Mr. Vitek is Senior Vice President of D&K Real Estate Service Corporation, Chicago's leading residential property management company. The company manages more than 35,000 residential units, including condominium and rental residential properties, and more than 2.4 Million square feet of commercial space. The company has an active and experienced project management group, which oversees construction projects worth more than $20 Million per year. The company maintains active divisions in commercial leasing, commercial investment brokerage, residential leasing and brokerage, and insurance and risk management.
In 2001, Mr. Vitek assumed acquisition and development responsibilities for Draper and Kramer, Incorporated, focusing on developing and redeveloping residential and commercial property. Mr. Vitek has completed acquisitions, dispositions, and development projects worth more than $750 Million, with more than $350 Million of that representing development or redevelopment projects. Mr. Vitek's experience includes ground up construction, as well as adaptive re-use and rehabilitation. In addition, Mr. Vitek has successfully completed the entitlement process for land development projects with projected future development costs in excess of $2 Billion. Mr. Vitek has completed zoning and pre-development work for residential properties with projected development costs exceeding $150 Million. Mr. Vitek currently oversees the Company's development activities related to its land holdings, as well as an operating real estate portfolio worth more than $250 Million.
Mr. Vitek joined Draper and Kramer in 1997 as Vice President – Asset Management, with responsibility for a real estate portfolio worth more than $300 Million. Mr. Vitek directed the implementation of standardized asset management policies, and worked extensively with property management to improve its management processes and decision-making, including those covering all operational activities, annual budgeting, periodic reporting, major repairs and improvements, and real estate tax and insurance management. Mr. Vitek implemented more than $25 Million in capital improvements projects over a period of four years, and achieved an increase in net operating income of more than 40% for the portfolio during the period. Mr. Vitek created major rehabilitation plans for two high rise properties, with a combined budgeted cost of more than $50 Million. He completed sale/hold analyses on all properties, and executed sales of properties worth more than $110 Million.
In 1990, Mr. Vitek joined Household Commercial Financial Services, Inc., a subsidiary of Household International, now HSBC, where he worked in several capacities, most notably as Vice President in the Commercial Real Estate Department. While at Household, Mr. Vitek was responsible for acquiring via foreclosure or deed-in-lieu, or for liquidating through settlement, more than $150 Million of loans secured by commercial real estate. Mr. Vitek made sale/hold decisions for all residential non-performing loans and residential REO properties. As Vice President in charge of rental residential real estate, Mr. Vitek built a portfolio of 15 residential assets located in cities across seven states, with an original value of $55 Million. Mr. Vitek directed all ownership and operational activities, sale/hold decisions, capital improvement expenditures, and all profit and loss activity. Mr. Vitek implemented more than $10 Million in Capital Improvements and doubled Net Operating Income in four years. Mr. Vitek later directed the sale of the properties for a total price of almost $100 Million, creating a profit of $65 Million, after producing more than $30 Million in net operating income.
Mr. Vitek began his career with Inland Real Estate Investment Corporation in 1988 as an Asset Manager for Inland's rental residential properties. While at Inland, he worked as part of a small team of asset managers that shared responsibility for the asset management of more than 300 rental properties. His responsibilities included portfolio review and analysis, sale/hold recommendations, review and approval of major capital improvements, implementation of asset sales, and direct asset management supervision for a small portfolio of properties. While at Inland, Mr. Vitek developed proprietary electronic analysis tools that were utilized for management of Inland's entire residential portfolio.
Mr. Vitek is a 1988 graduate of the University of Notre Dame with a BBA in Finance. He also is a licensed real estate broker in the State of Illinois.
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vitekd@draperandkramer.com
Phone: 312-580-6547
Residential Services
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