Leadership


Executive Leadership Team

Stuart Heller - Principal and Founder

Stuart heller new photo

Stuart Heller founded Monroe Group Ltd. in 1982 with a management agreement for a single 81-unit affordable housing property. Under Heller’s leadership, Monroe Group has continued to flourish and grow. Heller also joined Chad Asarch and Hud Karshmer to establish Steele Properties, Monroe Group’s development and acquisition partner company, in 2006.

Heller is certified by the Colorado Housing and Finance Authority in Low Income Housing Tax Credit compliance, is a member of the Rocky Affordable Housing Management Association, and is a certified specialist in housing credit management by the National Affordable Housing Management Association. The National Assisted Housing Management Association has certified Heller as an NAHP Executive. He is also a member of the National Association of Housing and Redevelopment Officials. Heller, a lifelong Denver resident, has been a licensed real estate broker in the state of Colorado since 1965. He has been active in developing, owning and managing affordable housing projects since 1978. Heller holds a Bachelor of Science in Business Administration from the University of Denver.


Hud Karshmer - Principal

Hud karshmer new

Hud Karshmer has been a Principal at the Monroe Group since 2004. Karshmer also created a partnership with Chad Asarch and Stuart Heller to form Steele Properties, Monroe Group’s development and acquisition partner company in 2006. Karshmer’s previous experience includes various director-level positions with Qwest Communications where his primary focus was new products and features development. Prior to joining Qwest, Karshmer was Vice President of Business Development for a high-end technology product firm, whose customers included IBM and Microsoft.

Karshmer holds an MBA from Arizona State University and a B.A. from the University of California at Berkeley. Karshmer served on the board of Housing Justice, a non-profit whose mission is to educate diverse faith communities on the need to provide decent affordable housing for all. He also served on the board of Community Housing Concepts, Inc., a non-profit dedicated to preserving affordable housing.


Chad Asarch - Principal

Prefered chad photo (2)

Chad Asarch joined the Monroe Group in 2006 after founding Steele Properties, Monroe Group’s development and acquisition partner company, with Hud Karshmer and Stuart Heller. Prior to Monroe Group and Steele, Asarch served as Senior Vice President and Associate General Counsel at Apartment Investment and Management Company (AIMCO, NYSE–AIV). While at AIMCO Asarch served as secretary of its investment committee, negotiated the closings of over $5 Billion in sales and acquisitions, oversaw all legal issues related to property operations, and managed its 20-person legal department.

Asarch is active in numerous civic and philanthropic organizations including Colorado Concern, the Global Livingston Institute, JEWISHColorado (2007 Young Leader Award), the Colorado Jewish Community Relations Council (past-Chair, 2017 Community Leadership Award), and AIPAC (National Council, Colorado Political Chair). In 2012, he joined the University of Colorado Law School as an Adjunct Law Professor teaching Real Estate Transactions, serving as a member of the University of Colorado Law School Curriculum Advisory Board, and is teaching at the University of Denver School of Law. Chad also serves on the Federal Home Loan Bank of Topeka Affordable Housing Advisory Council.

Asarch also serves on the Board of Directors for Bye Aerospace, a leading-edge aviation company focused on high altitude solar-electric unmanned aerial vehicles and electric powered aircraft, and Staffable Uganda, a social-impact employment company operating in eastern Africa. Asarch graduated from Williams College cum laude with honors and from the University of Michigan Law School magna cum laude and Order of the Coif, having served as a contributing editor for the Michigan Law Review.


David Asarch - Chief Investment Officer and Partner

David asarch new photo

David Asarch is the Chief Investment Officer and a Partner at Monroe Group. Asarch has been instrumental in its growth, helping Steele more than double its portfolio and closing over $800 million in acquisitions, sales, financings and tax credit transactions. Asarch manages the underwriting, acquisition, development and legal teams and oversees projects from start to finish. David joined Monroe Group in 2008.

Asarch previously worked as an Associate in the Real Estate Department at Brownstein Hyatt Farber Schreck, LLP and before that as an Associate in the Real Estate Department at Loeb & Loeb LLP in Los Angeles. He was named “Best Corporate Counsel – Rising Star” by the Denver Business Journal in 2011. Asarch currently serves on the Board of Directors and the Executive Committee of Jewish Family Service of Colorado. He graduated magna cum laude from Middlebury College and received his J.D. from Stanford Law School.


Steve Cordes - Chief Operating Officer

Steve Cordes

As Chief Operating Officer for Monroe Group, Cordes works with the organization’s principals and executive team to implement and oversee the strategic growth plans and operations across all areas of the company. Steve leads the operations, construction, human resources, and marketing and communications teams, and oversees key vendor relationships.

Prior to joining the Monroe Group, Cordes was employed by Apartment Investment and Management Company (“Aimco”), a Denver-based real estate investment trust (REIT) where he served as Senior Vice President with management responsibilities for Redevelopment, Asset Management, and Finance.

Mr. Cordes joined Aimco in 2001 and served as a Senior Vice President since 2004.  During his tenure at Aimco, Mr. Cordes led the management of a 150 property, affordable housing portfolio with a total value of over $600 million and completed equity joint venture transactions totaling $1.2 billion asset value. Prior to joining Aimco, he was a manager at PwC’s Financial Advisory Services Group. Mr. Cordes has a Bachelor of Science in Civil Engineering from the University of Colorado Boulder and a Master’s Degree in Business Administration from the University of Denver.


Justin Boyd - General Counsel

Justin boyd new photo

Justin is General Counsel to Monroe Group Ltd. and its development partner Steele Properties LLC. Justin oversees all corporate legal issues related to the affordable property management and development activities of each company, providing counsel to the senior management team and the principals of the organization. Justin oversees tax and corporate governance, service contracts, property management issues, employee and tenant related matters, and all legal matters relating to the companies’ real estate transactions.

Prior to joining Monroe Group and Steele Properties, Justin worked as an Associate for Rothgerber Johnson & Lyons LLP (now named Lewis Roca ‎Rothgerber LLP) and most recently worked as Real Estate Counsel at Black Creek Group, a real estate investment company headquartered in Denver, Colorado. While at Black Creek Group, Justin managed all legal issues related to the asset management operations of a $7B portfolio across multiple platforms and negotiated approximately $250M in acquisitions, dispositions and developments. Justin received his BA from Middlebury College and his Doctorate of Law (JD) degree from the University of Oregon School of Law.


Management Team

Jill Whitmore - Director of Finance

Jill whitmore new photo

Whitmore directs and manages the Accounting Department, which monitors property level economic performance. She ensures that all deliverables and commitments are met with investors and other external partners. Jill joined Monroe Group in 2015 after working as Director of Finance – Investor Relations for Aimco. Whitmore has over fifteen years of experience in finance and operation compliance, spending nearly ten years holding leadership roles across different financial departments.  Jill earned her Bachelor of Science degree from the University of Notre Dame.


Jason VanAernam - Vice President of Construction

Jason Vanaernam

VanAernam oversees all construction activities and property rehabilitations for Monroe Group’s development partner, Steele Properties. He also oversees ongoing construction related needs for all of Monroe Group’s managed properties. Jason joined Monroe Group in 2008 with over twenty years of experience in the construction industry. Prior to joining Monroe Group, he was Vice President of Construction for Richmond American Homes. His career also includes experience with light commercial concrete and industrial steel. VanAernam is a member of the Denver Metro Homebuilders Association and the National Association of Homebuilders.


Development Directors

Jennifer Cloud - Development Director

Jennifer cloud

Jennifer Cloud specializes in new construction, acquisition and rehabilitation of existing communities. She is responsible for executing real estate developments and acquisitions from start to finish, managing development staff, and identifying development opportunities.

Jennifer began working for Steele Properties in 2010, where she has successfully executed numerous affordable multi-family real estate transactions, including low income housing tax credits, federal and state historic tax credits, project based Section 8, HOME, CDBG, AHP, project based vouchers and as well as other financing issued through state, county and local government agencies. Prior to joining Monroe Group and its development partner, Steele Properties, Jennifer worked in the tech PR industry in San Francisco and New York helping to launch startups. She received her BFA from Emerson College in Boston, MA.


Paul Moore - Development Director

Paul moore

Paul Moore oversees the closing and renovation of affordable housing projects nationwide for both fund and tax credit investment transactions, as well as manages development staff, and identifies development opportunities. Moore has over 10 years of experience working on public and private real estate transactions including retail and office private equity, GSA investment, low income housing tax credits, project based Section 8 as well as other financing issued through state, county and local government agencies.

Prior to joining Monroe Group and its partner, Steele Properties, Moore served as an investment sales broker at Colliers International where he sourced and closed over 50 retail and office investment sales transactions.  Moore holds a Master’s Degree in Real Estate & Construction Management from the University of Denver and a Bachelor of Business Administration from Villanova University.