The development partners on the CRT team are Richard D. Searles, David Russell and David S. Searles, Jr.
Richard D. Searles
Rick Searles is co-founder and CEO of CRT Realty & Development Services, Inc. Since August 1995, Rick has been active in the senior housing industry working with several of the country’s leading providers of senior housing and assisted living. Rick has been a speaker at local and national conferences. Rick began working with Sunrise Senior Living, Inc. in its Southeast expansion in 1995. Prior to his senior housing development activities, Rick Searles was the Project Manager for CRT Trust Advisor, Inc. due diligence contract with Resolution Trust Corporation, an instrumentality of the United States of America. This assignment was to analyze, value and prepare for sale over $1.6 billion book value of assets. Rick Searles is versed in all senior housing aspects such as design, development consulting, specifics of operations, legislative actions to promote the industry, licensing and permitting issues. Also, he oversees preparation of market feasibility studies, competition analysis, caregiver criteria, projections and business plans. As a self-employed general contractor from 1976 to 1991, Mr. Searles built over 150 custom homes in the North Atlanta area with total sales exceeding $40 million. He specialized in large and complicated homes and challenging land tracts.
David Russell joined CRT after working for Sunrise Senior Living, the nation’s largest operator and developer of independent and assisted living communities for the elderly. As a Development Officer for Sunrise, David successfully contributed to the development of 10 projects in Georgia, North Carolina, Virginia, Louisiana, and California with project costs totaling over $130 million. In addition to Dave Russell’s work in the senior housing arena, he has worked as a commercial real estate broker in Silicon Valley, where he was responsible for over 100 transactions involving more than 750,000 square feet and $50 million in consideration. David graduated from Tulane University in 1995.
David S. Searles, Jr.
David Searles is co-founder of Chase Properties, CRT Trust and affiliated companies. David earned his MBA from Harvard Business School in 1970. As an owner, manager or broker for a variety of different types of real estate, David has extensive experience in coordinating and implementing decision-making processes. He began his career in real estate in 1971 following a year as a junior faculty member at Harvard Business School. He was Vice President-Finance of United Resources, Inc. and its subsidiary Country Club of Miami Corporation, where he was part of the senior management team for a 3,722-acre development in Miami along with a 1,800-acre land assemblage southwest of Orlando. David moved to Atlanta to manage a 625-acre golf course planned unit development on behalf of its owners, the Federal Deposit Insurance Corporation (FDIC) and a group of 14 banks. He was a Director of Tucker Federal Savings and Loan Association, a $320 million thrift institution, and its parent holding company, Eagle Bancshares, Inc. (now part of RBC Centura Bank).
Philip E. Searles
Philip joined CRT in 2008 after working as a senior auditor for BDO Seidmen, LLP for two years. During his time with BDO Philip led engagements of public companies in the telecommunications and financial services industries. Philip also led engagements of private companies in the real estate and distribution industries. Prior to his employ with BDO he worked with the Reznick Group and an auditor of affordable housing properties, routinely compiling financials from both construction and operating general ledgers and booking joint assets such as property, plant and equipment. Philip also worked with Georgia Pacific for over two years in the Corporate Credit as well as Internal Audit of the Building Products division. Philip graduated from the University of Alabama in 2002. He is also serving in the capacity of Chief Financial Officer for a non-profit organization, Beverly J Searles Foundation, so named after his grandmother. The Beverly J Searles Foundation (BJS) provides services for seniors aged 55 and older and is headquartered in Sandy Springs, GA.