David J. Adelman

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David J. Adelman
Born (1972-03-11) March 11, 1972 (age 52)
NationalityAmerican
EducationOhio State University
Occupation(s)Businessman
Entrepreneur
Investor
Known forCEO of Campus Apartments
Co-owner of 76ers & NJ Devils

David J. Adelman (born March 11, 1972) is a billionaire American businessman and entrepreneur. He is the CEO of Campus Apartments, the co-founder and Chair of FS Investments and the founder of Darco Capital Chair. In October 2022, Adelman became a co-owner of the Philadelphia 76ers and New Jersey Devils.

Early life and education

Adelman was born to a Jewish family and is the grandchild of Sam Wasserman, a Holocaust survivor.[1] 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.[2] 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.[3] At age 17, Adelman purchased his first solely owned investment property.[4] 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.[5] Adelman was accepted into the Temple University Beasley School of Law, but instead opted to become a Property Manager at Campus Apartments.[6]

Career

In 1997, at age 25, Adelman was named the CEO of Campus Apartments after Horwitz became Chairman of Campus Apartments.[7] As CEO of Campus Apartments, Adelman created a partnership between Campus Apartments and the University of Pennsylvania where off-campus apartments would be renovated.[8] As a result, living standards improved and crime-rates dropped in University City.[9] 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.[10] Adelman's guidance has resulted in Campus Apartments acquiring more than $2 billion in assets.[11] In 2009, Adelman was named the MultiFamily Real Estate Executive of the Year.[12] 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.[13][14]

In 2007, Adelman co-founded FS Investments, a $24 Billion alternative investment firm, with headquarters in Philadelphia.[15]

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.[16] 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.[17][18] 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.[19] On February 1, 2021, Wheels Up announced SPAC-Based IPO Valued At $2.1 Billion.[20] The deal brings Wheels Up together with a SPAC that counts funds associated with luxury conglomerate LVMH and its boss, Bernard Arnault. It is expected to start trading in Q2 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.[21] Backed by John Legend, Ben Simmons, Tim Armstrong and Michael Rubin, cred.ai has been called the "Tesla of Banking".[22]

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.[23]

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.[24]

In July 2022, it was announced that Adelman would chair 76 Devcorp, a new development company responsible for developing 76 Place at Market East, the proposed new stadium for the Philadelphia 76ers located in Center City, Philadelphia.[25]

Philadelphia 76ers and New Jersey Devils ownership

On October 23, 2022, Adelman acquired the majority of Michael Rubin's 10% ownership stake of the Philadelphia 76ers and New Jersey Devils.[26][27] As part of the transaction, Adelman became a partner in Harris Blitzer Sports and Entertainment (HBSE), which also owns the NBA G League's Delaware Blue Coats, the AHL's Binghamton Devils and esports team Dignitas. HBSE also owns the rights to operate the Prudential Center in Newark, New Jersey.[28]

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,[29] Chair of the Philadelphia Holocaust Remembrance Foundation and sits on the board of the USC Shoah Foundation.[30][31]

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 agreed to visit the Horwitz-Wasserman Holocaust Memorial Plaza with Adelman.[32]

He is married to children's book author and film producer, Hallee Adelman.[33] His wife has been an executive producer on films including The Social Dilemma, The Truffle Hunters and US Kids.[34] Most recently Hallee executive produced the Oscar-nominated documentary Writing With Fire.[35]

Business Insider reported Adelman's net worth at $1.6 billion, as of September 25, 2021.[36]

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. 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. 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". https://www.inquirer.com. Retrieved October 23, 2022. {{cite web}}: External link in |website= (help)
  15. ^ "FS Investments making first acquisition in 12-year history". www.bizjournals.com. Retrieved November 9, 2020.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Wheels Up fleet: 73 Wichita-made planes, only 927 to go". Wichita Eagle. April 22, 2017.{{cite web}}: CS1 maint: url-status (link)
  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. ^ "The Sixers want to build a new $1.3 billion arena in Center City". Philadelphia Inquirer. Retrieved July 21, 2022.
  26. ^ Young, Jabari. "Campus Apartments CEO David Adelman Buys Piece Of Michael Rubin's 10% Stake In Owner Of 76ers". Forbes. Retrieved October 23, 2022.
  27. ^ 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'". https://www.inquirer.com. Retrieved October 23, 2022. {{cite web}}: External link in |website= (help)
  28. ^ "Shams Charania". The Athletic. Retrieved October 23, 2022.
  29. ^ Andy Gotlieb (June 17, 2020). "Co-Chairs to Lead Jewish Federation Board". Jewish Exponent. Retrieved November 9, 2020.
  30. ^ "The Chosen Ones: An Interview with David Adelman". Tablet. Retrieved July 10, 2020.
  31. ^ "David Adelman". USC Shoah Foundation. Retrieved July 10, 2020.
  32. ^ "Chairman of Philadelphia Holocaust Remembrance Foundation Speaks on DeSean Jackson Controversy". NBC 10. Retrieved July 10, 2020.
  33. ^ "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.
  34. ^ "2020 Sundance Docs in Focus: THE SOCIAL DILEMMA". what (not) to doc. January 16, 2020. Retrieved November 9, 2020.
  35. ^ 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.
  36. ^ Cuccinello, Hayley. "David Adelman quietly built a $1.6 billion fortune on campus housing and private equity. Now he's making aggressive VC-style bets on private jets, vodka, and more". Business Insider. Retrieved October 7, 2021.
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