RXR names Norcia executive vice president, head of residential business unit

Manhattan, NY Gerard Norcia, a 20-year real estate investment and portfolio management executive, joined RXR as executive vice president and head of its residential business unit. Norcia will lead the next phase of growth of RXR’s national residential business, which spans investment, development, asset management, and capital solutions across major U.S. markets.

Whitney Arcaro has been named COO and will partner with Norcia to lead residential operations.

The structure reflects RXR’s continued investment in the leadership and capabilities required to scale its residential business nationally.

Since 2021, RXR has expanded its residential investment and development activity beyond the New York region into markets including Arizona, Florida, Colorado, Texas, California and North Carolina. The firm’s strategy is grounded in its ‘eds, meds and well-led’ thesis: investing in markets anchored by leading education and healthcare institutions, supported by strong public investment and attracting employers, talent and population growth.

Today, RXR’s vertically integrated investment platform includes approximately $5 billion of GAV within its residential operating portfolio with over 8,000 units; an active residential development pipeline in selective markets across the country comprising 2,800 units. In addition, RXR has invested over $2 billion in structured residential transactions over the last 30 months, with a presence across 11 U.S. gateway and high-growth markets.

“Gerard’s track record investing across markets, managing institutional portfolios and building investment platforms makes him the right leader for the next growth phase of RXR’s residential business,” said Scott Rechler, chairman and CEO of RXR. “For years, we have invested behind a clear thesis: go where talent, employers and public investment are converging. As we scale that strategy nationally, Gerard brings the investment discipline, market perspective and leadership experience to help us expand our residential business and deliver strong outcomes for our investors and partners.” 

“We’ve been growing our residential business for a decade, starting in core New York area markets and expanding nationally. Bringing in an executive of Gerard’s caliber, who has invested across the country and managed a fully built-out residential business, will support the next evolution of our growth,” said Michael Maturo, president of RXR. “With Gerard leading the residential business and Whitney Arcaro in charge of operations, we have the team in place to continue our growth initiatives on a national scale.”

Norcia will be responsible for scaling RXR’s residential business, both in its core New York-area markets and in high-growth markets around the country, including Boston, Philadelphia Metro, Greater Miami, Tampa, Raleigh, Charlotte, Dallas, Denver, Phoenix, Los Angeles and Chicago.  He will be responsible for setting the strategic direction for the residential business, including identifying new markets, investment and development opportunities, and new ways to expand the portfolio. Additionally, Norcia will oversee the full lifecycle of RXR’s residential investments, from capital allocation, acquisition, and development through stabilization, financing, long-term asset management, and disposition. He will continue to collaborate with RXR’s Investment Management Group on residential opportunities and help further strengthen relationships with capital partners, institutional lenders, and community stakeholders.

Most recently, Norcia served as CEO of Olmstead Properties and EVP, portfolio management at Southern Land Company, where he was responsible for acquisitions, asset management, capital deployment, and dispositions across a national residential, retail, office, and mixed-use platform. He previously spent nine years at J.P. Morgan Asset Management’s global real assets business as managing director; he helped lead strategy and execution across institutional real estate portfolios nationwide, with a focus on the Northeast. Earlier in his career, Norcia spent nine years at Prudential Global Investment Management. Norcia has overseen more than $40 billion in assets under management across all property types. 

Norcia holds an MBA from New York University’s Stern School of Business, a Master’s degree in Accounting from Seton Hall University, and a Bachelor’s degree in Finance from Rutgers University.

“I’m excited to join RXR at an important point in the evolution of its residential business,” Norcia said. “The firm has built a strong foundation across investment, development and operations, and I look forward to working with Scott, Mike, Whitney and the broader team to expand the residential business, deepen our capabilities and pursue opportunities across the country.”

RXR’s residential activity this year spans markets across the country. Highlights from the year to date include:

● The groundbreaking of AVE Station House in Denver, a 301-unit residential community in the city’s burgeoning RiNo Arts District. 

● The groundbreaking of AVE Horsham, a 274-unit residential community in suburban Philadelphia

● The groundbreaking of Summit House, a 291-unit residential community within Veridea, RXR’s master-planned development in Apex, NC. 

● Full delivery of Eighty Nine DeKalb in Downtown Brooklyn, a 324-home, all-electric residential tower that also includes 55,000 square feet of academic and office space for Long Island University.

● The groundbreaking of Arden at Garvies Point, a five-story boutique rental building that will introduce 101 residences and build upon the success of the 56-acre Garvies Point mixed-use community, which has already delivered hundreds of homes while activating the waterfront.