10 Black Real Estate Moguls That You Need To Know

William Huston, AIF®, AIFA®

by in Published on July 06, 2022

Share this post in:

10 Black Real Estate Moguls That You Need To Know

Owning a home or property in general, is considered a huge part of "The American Dream" by many.

In 2021, the market size of the real estate sales brokerage industry in the U.S. was $156.2 billion.

Historically, the real estate industry has predominantly been led by White men. According to a 2017 study by Bella Research Group and the Knight Foundation, more than 75% of senior executive jobs in the U.S. commercial real estate industry were held by White men, while only 1.3% were held by Black men. In addition to that, White women held 14.1%, while women of color held fewer than 1% of senior executive-level jobs.

However, things have shifted and Black excellence is on the rise. Here are 10 Black real estate moguls that you should know about.

Ila Corcoran

Ila is a real estate agent who got into the real estate industry after her family experienced foreclosure. As a result of this, she opted to become an investment advisor who focused on real estate transactions, at a pretty young age. She began her journey as a realtor with a great interest in helping BIPOC families secure housing.

Over time, her career path has taken many forms. She started out in apartment management and leasing and then later transitioned to become a residential real estate agent. She wanted to develop career capital that would propel her into the opportunities systematically unavailable to her community.

With a desire to be at the forefront of innovative solutions to a traditional industry, Ila’s career developed substantially during her work with a start-up focused on a modern approach to buying, selling, and financing real estate. Ila worked as a key stakeholder in developing a platform of over 70,000 real estate professionals, helping them and their clients maximize their investments.

Driven by the need to help people create security through housing and home ownership, Ila worked with 9 of the leading home builders in Southern California for a year, facilitating the purchase and sale of newly constructed housing and starting a real estate portfolio of her own. For 2 years she’s worked closely with homeowners and real estate professionals to help them maximize their investments, and avoid the threats of discount buyers and/or foreclosure. In 2021 alone, she led a team to close more than $80m in transaction volume across numerous states.

She is taking new clients in 2022 who are interested in working on their real estate needs and or financial goals. She is of the belief that financial/ housing security is a right that all people deserve. You can get in touch with Ila here.

During her free time, she enjoys serving apartment communities across Los Angeles that are dedicated to helping those experiencing homelessness.

Taylor Sledge

Taylor is a real estate agent based in Southern California where she specializes in the housing market.

Her interest in real estate started back in grade school where she would spend weekends with her stepfather exploring the beautiful homes in the opulent neighborhoods of Long Beach, like Bixby Knolls.

She obtained her Real Estate License during her final year of undergrad at California State University of Long Beach, where she also received a Bachelor’s of Science in Criminal Justice.

Taylor is always up for a challenge and because of that, she’s continuously researching new markets in order to expand her knowledge base. By doing so, she is developing the capacity to serve clients throughout all of Southern California at a high level.

Prior to joining Bay Street Capital Holdings, Taylor was the Chief of Staff of a boutique real estate investment firm and the Community Manager of Vector90, a co-working space in the Crenshaw District of South Los Angeles.

During her free time, she enjoys roller skating, spending time with family and keeping up with the latest binge worthy series.

Anderson Hunt (A.H.) Brown

Born in 1880, Mr. Brown built his real estate empire out of the frustration for lack of affordable housing for Black families.

Together with other African American developers, they committed themselves to catering to the needs of the underserved communities. At the time, there were other developers doing the same work. Unfortunately, they would exploit Black clients who had very few rights or options of where to live.

Like other distinct Black developers, Mr. Brown had created his wealth from providing good quality housing to people who had been living in conditions that are similar to those in slum areas. This model enabled Black realtors like Philip A. Payton Jr. in Harlem and Jesse Binga in Chicago, to thrive and build their holdings in the early 20th Century.

Mr. Brown developed residential properties, commercial properties and leased office space. These spaces were designed for his fellow Black entrepreneurs in Charleston. He ended up creating one of the earliest Black-owned shared work spaces.

By the time he passed on in 1974 at the age of 94, Mr. Brown had owned and managed roughly 100 properties.

Biddy Mason

Bridget Biddy Mason is considered an American Hero.

Born enslaved in 1818 in Georgia, she became a real estate mogul in Los Angeles even before the term was coined. She became one of the first well known Black citizens to become a landowner in the 1850s and 1860s. She was also the founder of the First African Methodist Episcopal Church in Los Angeles in 1872.

By the time she passed away in 1891, she had amassed wealth that was worth $300,000 at the time. She owned multiple properties in what is now the heart of Los Angeles.

Mason's life and her journey to becoming one of the early Black real estate moguls is an incredible one that more people should know of.

Don Peebles

Don Peebles is considered as one of the most successful African American real estate moguls. He is the founder, chairman and CEO of The Peebles Corporation.

The company is a privately held national real estate investment and development company. Its specialty lies in residential, hospitality, retail and mixed-use commercial properties. The company's corporate offices are located in New York City, Miami, and Washington D.C.

Mr. Peebles has managed to build a successful empire as a result of his dedication to providing quality real estate services to the African American demographic. The company is keen to develop projects that transform communities.

The Peebles Corporation boasts of a portfolio of active and completed developments totaling 10+ million square feet and $8 billion in the gateway cities of New York, Boston, Philadelphia, Washington D.C., Charlotte, Miami, San Francisco, and Los Angeles.

For over 35 years, the company has developed high profile assets guided by the principles of Affirmative Development™ to help empower women and the African American community at large create generational wealth and close the wealth gap.

Mr. Peebles is very passionate and advocates for mentoring programs that expose youth to the value and importance of entrepreneurship.

Kenneth H. Fearn

Kenneth H. Fearn is the founder and managing partner at Integrated Capital. The company is a hotel-focused private real estate advisory and investment firm based in Los Angeles, California.

The private equity real estate firm mainly operates within the hospitality industry. So far, it has acquired more than $500 million in hospitality assets in primary and secondary markets across the United States. Some of the brands include: Residence Inn, Courtyard, Marriott, Doubletree, Sheraton, Crowne Plaza and Holiday Inn.

Fearn sits on the board of the American Hotel & Lodging Association.

Lisa Phillips

Lisa Phillips is the founder of Affordable Real Estate Investments. She works with Black professionals with middle-income jobs to help them understand how to buy and rent out homes whose value has sunk to under $30,000, typically in majority Black and Brown neighborhoods.

She got into real estate investing after experiencing foreclosure in Las Vegas, NV. Lisa was left with no job but she had a 35k condo and just enough money to renovate the place herself to stretch her unemployment cheque.

This experience helped her have a proper foundation and know the costs associated with repairing and maintaining a home. She also came to the realization that you can actually own affordable real estate that costs you 35k or less and also how you can make money from it.

It is with this knowledge that she continues to help African American Professionals build profitable rental property portfolios. Her aim is to teach people how they can get into real estate investing affordably for high profits and cash flow. She encourages her clients to put back money into their communities as this creates value for everyone.

Quintin Primo

Quintin Primo is the Co-Founder, Chairman and CEO of Capri Investment Group. The firm is one of the largest Black-owned real estate investment management firms in the U.S.

The company manages approximately $3.7 billion in assets. Capri actively invests in major property sectors and markets throughout the U.S., and is seeking to provide investment solutions for its institutional clients. The company is currently expanding overseas in the emerging markets of Africa, India and the Middle East.

Together with his wife Diane, they support the Primo Center for Women and Children, a transitional homeless shelter on Chicago’s west side founded by Quintin’s father. They both sit on the All Chicago boards.

Robert L. Johnson

Robert L. Johnson is the Founder and Chairman of RLJ Lodging Trust, a real estate investment trust company , LLC. Before he established the firm, he was the founder and Chairman of BET (Black Entertainment Television), the first Black-owned cable television network in the U.S. In 2001, Johnson sold BET to Viacom for roughly $3 billion.

RLJ Lodgin’s focus lies on owning premium full service hotels. So far, the company has 95 hotels under their portfolio. These hotels are located in 22 states and the District of Columbia. In 2011, RLJ Lodging Trust, a hotel real estate investment trust (REIT), went public.

As an innovative business man, Johnson owns or holds interests in businesses operating in hotel real estate, private equity, 401k fintech services, automobile dealerships, content streaming, gaming and sports betting.

In July 2007, Johnson was named, by USA Today, one of "The 25 Most Influential Business Leaders of the Past 25 Years."

Tenisha Williams

Tenisha Williams is the founder and CEO of Elite Realty Partners Inc, the largest Black-owned, woman-owned real estate brokerage firm in South Florida.

In just two years, she has managed to create a team of over 150 real estate agents who collectively have sold over $130 million in sales.

Her clientele is made up of people from diverse backgrounds with an emphasis on technology, finance, medicine, law, business and real estate. She attributes the growth of her business to referrals from her happy clients who have in turn introduced their friends and family.

As a company, their aim is to deliver excellent results to their clients, as well as accord them an enjoyable experience.

Outside of real estate, she enjoys spending quality time with her family. Would you like to invest in prime property that is located in California? Here’s a great option that you should check out.

Resthaven

Resthaven is a group of luxury vacation rentals that anyone can rent or even become a member by paying the traditional way or using NFTs.

With the first home being located in Venice, California, it is the perfect home for people looking to experience luxury travel, on company retreats, on their honeymoon or simply looking for a new adventure.

This home sits on 3,400 sq. ft., has 4 beds and 4.5 baths. Its close proximity to popular tourist attractions such as Muscle Beach, Ocean Front Walk and the Venice Fishing Pier makes it the perfect home for those looking to explore the city.

For more information on the property, contact us today!

Bay Street Capital Holdings

Bay Street Capital Holdings is an independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. They manage portfolios with the goal of maintaining and increasing total assets and income with a high priority on managing total risk and volatility. Although many advisors may focus on maximizing returns, they place a higher priority on managing total risk and volatility.

Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition. In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).

Sources

https://www.bisnow.com/national/news/commercial-real-estate/top-african-americans-in-commercial-real-estate-54686?single-page https://www.forbes.com/sites/kristinstoller/2021/08/07/how-a-son-of-freed-slaves-became-a-real-estate-tycoon/?sh=78e0c27f3a4d https://csq.com/2020/06/how-don-peebles-became-one-of-the-wealthiest-african-american-real-estate-developers-in-the-united-states/#.YrmdunZBzIV https://webuyblack.com/blog/las-first-black-real-estate-mogul-was-a-woman/ https://www.blackenterprise.com/black-woman-owned-real-estate-firm-breaks-100m-in-sales-within-2-years/ https://peeblescorp.com/about https://www.commercialsearch.com/news/keeping-the-momentum-furthering-diversity-in-cre/

William Huston, AIF®, AIFA®
More posts by William Huston, AIF®, AIFA®