Robert E. Shapiro founded Waterford Development with Richard Houlding and Peter D’Amato in 1995. Since its inception, the company has permitted, developed and sold over 800 luxury apartment units, 500,000 square feet of office space, 195 single-family homes, 500 condominium units and a 104-room Marriott Town Place Suites hotel. Current projects include a 372-condominium master planned community, and two Marriott Residence Inn hotels in Needham and Concord, MA.
Using a combination of internal and institutional equity, the company has achieved internal rates of return of over 30% for its investors. With the compression in cap rates during the real estate bubble in the 2003-2006 period, the company disposed of its apartment and office properties. These properties included Waterford Place in Manchester, NH, Waterford Commons in Manchester, CT, Waterford Green in Bedford, NH and Sepracor Corporate Center in Marlboro, MA.
Waterford has focused its development efforts in the states of New Hampshire, Massachusetts, Connecticut and Rhode Island. It chooses to develop within a three hour access point of the corporate office, since active “hands on” involvement in all projects is one of the key elements in achieving economic returns.
Mr. Shapiro is also a principal in R Thomas Ashley, an accelerated marketing firm in the US and Canada formed in 2014.
Prior to forming Waterford Development, Mr. Shapiro served as President of Eastern Operations of Larry Latham Auctioneers. The company was responsible for the disposition of over $500 million of commercial and residential real estate with major clients including the FDIC, RTC, Freddie Mac, Fannie Mae, HUD and a host of financial institutions including Bank of Boston, Shawmut Bank, and First NH Bank.
Mr. Shapiro is a graduate of Emory University. He also serves as Vice Chairman of the Board of Directors of the Greater New England Chapter of the National Multiple Sclerosis Society and on the National Budget Advisory committee for the Society. He is a licensed real estate broker in the state of New Hampshire.