Kenn Francis - Founder
Kenn Francis is the founder and owner of PRA. From 1986 until 1994, Kenn was a commercial broker in Phoenix specializing in the sale of larger income producing properties. He was one of the first brokers to develop and use lease-analysis software for building valuations and sales. Institutional relationships were the foundation of his brokerage business.
In 1992, Kenn acquired his first commercial property from the RTC. From 1992 until 1996, he acquired approximately $150 million in commercial property. The cornerstone was the Biltmore Financial Center located at 24th and Camelback. In 1998 he decided to sell the bulk of the portfolio during the run-up if the Real Estate Investment Trust (REIT) cycle.
In 1999 through 2002, Kenn re-entered the market buying properties in Arizona, Hawaii, Houston, and Southern California. During that period, numerous new relationships were established with large private and institutional partners. At that time, PRA's asset base grew to $250 million dollars, and included office buildings, industrial parks, hotels and apartments.
At the start of 2002, the real estate market began another unprecedented run-up. At the time, Kenn made the decision to slowly liquidate PRA's portfolio. By December of 2006 almost all of PRA's assets had been sold. In 2007, the only remaining assets were debt-free and positioned for a long-term hold.
In 2008, PRA started a new acquisition phase and acquired approximately 1,000 multi-family units and over 100 single-family homes. These homes were brought to rent-ready status and leased, waiting for the home market to recover.
Presently, PRA is developing and looking to acquire industrial real estate in California and the Southwest. PRA has had a successful track record of market timing and forward thinking. Consequently, PRA's Return on investment and principal preservation is enviable.
kfrancis@prainc.net
480-272-7907
