Sabrina Unger, Managing Director, is the Head of Research & Strategy at American Realty Advisors and is responsible for leading the firm’s research initiatives and working closely with the firm’s Investment and Portfolio Management teams in developing investment analysis in support of new acquisitions and strategy implementation. Ms. Unger is also a member of the firm’s Investment Committee. Prior to joining ARA, Ms. Unger was a member of the Global Research team at Invesco Real Estate, charged with developing global portfolio strategies as well as authoring numerous thought leadership papers and contributing to the firm’s House View. Before that, she held positions as a member of the research team at Clarion Partners and as a top strategist for a sports entertainment company’s real estate divisions. She has been published in leading industry publications, including Real Assets Adviser, and the research publications of ANREV (Asian Association for Investors in Non-Listed Real Estate Vehicles), NCREIF (National Council of Real Estate Investment Fiduciaries) and AFIRE (The Association of Foreign Investors in Real Estate). She served on the NAIOP Editorial Board for the 2016 – 2019 publication seasons, and currently serves as a member of the inaugural editorial board for Summit Journal, the official publication of AFIRE. She was also named a 2022 Woman of Influence by GlobeSt in the Investment Professional category. Ms. Unger holds a bachelor’s degree from Southern Illinois University Carbondale and a master’s degree from DePaul University and has completed certificate coursework at both New York University and the London School of Economics.

Liz Ptacek has worked in real estate market research for over 25 years, building a broad base of knowledge across markets, property types, and land uses. Liz joined StepStone Group in March 2024, as Principal, Global Real Estate Market Research and Analytics. In this role, she supports both the advisory and active investment sides of the business, producing macro, top-down research and guiding asset-level underwriting. Prior to StepStone, Ms. Ptacek was a Senior Director of Market Analytics for CoStar, covering multiple major markets in the Midwest and Northeast. Liz has spent much of her career in banking, most recently as the Senior Credit Portfolio Executive for Real Estate and Head of Research for KeyBank. Liz built Key’s first real estate market research group, developed proprietary market views for the residential and commercial markets, and produced the KeyBank Macroeconomic View. As the Senior Credit Portfolio Executive, Liz worked with her partners in credit and the line of business to manage and mitigate concentration risk in the portfolio. Before joining KeyBank, Liz spent 8 years with PNC Bank in the real estate market research group, an internal consulting group that focuses on the market risks associated with PNC’s real estate finance transactions. Ms. Ptacek began her career in real estate at Economics Research Associates, one of the premier consulting practices in the U.S. at that time. Liz received her bachelor’s degree from Dartmouth College and her master’s degree from George Washington University.

Lee Menifee is a managing director at PGIM Real Estate and head of Americas Investment Research. Based in Madison, New Jersey, Lee is responsible for leading PGIM Real Estate’s research efforts and overseeing the research teams that support PGIM Real Estate’s investment management activities in the United States and Latin America. He is a member of the U.S. and Latin America Investment Committees. Before joining PGIM Real Estate, Lee was at the real estate investment management firm American Realty Advisors, where he led the firm’s research capability, supporting portfolio, asset management, acquisitions, and marketing functions. Prior to that, Lee was managing editor of Global Real Estate Strategy for BCA Research, a leading provider of global macro research, where he was responsible for product development. Previously, Lee worked at CBRE Investors for 14 years where he held various roles within research and was most recently a senior director of Global Strategy. Lee has a bachelor’s degree in environmental studies and planning from the University of California Santa Barbara and a master’s degree in urban planning from the University of Southern California.

William Maher is Director of Strategy & Research for RCLCO Fund Advisors (RFA), a leading consultant to institutional investors. Based in Bethesda, Maryland, Bill leads all RFA research efforts and develops house views on the economy, capital markets, metro economies, and property markets. In addition to serving on the RFA Investment Committee, Bill develops real estate investment strategies for institutional clients, based on advanced risk and return metrics. He has written and presented extensively on a wide range of topics and is active in ULI, PREA, RERI, NCREIF, AIF and other industry groups. Bill has a Master’s in Urban Planning from Harvard University and a Bachelor’s in Economics from Williams College.