DOUGLAS CATON
Founder, Chairman of the Board and CEO of Management Services Corporation MSC
Assessed Value: $98 million
Acres: 437
Notable holdings: Northwoods at Four Seasons Apartments (310 units), Cambridge Square Apartments (92 units), Rugby McIntyre Apartments (76 units).
A UVA law school graduate, Doug Caton fell into property ownership by accident. “I came back here for law school after I served in Vietnam, and I grew up in Northern Virginia, and I’d seen the development around here was just like seeing a movie,” he says. “I actually built my first apartment building my second year of law school and things just unfolded from there. I actually started with one duplex here in town in 1970.”
In 1972, MSC began managing student housing around the University. One of the core values of the company is providing housing to those in need.
“Management Services provides not just a home for folks, but we also have quite a portfolio of affordable housing,” says Dean Wenger, president and COO of Management Services Corporation.
Lesson to those interested in entering the market: “Never pay too much. You make your money when you buy your property, not when you are trying to rent it, sell it or develop it. If you pay too much, you will never make a profit.”
Philosophy: “The jewel of my portfolio is always my next deal, it’s always the one I am most excited about.”
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