Murphy Real Estate Services Names David Ariola President, Elevating Firm’s Capital Formation Strategy Across Its Multifamily Platform
June 10, 2026
Murphy Real Estate Services (MRES), a Chicago-based, vertically integrated real estate development, asset management, and capital management firm, today announced the promotion of David Ariola to President. In his expanded role, Ariola will serve as the firm’s primary outward-facing representative for capital formation, leading efforts to build and deepen MRES’s capital partner relationships across its multifamily platform—spanning both value-add acquisitions and ground-up development.
““Dave’s dedication, expertise, and contributions have been instrumental to our success, and this promotion is a well-deserved recognition of his exceptional work and leadership.
As President, Dave will lead this effort as our firm’s primary outward-facing representative for capital formation. We are confident that his vision, relationships, and track record will drive our platform to the next level.” ”
A Strategic Appointment for a Critical Growth Phase
In his new role as President, Ariola assumes responsibility for capital partner strategy at a pivotal moment for the firm. MRES is actively advancing a pipeline of multifamily projects across its value-add acquisitions and ground-up development platforms—two verticals where institutional relationships and trust are paramount.
Ariola brings more than 30 years of executive-level real estate experience to the role, having personally overseen more than $2 billion in complex, large-scale development projects across virtually every product type—including high-rise multifamily, hospitality, office, industrial, and historic rehabilitation. His appointment as President reflects both the breadth of his expertise and the depth of his relationships within the capital markets community.
““I’m honored to take on this role at such an exciting moment for Murphy Real Estate Services. Our multifamily platform—both the value-add acquisition strategy and ground-up development—represents a compelling opportunity for capital partners, and I look forward to telling that story at the highest levels.
John Murphy has built something genuinely differentiated here—a vertically integrated firm with the track record, the team, and the discipline to deliver. My focus as President will be on connecting that story to the right partners who can grow with us.””
About David Ariola
David Ariola is a senior real estate executive with more than three decades of experience leading ground-up development and complex urban projects across the multifamily, hospitality, office, and industrial sectors. He holds a Master of Business Administration from Northwestern University’s Kellogg School of Management, a Bachelor of Science in Civil Engineering from the University of Illinois at Urbana-Champaign, and a certificate from the Advanced Management Development Program in Real Estate at the Harvard Graduate School of Design.
Prior to his expanded role as President, Ariola served as Managing Director at MRES, where he oversaw the execution of several signature projects, including Highpoint at 8000 N Lincoln—a Class A luxury apartment community developed in public-private partnership with the Village of Skokie—The Paragon, a 500-unit multifamily high-rise in Chicago, 318 N Carpenter, a 110,000-square-foot office building in Chicago’s Fulton Market district, and the Cambria Hotel in Milwaukee.
Ariola’s expertise encompasses complex financing structures including TIF, tax credits, and other governmental incentives. He served as a Commissioner and eventually Secretary of the City of Chicago’s Community Development Commission from 2000 to 2009, reviewing all city-subsidized developments and TIF transactions. He is a licensed Illinois Real Estate Managing Broker and holds the prestigious SIOR designation.