A new direction in real estate development

Management

Richard W. Naing

Mr. Naing currently serves as President and CEO of RWN Development Group, LLC, (1986) as well as NIE., Ltd (1979).

Education:

Mr. Naing attended Carnegie Mellon University and graduated in 1972 with a degree in Electrical Engineering and Computer Science (BSEE). In 1973, while attending Law School, he started a Real Estate Brokerage firm, Naing International Enterprises (NIE).

NIE, Ltd:

During the mid-1970's Mr. Naing specialized in Condominium Conversion Projects, primarily in the District of Columbia; Mr. Naing purchased and converted the McIntyre portfolio of residential properties, most notably The Rockledge and Belmont Park (Kalorama), Louie (Chevy Chase, DC), and Capitol Court (Capitol Hill).

Wynmark Development Corporation:

In 1983 Mr. Naing started Wynmark Development Corporation, which specialized in the restoration of historic properties. Notable among the many projects that he developed during the next ten years was The Parkmont School (Georgetown), The Gaslight Club (CBD), The Teddy Roosevelt Mansion (CBD), The Anchorage and Moorings Office Buildings (Dupont Circle), The Lincoln Building (East End), and The Arcade (Chevy Chase).

WDC Hotel Development Corporation:

Mr. Naing also acquired and renovated hotel properties, including The Days Inn Downtown (12 & K), the Holliday Inn (1900 Connecticut Avenue), and built the Days Inn Potomac Mills (Dale City, VA) and The Days Inn Hilton Head (SC), both of which were new construction projects. During the hotel development phase of Mr. Naing's career, when he formed a subsidiary company to manage the six hotels owned by him, he earned a CHA (Certified Hospitality Administrator) designation.

Adams National Bank:

In 1985 Mr. Naing, together with a group of investors (Mr. Naing was one of two majority owners) acquired The Women's National Bank in the District of Columbia. One of the first actions by Mr. Naing, who served as both Chairman of the Executive Committee (1990-1994) and Chairman of the Audit Committee (1985-1989), as well as a Director of both the Bank and the Holding Company, was to change the name of the Bank to The Adams National Bank, and the name of the Holding Company to The Abigail Adams National Bancorp. During Mr. Naing tenure at the Bank for a period of ten years, the bank grew in size from $20,000,000 to over $100,000,000. In deposits.

RWN Development Group, LLC:

Mr. Naing formed RWN Development Group in 1986; one of his first projects was the acquisition of the site (24th. & L), rezoning (PUD), and development of a new mixed-used office, retail and luxury residential project known as 2401 Pennsylvania Avenue, NW. This was one of the first truly high-end, luxury projects to be developed in Washington DC strictly as a rental project (not condominium). The rents achieved for the residential units set new records in the City, and even currently, the residential rents in this project are among the highest in the City. The residential units boast Sub-Zero refrigerators, Jenn-Air Stoves, and 10-foot ceilings. The average unit size at this project was approximately 1400 square feet, substantially larger than most of the projects built in the 1980's. 2401 Pennsylvania Avenue, which was designed by KCF (Phil Esocoff), won the 1992 Architectural Award (AIA) for 1992 as the finest building in the United States; later that year it was featured as the cover of the AIA magazine (a copy of the article is enclosed).

CB Richard Ellis:

In 1999 Mr. Naing agreed to serve for a 5 year period as Senior Vice President of CB Richard Ellis/Private Client Group in the Washington, DC. and at the same time he continued his development activities with RWN Development Group (notably the construction of The Kalorama Lofts in Adams Morgan, DC). As Senior Vice President and Team Leader of the Private Client Group (Investment Properties Group), he specialized in private market real estate sales and finance transactions, primarily in the Mid-Atlantic States. In 2005 after he resigned from CB Richard Ellis/The Private Client Group Mr. Naing resumed his full time development activities with RWN Development Group.

SMR Investments LLC:

Mr. Naing formed SMR in 1983, as a family investment company. SMR is managed by Mr. Naing, and acts as an investor in many of Mr. Naing's development projects, such as 3301 M Street, NW (a Condominium Project in Georgetown), 1915 Eye Street, NW (an Office Building in CBD), The District Court House (Cambridge, MD), The Shadow Mountain Ranch (1100 acre residential land development in Granby, CO).

1700 Kalorama Lofts:

In 2002, Mr. Naing and SMR purchased a two-story warehouse building and parking garage in trendy Adams Morgan for conversion into luxury residential condominiums with first floor commercial space. The adaptive re-use project required construction of three additional floors to the warehouse building and an entirely new copper façade. The project, known as 1700 Kalorama Lofts, was successfully sold-out by 2005, with the commercial level becoming the new home of the Sitar School (a community arts and crafts school). Like 2401 Pennsylvania Avenue (developed by Mr. Naing and designed by Phil Esocoff, AIA), prominent features included high ceilings, quality finishes, excellent corner location and ample, secure parking.

Licenses:

Mr. Naing is licensed as a Real Estate Broker and (previously has been licensed as a Certified General Appraiser) in Washington DC, Maryland, Virginia and Colorado. Mr. Naing has over 30 years experience in the real estate industry.

Achievements/Designations:

  • Leadership Class of Washington, 1988
  • CCIM Designation, 1996
  • Masonry Institute Award, 1992
  • AIA Award, 1992
  • CHA (Certified Hotel Administrator), 1990

View Richard W. Naing's Resume (PDF)