Tue, May 2, 2017
CEO, Banner Apartments LLC
Milton Pinsky is the CEO of Banner Real Estate Group, LLC and affiliates, which he founded in 1990 with his brother, Martin, and father, Alex. Prior to starting Banner Apartments, LLC and its affiliates (Banner), Milt practiced law for 5 years at Skadden Arps Meagher & Flom, specializing in mergers, acquisitions and leveraged buyouts. Milt received his JD and MBA from the University of Chicago. Prior to graduate school, Milt worked as an Electrical Engineer for 2 years during and after obtaining a B.S. in Electrical Engineering from the University of Illinois. Milt resides in Glencoe, Illinois and is married with three children.
When Banner started, Milt owned and controlled a majority interest and was the CEO of a company whose sole asset was a $2.5 million line of credit from Alex Pinsky. Today, Banner is an owner of and manages over 6,000 apartments and is an owner of a portfolio of self-storage properties. Banner’s main operating divisions include (i) conventional acquisitions, fundraising and investor reporting, (ii) new construction of multifamily rental properties, self-storage properties and senior housing and (iii) property management. Banner currently has approximately 250 employees. Banner’s stabilized portfolio is worth over $600 million, its development pipeline has a projected stabilized value of over $400 million and it has operations in 14 states.
Milt transferred his majority control to a Board of Directors in 2005. The family member owners created a family council in 2006 and a Business Governance Committee to interact with the Board and the business in 2014. The Board of Directors consists of 4 outside directors (the Independent Directors Committee) and 2 family board seats. The Independent Directors Committee has sole discretion to fire, hire, promote or determine the annual salary and bonus of each family member working in the business, including Milt. Family members working in the business are to be held to the same standards for all such decisions as non-family members would be held. Pursuant to a Board approved plan, Banner promoted one of its long term executives (who is not a family member) to COO at the beginning of 2015 with the expectation that such individual will become CEO in August of 2017.
Milt is also on the board of two non-profits, one focusing on affordable housing (which Milt co-founded) and one focusing on people with developmental disabilities.