Owner, Founder, President
Olen Properties Corp.
THE NUMBERS: Nearly 8 million-square-foot commercial portfolio, plus more than 17,000 apartments. Has nearly 2,000 tenants, 380 buildings in OC. Sources tell the Business Journal that the Emerald Bay real estate exec also counts a stock portfolio approaching $4 billion, if not more.
BIG BREAK: Worked for Shell, Touche Ross, Motown Records, where he was a VP and business consultant to Berry Gordy, expanding the company out of Detroit to Hollywood. Founding partner in real estate syndicator Gemini Pacific. VP of operations at Dunn Properties before starting Olen.
PORTFOLIO: A large portion of Olen’s local office portfolio is low- and mid-rise business parks. It also has two office towers in Irvine and holds loans tied to other properties around John Wayne Airport. Olen’s commercial portfolio in OC is “virtually debt free and cash flowing at record levels.” For out-of-stage properties with debt, most count interest rates 3.8% or less and terms running 10 years or more. Along with apartments, other Olen assets include marinas, land, restaurants, airport hangars, and a golf course. Its commercial real estate portfolio covers nearly 20 million square feet, including apartments.
STOCK WATCH: Sources tell the Business Journal that much of Olenicoff’s liquidity is invested in the stock market, and that his accounts are heavily invested in firms like Amazon, Microsoft, Apple and other tech firms that have largely outperformed the S&P 500, which itself is up some 35% year-over-year. Gains from those accounts likely added more than $1 billion to his fortune over the past year.
APARTMENTS: Olen’s largest real estate push in the past decade has been in the multifamily sector, adding thousands of apartments to portfolio, all out of town. Key markets include Las Vegas, Phoenix, and portions of Florida, Atlanta, Nashville and most recently Charlotte. The value of its Southeastern portfolio now tops $2 billion. All markets are overperforming, with rents up double-digits year over year, and little vacancy.
PHILANTHROPY: Andrei Olenicoff Memorial Foundation, charity for eye health, blindness cure, in memory of Igor’s late son.
• NET WORTH: $8 billion
• LAST YEAR: $6.5 billion
• RESIDENCE: Emerald Bay; Florida
• SOURCE OF WEALTH: real estate, stock holdings
