Our Team

Phillip Bakalchuk

Principal

Phillip Bakalchuk has over 30 years of experience acquiring, developing, and recapitalizing office, self-storage, and multifamily investments across the East Coast, as well as in Houston and Kansas City.

From 1995 to 2003, Phillip was responsible for having acquired, rehabbed, and developing over 1.2 million square feet of commercial space and 6,000 multifamily units (representing over $600M) while at Boston Financial Group and Blackrock Real Estate (via predecessor company SSR Realty Advisors). From 2003-2008, Phillip started New Boston Fund’s multifamily investment platform. As a Senior Vice President and Co-Head of Acquisitions, Phillip invested in over 4,000 multi-family units and 415,000 square feet of commercial space, across multiple investment strategies, with an aggregate value of approximately $700M.

In 2009, Phillip founded Water Street Investments through which he invested over $100million (>1,200units) in a joint venture with local operators representing both opportunistic and value-added rehab strategies in Florida and Texas. In 2012, Phillip formed PhilMor Real Estate Investments (“PhilMor”) with Morgan Hanlon. To date, PhilMor has invested $232 million in the acquisition and ground-up development of self-storage and multifamily units with realized returns ranging from 16.1% (1.9x) to 69.6% (3.2x) and projected unrealized returns 1 of 12.0% (2.0x) to 24.9% (2.6x). PhilMor’s current portfolio consists of 655 units in three properties in metro Boston and Kansas City.

Phillip earned a Master of Business Administration from the University of Pennsylvania, Wharton Graduate School of Business; a Master of Architecture from Columbia University; and a Bachelor of Arts from the University of Florida.

Ed Olchowicz

Principal

Ed Olchowicz has over 20 years of investment finance and real estate experience Ed joined Phillip Bakalchuk at PhilMor Real Estate Investments during the firm’s nascent stages in 2013. Since that time, Ed has been involved in the acquisition, development, recapitalization, and sale of over 500 M in multifamily 1 200 units) transactions In addition to focusing on the underwriting, repositioning strategy, and execution of each investment, Ed has overseen roughly $15 M in capital projects, comprising 1 000 unit upgrades, new clubhouse construction, utility submetering/transition to tenants 500 electrical and water accounts), and many aspects of common area, exterior, and amenity enhancements Furthermore, Ed worked closely with Mr

Bakalchuk in the planning, development, and lease-up of Kinsley Forest Apartment Homes, a $45 M, 328-unit community in Kansas City, MO

Before relocating to Boston in 2010 Ed spent over a decade working in New York City’s financial sector Ed was a Senior Analyst at Murray Capital Management, a distressed debt special situations hedge fund with 750 M AUM, during which time he initiated and oversaw positions which grew to comprise 25 of MCM’s invested capital and exceeded 20 returns Ed previously worked in the investment banking arm of Royal Bank of Canada, covering telecom, media, and technology following the sector’s deregulation with the Telecoms Act of 1996 Ed started his career as a Junior Analyst at Société Générale Asset Management (SoGen First Eagle Funds) learning the fundamentals of deep value, ground up investing under a storied portfolio manager Jean Marie Eveillard.

Ed has a Master of Science in Real Estate Development from the Massachusetts Institute of Technology and a Bachelor of Science from New York University’s Stern School of Business Ed has been a Chartered Financial Analyst since 2000.