MedveSTORY
The history of The Medve Group cannot be told without providing a history of its founder, Jake Medve. The culture and direction he provides is woven into the fabric of the organization and allows for its continued success.
Jake's family emigrated from Hungary to Israel when he was four years old. At age 22, Jake came to the United States and settled in St. Louis, Missouri. In spite of knowing very little English and limited resources, he put himself through college at the internationally renowned Washington University in St. Louis while working just about every job you can imagine, including landscape laborer, airport taxicab driver, and working the line in a Hydrox cookie factory. He received a Bachelor of Science degree in Business Administration with a concentration in accounting and investment.
Following graduation, Jake joined the May Company Department Stores as a buyer in their furniture department. This experience gave Jake direct exposure to the supply and demand dynamics underlying a retail environment, including pricing, forecasting, marketing, and inventory management. While Jake was successful and recognized as a top buyer at that time, his passion laid elsewhere. Jake entered the real estate field on a part-time basis after assembling an investment group and acquiring more than 200 apartment units between 1975 and 1979. Jake left the May Company in 1979 to pursue real estate on a full-time basis and founded J. Medve Investment and Management, Inc.
In the late 70’s, Jake foresaw the economic downturn and converted his assets to cash in order to be poised for distressed opportunities. He began acquiring larger multi-family properties that others considered seriously distressed. His determination that these properties just required targeted renovation, stronger management, and a steady hand to carry them through the downturn proved prescient. These legacy investments provided for exponential growth in value and formed the backbone of the company. He continued this strategy, often going against market trends, building a diverse portfolio with properties ranging from stable “C” properties to luxurious “A+” properties. Jake epitomizes the concept of hard work, perseverance & creativity.
In early 2005, Jake made the decision to relocate to Dallas, TX. This placed him, and the company, in the core area of the company’s operations and allowed easy access to other markets for growth.