Ken McCarren is the President of MBK Rental Living. In his role, he is responsible for the acquisition, development, operations, and disposition of all MBK communities. Mr. McCarren has over 30 years of experience in multifamily real estate with assets throughout the western United States. Before joining MBK Rental Living in 2020 he was responsible for a multifamily portfolio located in six western States owned by Merage Investment Group. Previously in his career, he spent 15 years as SVP of Asset Management responsible for the entire Irvine Company Apartment portfolio of over 44,000 apartment homes. Mr. McCarren spent four years as the SVP Asset Management at BRE, a large public REIT owning and operating over 22,000 units located throughout six Western States where he was responsible for the entire portfolio.

Milestones that stand out include presently having more than 4,500 apartment homes in active development across 14 communities throughout California with two in Colorado, our first in that state.

Before the real estate industry, Mr. McCarren served four years as a Special Agent of the Federal Bureau of Investigation. Mr. McCarren earned his Bachelor’s Degree in Business from California State University at Long Beach, he is a Certified Public Accountant and holds the designation of Certified Property Manager from the Institute of Real Estate Management.

What drew you into the real estate industry, and what are you most passionate about in your work?

After a few fulfilling years early in my career as an FBI agent, I wanted to return to California and was offered a position managing an apartment portfolio for a bank. I have not looked back in the nearly four decades since. I consider myself very fortunate to have learned the industry working alongside some of the best and most knowledgeable leaders in the industry. That experience ignited a love for what we do – creating homes where individuals and families can flourish, which truly is my passion and what I instill in my team as our guiding vision.

What differentiates MBK Rental Living from other multifamily developers?

We are committed to building communities, in both the physical, and figurative sense, which really sets MBK Rental Living apart from other multifamily developers. Our team prioritizes creating resident gathering spaces and communal areas from the moment we start planning, incorporating features like kitchen islands where people naturally gather to open floorplans in our apartment homes. We always include numerous amenities throughout the communities such as gathering and seating areas with fire pits, open spaces that are well landscaped gathering areas, BBQ area with seating and of course, dog parks. We want to create a sense of belonging for our residents where they can form lasting friendships and flourish.

You have been with MBK Rental Living for five years now. What are some milestones during this tenure you are most proud of?

I am in awe of how much our footprint has grown and how we have matured as an apartment development company. Milestones that stand out include presently having more than 4,500 apartment homes in active development across 14 communities throughout California with two in Colorado, our first in that state. We have also expanded our business model to include joint venture partners in select communities we build, working with industry giants including Hanover Company, Hines, Quarterra, and Trammell Crow Residential. These renowned partners have enhanced our product offerings as we continue to develop Class A communities throughout the Western US. We look forward to expanding those relationships in the future.

MBK Rental Living has developed several unique multifamily communities in high-growth markets across the Western US. How do you approach identifying locations and planning new communities?

Significant factors in our success are the strength of the planning and development group, and the deep market research by our acquisitions team combined with careful forward-looking trends. We have a solid track record in identifying emerging markets for jobs and residential demand – diamonds in the rough – and proudly lead others into markets considered secondary as compared to the typical downtown or core markets. An example is the success we have experienced with our communities on the Central Coast of California. We built fantastic communities that were wildly popular in Paso Robles and Santa Maria before others discovered the Central Coast.

How does MBK Rental Living realize its vision of fulfilling the needs and lifestyles of residents?

It is not by happenstance. Our planning begins and ends with the goal of creating a community. We prioritize best-in-class amenities that are personalized for each project, and our residents often tell us how much the gathering spaces and activities enrich their lives. This includes things like group yoga classes, game nights, and holiday celebrations. We recently hosted a Fourth of July celebration with rooftop fireworks viewing at one community, while another held a Western Day celebration with country music and a cowboy flair. Residents can find a true sense of community, where they belong to a larger group of people and can be themselves.

What are some of the key challenges your team faces in your development work and how do you overcome them?

A key challenge is the economic reality of inflation in construction costs, which has far outpaced inflation in other industries. We are also bracing for the impact that tariffs will have on supplies. We overcome these challenges with strategic planning to navigate all headwinds, from careful selection and use of materials to making conscious decisions to control what we can – all while prioritizing the use of the best possible environmentally sound products for our residents.

I am grateful for the depth of experience amongst our senior executive team who collectively have numerous decades of experience working in restrictive and constantly changing regulatory environments, particularly in California. Their commitment at the highest level to building relationships and ensuring our teams have the support they need to see developments come to life is critical.

We also have the benefit of being a subsidiary of Mitsui and Co., a global Fortune 500 company, alongside MBK Senior Living and MBK Industrial Properties, which provides us all with the resources and financial support to concentrate on our core strengths and deliver on our goals.

Building environmentally and socially responsible communities is a clear goal for MBK Rental Living. How does your team prioritize this effort?

We place great value in being environmentally and socially responsible in our communities, which led to the creation of With Our World®. This comprehensive program seamlessly blends conscious design with high performance to provide healthier and more comfortable living environments for our residents. We like to say that the efforts are pro-people, pro-planet and pro-action, so it includes a mix of high-tech and thoughtful decisions including solar panels, EV charging stations, and smart thermostats, as well as encouraging residents to engage with their surrounding community and act on matters that are most important to them.

Given your leadership and experience of over 30 years in the multifamily real estate industry, what advice do you have for those who are just entering this field?

The best advice I can offer someone entering the workforce, and particularly the multifamily industry, is to find and learn from experienced, thoughtful mentors. I would not be able to lead my team without the tutelage of two industry legends during my career, Max Gardner and Scott Reinert, from my time at the Irvine Company Apartment Communities. I matured and learned this business from these two great mentors, thanks in large part to the long days and hard work we did together overseeing 44,000 residential units. If you can find a mentor who you connect with that has the history and experience to share with you, your career is off to a great start.

It is also beneficial to be passionate about this industry before dedicating your career to it. Multifamily real estate has numerous institutionalized challenges and roadblocks. If you are not passionate about creating homes where individuals and families can flourish or unwilling to work through the challenges, you should find something else that does spark your curiosity.

Thankfully, my serendipitous entry into this industry has fulfilled me more than I could have imagined. It has been a great ride.

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