RAPPAPORT BIOGRAPHY AND COMPANY HISTORY

After college at the University of Minnesota, Mr. Rappaport joined Eberhardt Co. where he earned a CCIM designation and established a successful career as a commercial investment real estate industry professional. Striking out on his own in 1980 Rappaport Companies’ early projects specialized in commercial and historic renovation projects in small communities around Minnesota. In 1985, the company merged operations with Kensington Properties, Inc. – another local development company - which focused on senior housing and assisted living projects nationally.

By the mid-1990s, Mr. Rappaport’s company had successfully developed 26 historic renovation projects in smaller cities around the country. These projects were primarily conversions of hotel and other institutional properties into senior housing with supportive services. Most of these projects were given the brand name “The Kensington,” and were highly visible successes in the communities where they were developed. Kensington projects were developed in Buffalo, Rochester, Mankato and Winona, Minnesota and in nine other states.

In 1990, Mr. Rappaport was one of seven founding members and an original executive officer of ALFA – the Assisted Living Federation of America – headquartered in Fairfax, Virginia. During his leadership years, membership in that organization grew from a handful of initial entrepreneurs to over 8,000 members as “Assisted Living” grew from its infancy into a multi-billion dollar industry in one short decade.  As the Chairman of the Public Education Committee within ALFA, Mr. Rappaport spearheaded the creation of the industry’s trade journal – Assisted Living Today - and worked very closely with policy makers within national and state Health and Human Services Agencies to define what “Assisted Living” was for purposes of Medicaid and other government or private insurance reimbursements.

Mr. Rappaport designed, developed and trademarked a new construction model of small-scale shared housing with services known as “Kensington Cottages™” - which is still considered to be a state-of-the-art housing and care program for persons with memory disorders. He was active in national and local Alzheimer’s Associations boards and was a featured speaker at national and statewide conferences that showcased new housing with services options for consumers and long term care professionals.

In 1997, Mr. Rappaport sold his company to Karrington Health, Inc. of Columbus, Ohio. Karrington Health, Inc. was subsequently acquired by the largest provider in the industry - Sunrise Assisted Living Homes- headquartered in Fairfax, Virginia. His projects are still successfully operating under the Sunrise banner.

The sale to Karrington changed the business direction of the successor company – KCR CORPORATION – from an active assisted-living developer and operating company into a more traditional real estate investment, management and finance company. After the sale, KCR CORPORATION primarily focused on managing and maintaining its new real estate and business investment portfolio. These investments included single and multi-tenant net-leased commercial properties, multi-family residential properties and professionally managed shopping centers.

In the early 2000s, the company branched out into non-traditional real estate related business investments including a Luxury Residence Travel Club and a nationally acclaimed Homeowners Association Management company headquartered in Phoenix, AZ.

In 2008 Mr. Rappaport’s son Fred joined the company as Executuve Vice President after a successful career with a boutique commercial real estate company in Chicago. Together they have embarked upon investments in a variety of small business start-ups including FJR Capital – a niche sale/leaseback finance company; Weedbusters, LLC – a lake weed removal equipment distributor and contractor; Sharehomes, LLC – a niche shared housing developer; and RED-E-BINS USA LLC - a niche waste management enterprise featering smaller bin rental services for hme clean-outs and remodeling projects.

KCR CORPORATION is currently pursuing new business and development opportunities domestically and internationally.