David J. Adelman

In today's article, we will delve into the fascinating world of David J. Adelman. From its origins to its relevance today, we will explore every aspect of this topic with the goal of providing a complete and exhaustive analysis. We will discover its multiple facets, its implications in different areas and its possible future projections. Through a holistic vision, we will approach David J. Adelman from various perspectives in order to provide the reader with a deeper and richer understanding. It doesn't matter if you are an expert in the subject or just have a casual interest; In this article you will find valuable information that will invite you to reflect and delve deeper into the exciting world of David J. Adelman.

David J. Adelman
Adelman in 2022
Born (1972-03-11) March 11, 1972 (age 52)
NationalityAmerican
EducationOhio State University
Occupations
  • Businessman
  • entrepreneur
  • investor
Title

David J. Adelman (born March 11, 1972) is an American businessman and entrepreneur. He is the CEO of Campus Apartments, the Co-Founder and Vice Chairman of FS Investments, and the Founder of Darco Capital Chair. Adelman is also a limited partner of Harris Blitzer Sports & Entertainment, which owns and operates the Philadelphia 76ers and New Jersey Devils. His net worth was estimated by Forbes to be $2 billion in May 2023.

Early life and education

Adelman was born to a Jewish family and is the grandchild of Sam Wasserman, a Holocaust survivor. He was raised in Penn Valley, Pennsylvania. Starting at the age of 11, the founder of Campus Apartments, Alan Horwitz served as a mentor to Adelman. At age 13, Adelman invested $2,000 of his Bar Mitzvah money with Horwitz and Campus Apartments. Horwitz invested those $2,000 in off-campus student housing near the University of Pennsylvania. At age 17, Adelman purchased his first solely owned investment property. Adelman attended Ohio State University and graduated with a degree in Political Science in 1994. While in college, Adelman worked in the accounting office and as a leasing agent for Campus Apartments. Adelman was accepted into the Temple University Beasley School of Law, but instead opted to become a Property Manager at Campus Apartments.

Career

Campus Apartments

In 1997, at age 25, Adelman was named the CEO of Campus Apartments after Horwitz became chairman. As CEO of Campus Apartments, Adelman created a partnership between Campus Apartments and the University of Pennsylvania where off-campus apartments would be renovated. As a result, living standards improved and crime-rates dropped in University City. Adelman has worked to expand Campus Apartments outside of the realm of student housing at the University of Pennsylvania. Under his watch, Campus Apartments has built an extended-stay hotel and faculty condos on the University of Pennsylvania's campus and has built apartments at Franklin & Marshall College and Emory University. Adelman's guidance has resulted in Campus Apartments acquiring more than $2 billion in assets. In 2009, Adelman was named the MultiFamily Real Estate Executive of the Year. In October 2022, it was announced that Campus Apartments plans to construct a new 162,000 square foot headquarters on 41st and Walnut streets by 2026 featuring 136 new residential units and office space.

Entrepreneurial ventures

In 2007, Adelman co-founded FS Investments, a $24 billion alternative investment firm, with headquarters in Philadelphia.

In 2013, Adelman, with group of Philadelphia-based investors, led a $30 million investment into private aviation company Wheels Up, founded by serial entrepreneur Kenny Dichter. Adelman serves as the Lead Director. On December 19, 2019, Delta Air Lines announced it took a stake in Wheels Up to become its largest investor and merged it with its Delta Private Jets subsidiary. On January 5, 2021, Wheels Up announced its acquisition of Mountain Aviation, the 10th largest private jet charter operator in the U.S., bringing its total fleet to 350 aircraft. On February 1, 2021, Wheels Up announced a SPAC-based IPO valued at $2.1 billion. The deal brings Wheels Up together with SPAC Aspirational Consumer Lifestyle Corp. that counts funds associated with luxury conglomerate LVMH and its boss, Bernard Arnault. It began trading in July 2021.

Adelman is also a co-founder of cred.ai, a FinTech company launched in August 2020, that uses AI to establish and improve consumers' credit. Backed by John Legend, Ben Simmons, Tim Armstrong and Michael Rubin, cred.ai has been called the "Tesla of Banking".

In October 2020 Adelman co-led an investment into VIDE Beverages, a ready-to-drink vodka soda brand, with model, actress and entrepreneur Olivia Culpo.

On February 18, 2021, Adelman acquired a full ownership stake in American Harvest Vodka and Beach Whiskey as part of a newly formed Darco Spirits Company, under his Darco Capital umbrella. In March 2023, Beach Whiskey announced the launch of its new Beach Whiskey Canned Cocktails.

A June 2023 article in The Philadelphia Inquirer revealed that Adelman invested $3 million and sat on the board of Ownable, a startup that provided technology devices to subprime customers. However, according to a Securities and Exchange Commission indictment, Ownable was a ponzi scheme, which Adelman was duped in.

76Place and Harris Blitzer Sports & Entertainment

In July 2022, it was announced that Adelman would chair 76 Devcorp, a project managing company responsible for developing 76 Place at Market East, a proposed new stadium for the NBA's Philadelphia 76ers located in Center City, Philadelphia. In October 2022, Adelman bought a 10% ownership stake in Harris Blitzer Sports & Entertainment from Michael G. Rubin, which owns and operates the 76ers, the NHL's New Jersey Devils, and the Prudential Center.

Personal life

Adelman is an active member of the Jewish community. He is the Co-Founder of Jewish Federation Real Estate, Co-chair of Jewish Federation of Greater Philadelphia, Chair of the Philadelphia Holocaust Remembrance Foundation and sits on the board of the USC Shoah Foundation. He is also an active member of Har Zion Temple in Penn Valley.

Adelman spoke with Eagles wide receiver, DeSean Jackson after Jackson posted an anti-Semitic quote on Instagram that was falsely attributed to Adolf Hitler. Jackson visited the Horwitz-Wasserman Holocaust Memorial Plaza with Adelman.

He is married to children's book author and film producer, Hallee Adelman. His wife has been an executive producer on films including The Social Dilemma, The Truffle Hunters and US Kids. Most recently Hallee executive produced the Oscar-nominated documentary Writing With Fire. Adelman is an avid collector of wine and tequila. In May 2023, Forbes cites Adelman's net worth at over $2 billion.

References

  1. ^ "As solemn memorial to Holocaust opens on Parkway, a family and business bond is cemented". The Philadelphia Inquirer. Retrieved July 10, 2020.
  2. ^ "David Adelman Bumps University Housing Up a Grade". Buildings.com. Retrieved July 10, 2020.
  3. ^ "The Bar Mitzvah Investment". The New York Times. September 11, 2010. Retrieved July 10, 2020.
  4. ^ "Real Estate Mahoffs: A Developing Story". The Jewish Exponent. Retrieved July 10, 2020.
  5. ^ "David J Adelman: Chairman Franklin Square Capital Partners". Bloomberg News. Retrieved July 10, 2020.
  6. ^ "Business: Big Man at Campus". Philadelphia Magazine. April 22, 2008. Retrieved July 10, 2020.
  7. ^ Adam Stone (August 25, 2008). "He steered Campus Apartments with a bold strategy". Philadelphia Business Journal. Retrieved July 10, 2020.
  8. ^ "Vacancies on campus? What happens when the last of the Millennials graduate". The Philadelphia Inquirer. Retrieved July 10, 2020.
  9. ^ "Who owns what: a guide to the landlords around Penn's campus". The Daily Pennsylvanian. Retrieved July 10, 2020.
  10. ^ "MFE Executive of the Year David Adelman Takes Student Housing to New Heights". Multifamily Executive. Retrieved July 10, 2020.
  11. ^ "David Adelman on the new world of college dorms". The Philadelphia Inquirer. Retrieved July 10, 2020.
  12. ^ "MFE Executive of the Year David Adelman Takes Student Housing to New Heights". www.multifamilyexecutive.com. Retrieved January 7, 2021.
  13. ^ Steinberg, Gabriel. "Campus Apartments plans to construct new headquarters on 41st and Walnut streets by 2026". www.thedp.com. Retrieved October 23, 2022.
  14. ^ Blumgart, Jake. "A developer in the new Sixers arena is building 136 apartments and new office space in West Philly". www.inquirer.com. Retrieved October 23, 2022.
  15. ^ "FS Investments making first acquisition in 12-year history". www.bizjournals.com. Retrieved November 9, 2020.
  16. ^ "Wheels Up fleet: 73 Wichita-made planes, only 927 to go". Wichita Eagle. April 22, 2017.
  17. ^ Bursztynsky, Jessica (December 12, 2019). "Delta partners with Wheels Up, creating one of the world's largest fleets of private aircraft". CNBC. Retrieved November 10, 2020.
  18. ^ Cameron, Doug (December 12, 2019). "Delta Air Lines Takes Minority Stake in Private-Jet Operator Wheels Up". Wall Street Journal. ISSN 0099-9660. Retrieved November 10, 2020.
  19. ^ Gollan, Doug. "Wheels Up Continues Acquisition Spree Buying Mountain Aviation". Forbes. Retrieved January 7, 2021.
  20. ^ Gollan, Doug. "Wheels Up Announces SPAC-Based IPO Valued At $2.1 Billion". Forbes. Retrieved June 11, 2021.
  21. ^ Wilson, Mark (August 6, 2020). "This John Legend-backed startup uses AI to improve your credit—for free". Fast Company. Retrieved January 7, 2021.
  22. ^ Moscufo, Michela. "The 'Tesla Of Banking' Startup Cred.ai Unveils Its AI-Powered Credit Card". Forbes. Retrieved January 7, 2021.
  23. ^ Dara, Jillian. "Olivia Culpo Enters Ready-To-Drink Cocktail Space With VIDE Beverages". Forbes. Retrieved January 7, 2021.
  24. ^ "Darco Capital buys Beach Whiskey". Retrieved June 11, 2021.
  25. ^ "Beach Whiskey Cocktails". Beverage Industry. Retrieved August 21, 2023.
  26. ^ DiStefano, Joseph (June 26, 2023). "Some of the city's richest business owners admit being hoodwinked by a Gladwyne furniture heir". The Philadelphia Inquirer. Retrieved June 26, 2023.
  27. ^ "The Sixers want to build a new $1.3 billion arena in Center City". Philadelphia Inquirer. Retrieved July 21, 2022.
  28. ^ Pompey, Keith. "David Adelman purchases share of Michael Rubin's HBSE stake to become Sixers limited partner: 'I'm excited to be involved in a small way'". www.inquirer.com. Retrieved October 23, 2022.
  29. ^ "The Chosen Ones: An Interview with David Adelman". Tablet. Retrieved July 10, 2020.
  30. ^ "David Adelman". USC Shoah Foundation. Retrieved July 10, 2020.
  31. ^ Andy Gotlieb (June 17, 2020). "Co-Chairs to Lead Jewish Federation Board". The Jewish Exponent. Retrieved November 9, 2020.
  32. ^ "David Adelman Leads Both Jewish, Philadelphia Communities". The Jewish Exponent. Retrieved March 9, 2023.
  33. ^ "Chairman of Philadelphia Holocaust Remembrance Foundation Speaks on DeSean Jackson Controversy". NBC 10. Retrieved July 10, 2020.
  34. ^ "Hallee Adelman's adorable new children's book is a reminder that it's okay to get mad". The Philadelphia Citizen. February 28, 2020. Retrieved November 9, 2020.
  35. ^ "2020 Sundance Docs in Focus: THE SOCIAL DILEMMA". what (not) to doc. January 16, 2020. Retrieved November 9, 2020.
  36. ^ Carey, Matthew (March 21, 2022). "'Writing With Fire' Writes Oscar Ticket With Story Of Courageous Indian Women Journalists: "You're Now A Part Of History"". Deadline. Retrieved October 23, 2022.
  37. ^ "Sure, You've Got a Wine Cellar. What About a Whiskey Lounge, or a Tequila-Tasting Room". The Wall Street Journal. Retrieved March 9, 2023.
  38. ^ Young, Jabari. "Billionaire's Deal Of A Lifetime: Can David Adelman Build An NBA Arena In Center City Philadelphia?". Forbes. Retrieved May 17, 2023.

External links

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