Vesta Corp. Co-Founder Steve Erie Announces Retirement

Weatogue, CT – Vesta Corporation, a nationally recognized developer, owner and manager of affordable housing, announced today that Steven Erie, Managing Director, Principal and co-founder, is retiring after 35 years.  Since 1981 Steve, and his partner and co-founder Arthur Greenblatt, have worked side-by-side and built Vesta into the exemplary organization it is today.  Erie is a long-time Director of NH&RA.

Vesta will continue Steve’s legacy and remain a leader in the Affordable Housing Industry.  Arthur will continue to lead the company, and has a seasoned team of executives to ensure ongoing, successful stewardship of Vesta.  Together they will continue to lead Vesta toward its stated goal of becoming a top-30 Affordable Housing owner.

Steve and Arthur are proud of the organization’s successful delivery of over $1 billion in financings for the development of more than 20,000 apartment homes in 12 states and the District of Columbia.  They began a relationship in 1970 as neighbors and friends.  In 1981, they saw a need and an opportunity to facilitate access to funds to develop affordable housing. Together they eventually began producing and owning affordable housing communities, with the goal of creating apartment homes which provide high-quality housing where residents can strive to reach their potential.

Steve’s relentless focus on planning and financial management, coupled with Arthur’s vision and ability to develop creative financing plans, were instrumental in making Vesta a continuously profitable corporation.  Over the past five years, Steve, Arthur, and the senior executive team led Vesta through a substantial growth period, nearly doubling the number of affordable housing units under management. Together they created an infrastructure and strong team prepared for the continued growth and success of the organization.  Building upon its well-established foundation, Arthur will remain as Vesta’s President and CEO, with strong support of the senior executive team.

Arthur praised Steve’s contribution as “an outstanding partner and very strong leader, whose foresight and organizational skills helped Vesta successfully navigate several challenging times and market transitions during our 35-year history.”

Chuck Moran, Vesta’s Executive Vice President of Property Management, said, “Steve’s decision to retire will bring to a close a remarkable 35-year career of creating affordable housing that is responsive to the needs of investors, residents, and the market.  His impact on our organization and the affordable housing industry as a whole is a legacy of which he can be extremely proud.”

About Vesta Corporation

Vesta specializes in the creation and operation of well-managed and high quality affordable rental housing communities. As a developer, manager, and long-term owner of affordable housing, Vesta creates success through innovative financing, nimble decision making, and the strength of its experienced team of highly skilled and dedicated professionals. Successful completion of any transaction requires decisive action based on astute assessments, combined with timely, flexible responses to changing conditions. Vesta currently owns and/or operates 41 affordable housing communities, with over 7,100 apartment homes in Connecticut, New Jersey, Ohio, Texas, and the District of Columbia.  Vesta has more than 250 employees in its corporate office and in the field.