In November of 2011, a new management team led by Nick Jekogian, CEO of Signature Group Investments, took over the operations of Presidential Realty Corp, a publicly traded real estate investment trust, and made a strategic investment in the company.
The team set in place a strategic plan to reduce operating costs and to implement a growth strategy that focuses on the acquisition and UPREIT of class B multifamily apartment units across the country.
The ultimate goal is to grow Presidential into a major owner of multifamily apartment units.
The company is currently seeking out owners of apartment portfolios in secondary and tertiary markets to discuss the potential contribution of units into the REIT, as well as capital funding partners contributing cash that would be used to purchase apartment portfolios.
Presidential’s Class A and Class B common stock currently trade in over-the-counter market under the symbols PDNLA, and PDNLB, respectively.