Adam Fruitbine, Managing Director (Northeast)

Adam Fruitbine oversees multifamily development, construction and acquisitions activities throughout the Northeast, bringing 17 years of experience in development, acquisition and capital markets. During that span, he was responsible for investing more than $700 million in equity capital through approximately 80 transactions. Mr. Fruitbine also oversees business development and portfolio management for Alliance’s investment management platform.

Most recently, Mr. Fruitbine was a Managing Director at The Tuckerman Group, formerly an affiliate of State Street Global Advisors, responsible for sourcing and structuring new transactions, as well as managing client and investor relations. Prior to joining Tuckerman, Mr. Fruitbine spent four years as an acquisitions and asset manager with Real Estate Capital Partners, responsible for originating, underwriting and managing new investments for commercial and multifamily properties, including student housing, condominiums and conventional apartments. Mr. Fruitbine received his B.B.A. from The George Washington University and an M.S. in Real Estate Finance from New York University. He is a member of The Urban Land Institute’s Multifamily Council, the National Multi Housing Council and Pension Real Estate Association’s Development Affinity Group.

Article: NAREE Special Report: Multi-Family’s New Trajectory

Michael Boujoulian, Managing Director (Boston)

Michael Boujoulian is responsible for Alliance’s development activity in the New England region. He manages all projects from the deal sourcing and negotiation phases through programming, capitalization, design, construction, operations and disposition. During his career, Mr. Boujoulian has worked on the development of thousands of conventional rental units in eastern Massachusetts, including many under Massachusetts affordable housing law, Chapter 40B. Before joining Alliance, Mr. Boujoulian served as Senior Vice President for Cabot, Cabot & Forbes, where he successfully introduced multifamily development to a historically commercial development company, including direct oversight of more than 1,000 units of luxury product in Greater Boston. Prior to that, Mr. Boujoulian served as a Development Associate for  JPI Development’s New England office, directly managing various stages of underwriting, permitting, design and construction. He graduated from Babson College with a Bachelor of Science degree in Business, majoring in Real Estate studies. He is a member of NAIOP and ULI, and Vice Chair on the Arlington, MA Town Building Committee.

Charles Epstein, Vice President of Investments (Northeast)

Charles Epstein is responsible for sourcing acquisition opportunities, underwriting development investments and coordinating asset management efforts in the Northeast, with particular emphasis on New Jersey, New York, Connecticut, Pennsylvania, Massachusetts and New England.

He previously served as asset manager for the Alliance Investment Advisor (AIA) fund assets, which consisted of 3,358 units totaling $500MM in gross assets. His responsibilities for AIA included: asset management, portfolio management, investor relations and asset dispositions, as well as raising capital. Prior to joining Alliance, Mr. Epstein was employed at Arsenal Real Estate Funds, and participated in closing $310MM in gross assets (3,352 units) as well as overseeing asset management for more than $500MM gross assets. He also worked for New Jersey-based Matrix Development Group, assisting with financing, construction and market research for their industrial and land portfolio.

Mr. Epstein earned an M.B.A from New York University’s Stern Business School  and a B.S. in Finance from Rutgers University.


Elizabeth Karl, Regional Vice President of Operations (Northeast)

Elizabeth Karl is Regional Vice President of Operations in Alliance’s Northeast region with responsibility for identifying new business opportunities and overseeing community operations. Prior to joining Alliance, she was Director of Asset Management for a Mid-Atlantic owner/operator, where she managed a 5,000-unit portfolio. Ms. Karl’s multifamily background encompasses major renovations, asset repositioning, lease-up execution, managing ancillary income programs, acquisitions and dispositions. She holds an MBA in Real Estate and Urban Development from The George Washington University and a BA from Bucknell University. Ms. Karl is a board member of the Real Estate and Finance Alliance at GW and also serves as a mentor for undergraduate students interested in real estate careers. She is an active member of Commercial Women in Real Estate – DC (CREW-DC) and was the recipient of the chapter’s 2015 Rising Star award.

Clark McLaughlin, Executive Director of Business Development (East)

As Executive Director of Business Development – East, Clark McLaughlin is responsible for Alliance’s overall expansion efforts across the eastern United States. Working with existing and future clients, Mr. McLaughlin identifies new management opportunities to grow Alliance’s third-party management platform.

Prior to joining Alliance , Mr. McLaughlin was the Vice President of Summit Equities LLC, a private-equity real estate investment firm based in New York. While working at Summit, he oversaw the asset and property management divisions for the company’s portfolio, comprised of class A retail and multifamily communities. Mr. McLaughlin holds a Master of Business Administration from Texas A&M University – Commerce, and a Bachelor of Science degree in public relations from The University of Texas at Austin. In addition, Mr. McLaughlin holds a Certified Apartment Portfolio Supervisor designation through the National Apartment Association, and is currently obtaining his Certified Commercial Investment Member licensure from the CCIM Institute and his Certified Property Manager licensure from the Institute of Real Estate Management.

John Sweeney, Business Development Manager (Northeast/Mid-Atlantic)

As the Business Development Manager in the Northeast and Mid-Atlantic, John Sweeney is responsible for supporting and expanding the regions’ third-party management divisions. Before joining Alliance, he worked in various asset and portfolio management roles in CBRE’s New England region. While working at CBRE, he collaborated on real estate investment trusts and portfolios for a number of institutional clients consisting of industrial, medical and retail properties. As an East Coast native, Mr. Sweeney leverages his extensive professional network to cultivate new and existing relationships in Alliance’s upstart Northeast portfolio. He is a licensed Massachusetts real estate salesperson and graduated from The University of Rhode Island with a BA in Political Science.