Sumeet Kumar has joined Felicity Street Investments (FSI), a real estate investment and development startup, as Partner and Head of Construction and Sustainability. FSI is dedicated to the responsible ownership and management of small multifamily (SMF) buildings in Philadelphia, PA. Founded in 2023 by Jon Cohen, FSI aims to deliver attainable housing while enhancing properties through strategic capital investments, including energy efficiency upgrades. In April 2024, FSI, in partnership with MSquared, an institutional impact investor, established a joint venture to acquire SMF properties with the goal of preserving housing affordability and stability, decarbonizing properties with energy efficient upgrades, and undertaking capital improvements to remedy deferred maintenance (the “FS/M2 JV”).
Sumeet Kumar, a 2009 graduate of the University School of Architecture and Planning, GGSIPU, began his career in architecture, quickly rising to become a Senior Associate Architect with Morphogenesis, one of India’s leading architecture firms in New Delhi. At Morphogenesis, Kumar led an 8-person team of architects, working on high-profile projects and overseeing all phases of design, permitting, and construction for over 12 major architecture and interior projects totaling more than $400 million and 6 million square feet. His work emphasized energy efficiency and sustainability, providing him with a solid foundation in architecture, construction, leadership, and project management.
With an ambition to grow beyond architecture and upgrade his skills, Kumar moved to New York in 2019 to pursue a master’s degree in real estate development at New York University, graduating in 2021. He then joined Sterling Project Development (SPD), a real estate development and financial advisory firm in NYC. At SPD, Kumar conducted due diligence and advised on over 15 real estate development projects worth $1.5 billion for financial sector clients. His role included representing debt and equity investors, assessing construction-related risks, evaluating project teams, design, contracts, and construction scope, and managing budgets and schedules.
In 2022, Kumar joined DBI Projects in NYC as a Senior Project Manager. He led market analysis for a clinical research organization, managed global student housing real estate market evaluations, introduced cost-saving procedures for housing provider evaluations, consolidated office space for a Fortune 500 company, and directed the design and construction of a green energy lab startup in Brooklyn. His responsibilities included overseeing project teams, managing budgets and schedules, and ensuring quality assurance and contractual compliance.
In July 2024, Kumar joined FSI in Philadelphia, marking a significant milestone in FSI’s journey towards achieving its mission.With 15 years of experience spanning architecture, construction, and real estate finance, Kumar’s expertise and leadership are expected to be instrumental in FSI’s ongoing and future projects.
In his role at FSI, Kumar will oversee all capital expenditure and sustainability activities, from initial project planning and design to project completion. He will work closely with architects, contractors, and other stakeholders to ensure that projects are completed on time, within budget, and to the highest standards of quality. Kumar’s leadership and expertise will guide FSI’s construction and sustainability initiatives, ensuring that the company’s projects are both economically and environmentally sustainable.
FSI’s first acquisition throughthe FSI/M2 JV is 2319-27 Fitzwater Street, a 38-unit, two-building portfolio in Philadelphia. For this project, FSI has engaged JG Real Estate (JGRE) as the property manager. JGRE is a leading Philadelphia-based property management company with approximately 2,000 units in its management portfolio, ensuring the smooth operation of the property.
Sumeet Kumar’s addition to FSI as Partner, Construction, and Sustainability represents a significant step forward for the company. His extensive experience in architecture, construction, and green design, combined with his leadership and project management skills, will be invaluable as FSI continues to pursue its mission of delivering attainable housing and improving buildings through strategic capital investments. With Kumar on board, FSI is well-positioned to achieve its goals and make a positive impact on the Philadelphia housing market.
Disclaimer: No Business Standard Journalist was involved in creation of this content
First Published: Oct 10 2024 | 12:42 PM IST