Stuart Heller - Founder & Principal

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Stuart Heller is a Principal at Steele Properties. In partnership with Chad Asarch and Hud Karshmer, Heller established Steele Properties in 2006. He is certified by the Colorado Housing and Finance Authority in Low Income Housing Tax Credit compliance, is a member of the Rocky Affordable Housing Management Association, and is a certified specialist in housing credit management by the National Affordable Housing Management Association. The National Assisted Housing Management Association has certified Heller as an NAHP Executive. Stuart is also a member of the National Association of Housing and Redevelopment Officials. Heller, a lifelong Denver resident, has been a licensed real estate broker in the state of Colorado since 1965. He has been active in developing, owning and managing affordable housing projects since 1978. Heller holds a Bachelor of Science in Business Administration from the University of Denver.

Chad Asarch - Principal

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Chad Asarch founded Steele Properties with Hud Karshmer and Stuart Heller in 2006. Prior to joining Steele Properties, Asarch served as Senior Vice President and Associate General Counsel at Apartment Investment and Management Company (AIMCO, NYSE–AIV). While at Aimco, Asarch served as secretary of its investment committee, negotiated the closings of over $5 Billion in sales and acquisitions, oversaw all legal issues related to property operations, and managed its 20-person legal department.

Asarch is active in numerous civic and philanthropic organizations including JEWISHColorado (2007 Young Leader Award), the Colorado Jewish Community Relations Council (past-Chair, 2017 Community Leadership Award), and AIPAC (National Council, Colorado Political Chair).  In 2012, he joined the University of Colorado Law School as an Adjunct Law Professor teaching Real Estate Transactions, serving as a member of the University of Colorado Law School Curriculum Advisory Board, and is teaching at the University of Denver School of Law.  Chad also serves on the Federal Home Loan Bank of Topeka Affordable Housing Advisory Council.

Asarch also serves as a strategic advisor for Bye Aerospace, a leading-edge aviation company focused on high altitude solar-electric unmanned aerial vehicles and electric powered aircraft, and Staffable Uganda, a social-impact employment company operating in eastern Africa.  Asarch graduated from Williams College cum laude with honors and from the University of Michigan Law School magna cum laude and Order of the Coif, having served as a contributing editor for the Michigan Law Review.

Hud Karshmer - Principal

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Hud Karshmer is a Principal at Steele Properties. He formed a partnership with Chad Asarch and Stuart Heller to establish Steele Properties in 2006. Karshmer’s previous experience includes various director-level positions with Qwest Communications where his primary focus was new products and features development. Prior to joining Qwest, Karshmer was Vice President of Business Development for a high-end technology product firm, whose customers included IBM and Microsoft.

Karshmer holds an MBA from Arizona State University and a BA from the University of California at Berkeley. Karshmer served on the board of Housing Justice, a non-profit whose mission is to educate diverse faith communities on the need to provide decent affordable housing for all. He also served on the board of Community Housing Concepts, Inc., a non-profit dedicated to preserving affordable housing.

David Asarch - Principal

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David Asarch joined Steele Properties and Steele’s sister company, Monroe Group, in 2008 as General Counsel and became Partner in 2016. Asarch has been instrumental in the company’s growth, helping Steele more than double its portfolio and closing over $1 billion in acquisitions, sales, financings, and tax credit transactions. He was named “Best Corporate Counsel – Rising Star” by the Denver Business Journal in 2011.  Prior to joining Steele, Asarch worked as an attorney in large law firms in Los Angeles and Denver.


Asarch currently serves on the Board of Directors of the Children’s Diabetes Foundation, which supports the Barbara Davis Center for Diabetes at the University of Colorado School of Medicine, the Board of Visitors of Stanford Law School and the Rose Community Foundation Jewish Life Committee. He served for ten years on the Board of Directors of Jewish Family Service of Colorado, where he also served on the Executive Committee and as Treasurer. Asarch graduated magna cum laude from Middlebury College and received his Juris Doctor (JD) from Stanford Law School.

Justin Boyd - President

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Justin Boyd is President of Monroe Group Ltd. and its development partner Steele Properties LLC effective as of March 2021, after serving as General Counsel for the companies since 2016. Under his leadership of the legal department, Boyd has supported the acquisition team in completing over 40 capital transactions totaling over $680 million in transaction costs, strengthened relationships with our lenders, investors and other partners, led our risk management and insurance function, handled all company litigation, implemented a standardized system for property leasing and contracts, and assisted all departments in finding solutions to whatever challenges each faced. As President, Boyd will lead all Monroe Group and Steele Properties efforts moving forward.

Prior to joining Monroe Group and Steele Properties, Boyd worked as an attorney for Rothgerber Johnson & Lyons LLP (now named Lewis Roca ‎Rothgerber Christie LLP) and then worked as Real Estate Counsel at Black Creek Group, a real estate investment company headquartered in Denver, Colorado. Justin received his BA from Middlebury College and his Doctorate of Law (JD) degree from the University of Oregon School of Law.

Justin Unger - Director of Acquisitions

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Justin Unger serves as the Director of Acquisitions for Steele Properties LLC, effective as of January 2023. Unger joined the companies in 2015 and in his previous role served as the Deputy Executive Director helping the President oversee interdepartmental functionality to help strategically manage and maintain the companies growth and expansion efforts. Prior to that he served as a Development Manager helping facilitate and lead the successful closings of over 20 capital transactions totaling over $310 million in transaction costs. He also helped lead the companies expansion into numerous new states fostering relationships with lenders, investors, housing finance agencies and other financial partners. In his role as Director of Acquisitions, Unger will oversee the closing and renovation of all affordable housing projects nationwide as well as manage the development team and help to identify new investment opportunities.


Prior to joining Monroe and Steele Properties, Unger worked as a Credit Analyst for AMG National Trust Bank, a privately-held wealth management firm headquartered in Denver, Colorado. Justin holds a Bachelor’s of Business Administration from the University of Colorado Boulder.