboration with public partners nationwide.
Rich leads the land acquisitions team in its pursuit of development opportunities across the country. Since joining Subtext in 2018, Rich and his team have sourced over $3B in student housing and multi-family development sites nationwide.
Prior to joining Subtext, Rich gained broad experience as a broker with a focus on acquiring value add real estate and non-performing debt. Throughout his 25+ year career, Rich has acquired nearly 1,000 real estate related assets and brokered over $400 million in transactions.
As Director of Development at Subtext, Chris Russ oversees the full development lifecycle, from market and site selection to acquisitions, entitlements, design, and construction management. He collaborates closely with the Development, Acquisitions, and Capital Markets teams to identify opportunities, structure deals, and ensure seamless execution. Managing project budgets, schedules, and stakeholder coordination, Chris plays a pivotal role in delivering high-quality, strategically positioned developments that align with Subtext’s growth objectives.
Chris has over 20 years of experience leading $2+ billion in real estate development across student housing, senior living, and self-storage. Before joining Subtext, he founded his own development consulting firm and served as Managing Director of Development at SAFStor, entitling 20+ self-storage facilities in the U.S.. He previously held leadership roles at top-tier real estate investment, development and management firms, overseeing the development and entitlement of 75+ projects nationwide. Beginning his career as a civil engineer and earning his Professional Engineering (PE) license, Chris brings a technical foundation and strategic expertise to every project he leads.
As a Development Manager, Ryan is responsible for all aspects of the development process from purchase agreement through stabilization, with a focus on risk mitigation, entitlements, and approvals. Since joining Subtext in 2022 he has managed over $500M in new developments. Ryan is driven to serve the communities and residents we work with through the built environment.
Prior to Subtext, Ryan worked for Opus Development Company on institutional senior living and multifamily developments.
Dylan joined Subtext in 2018 as a Development Associate and as of 2022, is now a Development Manager responsible for ensuring that projects are successfully executed from inception through completion. Since joining Subtext, he has been involved in the development of over $500M in multifamily and student housing projects.
Dylan started his career as a Community Assistant with a nationwide property management group, advancing to a General Manager focused on new student and multifamily developments.
As a Development Manager, Matt Swedenburg oversees the full development cycle, guiding projects from purchase agreement to stabilization. His role focuses on risk mitigation, entitlements, and securing approvals, ensuring projects are executed efficiently and successfully from inception to completion.
Before joining the Subtext team, Matt was with StoneHawk Capital Partners, LLC, where he managed an $800 million Class “A” multifamily portfolio across Texas. His experience spans ground-up development and asset management, with expertise in land acquisition, entitlements, project design, government approvals, capital sourcing, and overall portfolio strategy.
Angelina Hristova is an experienced commercial real estate professional with over twelve years of expertise, including a strong focus on urban research, sustainable development, and retail strategy. She began her career exploring the intersection of data and placemaking, later specializing in site selection and lease negotiations for both retail tenants and landlords.
Since joining Subtext in 2020, Angelina has played a key role across multiple departments. She initially helped expand the Acquisitions team, leading market and site selection efforts through a data-driven lens. Now serving as Director of Retail, she oversees the full retail portfolio from tenant curation and lease execution to predevelopment planning, shaping the retail experience across Subtext’s growing footprint.
As an Associate Director, Tanner is responsible for site selection, relationship management, sourcing, and underwriting new development opportunities. Tanner joined Subtext in 2020 as an analyst and previously worked as a Development Associate, where he focused on entitlements and pre-development management.
Prior to Subtext, Tanner worked in the Loan Servicing and Asset Management branch of KeyBank Real Estate Capital.
As Associate Director of Land Acquisitions, Noah Pickus oversees site selection, relationship management, and sourcing strategies to identify prime opportunities for development. Previously, he sourced and analyzed deals at Hubbard Street Group, a Chicago-based real estate development firm. Noah’s expertise lies in identifying high-potential sites and fostering strategic partnerships to drive successful projects.
As Associate Director of Land Acquisitions at Subtext, Preston Pittman leads site selection, cultivates strategic relationships, and sources new development opportunities across Subtext’s growing portfolio. His work is grounded in market analysis, underwriting expertise, and a passion for unlocking long-term value through smart, place-based investment.
Prior to joining Subtext, Preston worked with a Texas-based build-to-rent real estate company, where he helped source and manage over $500 million in ground-up developments. His experience spans the full lifecycle of real estate—from land acquisition and entitlements to project design, capital sourcing, asset management, and dispositions.
Preston holds a Bachelor of Science in Entrepreneurship from Oklahoma State University and a J.D. from Texas A&M School of Law, which uniquely positions him to navigate both the business and legal complexities of real estate development with agility and insight.
Jason is responsible for assisting in all phases of the development process. His primary responsibilities are focused on entitlements and pre-development management.
Prior to Subtext, Jason worked for a large property and casualty insurance company and owned a multifamily property.
Jack is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Jack’s previous experience includes working at Keeley Properties as a Development Analyst, where he played a significant role in various aspects of the development process. This included everything from site selection and due diligence to acquisition, zoning/permitting, and management of architectural and engineering activities. During his tenure at Keeley, Jack’s contributions helped underwrite and develop over $500 million worth of real estate assets. Additionally, he played an instrumental role in creating a robust development pipeline, which consisted of future developments valued at more than $400 million.
As an Acquisitions and Development Analyst, Brandon is responsible for assisting in all phases of development, primarily working in underwriting and market analysis. Prior to joining Subtext, Brandon worked at a regional multi-family brokerage and has experience in corporate finance.
Kyle is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Prior to joining the team, he worked in industrial development for Northpoint Development, where he gained a great deal of experience in the field while working on several projects in the Saint Louis and Minneapolis areas. In addition to his work in industrial development, Kyle also held a key role as a LIHTC Portfolio Financial Analyst for U.S. Bank Community Development Corporation. In this position, he was responsible for overseeing the financial health of a broad portfolio of properties, monitoring each one’s income statements, balance sheets, and rent rolls.
As a development analyst, Thatcher is involved in every phase of the acquisitions and development process at Subtext, with key responsibilities in underwriting and market analysis.
Prior to joining Subtext, Thatcher focused on the industrial sector within the Dallas-Fort Worth area, building his network and skills in real estate and market dynamics.
Sean is responsible for assisting in all phases of development, primarily working in market analysis and underwriting. Prior to joining Subtext, Sean worked as an asset management analyst for a private equity real estate investment firm specializing in manufactured housing. He previously managed teams of multifamily leasing agents in Chicago, Denver, and Atlanta.
As a Development Analyst, Jake Millenbruck supports site selection, underwriting, and entitlements across Subtext’s multifamily and student housing pipeline. He brings experience in estimating, permitting, and stakeholder coordination from his time in construction management, where he led preconstruction efforts on healthcare, commercial, and industrial projects. Jake’s data-focused MBA and background in project engineering help bridge development strategy and execution.
As Executive Vice President of Design and Construction at Subtext, Zach leads the planning, design, and execution of new development projects, while overseeing a growing team of design and construction professionals.
Zach is an entrepreneurial, seasoned executive with over $5 billion in new development and construction projects. He has experience launching new business units and expanding regions, overseeing complex and high-profile projects, and scaling teams for Top-25 ENR / Fortune 500 public and private developer-builder firms.
Jack has the responsibility of ensuring that design focus centers around reinforcing lifestyle experience on all subtext projects. He oversees the project design team to ensure that unit plan design, amenity programming, and operational planning all reinforce unique tenant experiences that are best-in-class. Jack’s previous experience as a licensed architect and partner in a national architectural design firm has kept him current in multi-family design trends and construction techniques, including tens of thousands of apartments in large concrete high-rise and wood-framed mid-rise communities.
Jon has the responsibility of ensuring that design focus centers around reinforcing lifestyle experience on all Subtext projects. He oversees the project design team to ensure that unit plan design, amenity programming, and operational planning all reinforce unique tenant experiences that are best-in-class. Jon joined Subtext with more than 10 years of experience in the design/construction industry managing all project aspects from concept design through construction administration.
Jerod brings over 18 years of experience in the design and construction industry, with a deep understanding of how thoughtful planning and execution shape the resident experience. Throughout his career, he has managed projects from concept design through construction administration, with a consistent focus on delivering high-quality, livable environments. As a Design Manager at Subtext, Jerod ensures that every design decision is rooted in lifestyle-driven thinking. He helps lead the project design team to align unit layouts, amenity programming, and operational planning with exceptional tenant experiences across the Subtext portfolio.
At Subtext, Lauryn supervises each phase of the interior design process. Her design philosophy is rooted in the belief that every space has the potential to inspire and uplift its inhabitants. With 9+ years of experience in the industry, Lauryn has honed her skills in turning a vision into an environment that blends functionality with aesthetics seamlessly.
Nathan leads preconstruction and estimating at Subtext, overseeing constructability reviews, value engineering, design management, conceptual budgeting, and coordination with architects and contractors. With 24+ years in the construction industry, he has successfully completed over $7.8 billion in projects, delivering 23,000+ units of multifamily, mixed-use, and student housing. His experience spans NMHC Top 5 firms and high-profile projects across sectors, including hospitality, healthcare, and senior housing.
Jack analyzes project blueprints, specifications, and other documentation to estimate the quantities of materials, equipment, and labor needed for each project phase. Utilizing specialized software and historical data, he calculates costs for materials, subcontractor services, and overhead expenses to develop comprehensive project budgets. Working closely with project managers, architects, and general contractors, Jack ensures that cost estimates are accurate and practical, facilitating efficient project completion within budget.
Danielle is responsible for managing all aspects of FF&E procurement, delivery, and installation for Subtext. Her role includes tracking budgets and costs for all furnishings and equipment required for project completion. She strives to create organization and efficiency, collaborates with diverse teams, while leading by example as an individual contributor.
Danielle joined Subtext as an accountant in 2020; her organizational skills, adaptability, and passion for the industry allow her to complete projects of great quality.
As Senior Director of Construction, Nate Messner oversees construction operations and execution for Subtext’s student housing and multifamily developments. With 17 years of industry experience and a portfolio exceeding $1.4 billion in multifamily projects, Nate has a proven track record of delivering large-scale developments. He has also driven growth and market expansion for top ENR and Fortune 500 companies, showcasing his expertise in managing complex projects and entering new markets.
Will is responsible for the execution of Subtext projects in accordance with design standards, budget, and timeline.
Prior to Subtext, Will served as a Project Director of an ENR Top 400 Contractor. Will has over 25 years of valuable construction experience and has served in various roles including project executive, project manager and project superintendent.
Justin Illuzzi is a Director of Construction at Subtext, responsible for executing and coordinating the construction phase of development projects from early preconstruction through operational turnover. With over two decades of experience across every facet of the construction industry—including field labor, subcontracting, general contracting, and ten years as an Owner’s Representative—Justin brings a well-rounded, deeply informed perspective to project delivery. Before joining Subtext, he led construction efforts for a nationwide student and market-rate multifamily development firm.
Jamie is responsible for the execution of Subtext projects in accordance with design standards, budget, and timeline. Prior to Subtext, Jamie worked as a Senior Project Engineer for a local general contractor focusing on the pharmaceutical industry as well as a Process Engineer for an ENR Top 500 Design Firm. He has over 7 years of experience in the construction industry managing contractors, time sensitive project schedules, and budgets.
John Prazma is an Assistant Construction Manager at Subtext, supporting the execution of high-quality projects from design through delivery. He works closely with internal teams and external partners to help ensure every project is completed on time, within budget, and aligned with design intent. With previous experience in the multifamily sector at a general contracting firm, John brings a practical, detail-oriented approach to construction management.
Pat is responsible for communicating the progress of projects thru site visits and field reports. Ensures contractors are adhering to the specifications, quality, job site safety and develop solutions to issues.
Before Subtext Pat has served as a MEP superintendent managing large scale commercial projects for an ENR top 400 contractor.
Pat has over 22 years in the construction industry.
As Partner & Executive Vice President, Acquisitions, Mike is responsible for launching Subtext’s acquisition platform and oversees all aspects of existing property acquisitions including strategy, deal sourcing and deal structuring.
Prior to Subtext, Mike founded Citrine Partners, a boutique real estate investment shop. He previously worked as Senior Vice President of Acquisitions and was a member of the executive team for CA Ventures’ student housing platform, CA Student Living. Mike held a similar position at Waypoint Residential, where he launched their student housing division and oversaw all student housing acquisitions and dispositions. He has also held various positions at Wells Fargo and BlackRock and is currently a member of ULI’s National Student Housing Council. Mike has 15 years of experience in the real estate sector and has transacted on over $1B of student housing throughout his career.
Nick is responsible for assisting in all phases of the acquisition & development process. His primary responsibilities include underwriting and market analysis.
Before Subtext, Nick worked in the Commercial Real Estate Loan Production branch of Associated Bank, N.A. He served as a Portfolio Manager for a portfolio of $400MM in loan & equity commitments that included various asset types such as: industrial warehouses, office buildings, multifamily properties, and LIHTC Affordable Housing. Prior to that, Nick worked as a Financial Analyst for Berkadia Real Estate Advisors’ Student Housing Team. He was responsible for all underwriting & market research, and during his time the team underwrote over $8B in value and sold over $1B of student housing properties across the nation.
Heather brings over 15 years of expertise, seamlessly blending her passion for operations and marketing with her seasoned background in property management. This unique skillset allows her to contribute strategic vision, resident focus, and operations knowledge to the team. Working collaboratively with the VP of Operations, she oversees portfolio leasing, spearheads revenue-generating initiatives, and fosters seamless communication with partners, vendors, and on-site teams.
As Director of Leasing, Alyson oversees the overall leasing and marketing performance of each community owned or under development, including but not limited to monitoring brand development, office design and delivery, the individual leasing and marketing strategies, market conditions, the prospect and resident experience, and stabilization of each community.
With her background spanning over 15 years in both student and multifamily housing, Alyson brings experience in operations, sales, leasing, training, and marketing. Her career has allowed her to develop brand new departments within large organizations, coach and develop new team members and future leaders, build processes that exceed customer service standards, and design memorable experiences that impact the prospect and resident journey. Prior to joining Subtext, Alyson worked for some of the largest third-party management companies in the country in various roles including Vice President of Leasing and Development, Director of New Development Marketing, and Associate Director of Sales and Marketing.
Jill Duchinsky is a seasoned finance and accounting professional with deep experience in real estate operations and investment. Over the course of her career, she has led accounting, financial reporting, and tax compliance functions across a wide range of real estate assets, bringing both strategic insight and operational discipline to every phase of the financial lifecycle.
As the leader of Subtext’s accounting and finance teams, Jill is responsible for developing and executing financial strategies aligned with the company’s goals. She oversees budgeting, forecasting, reporting, and analysis to ensure strong financial performance and informed decision-making.
Andrew is a valuable asset to our team at Subtext, specializing in collating, analyzing, and visualizing both internal and external data. His expertise in data aggregation, machine learning, and spatial analysis allows us to make informed decisions based on crucial market and business intelligence.
Before joining Subtext, Andrew served as a Managing Director at CoStar Advisory Services, where he provided invaluable recommendations regarding institutional investment in commercial real estate. With his extensive knowledge in the Multifamily property type, Andrew frequently spoke and wrote on the subject, even being published in the prestigious Journal of Portfolio Management. His work has also been featured in prominent national media outlets such as WMRE, The Washington Post, and the New York Times.
Maggie is a passionate marketing leader with a knack for strategic communication and design. Her experience spans more than 15 years and multiple industries, where she has built and managed brands in real estate, self storage, private equity, academia, and the arts. In school, Maggie studied visual communications and, subsequently, integrated marketing to merge the creative and business sides of marketing.
As the marketing director for Subtext, Maggie leads enterprise marketing and branding. She’s focused on delivering an unparalleled user experience across all internal and external audiences.
Madison Lodde is a detail-oriented marketing professional with a passion for creative storytelling and brand building. With over 8 years of experience, she brings a strong foundation in project management, content creation, email strategy, and driving brand loyalty through thoughtful, engaging campaigns. Her background also includes hands-on experience in graphic design, allowing her to blend visual and written communication effectively.
At Subtext, Madison supports enterprise marketing initiatives including brand strategy, digital content, and internal and external communications—helping to elevate the Subtext brand with fresh perspective and creative energy.
Dan is responsible for maintaining financial procedures and confirming financial compliance through preparation of the company’s reports and statements.
Prior to Subtext, Dan worked as an accountant for a national real estate development company. He mainly focused on industrial and multi-family developments, identifying accounting and tax related issues.
As a Senior Staff Accountant and Tax Specialist, Ashley oversees audit and tax workpapers, ensuring compliance and accuracy across all entities. She collaborates with tax preparers, auditors, and leadership to streamline tax planning, execute audits, and provide strategic financial reviews. Partnering with the CFO, she helps develop tax-efficient strategies, while also ensuring financial accuracy through journal entry and monthly reporting oversight.
Before joining Subtext, Ashley spent four years as a Tax Staff Accountant at RubinBrown, specializing in real estate and construction clients. She prepared tax returns, led intern and new hire training sessions, and mentored real estate interns during busy seasons, helping them navigate complex tax filings. Her expertise in real estate tax strategy and financial analysis makes her a key asset in driving tax efficiency and operational excellence.
As a staff accountant at Subtext, Josie is responsible for processing accounts payable, drafting construction draws, performing general ledger account and bank statement reconciliations, preparing journal entries, and assisting with other accounting and financial projects as needed.
Prior to Subtext, Josie worked as an Audit Associate for a Big Four accounting firm where she ensured compliance, accuracy, and the proper use of controls for clients in the banking and capital markets sector.
Amanda wears many hats at Subtext, blending her roles as Human Resource Manager and Office Manager. Her outgoing nature, empathy, and creative problem-solving skills are instrumental as Subtext continues to expand its operations.
In her role, Amanda is dedicated to making Subtext an incredible place to work. She focuses on maintaining people & culture, benefits administration, office management, and event planning, ensuring a positive and productive environment for all team members.
Before joining Subtext, Amanda spent 10 years in the financial sector, holding various HR positions, including Human Resources Administrator, Onboarding Specialist, and Corporate Trainer. This experience equipped her with an understanding of HR practices and a knack for fostering a supportive workplace.
As the Senior Executive Assistant at Subtext, Candace provides vital support to the Principal Executive Team by efficiently managing schedules, coordinating meetings, and facilitating departmental communications. With a robust background spanning over 15 years in administrative roles, she has honed her skills through experience at Fortune 500 companies and a Big 4 accounting firm. Candace’s diverse professional journey also includes valuable contributions to startups and navigating through mergers. This wealth of experience equips her with a comprehensive understanding of business operations and teamwork dynamics.
Jeremy Lyman is a seasoned capital markets professional with over 12 years of experience in real estate investment and equity fundraising. He has a deep understanding of investor needs and how to structure offerings that support long-term alignment and performance.
As Executive Vice President of Capital Markets at Subtext, Jeremy leads the firm’s equity strategy for its purpose-built student housing platform. He works closely with RIAs, family offices, and high-net-worth investors, partnering with development and construction teams to drive transparency, disciplined execution, and strategic growth.
Cole’s responsibilities include managing capital relationships at Subtext as well as overseeing the capitalization from inception to final disposition for development projects nationwide. He manages the analysis, organization, and structuring of debt, equity, and joint ventures, aligning the company’s long term investment strategy with capital markets initiatives.
Prior to Subtext, Cole worked as a lender at Stifel Bank & Trust and Wells Fargo. During that time he underwrote and managed $1B+ of commercial real estate debt nationwide across all property types.
As an investment associate, Caleb evaluates new investment opportunities and manages relationships with capital partners. He spent nearly a decade in commercial real estate acquisitions and asset management before coming to Subtext. In this experience, he closed on $1 billion in real estate across various asset classes.
