President & CEO
As President of Benedict Canyon Equities, Inc. (“BCE”), Ryan Somers oversees all aspects of the company. He has over 20 years of real estate acquisition experience, and has completed over $1.6 billion in multifamily transactions during his career. Since joining BCE in 2009, he has directed the acquisitions of over 100 properties consisting of over 15,000 units valued at $2.4 billion. Under his tenure, Ryan has grown the company’s portfolio to $1.3 billion. During the recent economic downturn, his investment expertise created a multitude of opportunistic ventures: buying out distressed partnerships, recapitalizing underperforming properties, and acquiring distressed assets which since have become some of BCE’s top performing properties. Ryan was integral in the genesis of BCE Opportunity Fund I and BCE Opportunity Fund II, raising $11.2MM and $26MM of equity, respectively. Both are highly successful private equity funds with 27 properties currently under management. Both funds are fully invested and current on an 8% preferred return to the investors. In addition, Fund I has distributed $11MM to its investors. Given current asset performance, the projected return to the Fund I and Fund II investors will be between 2 and 2.5 times original equity.
In March of 2015, Ryan led BCE in the launch of Multifamily Opportunity Fund III. By August 1st, 2015 the firm had raised $47 million of general partner equity to invest in Fund III assets, and the fund has acquired its first asset and has two more assets under contract.
Prior to joining BCE, he served as Vice President of multifamily sales and acquisitions at RK Properties, a private equity firm in Long Beach, CA. He facilitated the closings of over $500MM in multifamily assets in Southern California, Arizona, Nevada, Colorado, and Utah. Ryan began his career in real estate in 1994 at the San Diego office of Marcus & Millichap.
Ryan received a B.S. in Business Administration with an emphasis in Real Estate from San Diego State University