Samuel Aflalo is the COO and Cofounder of Blackwood Developments. Mr. Aflalo is responsible for company operations and construction management.
Prior to cofounding Blackwood Developments, Mr. Aflalo served as the Senior Vice President of Acquisitions for American Homes 4 Rent (NYSE: AMH). His responsibilities included identifying and underwriting new markets nationwide, establishing key relationships with local real estate professionals and executing the AH4R’s acquisition strategy.
Mr. Aflalo began his career as a licensed real estate agent and top producer for Coldwell Banker Commercial Los Angeles. Coldwell Banker presented Mr. Aflalo with the International President’s Premier award in 2004 and 2005, and named Mr. Aflalo the #1 commercial agent for California and the #5 agent Nationwide in 2006.
Mr. Aflalo cofounded Imperial Residential Holdings LLC, a full service real estate investment firm specializing in acquiring and repositioning distress commercial and residential assets purchased at auction. Imperial Residential Holdings had offices in Los Angeles, Phoenix, Tucson and Atlanta.
Throughout his career, Mr. Aflalo has extensive experience with apartment and single family projects in the Los Angeles, Phoenix, and Dallas markets. In each market, Mr. Aflalo has completed numerous repositioning, infill, and gentrification projects.
Mr. Eitches began his career as a licensed real estate agent and top producer for Marcus & Millichap within their Multifamily Division in West Los Angeles. Having earned several benchmark awards within his first two years, he quickly exceled in his role and realized his true passion for real estate investing. In 2005, Mr. Eitches joined The Charles Dunn Company where he led all 100+ brokers in Multifamily and Land transactions in 2006 and 2007. Mr Eitches was an active real estate agent at these firms from 2003 through 2010 where he was responsible for more than $90,000,000 in transactions. As the real estate market came to a halt in 2010, Eitches began investing in the SFR (single family home) rental segment which he felt had the most opportunity given current market conditions.
In 2010 Eitches left Los Angeles for Phoenix where he co-founded Imperial Residential Holdings LLC “IRH”. IRH served as a full service real estate investment firm specializing in acquiring, repositioning, and managing single family homes and multi-family communities purchased at auction and distress sales directly from lenders. With approximately 30 employees, IRH had offices in Phoenix, Tucson and Atlanta. Between 2010 and 2013 IRH was responsible for acquiring and repositioning more than 700 homes and 200 multi-family units with a market value of approximately $200 million. The capital came from institutional partners including the Hedge Fund- Ellington Financial LLC, and Wayne Hughes- the founder of Public Storage (NYSE: PSA) and American Homes 4 Rent (NYSE: AMH).
In 2013 David Eitches and Samuel Aflalo were named Senior Vice Presidents of American Homes 4 Rent. Based on the home rental model they built in Phoenix, their client Wayne Hughes along with the Alaska Permanent Fund raised $500 million for single family home acquisitions in hope of starting another REIT. A few years later, American Homes 4 Rent rang the bell at the NYSE. Eitches and Aflalo headed acquisitions at AMH from 2013-2014. Eitches was responsible for opening 8 new markets which acquired approximately 16,000 homes through his tenure there. Dallas-Fort Worth was the largest market he covered with over 100 employees and 3,000 homes at that time. Eitches left American Homes 4 Rent in Q4 2014 to start Blackwood Developments in Dallas.
Eitches is the CEO and Co-founder of Blackwood Developments based in Dallas, Texas. He is responsible for acquisitions, securing debt and business development. Since inception in Q1 2015, Blackwood has developed over $15 million in the ground-up space and has acquired over $200 million (2100 units) in multi-family space through over 30 transactions. Eitches targets the Oak Lawn, Bishop Arts, Bachman Lake and East Dallas submarkets within the Dallas Metroplex. Eitches holds an equity interest in most of the assets. He continues to grow his multi-family portfolio in the Dallas market but has shifted his acquisitions strategy to focus on repositioning Class C garden-style apartment communities within the above-mentioned submarkets. Realizing we are currently in the mature part of a cycle, Eitches carefully chooses his investments based on multiple exit strategies that will be well positioned in the event of a correction. He purchases assets with the intent of holding for at least five years.
Mr. Eitches received a Bachelor of Science from the University of Southern California in Business Management. In 2002 Mr. Eitches attended the Copenhagen Business School with an emphasis in International Business. Mr. Eitches is a member of the Dallas Builders Association.