Sherman Associates Names Kyle Burkett COO, Moves Richard Kiemen to Chief Development Officer

MINNEAPOLIS — Sherman Associates has appointed Kyle Burkett as Chief Operating Officer and announced the transition of Richard Kiemen to Chief Development Officer, the firm said Oct. 12. The company said the changes are intended to strengthen its leadership team to support its next phase of growth and long-term success.

Kyle Burkett Takes Operations Role at Sherman Associates

As Chief Operating Officer, Burkett will provide executive leadership for Sherman's multifamily, hospitality, retail and commercial operations, as well as the company's accounting, asset management and marketing departments. He will work with the executive leadership team to advance operational excellence, organizational performance and strategic growth, the firm said.

Burkett brings more than 20 years of experience leading operations, asset management and portfolio performance across multiple real estate asset classes. Before joining Sherman, he served as Chief Operating Officer and Executive Vice President of Asset Management and Operations for Nicol Investment Company.

Richard Kiemen Transitions to Chief Development Officer

In his new role, Kiemen will lead Sherman's development, construction and business development functions, with a continued focus on advancing the company's development pipeline and future growth opportunities. The firm said his leadership will help guide a pipeline of projects currently under construction and in development across its portfolio.

Kiemen has spent more than 20 years with Sherman Associates. The company said he has played an instrumental role in its growth, leading development projects, market expansion efforts and portfolio reinvestment initiatives.

Development Pipeline Includes Rochester Project

Sherman recently closed financing for a $136.5 million mixed-income project at 217 East Center Street in downtown Rochester, Minn., its first development in that market. The project includes 349 homes: a 273-unit market-rate tower and a 76-unit affordable senior-housing building, along with a shared 350-stall parking structure. Construction is underway, with completion targeted for spring 2028.

The development is a public-private partnership among Sherman, the city of Rochester and Destination Medical Center, and is being built near the Mayo Clinic campus. The capital structure combines market-rate housing, affordable senior housing and public-sector participation.

Sherman broke ground on approximately 1.2 million square feet of development in the Twin Cities from 2023 through 2025, spanning residential, mixed-use and experiential projects. Other Twin Cities initiatives associated with the company include a planned conversion of the historic Grain Exchange into 232 apartments, a roughly $130 million project in St. Louis Park, the Beltline Station developments, Mill District event spaces, Landmark Tower and Groove Lofts at Northstar Center.

Operating Portfolio Spans Multiple Asset Classes

Sherman said it has developed more than 13,000 multifamily units and currently owns and manages more than 7,400 rental units, including affordable and market-rate housing. Its commercial holdings include more than 1 million square feet of space, five hotels, four Starbucks stores, three restaurants and two solar gardens.

The multifamily portfolio includes approximately 5,300 units in the Twin Cities, and about 950 units were in lease-up across the Twin Cities and Des Moines. The company's portfolio spans the Midwest, Colorado and Florida.

The mix of asset types exposes the company to multiple market dynamics, including multifamily leasing and operating expenses, hotel demand, retail and restaurant sales, commercial occupancy and affordable-housing financing structures.

Structure Separates Operations and Development

The appointments formalize a division between operations and development leadership. Burkett's remit covers the existing owned-and-managed platform, while Kiemen's covers bringing new projects through development, construction and delivery.

Sherman, which describes itself as a leader in sustainable commercial real estate development and operations, collaborates with cities through public, private and nonprofit partnerships. The company has been recognized as a Top Workplace by USA Today, the Minnesota Star Tribune and the Des Moines Register.