Inland Empire, CA
Seek to combine the best attributes of family office flexibility and institutional quality investing to generate attractive risk-adjusted returns.
Target investment opportunities where family-orientation, flexible capital, and longer-term perspective provide competitive advantages.
Combine the patience and perspective of a family office with the sophisticated capabilities of private equity investing
Seek attractive opportunities across real estate sectors and geographies, applying rigorous replacement cost discipline and structuring for asymmetric upside
Move decisively when attractive opportunities arise, without artificial pressure to deploy capital
Create enduring value through renovation, repositioning, and development strategies, with a preference for long-term compounding
Industrial Acquisition
Inland Empire, CA
LP Equity
09/2021
Multifamily Development
Palm Beach, FL
Preferred Equity
03/2023
Industrial
Orlando, FL
JV Equity
08/2023
Master-leased Student Housing
Pittsburgh, PA
LP Equity
4/2022
Multifamily
Pittsburgh, PA
JV Equity
01/2024
Industrial
Philadelphia, PA
LP Equity
05/2024
Self-Storage
Various – Southeast U.S.
Programmatic JV Equity
06/2023
Multifamily Development
Brooklyn, NY
Qualified Opportunity Zone Investment
02/2019
Multifamily
Various
Preferred Equity
12/2023
Multifamily Development
Charlotte, NC
Participating Preferred Equity
07/2021
Multi-Phase Multifamily Development
Boston, MA
Qualified Opportunity Zone Investment
04/2021
Multifamily
Columbus, OH
LP Equity
08/2024
Multifamily Development
Charlotte, NC
Qualified Opportunity Zone Investment
12/2021
Multifamily Acquisition
Durham, NC
Co-GP Equity
07/2020
Office Acquisition
Washington, DC
Direct Equity
12/2020
Portfolio
Institutional team with real estate investing and operating experience across property types, geographies, and market cycles.
Co-Founder and Head of Real Estate
Todd S. Rich is a Co-Founder and Partner of Declaration Partners and the Head of Real Estate, serving as chairman of Declaration’s Real Estate Investment Committee. Todd, who is based in the Bethesda, MD office, co-founded Declaration with two decades of multi-market real estate investing and operating experience including acquisitions, dispositions, development, leasing, and management of portfolios involving over $20 billion of institutional quality real estate. Previously, Todd was an Owner and Partner at The JBG Companies where he served as a member of its Investment and Management Committees. He was involved in strategic efforts culminating in the creation of JBG SMITH Properties as a public REIT (NYSE: JBGS). Prior to The JBG Companies, Todd was a Managing Director at Tishman Speyer where he was responsible for the business activities of the Washington, DC region and worked in Tishman Speyer’s Chicago, London, and New York offices.
Todd currently serves on the boards of the Jewish Community Foundation (JCF) of Greater Washington and the Princeton Alumni Real Estate Network (PAREN). He is currently a member of The Field School’s Field Fund Committee. He formerly served on the boards of the Economic Club of Washington and the SED Center. He graduated from Princeton University and was a Fulbright Scholar living in Argentina and Brazil. Outside of work, Todd enjoys reading and spending time with his wife and three children at the beach and on the slopes.
Partner
Matthew Cohen is a Partner and member of the real estate investment team in the Bethesda, MD office, and is a voting member of Declaration’s Real Estate Investment Committee. Prior to joining Declaration in 2020, Matt was a Managing Principal at Westbrook Partners, which he joined in 2006. While at Westbrook, Matt led the fund’s real estate investment, asset management, and disposition activities in New York, and was a member of the firm’s Investment Committee. Earlier in his career, Matt worked at Morgan Stanley in New York advising corporate clients in the real estate investment banking group and evaluating investment opportunities for the Morgan Stanley Real Estate Fund (MSREF).
Matt graduated from The Wharton School at the University of Pennsylvania. Outside of work, Matt is an avid golfer and proud coach of his twin daughters’ soccer team.
Partner
Ron Dalal is a Partner and member of the real estate investment team in the Bethesda, MD office, and is a voting member of Declaration’s Real Estate Investment Committee. Prior to joining Declaration in 2018, Ron was a Vice President at JBG SMITH Properties (formerly The JBG Companies). In this role, Ron focused on property-level real estate acquisitions, development joint ventures, and corporate initiatives. Prior to that, he was an Investment Manager at Abu Dhabi Investment Authority (ADIA), based in the UAE. While at ADIA, his primary focus was on real estate acquisitions and asset management in the US, Canada, and Latin America, across all property types.
Ron began his career in the investment banking and investment management group at Goldman Sachs. Ron graduated from University of Maryland. Ron currently serves on the board of the Robert H. Smith School of Business Foundation and is a member of the Global Exchange Council with the Urban Land Institute. Outside of work, Ron enjoys traveling, hiking, and attempting to fly fish.
Managing Director
David Rabin is a Managing Director and member of the real estate investment team and is based in Declaration’s New York City office. Prior to joining Declaration in 2018, David was a member of the investment team at Centerbridge Partners, where he was part of the US real estate group focusing on direct assets, platform companies, and loans and securities. He began his real estate career at JBG SMITH Properties (formerly The JBG Companies), where he was focused on acquisitions and corporate initiatives for JBG’s opportunity funds.
David graduated from Brown University. Outside of work, David enjoys playing golf, traveling and spending time with his wife and dog at home in Brooklyn, NY.
Vice President
George Roux is a Vice President and member of the real estate investment team in the Bethesda, MD office. Prior to joining Declaration in 2021, George was a Senior Associate at Weller Development Company focusing on acquisitions, asset management and public-private partnerships. Previously, he worked as a Financial Analyst at JBG SMITH Properties (formerly The JBG Companies) where he focused on acquisitions and asset management across property types. Prior to JBG SMITH, George was an Analyst at Prudential Financial in Commercial Lending where he focused on balance-sheet and agency loan originations.
George graduated from the University of Southern California. Outside of work, George enjoys exploring the outdoors through his hobbies of skiing, fly-fishing, and camping with his dog, Wally.
Vice President
Robert (Bobby) Rucks is a Vice President and member of the real estate investment team in the Bethesda, MD office. Prior to joining Declaration in 2021, Bobby was an Associate on the investment team at Artemis Real Estate Partners, where he focused on acquisitions and asset management across property types, risk profiles, and geographies. Prior to his role on the investment team at Artemis, Bobby was an Associate on Artemis’ portfolio management and capital raising team, supporting initiatives across their investment strategies. Bobby began his career as an Investment Banking Analyst focused on the financial services sector at Sandler O’Neill + Partners, LP.
Bobby graduated from the College of William & Mary. Outside of work, Bobby enjoys snow skiing and world history podcasts, and he is an avid Washington, DC sports fan.
Senior Associate
Aileen Chang is a Senior Associate and a member of the real estate investment team in the Bethesda, MD office. Prior to joining Declaration in 2023, Aileen was an Associate on the U.S. Real Estate Acquisitions team at The Carlyle Group, where she focused on acquisitions across property types, risk profiles, and geographies. Previously, she worked as a Senior Financial Analyst at JBG SMITH Properties (formerly The JBG Companies), where she focused on acquisitions and asset management across property types, along with fund portfolio management.
Aileen graduated from The Wharton School at the University of Pennsylvania with an MBA and earned an undergraduate degree from Cornell University. Outside of work, Aileen enjoys golfing, hiking, playing poker, and skiing.
Senior Analyst
Kyle Patrick is a Senior Analyst and member of the real estate investment team in the Bethesda, MD office. Prior to joining Declaration in 2022, Kyle was an Investment Banking Analyst at Piper Sandler within its Diversified Industrials & Services Group.
Kyle graduated from Ohio State University – Max M. Fisher College of Business, where he specialized in Finance and served as a Fisher Ambassador. Outside of work, Kyle enjoys spending time with his family and friends, exercising, and skiing.
Chief of Staff and Office Manager
Holly Majka is the Chief of Staff and Office Manager for the real estate investment team in the Bethesda, MD office. Prior to joining Declaration in 2019, Holly was an Office and Administrative Manager at The Penzance Companies where she managed all aspects of daily operations on behalf of the company’s founders. Prior to that, Holly was an Executive Assistant at American Capital where she supported the deal team. She began her career at UBS Financial Services as the Branch Office Administrator and Branch Technology Liaison.
Holly graduated from the University of Maryland. Outside of work, Holly enjoys spending time at the beach with her husband and dog.
Executive Assistant
Gracie Filler is an Executive Assistant for the Real Estate team. Prior to joining Declaration in 2024, Gracie was an Elementary School Teacher at the River School in Washington, D.C. where she worked with students focusing on their reading needs.
Gracie graduated from University of Colorado Boulder. Outside of work, Gracie enjoys running, cooking, baking, and spending time with her friends exploring D.C.