His years of experience were initially gained during his ten years in legal practice, including six years during which he was the managing partner of a forty-lawyer firm he founded. His practice primarily involved designing and overseeing the closing of debt and equity financings. An important part of his practice was working out troubled multifamily portfolios for national development companies. From 1982 through 1991, he was a principal in one such company, where he served as President from 1988 through 1991. Involved in many significant transactions over those ten years, Mr. Beneke was Chief Operating Officer for activities involving over seven hundred people. He oversaw more than $900 million of debt and equity financings, including approximately $250 million of tax-exempt housing bond debt. He was responsible, among other things, for oversight of an acquisition venture with New York Stock Exchange Company, including the acquisition of a twenty-six project apartment portfolio from the RTC Affordable Housing Program. After forming the predecessor to B/K Multifamily in 1992, he worked with John Krieg to build a $1.5 billion multifamily, tax-exempt, bond-financed apartment portfolio.
His years of real estate and administrative experience was initially developed while managing a national insurance company’s troubled Arizona real estate loan and REO portfolios in the 1970s. His success in bringing those portfolios back to normal operations gained him a position as the National Acquisitions Director of a division of a California-based real estate syndication company. There, he oversaw the acquisition of $650 million of real estate, the majority of which was apartments. Prior to joining B/K Multifamily, he led the due diligence efforts for various companies to formulate bids on significant portfolios of insolvent institutions. After forming the predecessor to B/K Multifamily in 1992, he worked with Ron Beneke to build a $1.5 billion multifamily, tax-exempt, bond-financed apartment portfolio.