Legacy Capital Partners and RHM Capital Group announced on Monday, Sept. 8, that they merged into Legacy RHM Capital, a real estate investment platform focused on identifying, acquiring and managing Core Plus and Value-Add multi-family housing.
The new firm covers capital raising, acquisitions, operations, construction, asset management, investment management and capital markets, leveraging its industry relationships with operators, lenders, and brokers.
“We have this machine that can find what's interesting, work it down that funnel of looking at a lot, seeing what really makes sense as a great investment opportunity, and bringing it into our institutional process of evaluation and investment,” David St. Pierre, president and chief executive officer of Legacy RHM Capital, told Crain's Cleveland Business.
Legacy Capital Partners, founded in 2004 by St. Pierre and Mitchell Schneider, has raised $394 million across seven multi-asset funds and 23 single-asset investments. It has invested in 78 assets across 19 states with a total cost basis of $2.24 billion, focusing on joint multi-family ventures with local operating partners.
St. Pierre was previously a senior vice president with KeyBank Real Estate Capital's Private Equity Group, where he originated and closed national equity and mezzanine investments. Schneider is now also one of four other managing members of Legacy RHM Capital and is the founder and executive chairman of First Interstate Properties Ltd. Previously, he practiced real estate law at the Kahn Kleinman law firm in Cleveland.
RHM Capital Group was formed in 2023 by John Joyce, Ned Huffman, Jim Doyle, Preston Hoge and Andrew Iarussi, with direct acquisitions and joint ventures totaling $36.9 million invested with a cost basis of $224.6 million.
Doyle, Huffman and Joyce are the other three managing members of Legacy RHM Capital, along with St. Pierre and Schneider.
All existing assets have been consolidated under the new firm, consisting of 18 multi-family properties for rent, comprising a total of 3,541 units and a total cost basis of $625 million.
Ohio projects include The Bend in Lancaster and Surfside Apartments in Eastlake. The new firm is supported by several other strategic relationships, including one with RHM Real Estate Group and its subsidiary, Noble General Contractors, two other Joyce outfits that will act as an in-house team to provide property management services and construction management on future projects.
The other key relationship Legacy RHM Capital will leverage is its connection to Bellwether Enterprise Real Estate Capital. That business, founded by Huffman in 2008, grew to a $55 billion servicing portfolio and $15 billion in annual originations. Doyle will still retain his position on Bellwether's Enterprise Real Estate Capital's Cleveland production team.
“Bellwether has access to every type of debt financing you need on a permanent loan basis,” Huffman said. “It's a great ongoing relationship that will continue to be an added benefit of this group getting together.”
Several former Bellwether alums will comprise Legacy RHM Capital's six-person team led by St. Pierre, including Hoge as director of investments and Brandon Kosek as vice president of investments.
The other three employees at the firm's launch are Helen Qin as vice president of investments, Barb Rauhe as chief financial and operating officer and Ross Ferguson as vice president of asset management.
“You're bringing together several successful founders of companies all under the same roof to go out there and make an impact by having a vertically integrated organization to buy real estate,” Schneider said.
While Legacy RHM Capital's first investment as a new firm is still under wraps, Legacy RHM Capital will prioritize investments in the Midwest and Southeast regions.
“It all starts with finding the right opportunities where we can deliver strong returns and create a positive impact on the communities we invest in,” St. Pierre said. “We've built a great team, and that puts us in a strong position to move quickly and make smart, informed decisions when those opportunities arise.”
Crain's Cleveland BusinessSeptember 8, 2025