Appraisal Research Counselors
 
     
Home + Company Info + Our People Appraisal Research Counselors
 
 
   
  Our People
  Clients
  History / Philosophy
  Competency / Market Coverage
  Technology
  Company Brochure PDF
  Recent Assignments
  Case Studies
  Press Quotes & Citations
  Published Articles / Papers
  Speeches
  Employment Opportunities
  Contact Us
   
 


Eugene Stunard, MAI
President
Email
312-565-0977

» View Full Bio

 

Ron DeVries, MAI, FRICS
Vice President
Email
312-565-3432

» View Full Bio

 

Gail Lissner, CRE, SRA
Vice President
Email
312-565-3423

» View Full Bio

 

James Kutill, MAI
Vice President
Email
312-565-3420

» View Full Bio

 

William Miller
Vice President
Email
312-565-3421

» View Full Bio

 

Dan Graver
Manager, Single Family Division
Email
312-565-3434

» View Full Bio

 

Ronald Casper, MAI
Senior Appraiser
Email
312-565-0977

» View Full Bio

 

Peter Gloodt, MAI
Senior Appraiser
Email
312-565-0977

» View Full Bio

 

Joyce Marquez
Senior Appraiser
Email
312-565-0977

» View Full Bio

 

Michael Wingader
Senior Appraiser
Email
312-565-0977

» View Full Bio

 

David Dunne
Appraiser
Email
312-565-0977

» View Full Bio

 

Jennifer Long
Senior Appraiser
Email
312-565-3422

» View Full Bio

 

Gary Wager
Appraiser
Email
312-565-0977

» View Full Bio

 

Denise Navetta
Appraiser
Email
312-565-0977

» View Full Bio

 

Mark Brenner
Appraiser
Email
847-564-4908

» View Full Bio

 

Rebecca Franklin
Senior Appraiser
Email
312-565-3418

» View Full Bio

 

Jacoub Hussien, SRA
Appraiser
Email
312-565-0977

» View Full Bio

 

Kelly Jones
Appraiser
Email
312-565-0977

» View Full Bio

 

Jeanne Ninchich
Senior Appraiser
Email
312-565-0977

» View Full Bio

 

Virginia Evely
Appraiser
Email
312-565-0977

» View Full Bio

 

Erwin Wirth
Appraiser
Email
312-565-0977

» View Full Bio

 

Mark Lindsay
Appraiser
Email
312-565-0977

» View Full Bio

 

David Ibarra
Appraiser
Email
312-565-0977

» View Full Bio

 

Cary Lannin
Senior Appraiser
Email
312-565-3428

» View Full Bio

 

Alexander Jaunius, MAI
Senior Appraiser
Email
312-565-3424

» View Full Bio

 

Steven J. Kelley, MAI
Senior Appraiser
Email
312-565-3429

» View Full Bio

 

Brian J. Germanowski
Appraiser
Email
312-565-0977

» View Full Bio

 

Patrick J. McCauley
Appraiser
Email
312-565-0977

» View Full Bio

 

Julie A. Kluczynski
Accounting Controller
Email
312-565-3413

» View Full Bio

 

Stephanie Doyle
Assistant Appraiser
Email
312-565-3416

» View Full Bio

 

Margarita Lopez
Production Specialist
Email
312-565-3430

» View Full Bio

 

Mary D. Washington
Production Specialist
Email
312-565-3417

» View Full Bio

 

Bios

Eugene Stunard, MAI

Eugene W. Stunard, MAI, was honored in 2006 with his selection to the Chicago Association of REALTORS® HALL OF FAME.

Hall of Fame Recipient, Gene Stunard, MAI, is a Partner in Appraisal Research Counselors®, which he co-founded in 1968 with his wife, Joan Stunard. Appraisal Research Counselors® is one of the largest commercial counseling firms, headquartered in Chicago, dealing with investment grade property and a neighborhood firm appraising commercial, multi-family and single-family properties for local, regional and national clients.  Gene was a Regional Appraiser for the Prudential Insurance Company of America and a Partner of Real Estate Appraisal Corporation and Land Economics Research Corporation, Oak Brook.

In addition to being active on a national scale with office, retail, hotel, nursing homes and industrial properties, Appraisal Research Counselors® was a major participant in the early development of the Chicago residential condominium market through pioneering appraisal, research and counseling for conversions, adaptive reuse and new construction product. The quarterly Benchmark publications have had a significant impact on real estate development in Chicago by providing meaningful research and counseling regarding the downtown and suburban apartment  and condominium markets.

Gene has dedicated over a half century of service to the real estate appraisal, research and counseling community. Starting in 1954 at the University of Illinois Champaign-Urbana with the first real estate appraisal course offered by Professor Robert Otto Harvey, Gene graduated with the first class with a B.S. Degree in Urban Land Economics. Gene continued his service to real estate education by teaching for Triton College, the Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers. Gene also continuously served the real estate industry through his activities with the Chicago Association of REALTORS®, the Society of Real Estate Appraisers, the American Institute of Real Estate Appraisers and Lambda Alpha International, an honorary land economics society. The London Chapter of Lambda Alpha was created while Gene served two years as International President.

In addition to numerous other honors and awards, Gene served on advisory boards for Triton College and John Marshall Law School as well as being on the Board of Directors for the Harbor Point Condominiums and a member of the Oak Park Plan Commission.

Chicago Association of REALTORS® HALL OF FAME Recipients include nationally recognized corporate founders such as Arthur Rubloff (1990) and Sam Zell (1999).  The full list of recipients is available here...

 Top
 

Ron DeVries, MAI, FRICS

Ron De Vries, MAI, FRICS is Vice President of Appraisal Research Counsel≠ors and has been with the firm since 1988 after being employed by Norwest Financial as a Credit Manager.† Ronís valuation experience focuses on mid-market to institutional properties including multi family, residential subdivisions, industrial, retail, office and hotel properties for uses ranging from due diligence and financing to acquisition under condemnation as well as review appraisal.†

Ron was Co-Author of The Residential Benchmark Report published by Appraisal Research Counselors and The Suburban Chicago Apartment Benchmark Report.† The Benchmark Reports delineated current trends and forecasts for the multi-family and condominium markets in downtown Chicago and the suburbs. Mr. DeVries is a frequent speaker at the Chicago Real Estate Council, the Chicagoland Apartment Association as well as real estate development firms and financial institutions.†

Mr. De Vries has substantial experience in multi-family housing including market/feasibility studies for proposed developments and appraisals for financing through banks, Fannie Mae and Freddie Mac, life companies and annual reporting for pension funds. He also has experience with low-income housing tax credit deals throughout the State of Illinois and project based Section 8 housing.† He has worked with Community Investment Corporation as well as the Illinois Housing Development Authority (IHDA) on a number of Mark-to-Market debt restructures and is familiar with the valuation of bond financing.† Ron managed the OíHare Modernization Project (FAA land acquisition) for the firm and has testified as an expert witness in condemnation, bankruptcy and partnership dissolution matters.

Mr. DeVries was the national Chair of Education for the Appraisal Institute and served on the organizationís Strategic Planning Committee. He previously served on the Appraisal Instituteís Board of Directors, the Audit Committee, the Education Trust and was the Chair of the Education Strategy Panel. Mr. De Vries is a past President of the Chicago Chapter of the Appraisal Institute and served for many years as the Chapterís Chair of Education.† Ron has served on several course development teams including Principles, Procedures, Residential Market Analysis & Highest and Best Use as well as two Income Capitalization courses.† Mr. DeVries was also a content contributor for The Appraisal of Real Estate, 13th Edition, published by The Appraisal Institute. He is a frequent instructor for a variety of courses both locally and across the US.† He is an adjunct professor for De Paul University, having written (and currently instructing) a commercial property valuation course.

Ron developed a course in commercial real estate valuation for the Office the Comptroller of the Currency (OCC) which he has presented to OCC bank examiners at numerous locations across the United States.

Mr. De Vries received his Bachelor of Science Degree in Economics from Western Illinois University.† He holds both the MAI and SRA designations from the Appraisal Institute as well as the FRICS designation from the Royal Institute of Chartered Surveyors.

 Top
 

Gail Lissner, CRE, SRA

Gail L. Lissner, CRE, SRA is a Vice President of Appraisal Research Counsel≠ors and has been with the firm since 1975.†Since the beginning of her career, Gail has focused on the housing/multi-family market in her valuation and consulting work, with a particular interest in condominium development and the condominium conversion market.

Gailís overall experience includes appraisals and analytical studies of apartment, condominium, townhome, single family residential, and senior housing properties in addition to marketability and feasibility studies in a variety of new developments and existing projects. Her experience includes various types of real estate in the Chicago metropolitan area and many other cities in the United States.

Gail was Co-Author of The Downtown Chicago Residential Benchmark Report published by Appraisal Research Counselors and The Suburban Chicago Apartment Benchmark Report.† The quarterly Benchmark Reports delineated current trends and forecasts for the multi-family and condominium markets in downtown Chicago and the suburbs.

Gail is a frequent speaker at a real estate functions throughout each year, on topics relating to the housing market. In addition, she is a guest lecturer in graduate real estate classes at Roosevelt University and University of Illinois at Chicago. She is also frequently quoted in the press, both locally and nationally and was named by Crains Chicago Business as one of the Crains 20 Women to Watch 2008. Currently, Gail is the Secretary/Treasurer for the Midwest Chapter of the Counselors of Real Estate.

Gail received her Bachelor of Arts Degree in Political Science from Washington University, and is a member of Phi Beta Kappa.† She holds the SRA designation conferred by the Appraisal Institute and the CRE designation from the Counselors of Real Estate.

 Top
 

James Kutill, MAI

James K. Kutill, MAI is a Vice President of Appraisal Research Counsel≠ors and has been with the firm since 1981.† He was formerly an appraiser with Unity Savings Association. Jimís current focus is on neighborhood oriented and mid-market investment properties. His valuation specialties include hotels such as the Fairmont in Chicago and the Intercontinental in Los Angeles to limited service chains such as Comfort Inn and Super 8 facilities.†

On the senior care side, Jim has worked throughout the Midwest with operators such as the Alden Group, Care Centers and Sunrise Assisted Living.† Mr. Kutill's office property experience includes a range of CBD (AT&T Center, Illinois Center and 10 & 30 South Wacker in Chicago) and suburban buildings.† For retail, he has been involved with regional malls, community centers and net leased free-standing-retail buildings (Walgreenís, Blockbuster, et al) throughout the United States.† Jim also has extensive experience in compliance review of appraisals.

Mr. Kutill received his Bachelor of Science Degree in Finance & Real Estate from the University of Illinois at Champaign.†† He is a Candidate of the Appraisal Institute and has completed the necessary coursework (including having passed the Comprehensive Examination) for his MAI designation.† Jim is an 8 year board member of the Chicago Real Estate Council (CREC) and was president in 2010. He is also a member of the Illinois Mortgage Bankers Association (IMBA).

 Top
 

William Miller

William H. Miller is a Vice President of Appraisal Research Counselors, joining the firm in 1984 and operating out of an office in Latham, NY since 1993. Expertise includes institutional investment analysis of office, retail, multi-family, industrial and special purpose properties and review appraisal.  A focus is modeling the income and valuation intricacies of real estate development, with an emphasis on new subdivisions, high-rise apartments, leased land, retail and office market absorption. This often entails highest and best use analysis and market feasibility studies.

Development assignments include transfer of the O'Hare military base to the City of Chicago, Lakeshore East at Illinois Center, River East and USX's Chicago Lakefront facility. Special purpose assignments include corporate headquarters (Sentry, Wausau, Zenith, Waste Mgmt. et al), television studios (Harpo, Essanay et al), industrial redevelopments (AT&T, Libby's, et al), hospitals (Cabrini, Chicago Orthopedic, et al), CHA and low income housing (Hilliard, ABLA, Madden Park et al), various universities, contaminated properties and analyzing the digital antenna investment market.

Bill has also managed mass appraisal revaluation assignments in Marion County, IN (250,000 parcels), Franklin Township, NY (10,600 parcels) and other locations around the US while employed with the J.M. Cleminshaw Company (1976-1980) and the Washington Township Assessor's office (1980-1984).

Mr. Miller is our leading high-tech expert, including the use of Geographic Information Software (GIS), used to standardize, geocode and data-mine real estate databases such as the 2000 Census, MLSNI, CoStar, LoopNet and various tax assessment jurisdictions.

Bill has written articles and papers for the Urban Land Institute, the Chicago Chapter of the Appraisal Institute, Illinois Mortgage Bankers Association, National Council of Real Estate Investment Fiduciaries, Illinois Real Estate Journal and Northern Illinois Real Estate Magazine. He is a Candidate of the Appraisal Institute.

 Top
 

Dan Graver

Dan Graver manages the Single Family Residential Division of Appraisal Research Counselors. Dan has been with the firm since 1999, and has served as an independent appraiser since 1989. Dan is an Illinois Certified Residential Appraiser and is experienced in appraising all types of residential properties including single family residences, condominiums, cooperatives, vacant sites, and 2-4 unit income buildings in the Chicago metropolitan area and northeastern Illinois.

Dan received his Bachelor of Science Degree in Geology from the University of Kansas. He has completed a number of courses through the Appraisal Institute.

 Top
 

Ronald Casper, MAI

Ronald W. Casper, MAI is a Senior Appraiser with Appraisal Research Counselors having joined the firm in 2004. Ronís 30+ year career in real estate valuation includes working for the Chicago area firms of Clarion Associates, Binder Realty Consultants, William A. McCann & Associates, Talman Federal and Scribner & Company.

Mr. Casperís experience includes appraisals for financing, condemnation, ad valorem taxation and environmental issues. Notable condemnation assignments include the conversion of sand and gravel pits to water storage facilities in Denver for the E470 Highway Authority and acquisition assignments for the DuPage County Forest Preserve District in Illinois. The Merchandise Mart was appraised for ad valorem taxes while the Illinois Central Rail Road corridor in Chicago was appraised for the acquisition by METRA.

Ron has experience with historic faÁade easements (ie. the Terminal Annex building in Los Angeles) and has worked with corporations (ie. Harris Bank) on valuations for financial reporting purposes. Financing assignments include notable projects such as the Canterra site along Interstate 88 at Winfield Rd and Quaker Tower in downtown Chicago.

Mr. Casper attended the University of Illinois in Champaign/Urbana. He holds the MAI designation of the Appraisal Institute.

 Top
 

Peter Gloodt, MAI

Peter H. Gloodt, MAI joined Appraisal Research Counselors in 2010. Pete has an expansive career that started in the early 1980s. That career has included working at firms like Pannell Kerr, US Realty Consultants, Inc, and Landauer Associates, Inc. Mr. Gloodt also headed Gloodt Associates, Inc. Pete has extensive experience in appraising various types of commercial, residential, and hospitality properties. He also specializes in analytical, marketability, and feasibility studies in regard to new and existing developments, particularly in the hospitality field.

In addition, to his appraisal experience, Peter has a considerable amount of underwriting experience and has taught seminars and several appraisal courses nationwide. Mr. Gloodt has written numerous published articles in the valuation field involving hospitality properties and was a contributor in the Business Enterprise Anthology for the Appraisal Institute. He has been a featured speaker on numerous occasions in the real estate valuation industry in various locations throughout the United States and has served as an adjunct professor at Lewis University, DePaul University and Moraine Valley Community College.

Peter received his Masters in Real Estate Appraisal and Investment Analysis from the University of Wisconsin Ė Madison and his Bachelor degree in Finance from the University of Florida. Mr. Gloodt holds the MAI designation from the Appraisal Institute.

 Top
 

Joyce Marquez

Joyce A. Marquez is a Senior Appraiser after having joined the firm in 1997.† Joyce was formerly associated with Vestor Realty Consultants where she began her career in real estate.† Ms. Marquez specialties include the valuation of condominium developments as well as multi-family rental properties for clients including banks and FNMA and Freddie Mac. Residential projects she has worked on include The Edge, Hudson Tower, Kingsbury Park, Kinzie Station, Alta at K Station and Echelon at K Station. Suburban projects include Linden Woods Condominium (Aurora), Deer Run Condominiums (Oswego) and Park Shore Apartments (St. Charles). Joyce has also completed a number of assignments in the Chicago area on office, retail, and restaurant properties.

Ms. Marquez received her Bachelor of Science Degree in Agriculture Economics from the University of the Philippines and she is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Michael Wingader

Michael W. Wingader is a Senior Appraiser with the firm.  Mike began his career in appraisal with American Appraisal Associates in 1992 and then joined Appraisal Research in 1993.  He left the firm to join Kensington Realty Advisors as a Loan Officer underwriting commercial loans for the Prudential Express account and then moved to the UK to become the Managing Director of Global Valuation Solutions.  Mr. Wingader rejoined the firm in 1999.

Mike has significant experience in the market valuation and appraisal of investment-grade commercial real estate properties located throughout the United States.  Clients include institutional and private investors, national and multi-national lenders, and the United States federal government.  Assets appraised included office, apartment, industrial, retail and special use properties. 

Mr. Wingader has a Bachelor of Arts degree in Economics from Lawrence University.  He is a Practicing Affiliate of the Appraisal Institute.

 Top
 

David Dunne

David joined the firm in 1996. Mr. Dunne began his appraisal career in 1986 with the firm of Markby & Company and then worked for MaRous and Campany before joining ARC. David specializes in neighborhood multi-family and mixed use properties in the city of Chicago and throughout the MSA. He has completed numerous projects ranging from foreclosures and properties requiring extensive renovations to stabilized properties throughout the region. Reports are prepared on the 71A and 71B Fannie Mae forms.

David is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Jennifer Long

Jennifer A. Long is a senior appraiser who has been with Appraisal Research since 2003. While Ms. Long specializes in the valuation of residential projects including multi-family rental properties and condominiums, she has also completed numerous assignments in the office, industrial and retails sectors. Jennifer has provided services for a variety of projects with unsold condominium inventory, analyzing highest and best use for rental vs. continued condominium use. She has conducted extensive market research in the residential sector both in downtown Chicago and the suburban markets.

Ms. Long received her Bachelor of Science degree in Finance from the University of Illinois.† She is a Candidate of the Appraisal Institute.

 Top
 

Gary Wager

Gary J. Wager joined Appraisal Research in 2002 and was called up for active duty for Operation Iraqi Freedom in early 2003.  We are pleased Gary has since returned to the States and is back with the firm.  Gary has been appraising real estate since the mid 1980s working for firms such as American Appraisal, Muriello-Meyer and Peterson Appraisal. 

Mr. Wager’s background includes retail, office and industrial properties as well as multi-family developments.  His primary focus is neighborhood commercial properties throughout the city and suburbs of Chicago.

Gary received his MBA from DePaul University and he has completed all the courses toward the MAI designation and is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Denise Navetta

Denise Navetta joined Appraisal Research Counselors in 2005.  She began her career with CBIZ Valuation Group (formerly Valuation Counselors) and later joined the Chicago office of American Appraisal Associates.  Denise has worked on valuation assignments across the United States for a wide range of clients including financial institutions, corporations and attorneys.  Ms. Navetta has extensive experience with special use and large corporate properties being appraised for financial reporting purposes in addition to multi-family developments.  She has also worked on numerous health care related properties including nursing homes, assisted living facilities and hospitals.

Ms. Navetta received her Bachelor of Science Degree in Finance / Real Estate from Indiana University Kelley School of Business.  She is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Mark Brenner

Mark A. Brenner joined Appraisal Research Counselors in 2006.  He previously worked for a variety of appraisal firms since his career began in the early 1980s.  Mark’s background focuses on neighborhood commercial property including office, retail, industrial and multi-family.  He has completed assignments for financing, tax appeal, estates, foreclosure and condemnation. 

Mr. Brenner received his Bachelors degree from Illinois State University. He is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Rebecca Franklin

Rebecca Franklin is a senior appraiser who joined Appraisal Research in 2007.  She joined the firm in 2007.  Ms. Franklin began her career in valuation with the firm of Holcer & Company in 2002.  She has a wide range of experience including retail, industrial and office plus extensive experience in the residential field.  Rebecca has completed numerous subdivision assignments including Springbank in Plainfield by MAF Development and the Woods of South Barrington by Toll Brothers.  She has worked with a number of national builders including Lennar, Centex and Kennedy.

Ms. Franklin received her Bachelor of Science Degree in Finance from the University of Illinois.  She is a Candidate of the Appraisal Institute.

 Top
 

Jacoub Hussien, SRA

Jacoub Hussien joined Appraisal Research Counselors in 2009. He started his career in real estate as a broker in 1998 and then transitioned to the real estate appraisal business in 1999. Jack focuses on a wide variety of property types including neighborhood retail, industrial and office properties as well as mixed use, apartment and condominium developments.

Mr. Hussien is active with the Appraisal Institute having served on the International Relations Committee and the liaison to the Middle East. He has made several trips to the Middle East on behalf of the Appraisal Institute and was a guest speaker at Real Estate Forum in Doha, Qatar. Mr. Hussien has worked extensively in Palestine assisting in the development of an appraiser qualification program.

Mr. Hussien attended Loyola Universityís Lakeshore Campus. He holds the SRA designation from the Appraisal institute.

 Top
 

James OíLeary

Jim joined Appraisal Research Counselors in 2009. After working as an accountant at Arthur Anderson, he became a real estate appraiser in 2001. Mr. OíLeary then worked for two years as an industrial broker for Darwin Realty and Development in Elmhurst, IL and eventually joined ARC in 2009. At Darwin, Mr. OíLeary served as a tenant and landlord representative in lease negotiations, sale/leaseback investment opportunities, land acquisition and development for numerous industrial warehouse, manufacturing facilities and land throughout the Chicago MSA.

Jimís appraisal experience focuses on smaller to large scale industrial facilities, office, retail and mixed use properties.

Mr. OíLeary holds a Bachelorís degree in Accounting from Saint Xavier College and is a Candidate of the Appraisal Institute.

 Top
 

Kelly Jones

Kelly Jones joined Appraisal Research Counselors in 2009. He began his appraisal career with the office of Renzi & Associates in 2002. Mr. Jones work experience focuses on a wide range of property types including industrial, office, retail and mixed use properties. He has completed numerous assignments throughout the Chicago MSA in addition to work in California, Utah, Michigan and Indiana. Mr. Jones has provided expert testimony in the Cook County Circuit Courts.

Mr. Jones has an Associateís degree in Business Administration from Morton College and is a Candidate of the Appraisal Institute.

 Top
 

Jeanne Ninchich

Jeanne M. Ninchich is a Senior Appraiser who joined Appraisal Research Counselors in 2010. She has worked with several appraisal firms since she began her appraisal career in 1983. Ms. Ninchich has worked for firms including Valuation Counselors, Marshall & Stevens, and was a Vice President at The Balcor Company. Most recently, she was employed by the Chicago office of Stout Risius Ross. Her experience encompasses a wide range of property types such as retail, mixed-use, industrial, residential, office and land. In addition, Jeanneís background also covers market analyses, feasibility studies, and market rental rate determinations. Assignments have involved estate and gift tax matters, environmental contamination, eminent domain and right-of-way projects.

Jeanne received her Bachelor degree, with a major in Finance at Northern Illinois University. Ms. Ninchich is a Candidate of the Appraisal Institute.

 Top
 

Virginia Evely

Virginia C. Evely joined Appraisal Research Counselors in 2010. Ginny has a broad background in business including the role of a manager in the Management Consulting department at Deloitte Consulting and a Director in the Group Systems Operations at CAN Insurance. Most recently she worked as an appraiser with Great Realty Advisors. Projects have included a wide range of real estate assets including neighborhood commercial properties, as well as office, retail, industrial and mixed use properties.

Ms. Evely received her Master of Business Administration, with a focus on finance through the University of Chicago and received her Bachelorís in Computer Science through the University of Iowa. Virginia is a Candidate of the Appraisal Institute.

 Top
 

Erwin Wirth

Erwin began his appraisal career in 1975. He worked as a staff appraiser for several appraisal firms and also headed The Appraisal Group, Inc. before joining Appraisal Research Counselors in 2011. Mr. Wirthís background focuses on a variety of neighborhood commercial properties including multi-family, office, retail and industrial properties. He has extensive experience with residential foreclosure properties.

Mr. Wirth received his Bachelorís degree in Business Administration from Elmhurst College. He has served on the Regional Ethics and Counseling Committee for the Appraisal Institute.

 Top
 

Mark Lindsay

Mark joined Appraisal Research Counselors in 2011 after running his own firm, Lindsay and Associates since 1994. Prior to his appraisal career, Mr. Lindsay was an Assistant Vice President for a $3B international property company headquartered in London. Mr. Lindsay started his career in real estate appraisal with First Real Estate Services in 1991 and also worked for Koeppel Tener Real Estate (KTR) in Chicago. Mark has appraised a wide variety of properties including multi family, office, industrial, retail and hospitality throughout the United States.

Mr. Lindsay received his Master of Business Administration, with a focus in Finance and Real Estate from the University of Wisconsin. He received his Bachelorís degree in Economics and a Certificate of Environmental Studies from the University of Wisconsin. He is a Practicing Affiliate of the Appraisal Institute.

 Top
 

David Ibarra

David joined Appraisal Research Counselors in 2011. He began his career in real estate with the Chicago office of Jones Lang LaSalle in the property management sector. He transitioned to the real estate appraisal business in 2003 and worked for various firms including Urban Real Estate Research. Mr. Ibarra has appraised a wide variety of properties including commercial, office, industrial, mixed-use, and apartments throughout the Chicago MSA.

David received a Master of Business Administration from Loyola University in Chicago and his Bachelor degree from Arizona State University. He is a Candidate of the Appraisal Institute.

 Top
 

Cary Lannin

Cary A. Lanin is a senior appraiser who joined Appraisal Research in 2011. Mr. Lannin has been active in real estate appraising and consulting since 1986, with a specialty focusing on golf course and recreational property types since 1995 when he joined Golf Valuation International/GVI Consulting, a boutique appraisal firm specializing in golf course valuation and market/feasibility analysis. In 2001, Mr. Lannin joined PricewaterhouseCoopers as manager of the Golf Group, where he oversaw a national practice with a focus on consulting and valuation related issues for corporate golf course owners. Additional golf experience includes working for Integra Realty Resources as the Practice Leader for the National Golf Practice; as Loan Underwriter for Capmark Finance (formerly GMAC Finance), a dedicated golf and hotel industry lender; and through his own firm, Cary A. Lannin Golf Valuation & Consulting, Inc.

In addition to his focus on golf and recreational properties, Mr. Lanninís experience includes extensive single and multi-family residential valuation experience, including positions with LaSalle Talman Bank, and a partnership in Lannin Martinez Appraisal Associates. Other property type experience has been obtained in the analysis of retail, office, industrial and mixed use properties in the metro Chicago market area. Mr. Lannin earned his undergraduate degree from Indiana University in Bloomington, Indiana. He is a Candidate of the Appraisal Institute.

 Top
 

Alexander Jaunius

Alex Jaunius, MAI is a Senior Appraiser who joined Appraisal Research Counselors in 2012. Formerly with CB Richard Ellis, he brings valuation experience in a variety of commercial properties, including office, industrial, retail and multi-family residential.

For over a decade, Alex has been performing investment related due diligence, research and valuation. Prior to joining CB Richard Ellis, Alex was active in the venture capital community, working with and successfully investing in start-up and early-stage businesses. He is also experienced in valuing public companies.

Alexís real estate valuation experience ranges from neighborhood commercial properties to institutional-grade residential, office and industrial properties, at pre-development, development and stabilized stages.

Alex holds a BBA from Loyola University in Chicago and an MBA from Northwestern Universityís Kellogg School of Business. He is a Candidate of the Appraisal Institute.

 Top
 

Steven J. Kelley

Steven J. Kelley, MAI is a Senior Appraiser at Appraisal Research Counsel≠ors. Steve started his real estate career with Appraisal Research Counselors in 1991. In 1996 he accepted a position with Equity Group Investments as a Senior Financial Analyst, which entailed detailed financial analysis of institutional office, retail, hotel, and multi-family properties. Steve was involved in the acquisition, disposition, and asset management for the parent company of the Equity Group entities until 1997. Mr. Kelley was also previously a Director of Real Estate at Duff & Phelps in their Chicago office.

In 1997 Steve accepted the position of Acquisitions Associate with Equity Office Properties Trust, a REIT that went public in that same year. In this roll he directed the group responsible for due diligence process and acquisition underwriting on all office and parking garage acquisitions in the Eastern Region of the country. Some of the major acquisitions included Park Avenue Tower and Worldwide Plaza in New York, One Beacon Place in Boston, and a portfolio of seven office properties in Philadelphia. During this stint, Steveís division was responsible for the due diligence and closings for acquisitions of over $2 Billion in institutional office properties for the REIT. While at Duff & Phelps, Steve managed portfolio engagements involving traditional market value assignments as well as purchase price allocations (ASC 805) for mergers and acquisitions.

Steveís valuation specialties include expertise in institutional real estate with an emphasis in office and retail properties. Valuation analysis has been completed on numerous large scale office properties in the Chicago region (Sears Tower, 980 North Michigan Avenue, 30 North LaSalle, Schaumburg Corporate Center, OíHare Gateway Center, among others) and on a national basis (New York, Philadelphia, Boston, Washington DC, Dallas, Denver, Seattle, San Francisco, etc.). Retail experienced includes regional malls (Old Orchard Mall in Skokie, IL and Monmouth Mall in New Jersey), community retail shopping centers, neighborhood centers, NNN-leased freestanding retail, and others.

In addition to the focus on office and retail properties, extensive experience has been obtained in the analysis of industrial, multi-family (rental and condominium), hotel, and development sites in Chicago and throughout the United States. He has extensive experience with equity investment analysis, feasibility studies, market studies and highest and best use analysis. Steve has qualified as an expert witness.

Mr. Kelley received his Bachelor of Science Degree in Real Estate from Florida State University. He holds the MAI designation of the Appraisal Institute and has served on the Chicago Chapter Admissions Committee. Steve is also a member of the Chicago Real Estate Council.

 Top
 

Brian Germanowski

Brian J. Germanowski joined Appraisal Research Counselors in 2013. Brian has over 13 years of appraisal experience, beginning in his native New England where he appraised a wide variety of properties in the Rhode Island and Massachusetts markets. Brian has completed a broad range of appraisal assignments, from smaller mixed-use commercial properties to larger apartment buildings in both the affordable and premier neighborhoods of Chicago as well as throughout the MSA. Appraisal reports are prepared on the 71A and 71B Fannie Mae forms.

Brian received his Bachelor of Arts in Public Policy Studies with a concentration in Media and Communications from Trinity College in Hartford, CT, with an undergraduate semester abroad spent at City University in London, England. Brian is a Candidate for Designation with the Appraisal Institute, and is a member of the Mainstreet Organization of Realtors.

 Top
 

Patrick McCauley

Patrick J. McCauley joined Appraisal Research Counselors in 2013. Pat has over 20 years of appraisal experience having appraised all types of commercial and industrial properties. Patís area of expertise is apartment and mixed use commercial residential properties. Prior real estate related experience includes being a property manager at USG Corporation and leasing cell phone tower sites.

Pat received a MBA from Loyola University and a BS from Illinois State University. He is a Practicing Affiliate of the Appraisal Institute.

 Top
 

Julie A. Kluczynski

Julie A. Kluczynski is our Accounting Controller. Julie worked with our firm as an assistant appraiser from 1977 to 1984 and joined our accounting department in 1993. 

 Top
 

Stephanie Doyle

Stephanie Doyle is an Assistant Appraiser with our commercial property divisions. In addition to providing research support for the appraisers, Stephanie oversees our quarterly survey of over 275 suburban apartment projects. Stephanie joined the firm in 2004. Stephanie is a graduate of University of Phoenix.

 Top
 

Margarita Lopez

Margarita Lopez is a Production Specialist in our single-family division, assisting Dan Graver. She oversees the production and delivery of all single family assignments at the firm. Margarita joined the firm in 1997. Margarita is a graduate of Robert Morris College.

 Top
 

Mary D. Washington

Mary D. Washington is a Production Specialist for our commercial property divisions. She oversees the production and delivery of all commercial assignments at the firm. Mary joined the firm in 1998. Mary is a graduate of Robert Morris College.

 Top
 

Site Map  |  Links  |  Contact Us
© 2017 - Appraisal Research Counselors - All Rights Reserved