SANTA MONICA, Calif., Jan. 06, 2017 (GLOBE NEWSWIRE) -- NMS Properties CEO Neil Shekhter and WNMS Communities CEO Scott Walter announced today that NMS Properties is voluntarily ceding managerial and operational control of all pending NMS related affordable and market-rate housing development projects to WNMS Communities, Inc. – a newly formed company that will focus on developing new residential and mixed-use communities. Scott Walter, who recently served as Executive Vice President of NMS Properties, will serve as CEO and President of WNMS. Mr. Walter will control and manage the company’s day to day operations.
WNMS Communities will focus on developing affordable and market-rate housing units. Many of WNMS’ projects, including its affordable housing projects, will be located in and around downtown Santa Monica – within walking distance of the ocean.
“I am excited to found WNMS Communities, Inc. which will build new affordable and market-rate communities with a strong focus on Santa Monica and West Los Angeles. It will be a core part of WNMS Communities’ business to ensure that everyone can live in Santa Monica and the Westside,” stated Scott Walter, CEO of WNMS Communities. “I look forward to working with City and community stakeholders to produce much needed high-quality market rate and affordable residential and mixed use housing projects.”
NMS Properties and CEO Neil Shekhter will continue to invest in and manage existing buildings throughout Southern California, but will not be involved with any pending or future development projects, which will be controlled by WNMS Communities.
Scott Walter is a 17-year real estate development and investment veteran and was responsible for acquisitions and development at NMS Properties. Mr. Walter is very proud that NMS Properties has built more affordable housing, including low-income housing, in the City of Santa Monica than any other for-profit developer in the past ten years. Prior to joining NMS, Mr. Walter spent 11 years with Legacy Partners Residential, Inc. as Vice President of Development & Acquisitions, where he led the acquisition and development of all communities in the Southern California, Nevada and Arizona markets, and was responsible for all facets of residential operations, acquisitions, development, construction and property management. Before his tenure at Legacy Partners Residential, Inc., Mr. Walter was an Associate with Curtis-Rosenthal, Inc., a real estate consulting and appraisal firm. Mr. Walter holds a Bachelor of Arts degree with an emphasis in Real Estate and Finance from Loyola Marymount University and is a member of the Urban Land Institute (ULI) and the National Multifamily Housing Council (NMHC).
About WNMS Communities
WNMS Communities is a real estate development firm that specializes in the acquisition, entitlement and development of multifamily and mixed-use properties in Southern California. WNMS’ projects will include luxury and affordable residential units along with retail and commercial properties in core Southern California markets.