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David J. Adelman

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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. 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 April 2024, ranking him #1,623 on Forbes' global billionaires list.[1]

Early life and education

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Adelman was born to a Jewish family and is the grandchild of Sam Wasserman, a Holocaust survivor.[2] 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.[3] 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.[4] At age 17, Adelman purchased his first solely owned investment property.[5] 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.[6] Adelman was accepted into the Temple University Beasley School of Law, but instead opted to become a Property Manager at Campus Apartments.[7]

Career

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Campus Apartments

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In 1997, at age 25, Adelman was named the CEO of Campus Apartments after Horwitz became chairman.[8] As CEO of Campus Apartments, Adelman created a partnership between Campus Apartments and the University of Pennsylvania where off-campus apartments would be renovated.[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]

Entrepreneurial ventures

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In 2007, Adelman co-founded FS Investments, a $24 billion alternative investment firm, with headquarters in Philadelphia.[15] In February 2023, FS Investments merged with Portfolio Advisors, a private asset management firm, creating a combined company with over $73 billion in assets under management.[16]

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.[17] 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.[18][19] 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.[20] On February 1, 2021, Wheels Up announced a SPAC-based IPO valued at $2.1 billion.[21] 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. In August 2023, Wheels Up enhanced its partnership with Delta Air Lines through a strategic $400 million financing agreement, with Delta becoming the company's largest investor alongside other strategic partners.[22]

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.[23] [24]

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.[25]

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.[26] In March 2023, Beach Whiskey announced the launch of its new Beach Whiskey Canned Cocktails.[27]

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.[28]

76 Place and Harris Blitzer Sports & Entertainment

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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.[29] 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.[30] On December 19, 2024, Philadelphia City Council approved Adelman's plans for the $1.3 billion 76 Place arena project in a 12-5 vote. The 18,500-seat arena, set to be built next to Chinatown, is scheduled to begin construction in 2028 with completion targeted for the 2031-32 NBA season. As part of the development, Adelman committed to a $60 million community benefits agreement supporting the city, school district, Chinatown, and minority-owned businesses.[31]

Personal life

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Adelman is 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.[32][33][34] He is also an active member of Har Zion Temple in Penn Valley.[35] In January 2024, Adelman offered a $25,000 reward through the Philadelphia Crime Commission tip line to identify a vandal who spray-painted a swastika at the Horwitz-Wasserman Holocaust Memorial Plaza, which honors his grandfather Sam Wasserman's survival story.[36]

He is married to children's book author and film producer Hallee Adelman.[37] In May 2023, Forbes cited Adelman's net worth at over $2 billion.[38]

References

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  1. ^ "David Adelman". Forbes. Retrieved December 23, 2024.
  2. ^ "As solemn memorial to Holocaust opens on Parkway, a family and business bond is cemented". The Philadelphia Inquirer. Retrieved July 10, 2020.
  3. ^ "David Adelman Bumps University Housing Up a Grade". Buildings.com. Retrieved July 10, 2020.
  4. ^ "The Bar Mitzvah Investment". The New York Times. September 11, 2010. Retrieved July 10, 2020.
  5. ^ "Real Estate Mahoffs: A Developing Story". The Jewish Exponent. Retrieved July 10, 2020.
  6. ^ "David J Adelman: Chairman Franklin Square Capital Partners". Bloomberg News. Retrieved July 10, 2020.
  7. ^ "Business: Big Man at Campus". Philadelphia Magazine. April 22, 2008. Retrieved July 10, 2020.
  8. ^ Adam Stone (August 25, 2008). "He steered Campus Apartments with a bold strategy". Philadelphia Business Journal. Retrieved July 10, 2020.
  9. ^ "Vacancies on campus? What happens when the last of the Millennials graduate". The Philadelphia Inquirer. 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. ^ DiStefano, Joseph N. (February 2, 2023). "Philly's FS Investments builds up in Connecticut private-equity deal to launch $73 billion global business". https://www.inquirer.com. Retrieved December 23, 2024. {{cite web}}: External link in |website= (help)
  17. ^ "Wheels Up fleet: 73 Wichita-made planes, only 927 to go". Wichita Eagle. April 22, 2017.
  18. ^ 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.
  19. ^ 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.
  20. ^ Gollan, Doug. "Wheels Up Continues Acquisition Spree Buying Mountain Aviation". Forbes. Retrieved January 7, 2021.
  21. ^ Gollan, Doug. "Wheels Up Announces SPAC-Based IPO Valued At $2.1 Billion". Forbes. Retrieved June 11, 2021.
  22. ^ Hemmerdinger2023-08-15T18:44:00+01:00, Jon. "Delta and investment partners to acquire 95% of Wheels Up with $400m in funding". Flight Global. Retrieved December 23, 2024.{{cite web}}: CS1 maint: numeric names: authors list (link)
  23. ^ Wilson, Mark (August 6, 2020). "This John Legend-backed startup uses AI to improve your credit—for free". Fast Company. Retrieved January 7, 2021.
  24. ^ Moscufo, Michela. "The 'Tesla Of Banking' Startup Cred.ai Unveils Its AI-Powered Credit Card". Forbes. Retrieved January 7, 2021.
  25. ^ Dara, Jillian. "Olivia Culpo Enters Ready-To-Drink Cocktail Space With VIDE Beverages". Forbes. Retrieved January 7, 2021.
  26. ^ "Darco Capital buys Beach Whiskey". Retrieved June 11, 2021.
  27. ^ "Beach Whiskey Cocktails". Beverage Industry. Retrieved August 21, 2023.
  28. ^ 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.
  29. ^ "The Sixers want to build a new $1.3 billion arena in Center City". Philadelphia Inquirer. Retrieved July 21, 2022.
  30. ^ 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.
  31. ^ "Philadelphia City Council Says Yes to New 76ers Arena Next to Chinatown". December 19, 2024. Archived from the original on December 20, 2024. Retrieved December 23, 2024.
  32. ^ "The Chosen Ones: An Interview with David Adelman". Tablet. Retrieved July 10, 2020.
  33. ^ "David Adelman". USC Shoah Foundation. Retrieved July 10, 2020.
  34. ^ Andy Gotlieb (June 17, 2020). "Co-Chairs to Lead Jewish Federation Board". The Jewish Exponent. Retrieved November 9, 2020.
  35. ^ "David Adelman Leads Both Jewish, Philadelphia Communities". The Jewish Exponent. Retrieved March 9, 2023.
  36. ^ "$25,000 reward offered to find vandal who targeted Holocaust memorial in Philadelphia". 6abc Philadelphia. June 2, 2024. Retrieved December 23, 2024.
  37. ^ "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.
  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.
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