Craig A. Spencer is the Chairman & CEO of Arden Group, established in 1989 as a fully integrated real estate company focusing on acquiring, developing and managing high quality real estate assets in the top 25 U.S. MSAs. The company has purchased and developed more than $7+ billion of real estate consisting of industrial properties, office buildings, full-service, resort and luxury branded condominiums. Arden’s asset management group has managed more than $12+ billion in assets.

Mr. Spencer is the Principal of Arden Fund Management, LLC which operates Arden’s discretionary real estate equity and debt funds. Under Mr. Spencer’s leadership, Arden Group launched its private equity fund management business in 2012 with its flagship equity funds. In 2016, Arden Group augmented its equity business with the launching of Arden Credit Fund, an investment fund that originates and acquires performing loans and preferred equity backed by a diversified portfolio of high-quality commercial and multifamily real estate in primary markets in the United States. Arden launched its Opportunity Zone business in 2019 with a focus on multifamily and student housing in top U.S. markets. Finally, Arden launched Arden Digital Ventures in 2022 focused on investments in property related technologies (“Prop-tech”). Arden Fund Management has raised in excess of $2 billion and in 2017, 2018, and 2019 was ranked #1 Globally by Preqin as the Most Consistent Fund Manager for all funds, all strategies and as the Top Performing Private Real Estate Fund in 2020.

In addition to leading Arden Group, Mr. Spencer has participated in several non‐real estate ventures including the acquisition and subsequent sale of Admiralty Bank to Royal Bank of Canada in February 2003. He was also a founding board member of Anchor Commercial Bank based in Palm Beach, Florida. Mr. Spencer was Founder/Co‐Owner with Jon Bon Jovi of the Philadelphia Soul Arena Football Team, helping the team become the 2008 World Champions. Messrs. Spencer and Bon Jovi in 2006 established and are the Co‐Chairmen of the JBJ Soul Charitable Foundation, which has provided 700 housing units along with educational programs to homeless men and women and veterans. The Foundation through its Soul Kitchens has served over 500,000 meals.

Mr. Spencer attended the University of Florida and earned a J.D. from Georgia State University College of Law. Craig is a licensed attorney who specialized in real estate, banking and bankruptcy law. He is a Research Sponsor and frequent guest lecturer at the Zell/Lurie Real Estate Center at The Wharton School of the University of Pennsylvania and serves on the Georgia State School of Law Board of Visitors.

Footnotes :

• 2017 was ranked #1 Globally by Preqin as the Most Consistent Fund Manager for all funds, all strategies
  • Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers for 2017 was published in the 2017 Alternative Assets Performance Monitor. Preqin’s performance rankings are measured by net IRR. Arden Fund Management tied for #1 ranking in Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers. No compensation was provided by Arden in connection with obtaining this ranking.
• 2018 was ranked #1 Globally by Preqin as the Most Consistent Fund Manager for all funds, all strategies
  • Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers for 2018 was published in the 2018 Alternative Assets Performance Monitor. Preqin’s performance rankings are measured by net IRR. Arden Fund Management tied for #1 ranking in Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers. No compensation was provided by Arden in connection with obtaining this ranking
• 2019 was ranked #1 Globally by Preqin as the Most Consistent Fund Manager for all funds, all strategies
  • Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers for 2019 was published in the 2019 Global Real Estate League Tables. Preqin’s performance rankings are measured by net IRR. Arden Fund Management tied for #1 ranking in Preqin’s rankings for the Most Consistent Top Performing Closed-End Private Real Estate Fund Managers. No compensation was provided by Arden in connection with obtaining this ranking.
• 2020 was listed as a Preqin Top Performing Private Real Estate Fund
  • Preqin’s rankings for the Top Performing Private Real Estate Fund for 2020 was published in the 2020 Global Real Estate League Tables. Preqin’s performance rankings measured by net IRR. No compensation was provided by Arden in connection with obtaining this ranking.

Mr. Caruso joined Arden in 1996, has 26 years of real estate experience and previously served as Arden’s CFO. As COO he has oversight of the ongoing business operations for the Arden Platform including Asset Management, Property Management, Finance, Compliance, IT and Human Resources.

Joseph earned a B.S. in Accounting from St. Joseph’s University. He has been directly involved in $6.0b+ of transactions including hotels, office buildings, industrial, retail, and residential assets.

Mr. Pietropoli joined Arden in 1995 and has 29 years of hotel and office building operations and construction experience. He leads the operational due diligence team for all acquisitions and post-closing, and oversees the ongoing property management and operations of all assets.

Prior to joining Arden, Richard worked with Servico Hotel Company and Ritz-Carlton Hotel Corporation. Richard earned an A.B.A from Pennsylvania State University.

Steven Saltzman joined Arden Group as CFO in May 2025. Prior to joining Arden, he served in multiple roles for Resource REIT’s group of companies over a decade; he was Resource REIT, Inc.’s Chief Accounting Officer and Vice President when the company was acquired by Blackstone in May 2022.

Steven earned a Bachelor of Science degree in Economics from The Wharton School, University of Pennsylvania, and is a Certified Public Accountant licensed in Pennsylvania. He has written and presented a four‐hour webinar entitled “REITs: Understanding the Complex Legal, Accounting & Tax Rules” for The Center for Professional Education, Inc.

Brian is a real estate attorney with Klehr Harrison and has been engaged by Arden as the firm’s Outside General Counsel since 2019. Prior to being engaged as Outside General Counsel, Brian was an attorney at Cozen O’Connor and represented Arden for more than 5 years on matters including acquisitions, dispositions, financings, joint ventures, leasing, asset management and fund formation. In addition to representing Arden, Brian’s previous experience includes the representation of other private equity funds, family offices, public and privately held REITs and other investors and operators in connection with complex commercial real estate transactions involving office, industrial, hospitality, multifamily and retail properties.

Brian earned his law degree and MBA from Temple University and a Bachelor of Science degree from Penn State University.

Taylor Spencer is Managing Director at Arden Group, overseeing investor relations, venture capital investments, and innovation across the firm. 

Taylor joined Arden in 2022 to work on Arden’s expansion of its real estate investments into the area of emerging property technology. She continues to oversee Arden’s venture capital platform in partnership with RXR, launched to bridge real estate expertise with proptech innovation and implementation.

More recently, she has played a central role in fundraising operations and communications for Arden, and now spearheads Arden’s outreach and communications for Arden’s current funds and opportunistic initiatives. 

 Taylor’s experience as a startup founder in the early days of personal data ownership — building and raising capital— serves as her foundation for company leadership and investor relations.  Prior to that, she was a producer at NBCUniversal, co-creating FUNDED, a competition series focused on strategy and capital in venture investing. 

Taylor is a graduate of the University of Pennsylvania, and is active in Women in PropTech, ULI Los Angeles, and YPO.

Mr. Strickland  joined Arden in 1998 and has had over 30 years of experience in Information Technology, designing infrastructure, managing Arden’s network, and overseeing cybersecurity.

He has an equally long background in construction project management.. His first project at Arden was as Assistant Project Manager on Arden’s conversion and Historic Preservation of the Girard Bank and office tower into Philadelphia’s Ritz–Carlton Hotel, following that on the ground–up construction of the Ritz–Carlton Residences Philadelphia. Prior to joining Arden he was a Project Manager at Jonathan Nehmer & Associates, and a Construction Manager on Alden Park apartments renovation.

Greg earned a Bachelor of Science in Construction Management from Bradley University.

Ms. Butterweck joined Arden in 1998. She has over 20 years experience working in real estate and human resources, and over a decade working on SEC compliance. Prior to joining Arden, she was with Kreitler Financial, an independent financial planning firm in New Haven, CT, and the Institute for Scientific Information in Philadelphia. She holds the SHRM–CP and PHR certifications in human resources. Susan heads Arden’s Human Resources department and oversees compliance issues with the CCO.

Mr. Goedar has worked with Arden since 2017 to form Arden’s industrial vertical and formally joined Arden in 2021. Prior to Arden, Mr. Goedar served in the investment group at NorthStar Realty Finance & NorthStar Asset Management (acquired by Colony Capital), where he worked on over $5bn in platform investments in private and public real estate companies and strategic joint ventures, including leading the REITs entry into the industrial sector. Prior to NorthStar, Shike was an investor in the US Real Estate team at Partners Group, and he started his career as an investment banking analyst at SunTrust Robinson Humphrey.

Mr. Goedar received an undergraduate degree in finance at Georgia State University and his MBA from New York University.

Ms. Rea joined Arden in 2021 as Chief Operating Officer of Arden Logistics Parks. Prior to joining Arden, Rea was the COO and founding team member for BKM Capital Partners, a $1.7B industrial fund manager, where she played a critical role in building the infrastructure, raising $750 million in institutional equity and hiring more than 100 employees to build the business and brand. Rea had oversight of the ongoing business operations, including Investor Relations & Capital Raise, Asset Management, Property Management & Leasing, Human Resources, Technology and Marketing departments.

Rea graduated cum laude with a Marketing Communications degree from Drexel University in Philadelphia, PA

Ms. Larin joined Arden in 2021 as Chief Financial Officer of Arden Logistics Parks. Larin brings more than 10 years of finance and Real Estate fund related experience. She started her career at E&Y and held finance positions with Morgan Stanley, State Street and most recently with Blackstone-backed Link Logistics as Vice President, Accounting & Reporting.

Pamela earned an accounting degree from Lehigh University and is an active CPA.

Mr. Timmons joined Arden Group in 2021 as the Managing Director of Asset Management for Arden Logistics Management.  Prior to joining Arden, Mr. Timmons was a Director at Rialto Capital Management where he was responsible for the operational oversite and strategic execution of all owned assets within the industrial platform.  Portfolios managed by Mr. Timmons comprise over 25 million square feet in 11 markets with an aggregate market value of approximately $2.0 billion.  Additional professional activity includes various roles within investment banking, development, and appraisal/consulting.  

Mr. Timmons earned his BBA in Finance and Real Estate from Baylor University and an MBA with concentrations in Corporate Finance and Alternative Investments from Southern Methodist University.  He also holds the Chartered Financial Analyst (“CFA”) designation.

McCombs joined Arden Logistics Parks in 2024 as Managing Director, Acquisitions. Prior to joining Arden, McCombs was at Affinius Capital (formerly USAA Real Estate) for five years where he served as Senior Director, Investments and was responsible for sourcing and executing equity and credit opportunities throughout the Mid-Atlantic region totaling $2 BN of investments across industrial, multifamily and office. McCombs previously held roles at firms including DRA Advisors, CIM Group and Lehman Brothers/Barclays Capital.

McCombs graduated cum laude from Washington and Lee University with a Bachelor of Science with Special Attainments in Commerce, Business Management and Administration.

Ms. Dalsimer serves as Director of Property Management of Arden Logistics Management. Jackie brings more than 15 years of experience in Leasing and Managing industrial, retail, and office properties and most recently held the role of Vice President, Industrial at JLL where she managed a portfolio of 5 million SF.

Jackie graduated from University of Hawaii @ Hilo with a degree in Business Administration, holds her salespersons license and is in the process of completing her CPM designation with IREM. 

Jeffrey Perlik is Head of Development where he oversees the development process across the AQOZF portfolio.  Previously, Mr. Perlik was Managing Director of Design and Construction for development at Fisher Brothers.  Most recently he oversaw over $1.7 billion in development of residential/office projects in New York City and Washington DC, including the United Arab Emirates diplomacy building, 111 Murray Street, 225 East 39th Street and 701 2nd Street NE on Capitol Hill. Prior to joining Fisher Brother, Jeff was a cofounder of Colgate Development, a fee development company which specialized in luxury hotels and condominiums.  Under Jeff’s leadership, Colgate built several hotels and residential properties including the Ritz-Carlton in Charlotte, NC and the flagship Andaz Hotel in NYC.  Jeff started his career in real estate development as a Project Executive for Millennium Partners.

Mr. Perlik holds a Bachelor of Science degree in Civil Engineering with a minor in Structural Engineering from Syracuse University.

Justin is a real estate and finance entrepreneur with over 20 years of experience in real estate, investment banking, finance, management, and operations. Prior to joining Arden, Justin founded TigerBridge Capital, which is an SEC-registered broker-dealer that provides transaction and investment structuring support services to various private funds and other issuers. Justin also served as a Managing Director at Greystone & Co. where he built and managed a team responsible for structuring and raising EB-5 capital for Greystone’s large multifamily developers.

Justin is a Chartered Financial Analyst and has a B.S. in Civil Engineering from Northeastern University where he graduated Magna Cum Laude and an MBA from Columbia University.

Max Spencer  joined Arden as the Managing Director of Acquisitions and Development at Arden Living
DevCo in 2025 to lead the firm’s investment strategy and oversee the sourcing, underwriting, and
execution of development opportunities across the United States. Max brings nearly a decade of
acquisitions and development experience to Arden.
Before joining the firm, he was a member of the Acquisitions team at Starwood Capital Group in Miami.
While at Starwood, he underwrote over $20 billion in potential acquisitions and developments
nationwide and successfully executed several notable residential projects, including The Perigon in
Miami Beach, Lumaire in West Palm Beach and 1 Homes Jupiter Island in Jupiter Island.
Prior to Starwood, Max worked at Silverstein Properties in New York City on the Acquisitions and
Development team. He began his career at Spring11 in New York City, focusing on CMBS underwriting
and loan execution for major institutional lenders including JPMorgan, Citibank, and Starwood Property
Trust.
Max holds both a Bachelor’s degree in Finance and a Master of Science in Real Estate from the
University of Florida.

Mr. Auste joined Arden Living in 2025 with more than a decade of commercial real estate experience. At
his most recent previous position, he served as Vice President of Asset Management at Diamond Realty
Investments, Inc. where he oversaw the management and operations of the multifamily, student
housing, and senior living portfolios. Immediately prior to that, he held a key position at a boutique
Dallas-based real estate private equity firm, where he led asset management for a multifamily portfolio
spanning over 10,000 units across Texas.
At PGIM Real Estate, Matt oversaw the buildout of the asset management platform for an inaugural
domestic high yield portfolio worth over $4B in AUM over all major property types throughout the U.S.
His career has also included roles at Bank OZK, Goldman Sachs, Bank of America, Merrill Lynch, and RBC
Capital Markets, where he began his career specializing in public and privately issued Commercial
Mortgage-Backed Securities, Residential Mortgage-Backed Securities, Asset-Backed Securities, and
Asset-Backed Commercial Paper conduit transactions in the U.S., Canada, and Europe.
Matt received both his B.B.A in Finance and M.B.A. from the Cox School of Business at Southern
Methodist University.

Greg Denton brings 30 years of hotel investment and asset management experience and has executed on over $6 billion of hotel transactions. Prior to joining Arden, Mr. Denton held executive positions at several prominent hospitality investment companies, including The Related Group of Florida, Gencom Group, and CNL Hospitality REIT where he spearheaded the acquisition of over 100 hotel properties in nine countries.

Greg received his bachelors and masters degrees from the Cornell School of Hotel Administration and has served as an adjunct professor teaching hospitality finance and investment courses at Cornell University, Florida International University, and Washington State University.

Mr. Sheline brings hotel asset management and operations leadership from direct involvement in over $6 billion of hotel investments and loans. Prior to joining Arden, his operational roles span from ADOF to GM, while his investment roles include SVP at Chartres Lodging, CHM, hotelAVE, and VP at Cornerstone, LendLease, and Rockbridge. Dan has overseen assets in all major U.S. markets from select-service to 5-star luxury. He was previously a Managing Director & Real Estate Portfolio Manager at Barings, leading a 7-asset, institutional hotel portfolio.

Dan earned a Bachelor of Science degree at Cornell University in Ithaca, NY, with further coursework from The Ohio State University, Appraisal Institute, and AH&LA Educational Institute (Certified Hotel Administrator). He has east and west coast offices and is actively involved with Telluride MountainFilm Festival and the Midcoast Conservancy.

Mr. Tucker joined Arden in 2015 and has 9 years of real estate industry experience. James has invested in and managed over 3 million square feet of commercial real estate worth over $1.1 billion. James is responsible for acquisition and asset management activities for office investments.

Prior to joining Arden, James worked for Accenture where he provided management consulting services for large multinational clients. James received an M.B.A. from The Wharton School at the University of Pennsylvania, a Master of Engineering Management from Duke University, and a B.S. in Civil Engineering from Bucknell University.

Taylor Spencer is Managing Director at Arden Group, overseeing investor relations, venture capital investments, and innovation across the firm. 

Taylor joined Arden in 2022 to work on Arden’s expansion of its real estate investments into the area of emerging property technology. She continues to oversee Arden’s venture capital platform in partnership with RXR, launched to bridge real estate expertise with proptech innovation and implementation.

More recently, she has played a central role in fundraising operations and communications for Arden, and now spearheads Arden’s outreach and communications for Arden’s current funds and opportunistic initiatives. 

 Taylor’s experience as a startup founder in the early days of personal data ownership — building and raising capital— serves as her foundation for company leadership and investor relations.  Prior to that, she was a producer at NBCUniversal, co-creating FUNDED, a competition series focused on strategy and capital in venture investing. 

Taylor is a graduate of the University of Pennsylvania, and is active in Women in PropTech, ULI Los Angeles, and YPO.

Mr. Boras is a Managing Director and Head of RADV, bringing 10 years of opportunistic real estate private equity experience from companies such as NorthStar and Five Mile Capital Partners.  

 Matt is a Kauffman Fellow, board member of the Center for Real Estate Technology and Innovation and former Co-Chair of the ULI Technology and Innovation Council.  

Matt graduated from Brown University.

Stewart is a connector and entrepreneur with over 25 years of experience in workforce strategy, capital acquisition, and deal structure.

He is a Principal at OneDigital, one of the nation’s leading health and HR advisory firms. Prior to OneDigital, Stewart held management and consulting positions at Brokerage Concepts, Inc., and was the Director of Business and Valuation Services for the University of Pennsylvania Health System, and worked in the Healthcare Financial Consulting Division at Ernst & Young. 

He is a member and past president of the Pennsylvania Association of Healthcare Underwriters (PAHU) and a member of the Greater Philadelphia Association of Healthcare Underwriters (GPAHU).  He served two consecutive terms on United Healthcare’s national advisory council. Stewart is also actively involved in Business Clubs America. He was part of the Philadelphia Soul ownership group from 2015-2019 and was Chairman of the AFL Expansion Committee. 

He received his degree in Business Administration and Accounting from Drexel University.

Taylor Spencer is Managing Director at Arden Group, overseeing investor relations, venture capital investments, and innovation across the firm. 

Taylor joined Arden in 2022 to work on Arden’s expansion of its real estate investments into the area of emerging property technology. She continues to oversee Arden’s venture capital platform in partnership with RXR, launched to bridge real estate expertise with proptech innovation and implementation.

More recently, she has played a central role in fundraising operations and communications for Arden, and now spearheads Arden’s outreach and communications for Arden’s current funds and opportunistic initiatives. 

 Taylor’s experience as a startup founder in the early days of personal data ownership — building and raising capital— serves as her foundation for company leadership and investor relations.  Prior to that, she was a producer at NBCUniversal, co-creating FUNDED, a competition series focused on strategy and capital in venture investing. 

Taylor is a graduate of the University of Pennsylvania, and is active in Women in PropTech, ULI Los Angeles, and YPO.

Dr. Linneman provides advice on economic subjects with an emphasis on issues that specifically impact real estate. He is the founding Principal of Linneman Associates, LLC, a leading real estate advisory firm, and has advised leading corporations and served on over 20 public and private boards. For 35 years, he was a leading member of Wharton’s faculty, serving as the Albert Sussman Professor of Real Estate, Finance and Public Policy as well as the Founding Chairman of the Real Estate Department and Director of the Zell-Lurie Real Estate Center.

Mr. Smith is the founder of Ridgepine Capital Partners.  Prior to Ridgepine, he led equity and alternative investments for AAA – The Auto Club Group, building the firm’s private markets investment program from scratch.  Before AAA, he was at Dow, where he managed several portfolios including direct real estate, private real estate funds, and private equity funds.  He earned his MBA in Finance from the University of Chicago Booth School of Business.

Ms. Hunt is a retired private equity professional. She is currently a member of the Advisory Board of the Cardinal Ireland Partners Fund. Prior to retiring, she led Ascension Investment Management’s private equity strategies and chaired the Investment Strategy Committee. Before joining AIM in 2010, she spent seven years as the Chief Investment Officer of the WVU Foundation and previously was an investment banker for 20 years.

Former Governor Rendell provides important economic advice and consultation on civic, economic, and financial issues. Governor Rendell serves as a consultant or board member for several green and alternative energy firms and continues to pursue his interests in Government Sourcing Solutions and Public Financial Management.

Through his extensive work, Stephen Mullin provides important economic advice and consultation, particularly in the areas that impact states, cities and municipalities. Stephen Mullin is President and Principal of Econsult Solutions, a consulting practice that concentrates on state and public finance, economics, and policy analysis.

Dr. Mueller provides advice on economic issues with a specific focus on market by market cycles. Dr. Mueller is a Professor at Denver University, F.L. Burns School of Real Estate & Construction Management, a visiting professor at Harvard University, and the Real Estate Investment Strategist for Black Creek Group.

Dr. Gyourko provides invaluable consultation on myriad business and economic issues, and real estate, providing access to Wharton’s research. Mr. Gyourko served as the Director of the Zell/Lurie Real Estate Center at the Wharton School for 27 years, and as the Chair of Wharton’s Real Estate Department for 12 years.

Dr. Thomas P. Gerrity is the Joseph Aresty Professor of Management and Dean Emeritus at the Wharton School of the University of Pennsylvania. His research, consulting and teaching expertise is focused on leadership, strategic change management, and corporate governance.

Thomas is the Academic Director of the Advanced Management Program, Wharton’s flagship five-week program for top executives, and Wharton’s Corporate Governance program for Directors.

Dr. Gerrity currently serves on the Board of Directors of Internet Capital Group and PharMerica Corporation. He previously served ten years as a member of the Corporation of the Massachusetts Institute of Technology (MIT), and on the boards of Technology Leaders LP venture capital funds.

A Rhodes Scholar in Economics at Oxford University, Dr. Gerrity received his Ph.D. in Management from the Sloan School at the Massachusetts Institute of Technology. He also earned his B.S. degree and M.S. degree in electrical engineering and computer sciences from MIT.