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RPRG Staff

The founding principals of the firm each have over 30 years of experience in providing consultation, information services, and market feasibility assessments to the real estate industry. Our analysts are trained in urban planning, economics, business administration, marketing, and market research and have professional experience in the finance, homebuilding, sales and development, and data management industries as well as in real estate research and consulting.


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RRPG Staff Members

  • Tad Scepaniak

    Managing Principal

  • Bob Lefenfeld

    Founding Principal

  • Nancy Lefenfeld

    Founding Principal

  • Joanne Andrews

    Senior Analyst

  • Leslie Burke

    Senior Analyst

  • Elissa Golin

    Senior Analyst

  • Jerry Levin

    Senior Analyst

  • Nicole Mathison

    Senior Analyst

  • Ethan Reed

    Senior Analyst

  • Michael Riley

    Senior Analyst

  • Tim Houseal

    Analyst

  • Anthony Massoni

    Analyst

  • Tim Weber

    Analyst

  • Brett Welborn

    Analyst

RRPG Staff Members

  • Bob Lefenfeld

    Founding Principal

  • Nancy Lefenfeld

    Founding Principal

  • Joanne Andrews

    Senior Analyst

  • Elissa Golin

    Senior Analyst

  • Jerry Levin

    Senior Analyst

  • Nicole Mathison

    Senior Analyst

  • Ethan Reed

    Senior Analyst

  • Tim Houseal

    Analyst

  • Anthony Massoni

    Analyst

  • Tim Weber

    Analyst

RRPG Staff Members

  • Tad Scepaniak

    Managing Principal

  • Leslie Burke

    Senior Analyst

  • Michael Riley

    Senior Analyst

  • Brett Welborn

    Analyst

Bob Lefenfeld

Founding Principal



Phone Number:(410) 772-1004

Email Address:blefenfeld@rprg.net

Connect with Bob:

Baltimore/Washington D.C. Office


Bob, Founding Principal of the firm, has over 30 years of experience in the field of residential market research. Before founding Real Property Research Group in 2001, Bob served as an officer of research subsidiaries of Reznick Fedder & Silverman and Legg Mason. Between 1998 and 2001, Bob was Managing Director of RF&S Realty Advisors, conducting residential market studies throughout the United States. From 1987 to 1995, Bob served as Senior Vice President of Legg Mason Realty Group, managing the firm’s consulting practice and serving as publisher of a Mid-Atlantic residential data service, Housing Market Profiles. Prior to joining Legg Mason, Bob spent ten years with the Baltimore Metropolitan Council as a housing economist. Bob also served as Research Director for Regency Homes between 1995 and 1998, analyzing markets throughout the Eastern United States and evaluating the company’s active building operation.

Bob provides input and guidance for the completion of the firm’s research and analysis products. He combines extensive experience in the real estate industry with capabilities in database development and information management. Over the years, he has developed a series of information products and proprietary databases serving real estate professionals.

Bob has lectured and written extensively on the subject of residential real estate market analysis. Bob has created and teaches the market study module for the MBA HUD Underwriting course and has served as an adjunct professor for the Graduate Programs in Real Estate Development, School of Architecture, Planning and Preservation, University of Maryland College Park. He is the past National Chair of the National Council of Housing Market Analysts (NCHMA) and currently chairs its FHA Committee.

Education:

Master of Urban and Regional Planning; The George Washington University
Bachelor of Arts - Political Science; Northeastern University

Tad Scepaniak

Managing Principal



Phone Number:(770) 517-2666

Email Address:tscepaniak@rprg.net

Connect with Tad:

Atlanta Office


Tad Scepaniak assumed the role of Real Property Research Group’s Managing Principal in November 2017 following more than 15 years with the firm. Tad has extensive experience conducting market feasibility studies on a wide range of residential and mixed-use developments for developers, lenders, and government entities. Tad directs the firm’s research and production of feasibility studies including large-scale housing assessments to detailed reports for a specific project on a specific site. He has extensive experience analyzing affordable rental communities developed under the Low Income Housing Tax Credit (LIHTC) program and market-rate apartments developed under the HUD 221(d)(4) program and conventional financing. Tad is the key contact for research contracts many state housing finance agencies, including several that commission market studies for LIHTC applications.

Tad is National Chair of the National Council of Housing Market Analysts (NCHMA) and previously served as Vice Chair and Co-Chair of Standards Committee. He has taken a lead role in the development of the organization's Standard Definitions and Recommended Market Study Content, and he has authored and co-authored white papers on market areas, derivation of market rents, and selection of comparable properties. Tad is also a founding member of the Atlanta chapter of the Lambda Alpha Land Economics Society.

Areas of Concentration:

  • Low Income Tax Credit Rental Housing:Tad has worked extensively with the Low Income Tax Credit program throughout the United States, with special emphasis on the Southeast and Mid-Atlantic regions.
  • Senior Housing:Tad has conducted feasibility analysis for a variety of senior oriented rental housing. The majority of this work has been under the Low Income Tax Credit program; however his experience includes assisted living facilities and market rate senior rental communities.
  • Market Rate Rental Housing:Tad has conducted various projects for developers of market rate rental housing. The studies produced for these developers are generally used to determine the rental housing needs of a specific submarket and to obtain financing.
  • Public Housing Authority Consultation:Tad has worked with Housing Authorities throughout the United States to document trends rental and for sale housing market trends to better understand redevelopment opportunities. He has completed studies examining development opportunities for housing authorities through the Choice Neighborhood Initiative or other programs in Florida, Georgia, North Carolina, South Carolina, Texas, and Tennessee.

Education:

Bachelor of Science – Marketing; Berry College – Rome, Georgia

Nancy Lefenfeld

Founding Principal



Phone Number:(410) 772-1004

Email Address:nan@rprg.net

Connect with Nan:

Baltimore/Washington D.C. Office


Nancy Lefenfeld has conducted real estate market feasibility analyses and related types of real estate assessments for 30 years. For RPRG and its predecessor company, Lefenfeld Associates, Nan has analyzed proposed housing developments, office and industrial parks and buildings, neighborhood and community shopping centers, and specialized land uses in the Eastern United States. She has also prepared demographic, need, and fiscal impact assessments for land developers and homebuilders, serving as an expert witness for the purpose of rendering testimony on the marketability of, and need for proposed developments. Ms. Lefenfeld conducts due diligence of market studies for public and private clients. Nan has led the market study reviews of studies submitted to the State of Indiana and New Jersey. She has also conducted reviews of studies for the State of Maine as well as private entities such as Reznick Group and Enterprise.

Education:

Masters of Science, Urban and Regional Planning, Johns Hopkins University
Bachelor of Arts, English, University of Maryland, College Park

Jerry Levin

Senior Analyst



Phone Number:(410) 772-1004

Email Address:jlevin@rprg.net

Connect with Jerry:

Baltimore/Washington D.C. Office


Mr. Levin has over 35 years of experience in all aspects of real estate development, financial and market feasibility, financing and due diligence. Prior to joining Real Property Research Group as a Senior Analyst, Mr. Levin served 12 years as Vice President of Chevy Chase/ B. F. Saul Co. where he managed residential and commercial real estate portfolios in both the development and work-out departments. He also served as Senior Project Manager at Struever Bros, Eccles and Rouse - one of the early leaders in the redevelopment of Baltimore’s famed Inner Harbor. In his capacity as Director of Development for RS Properties, Mr. Levin managed numerous adaptive reuse developments of historic properties. He also served as Financial Services office for the Baltimore Economic Development Corporation.

Areas of Concentration:

  • Feasibility Analysis: Mr. Levin’s experience has encompassed a wide range of studies including: residential (single-family, townhouse, multi-family, condominium, senior, active adult, lot sales, tax credit), industrial, office, retail, research & development, special purpose (retreat facilities, performing arts centers, self-storage facilities, convention centers, conference facilities, health clubs), and mixed- use developments.
  • Site Analysis and Development Programming: Mr. Levin has a comprehensive background in development including analysis of zoning and public ordinance compatibility, the neighborhood setting, availability of utilities, public transit and road connections, market feasibility, community issues, and developer experience.
  • Financial Analyses and Financial Packaging: Mr. Levin has a broad background in the preparation of proforma development budgets and operating statements and, analysis of economic returns to owners and investors.

Education:

Master of Urban and Regional Planning; University of North Carolina at Chapel Hill
Bachelor of Arts, Economics; Yale University

Ethan Reed

Senior Analyst



Phone Number:(410) 772-1004

Email Address:ereed@rprg.net

Connect with Ethan:

Baltimore/Washington D.C. Office


Ethan Reed joined RPRG in 2016 where he focuses on rental market studies and economic analyses for development projects. Throughout his extensive career, Ethan has served the residential and commercial real estate industry including advising lenders, developers, homebuilders, investors, nonprofit organizations and government agencies through market and property analysis, economic analysis, site selection and marketing strategy.

Prior to joining RPRG, Ethan served as Senior Research Manager with CoStar Group, leading market research & analysis efforts as well as developing new research and analysis products & services for the commercial real estate industry. Ethan’s additional experience includes directing regional research and marketing efforts for CBRE as well as providing valuation, analysis and advisory services for commercial and residential clients throughout Texas.

Areas of Concentration:

  • Low Income Housing Tax Credits: Ethan prepares rental market studies for submission to lenders and state agencies for nine percent and four percent Low Income Housing Tax Credit allocations.
  • Commercial Feasibility: Ethan has conducted feasibility analyses of proposed commercial uses in the context of the existing marketplace.

Education:

Masters of Business Administration; Liberty University
Bachelor of Science – Business Administration; University of Texas at Dallas

Elissa Golin

Senior Analyst



Phone Number:(410) 772-1004

Email Address:egolin@rprg.net

Connect with Elissa:

Baltimore/Washington D.C. Office


Elissa Golin has broad experience in providing market feasibility analyses for residential real estate. In recent years she has worked for RPRG, providing residential builders and developers with product recommendations based on an analysis of the competitive environment and demographic trends. She has also concentrated in the area of affordable housing, conducting feasibility studies to conform to the state requirements for Low Income Housing Tax Credit applications. In this capacity, she has covered the gamut of rental housing, including senior and handicapped communities as well as those for the general population, in both urban and suburban settings.

Ms. Golin began working in the area of residential market research with Market Smart, evaluating proposed sites, gathering data on the current competitive environment and determining the extent of pipeline activity in and around the market area.

Education:

Masters in Business Administration, University of Maryland, College Park
Bachelor of Science in Music and Arts Administration, Indiana University, Bloomington

Joanne Andrews

Senior Analyst



Phone Number:(410) 772-1004

Email Address:jandrews@rprg.net

Connect with Joanne:

Baltimore/Washington D.C. Office


Joanne Andrews has a professional background in both market research and the development of affordable housing. Prior to joining Real Property Research Group, she had worked for ten years as a market analyst with a regional appraisal firm conducting analyses of both rental and for-sale projects throughout the Mid Atlantic. Previously, she was a senior staff member with Howell Associates preparing market feasibility studies for senior independent and assisted living projects nationally.

Ms. Andrews began working in the area of affordable housing development as a project developer with Harkins Associates, where she was responsible for coordinating the development of affordable and market rate multifamily rental and for-sale housing.

Areas of Concentration:

  • Affordable and Market Rate Rental Housing Feasibility Studies: Ms. Andrews has conducted feasibility studies for affordable and market rate rental housing projects, both family and senior, in locations throughout the Mid-Atlantic region.
  • For-Sale Market Analyses: Ms. Andrews has conducted market research studies for for-sale residential developments in Maryland, Pennsylvania, West Virginia, Virginia, and Deleware.
  • Site Analysis and Development Programming: Ms. Adrews has a comprehensive background in development including analysis of zoning and public ordinance compatibility, the neighborhood setting, availability of utilities, public transit and road connections, market feasibility, community issues, and developer experience.

Education:

Masters in Business Administration, University of Maryland, College Park, MD
Masters in Social Work, University of Pittsburgh, Pittsburgh, PA

Nicole Mathison

Senior Analyst



Phone Number:(410) 772-1004

Email Address:nmathison@rprg.net

Baltimore/Washington D.C. Office


Nicole Mathison joined RPRG in 2013 where she focuses on rental market studies and community and economic analyses for development projects. She has also completed countywide rental assessments in Maryland for the Maryland Department of Housing and Community Development.

Nicole’s background is in research and nonprofit administration in the fields of public health and higher education. Nicole earned a Master of Urban and Regional Planning degree at Virginia Tech. She obtained a specialization in Land Use Planning and completed coursework in Geographic Information Systems (GIS). As a student she conducted research on downtown revitalization, adaptive reuse of vacant big box stores, and the value of public art.

Areas of Concentration:

  • Low Income Housing Tax Credits: Nicole prepares rental market studies for submission to lenders and state agencies for nine percent and four percent Low Income Housing Tax Credit allocations. Studies include analysis of new construction as well as the feasibility of renovating existing family rental communities.
  • FHA Section 221(d)(4): Nicole prepares comprehensive feasibility studies for submission to HUD regional offices as part of a lender’s application for Section 221(d)(4) mortgage insurance. These reports strictly adhere to HUD’s Multifamily Accelerated Processing (MAP) guidelines for market studies.
  • Mixed-Use and Mixed-Income Development: Nicole has studied mixed-use projects with integrated uses such as market-rate and affordable rental housing, for-sale housing, and retail space.

Education:

Master of Urban & Regional Planning – Virginia Tech, Blacksburg, VA
Bachelor of Science, Food Science – North Carolina State University, Raleigh, NC

Anthony Massoni

Analyst



Phone Number:(410) 772-1004

Email Address:amassoni@rprg.net

Connect with Anthony:

Baltimore/Washington D.C. Office


Anthony Massoni joined Real Property Research Group (RPRG) as an analyst in 2015, bringing experience from the fields of residential development, urban planning and geographic research. His educational background consists of coursework in statistical analysis, Geographic Information Systems (GIS) and spatial development, with an emphasis on urban and regional planning. Before joining RPRG, Anthony served as a civil engineering designer for Morris & Ritchie Associates, working primarily in residential design and construction. In addition to facilitating landscape and architectural plans, he worked with homebuilders and government planning agencies, and spent time conducting fieldwork. Anthony has assisted in numerous projects throughout the Mid-Atlantic region, with particular focus on the area’s metropolitan zones.

Areas of Concentration:

  • Low Income Housing Tax Credit Rental Housing: Anthony has worked on studies associated with the Low Income Housing Tax Credit program, evaluating general occupancy and senior oriented communities for State allocating agencies, lenders, and developers.
  • Market Rate Rental Housing: Anthony has analyzed various projects for lenders and developers of market rate rental housing including those compliant with HUD MAP guidelines under the FHA 221(d)(4) program.

Education:

Bachelor of Science – Geography & Environmental Planning; Towson University, Towson, MD

Brett Welborn

Analyst



Phone Number:(770) 517-2666

Email Address:bwelborn@rprg.net

Atlanta Office


Brett Welborn entered the field of Real Estate Market Research in 2008, joining Real Property Research Group’s (RPRG) Atlanta office as a Research Associate upon college graduation. During Brett’s time as a Research Associate, he gathered economic, demographic, and competitive data for market feasibility analyses and other consulting projects completed by the firm. Through his experience, Brett progressed to serve as Analyst for RPRG for the past four years and has conducted market studies for LIHTC and market rate communities.

Areas of Concentration:

  • Low Income Housing Tax Credit Rental Housing: Brett has worked with the Low Income Housing Tax Credit program, evaluating general occupancy and senior oriented developments for State allocating agencies, lenders, and developers. His work with the LIHTC program has spanned a range of project types, including newly constructed communities and rehabilitations.
  • Market Rate Rental Housing: Brett has conducted projects for developers of market rate rental housing. The studies produced for these developers are generally used to determine the rental housing needs of a specific submarket and to obtain financing.

Education:

Bachelor of Business Administration – Real Estate; University of Georgia, Athens, GA

Michael Riley

Senior Analyst



Phone Number:(770) 517-2666

Email Address:mriley@rprg.net

Connect with Michael

Atlanta Office


Michael Riley joined RPRG as a Research Associate in the Atlanta office upon college graduation. As a Research Associate, he gathered economic, demographic, and competitive data for market feasibility analyses and other consulting. Since 2007, Michael has served as an Analyst, conducting a variety of market analyses for affordable and market rate rental communities throughout the United States. He rejoined the firm in 2016 as a Senior Analyst.

Areas of Concentration:

  • Low Income Tax Credit Rental Housing: Michael has worked extensively with the Low Income Housing Tax Credit program, evaluating general occupancy, senior oriented, and special needs developments for State allocating agencies, lenders, and developers. Michael also has extensive experience analyzing multiple subsidy projects through the HUD Section 8/202 and USDA Section 515 programs.
  • Market Rate Rental Housing: Michael has analyzed various projects for lenders and developers of market rate rental housing including those compliant with HUD MAP guidelines under the FHA 221(d)(4) program.

Education:

Bachelor of Business Administration – Finance; University of Georgia, Athens, GA

Leslie Burke

Senior Analyst



Phone Number:(770) 517-2666

Email Address:lburke@rprg.net

Atlanta Office


Ms. Burke has 30 years of institutional real estate experience in a wide variety of management roles and is well versed in accounting/reporting, asset and portfolio management, acquisitions, dispositions, underwriting, and finance. Ms. Burke’s primary area of expertise is the development and execution of strategic plans for both asset-specific and portfolio level holdings for commercial real estate debt and equity. She is experienced in all property types, asset classes, and major U.S. markets. Areas of expertise include analyzing, evaluating, and underwriting investment strategies for both institutional owners and entrepreneurial ventures.

Ms. Burke spent over 13 years with MetLife in a variety of roles, including five years as a member of MetLife’s Real Estate Investment Committee where she reviewed and approved debt and equity transactions. She also managed numerous enterprise-level special projects during her tenure at MetLife. Ms. Burke worked for Archon Group/Goldman Sachs as a Portfolio Manager where she was responsible for debt placement and leveraged returns for seventeen of Goldman’s Whitehall Fund portfolios. As a Director at Prudential Mortgage Capital she was involved with underwriting both securitized conduit loans and balance sheet loans for Prudential Insurance Company. She has also been a consultant providing advisory services to institutional and private clients, using a national bench of commercial real estate professionals to provide tailored client solutions on an outsourced basis.

Ms. Burke is a non-practicing CPA and graduated with honors from SMU. She was the Graduate Assistant to Dr. Bill Bruggeman, renowned author and holder of the Clara and Leo F. Corrigan Chair in Real Estate at SMU since 1978.

Ms. Burke was a charter member of NAIOP’s Asset Management Forum and is also active in CREW (Commercial Real Estate Women) at the Atlanta Chapter and National Network levels, holding numerous leadership positions over the past decade.

Education:

Master of Business Administration; Southern Methodist University

Bachelor of Business Administration; Southern Methodist University

Tim Weber

Analyst



Phone Number:(410) 772-1004

Email Address:tweber@rprg.net

Baltimore/Washington D.C. Office


Timothy Weber joined Real Property Research Group (RPRG) as an analyst in 2017 bringing real estate research experience from the commercial real estate industry. His educational background consists of coursework in statistical analysis, market analysis, and economics. As an analyst with RPRG, Timothy focuses on rental market studies for multifamily development projects.

Prior to joining RPRG, Timothy served as a Senior Research Associate with CoStar Group, leading market research & analysis efforts for the commercial real estate industry. In his previous experience, Timothy has conducted submarket studies, quarterly market reports, and collected competitive real estate market statistical information.

Areas of Concentration:

  • FHA Section 221(d)(4): Timothy prepares feasibility studies for submission to HUD regional offices as part of a lender’s application for Section 221(d)(4) mortgage insurance. These reports strictly adhere to HUD’s Multifamily Accelerated Processing (MAP) guidelines for market studies.
  • Low Income Tax Credit Housing: Timothy prepares rental market studies for submission to lenders and state agencies for nine percent and four percent Low Income Housing Tax Credit allocations.

Education:

Bachelor of Arts – History; University of Maryland, College Park, MD

Timothy Houseal

Analyst



Phone Number:(410) 772-1004

Email Address:thouseal@rprg.net

Baltimore/Washington D.C. Office


Timothy Houseal joined Real Property Research Group (RPRG) as an analyst in 2018 bringing with him thirteen years of experience in the commercial real estate industry. His educational background consists of coursework in finance, business strategy, economics, and market research.

Prior to joining RPRG, Timothy served as a Certified Research Associate with CoStar Group, leading market research & analysis efforts for the commercial real estate industry. During Timothy’s time at CoStar, he produced market analytics, quarterly market reports, and collected competitive real estate market statistical information.

Areas of Concentration:

  • FHA Section 221(d)(4): Timothy prepares feasibility studies for submission to HUD regional offices as part of a lender’s application for Section 221(d)(4) mortgage insurance. These reports strictly adhere to HUD’s Multifamily Accelerated Processing (MAP) guidelines for market studies.
  • Low Income Tax Credit Housing: Timothy prepares rental market studies for submission to lenders and state agencies for nine percent and four percent Low Income Housing Tax Credit allocations.

Education:

Bachelor of Science – Marketing; York College of Pennsylvania, York, PA