USA Multifamily Development

The USA team excels at finding the resources to ensure that a project successfully goes from idea to reality.

Rendering for Landing at Arroyo, a new community located in Simi Valley, CA

Our team includes people expert in

Identifying potential sources for new development, whether urban infill, meeting inclusionary housing needs, or acquiring vacant land.
Coordinating the often-complex entitlement process
Designing a community that meets the need of the city and neighborhood in which it will be located.
Assessing existing multifamily communities for potential acquisition and rehabilitation
Securing capital for the development of affordable, market rate, and mixed-income communities.

All
Accounting
Acquisitions
Capital Markets Group
Development

Steven Gall

Executive Vice President, Development and Acquisitions

Company USA Properties Fund

Steven Gall

Executive Vice President, Development and Acquisitions

Steven Gall oversees USA Properties Fund’s land and existing apartment community acquisition activities. Mr. Gall has more than 30 years of experience in the real estate industry, including more than 25 years with USA Properties’ in various land acquisition and development roles. He has also served as Vice President of Land Acquisition for the Sacramento Divisions of Centex Homes and MBK Homes, as well as Sacramento City Partner/Development Director forAlliance Residential Company. He holds a bachelor’s degree from Willamette University and an MBA from the University of Washington.

Darren Bobrowsky

Senior Vice President, Capital Markets Group

Company USA Properties Fund

Darren Bobrowsky

Senior Vice President, Capital Markets Group

Mr. Darren Bobrowsky joined USA Properties Fund in November 2010 as Director of Finance. He was promoted and to Senior Vice President of Finance and became a USA Properties Fund shareholder in 2015.

In his current position as the Senior Vice President of the Capital Markets Group, Mr. Bobrowsky oversees procurement and maintenance of debt and equity financing for USA Properties.

Prior to joining USA Properties Fund, Mr. Bobrowsky was Vice President, Acquisitions for Capital Valley Investments (The Ezralow Company) with oversight of all aspects of affordable home development. Previous to that, Mr. Bobrowsky was Director of Development Services at Sacramento Housing and Redevelopment Agency (SHRA) and oversaw all aspects of the City and County of Sacramento’s affordable housing programs including subordinate financing, tax-exempt bond issuance, inclusionary housing programs, and policy development. During his time at SHRA, he was involved in the development of over 10,000 affordable housing units with total project costs exceeding $1 Billion.

Mr. Bobrowsky’s current and previous experience, provides the knowledge to ensure projects are financially viable and financeable, ensuring the timely closing of transactions.

Jatin Malhotra

Vice President, Acquisitions

Company USA Properties Fund

Jatin Malhotra

Vice President, Acquisitions

Jatin Malhotra joined USA Properties Fund as an Acquisitions Coordinator in 2014, and was soon promoted to an Acquisitions Specialist before being promoted to his current role in 2018. As Vice President, Acquisitions, he identifies, evaluates and executes acquisition and development opportunities for USA Properties.

Prior to joining USA Properties, Mr. Malhotra was an Associate Consultant for Development & Financial Advisory and Assistant Project Manager for Fulcrum Property where he was involved in acquisition, development and entitlement of numerous projects in the Sacramento and Bay Area.

Mr. Malhotra earned his bachelor’s degree in Managerial Economics from UC Davis and is a Licensed Real Estate Salesperson in California. Mr. Malhotra enjoys networking with his peers in the industry by staying involved with organizations such as the BIA and ULI

Jori Henry

Vice President, Finance

Company USA Properties Fund

Jori Henry

Vice President, Finance

Jori Henry joined USA Properties Fund in 2008, and has been given increasing responsibilities and leadership during her tenure. Ms. Henry plays an integral role in the company’s projects, helping the company obtain the financing for affordable and market-rate apartment communities.

Before joining USA Properties, Ms. Henry was Capital Markets Specialist-Secondary Marketing for EquiPoint Financial Network. The company closed during the housing market collapse in 2008.

Ms. Henry, who grew up about 10 miles from USA Properties’ corporate headquarters, has learned a great deal about the affordable housing industry – and multifamily housing operations.

She manages the finance document process related to funding applications, construction, and permanent and subsidy loan closings. Ms. Henry also manages the due diligence process for project loan closings and handles the title and escrow process for all properties.

Keith Johnson

Corporate Controller

Company USA Properties Fund

Keith Johnson

Corporate Controller

Mr. Keith Johnson joined USA Properties Fund in 2005, when the company had about 50 apartment communities and 6,000 units – about half the number today.

Before joining USA Properties, Mr. Johnson was a Development Controller for Panattoni Development Company, a position he held for six years. The company specializes in industrial, office and build-to-suit development projects, with more than 300 million square feet in the U.S., Canada and Europe. Prior to that, he worked as a Supervisor in Fund Accounting for Franklin Templeton Investments, a global investment firm best known for its family of mutual funds.

The well-known, global companies gave Mr. Johnson extensive experience and a rock-solid foundation. But when he was looking for a new opportunity, USA Properties was a perfect fit – a midsize company with a mission of providing much-needed housing to low-income residents. Mr. Johnson, a Certified Public Accountant, said the company is committed to making a profit but also recognizes its social responsibility, especially in providing affordable housing in California and Nevada.

Mr. Johnson, a housing advocate, keeps up with the latest challenges and financial requirements that affect the housing industry and USA Properties, especially with tax credits – a financial tool that can make or break a project.

Milo Terzich

Vice President, Development Entitlements

Company USA Properties Fund

Milo Terzich

Vice President, Development Entitlements

Milo Terzich rejoined USA Properties as Development Manager in 2013, after being away from the company for a decade.

Mr. Terzich – a licensed civil engineer in California and Nevada – oversees entitlements, and environmental and development permitting for USA Properties in California. He has been deeply involved in a range of affordable and market-rate apartment communities, including mixed-use projects. He is committed to working closely with municipalities on public outreach, entitlements and permitting, critical for the long term corporate and individual community’s success.

Before rejoining USA Properties, Mr. Terzich held the same position with Trina Solar US Development, where he oversaw the acquisition, entitlement, environmental and development permitting for large-scale solar-energy projects throughout the U.S., and Premier Homes, where he performed the same functions for infill, mixed use, master planned communities in northern California. He also has three years of experience as a private development consultant, providing project sponsors with real estate development, acquisition, due diligence zoning and entitlement, design and construction permitting services.

Mr. Terzich, who is adamantly committed to aligning public and private interests for a property’s benefit, has experience in bio-green energy facilities, industrial developments, continuing care retirement communities, mixed-use master-planned developments, brown field development distressed projects, regional event and conference facilities, and recreational and agricultural mixed-use projects – and the largest church campus in the northwestern U.S.

Sean Reynolds

Vice President, Architecture

Company USA Properties Fund

Sean Reynolds

Vice President, Architecture

Sean Reynolds joined USA Properties Fund in 2016 as a Development/Architectural Manager. He has since been elevated to Vice President of Development, leading design and planning efforts for the company’s multifamily projects, from new apartment communities to rehabilitation projects.

Mr. Reynolds, a LEED Accredited Professional with more than 20 years of experience in architecture and design, is a former senior executive with DAHLIN in Pleasanton in the San Francisco Bay Area. He began his career designing single-family homes and then moved quickly to multifamily communities as a lead designer/architect working with his team and clients to receive entitlements on small projects all the way through to projects involving specific plans and large master plan communities. Mr. Reynolds embraces the complexity, technical design side and positive community impact of apartment communities.

While at DAHLIN, Mr. Reynolds worked with USA Properties on the Santana Terrace project in Santa Clara, and the experience working with USA Properties Fund on this innovative apartment community – market-rate housing for seniors – encouraged him to look at joining the company.

He has extensive experience with multifamily community design, from entitlements through construction, and has worked on many affordable and market-rate apartment communities in California as well as the western United States.

Mr. Reynolds embraces out-of-the-box development ideas with new opportunities and groundbreaking projects that will help meet the need for more housing and solving the housing issues in California. For example, Mr. Reynolds believes embracing modular housing for some projects and transforming underperforming shopping malls into much-needed multifamily housing are possible solutions as well as looking to develop on infill sites and transit oriented developments.

Le Anne Thomas

Director, Acquisitions

Company USA Properties Fund

Le Anne Thomas

Director, Acquisitions

Le Anne Thomas joined the USA Properties Fund team in 2023 as our Director of Acquisitions. Ms.
Thomas brings 16 years of industry experience, connections and education to the company. Over
the past 6 years, she worked for both Anton DevCo and ROEM Development where she gained
extensive experience in the development and fi nancing of workforce, affordable and market-rate
housing in California. Ms. Thomas’ experience includes land acquisition identifi cation, negotiation,
contract review, due diligence, entitlement, community outreach, CEQA, permitting, fi nancing
debt & equity as well as being the lead for investment committees. Her unique experience in all
phases of the development process, combined with her prior work experience in brokerage, property
tax appeals and multifamily rehab/value add, allows her to be dynamic and provide valuable
input through the life cycle of any development.

Ms. Thomas has a bachelor’s degree in fi nance from San Diego State, a master’s degree in real estate
from the University of San Diego. She is also a licensed real estate salesperson and a Certifi ed
Commercial Investment Member with the CCIM Institute.
P RO

Laura Plassmeyer

Manager, Product Development

Company USA Properties Fund

Laura Plassmeyer

Manager, Product Development

Laura Plassmeyer joined USA Properties Fund in 2007, and was promoted to the Development Assistant Project Manager role in 2009 before assuming her current position as Product Design Manager in 2018. In her role, Ms. Plassmeyer works with internal and external partners in the management and coordination of day-to-day development operations while also leading the interior and exterior design of new construction and rehabilitated communities.

Ms. Plassmeyer is adept at designing a community that meets the needs of its residents, fits within the surrounding neighborhood, and incorporates contemporary trends, while also remaining focused on the overall project budget. Her design of Vintage Aliso in Liberty Aliso, CA, received a SAGE Award in 2017 for Best 55+ Affordable Rental Community.

Before joining USA Properties, Ms. Plassmeyer was a Regional Colorist for BSB Design, a national firm that designs a range of housing, including multifamily and senior housing. Ms. Plassmeyer, who also has experience in single-family home remodeling, is an associate member of the International Association of Color Consultants, North America (IACCNA).

Larry McElwain

Manager, Architectural Development

Company USA Properties Fund

Larry McElwain

Manager, Architectural Development

Larry McElwain joined USA Properties Fund in 2006, and manages apartment community projects through the design phase.

Before joining USA Properties, Mr. McElwain was a Purchasing and Architectural Manager for Cambridge Homes and served as a Construction Superintendent and Architectural Development Manager for US Homes/Lennar, one of the largest single-family homebuilders in California.

Mr. McElwain has been involved with approximately 20 projects during his tenure at USA Properties Fund, including USA’s first market-rate community, The Landing at College Square. For this project, he worked closely with the building department to ensure that delays in the recovery of the financing market following the Great Recession did not prevent the successful completion of the project.

Mr. McElwain sees every project as a collaborative effort, and enjoys adapting his role to each one to ensure its success.

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