Qualifications of the Appraisers

Michael J. Naifeh, MAI, CRE®

Michael J. Naifeh

State of Arizona Certified General Real Estate Appraiser

Certificate #30276

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc., Senior Managing Director
1988 – 2012    MJN Enterprises, Inc., President and Principal Appraiser
1983 – 1988    Mahoney, Cole and Associates, Fee Appraiser
1980 – 1983    Sanders K. Solot and Associates, Fee Appraiser

Professional Affiliations and Memberships

  • Member of the Counselors of Real Estate (CRE®), Certification Number 2387. The CRE®
    designation is awarded only to those individuals who are invited by their peers into the
    membership of the Counselors of Real Estate.
  • Member of the Appraisal Institute, earning the MAI (#7812) designation in 1988. The
    Institute conducts a mandatory program of continuing education for its designated
    members. Mr. Naifeh is currently certified under this program.
  • Registered Property Tax Agent in the State of Arizona
  • Licensed Real Estate Salesman, State of Arizona

Formal Education

Bachelor of Science Degree, University of Arizona, 1980. Concentration: Accounting and Real Estate

Professional Education

All required classes to obtain and maintain the MAI designation and state certifications.

Public Service

  • Appointed to the Arizona State Board of Appraisal January, 2000.
  • Served as Vice Chairperson in 2000 and Chairperson in 2001.
  • Reappointed for a second term January, 2002.

Scope of Appraisal Practice

Mr. Naifeh’s appraisal practice is concentrated on valuations for the following purposes: Mortgage loan underwriting, Private negotiations, Legal proceedings, and Consultations. Clientele includes governmental agencies, corporate organizations, attorneys, development companies, and financial institutions. Mr. Naifeh has extensive experience in the valuation of most types of urban and rural real property, including single and multi-family residential, commercial, industrial, and vacant land. Experience also includes special-purpose properties, feasibility studies, property tax appeals, leased fee and leasehold interest, partial interests, condemnation, UASFLA (Yellow Book) compliant appraisals and counseling.

Mr. Naifeh is a founding member of Valbridge Property Advisors and served on the initial Board of Directors.

Craig W. Johnson, MAI

Craig W. Johnson

State of Arizona Certified General Real Estate Appraiser

Certificate #30236

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc., Managing Director
2012 – 2013    US Department of Interior, Office of Valuation Services, Review Appraiser
2005 – 2012    MJN Enterprises, Inc., Senior Analyst and Consultant
2001 – 2005    Bruce D. Greenberg, Inc., Senior Analyst and Consultant
2000 –              KB Real Estate Advisors & Appraisers, Inc., Senior Analyst/Consultant
1994 – 2000    CB Richard Ellis, Inc., Assistant VP Valuation & Advisory Services
1992 – 1994    Craig W. Johnson, MAI, sole proprietor
1990 – 1991    RTC/Pima Federal Savings, Vice President and Chief Appraiser
1982 – 1990    Greenberg Chin Consultants, Senior Appraiser

Professional Affiliations and Memberships

Member of the Appraisal Institute, earning the MAI (#8241) designation in 1989. The Institute
conducts a mandatory program of continuing education for its designated members. Mr. Johnson is currently certified under this program.

Formal Education

Bachelor of Science in Business Administration, University of Arizona, Finance major

Professional Education

All required classes to obtain and maintain the MAI designation and state certifications.

Scope of Practice

Mr. Johnson’s appraisal practice is concentrated on valuations for the following purposes: Mortgage loan underwriting, Private negotiations, Legal proceedings, and Consultations.

Clientele include private individuals, corporate entities, financial institutions, and governmental agencies. Mr. Johnson is experienced in the appraisal of both residential and commercial properties and specializes in single- and multi-tenant industrial, retail, and office facilities, and conventional and subsidized multifamily projects, including apartments developed under the Low Income Housing Tax Credit (LIHTC) program. Assignments have been completed in Arizona, New Mexico, Colorado and Nevada, with the State of Arizona being the primary service area.

Carolyn Van Hazel, MAI

Carolyn

State of Arizona Certified General Real Estate Appraiser

Certificate #31591

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc., Managing Director
1999 to 2012    MJN Enterprises, Inc., Senior Analyst and Consultant

Professional Affiliations and Memberships

Member of the Appraisal Institute, earning the MAI designation in 2012. The Institute conducts a mandatory program of continuing education for its designated members. Ms. Van Hazel is currently certified under this program.

Formal Education

Bachelor of Science, cum laude, in Economics, 1993 – 1995, University of Arizona

Professional Education

All required classes to obtain and maintain the MAI designation and state certifications.

Scope of Practice

Ms. Van Hazel’s appraisal practice is concentrated on valuations for the following purposes:
Mortgage loan underwriting, Private negotiations, Legal proceedings, and Consultations.
She specializes in the valuation of most types of commercial real property including:

  • single-family residential subdivisions,
  • multifamily residential
  • hotels
  • office
  • retail
  • industrial
  • vacant land and specialty properties such as cellular towers, event centers, and charter schools.

Assignments include leased fee, leasehold and sandwich leasehold valuations, partial interest
valuations, tax credit valuations, eminent domain valuations and UASFLA (Yellow Book) compliant
appraisals.

Susan M. Shaw

Susan M. Shaw

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc., Associate Appraiser
2009 – 2012    MJN Enterprises, Inc., Associate Appraiser
1999 – 2001    Butler • Burgher, Inc., Associate Appraiser
1991 – 1999    MJN Enterprises, Inc., Associate Appraiser

Professional Affiliations and Memberships

State Certified – State of Arizona #30726
State Certified – State of Texas #TX-1328971-G

Formal Education

Bachelor of Science in Business Administration, University of Arizona

Professional Education

All required classes to obtain and maintain the MAI designation and state certifications.

  • 1A-1 – Real Estate Appraisal Principles
  • 1A-2 – Basic Valuation Procedures
  • 1B-A – Capitalization Theory & Techniques, Part A
  • 1B-B – Capitalization Theory & Techniques, Part B
  • SPP-A – Standards of Professional Practice, Part A (USPAP)
  • SPP-B – Standards of Professional Practice, Part B
  • ll520 – Highest & Best Use and Market Analysis
  • l320 – General Applications
  • ll540 – Report Writing & Valuation Analysis

Scope of Practice

Ms. Shaw’s experience includes valuation of most types of urban real property; i.e., single and multi-family residential, commercial, industrial, and vacant land as well as special-purpose properties and feasibility studies.

Kathleen M. Holmes, MAI, RPRA

Kathleen M. Holmes, MAI, RPRA

State of Arizona Certified General Real Estate Appraiser

Certificate #30180

State of New Mexico Certified General Real Estate Appraiser

Certificate #03236-G

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc., Managing Director
2007 – 2015    Cushman & Wakefield Valuation & Advisory, Senior Managing Director,
and National Practice Group Leader
2005 – 2017    Department of Interior, National Business Center, Appraisal Services
Directorate, Arizona Lead Appraiser
2000 – 2005    USDA Forest Service, Southwest Region, Senior Review Appraiser
1997 – 1999    MJN Enterprises, Inc., Direct Phoenix Office
1990 – 1997    First Interstate Bank, Assistant Vice President, Senior Reviewer
1985 – 1990    Sell, Huish, and Associates, Commercial Appraiser

Memberships, Licenses and Professional Affiliations

  • Designated Member of the Appraisal Institute (MAI), 1992
  • American Society of Farm Managers and Rural Appraisers , Real Property Review
    Designation ( RPRA), 2007
  • Member, Royal Institute of Chartered Surveyors (MRICS) 2009 through 2015
  • Member of the Phoenix Chapter of the Appraisal Institute
  • Community Service Committee, 2000
  • 1 year Director 2006/2007
  • President Elect 2008
  • President 2009
  • Past President 2010
  • National Government Shared Interest Group, Appointed 2006
  • National Government Shared Interest Group 2008 Chairperson
  • National Government Shared Interest Group 2009 Chairperson
  • Lambda Alpha International Land Economics (International Real Estate) 2005 to Present

Formal Education

Bachelor of Science in Business Administration, Arizona State University, Specialization in Real Estate.

Professional Education

Ms. Holmes has met the requirements for continuing education of the Appraisal Institute through the period ending December 31, 2017.

Ms. Holmes has met the requirements for continuing education of the American Society of Farm Managers and Rural Appraisers ending December 31, 2016.

Appointments

Appointed by Arizona Governor Janet Napolitano to the Arizona State Land Department
Board of Appeals, and Confirmed by the Senate for a second six year term to this quasijudicial
board in 2006 – Chairperson 2006 and 2010.

Appointed by Arizona Governor Jane Hull to the Arizona State Land Department Board of
Appeals, and Confirmed by the Senate for a six year term in 2000 – Chairperson 2004. The
State Land Department manages approximately 9.3 million acres of land held in trust for 14
beneficiaries, the largest of which is school grades K-12. The Board of Appeals has final
decisions on sales, leases, and rights- of- way, as well as acting as a judicial body to hear
cases in dispute with the Land Commissioners decisions.

Other Activities

  • Participated in the American Society of Farm Managers and Rural Appraisers National
    Conference, Breakout Session Leader, October, 2011.
  • Accepted into the Appraisal Institute’s Instructor Leadership & Development Conference,
  • (ILDC), Chicago, December, 2007. Completed Phase I of Instructor Development Process.
  • Completed Phase II of the Instructor Development Process, June, 2009.
  • Participated in the American Society of Farm Managers and Rural Appraisers Leadership
  • Institute, Washington D.C, 2006. Included lobbying efforts on Capitol Hill regarding bills affecting appraisal issues.
  • Previously Qualified as an Expert Witness in Maricopa County Superior Court.

Papers/Podcasts

  • Appraisal Institute – Washington D.C. Summit, September 2007
    – Special Interest Group Panel member
  • PodCast Interview for the Appraisal Institute, “Federal Government Appraisal Contract
    Work”, August 2007. Available on iTunes. PodCast Interview for the Appraisal Institute,
    “Federal Government Appraisal Contract Work”, August 2007. Available on iTunes.
  • Article, The Appraisal Journal, Fall 2006. “Federal Government Appraisal Contract Work:
    “Where to Find It and How to Get It”.

Presentations

  • Meeting with the Federal Reserve to consult with agency personnel on national real estate
    valuation issues, Federal Reserve Building, Washington, D.C. October, 2011 and July, 2009.
  • Speaker, “Appraisal in Mortgage Fraud” for Federal Bureau of Investigation, Financial Fraud
    Task Force, FBI Headquarters, Washington D.C. (May 12, 2010 and July 13, 2010).
  • Department of Justice, “Mortgage Fraud Listening Event” hosted by the United States
    Financial Fraud Enforcement Task Force, and attended by Attorney General Eric H. Holder
    Jr. Invited to participate in a five member panel to speak on mortgage fraud in commercial
    appraisals. Sandra Day O’Connor Courthouse, Phoenix, AZ, (March 25, 2010).
  • Panel Member, Appraisal Institute and International Right of Way Appraisers, Federal
    Conference, “Appraising for the Federal Government” Las Vegas, NV (January 2009)
  • Appraisal Institute – Washington D.C., Government Shared Interest Group Event, May 17,
    2006 – Town Hall Meeting Panel Member
  • Tucson Chapter of the Appraisal Institute, March 21, 1995 “Lender Appraisal Requirements”
  • Phoenix Chapter of the Appraisal Institute, September 21, 1994 – “Bank Appraisal
    Regulations”
  • Phoenix Chapter of the Appraisal Institute, November 16, 1993 “Lender Appraisal
    Requirements”
  • Tucson Chapter of the Appraisal Institute, March 4, 1993 – “Sales Comparison Approach”
  • First Interstate Bank, Arizona, 1993/1994 – “Real Estate Evaluations”

Seminars/Courses

  • United States Department of Interior, National Training Center, January 30, 2007
    – Instructed the appraisal portion of the Lands & Realty Academy Training for Multiple
    Federal Government Departments and Agencies Lands Staff.
  • United States Department of Interior, National Training Center, January 16-17, 2006
    – Instructed the appraisal portion of Lands & Realty Academy Training for Multiple
    Federal Government Departments and Agencies Lands Staff.
  • United States Dept. of Agriculture, Forest Service, Lands Staff Officers Training, April 14-16, 2002
    – “Appraisal Waivers and Approximate Equal Value”
  • Previously approved by the Arizona Board of Appraisal to teach Appraisal Foundation accredited real estate courses for appraisal licensing and license renewal. Previously taught both appraisal licensing and renewal courses at Arizona School of Real Estate.

Scope of Appraisal Practice

Ms. Holmes’ background includes over 30 years of real estate experience in real property valuation, appraisal review, banking, brokerage, and consulting experience with all types of commercial, industrial, residential subdivision, rural land, recreational land and agricultural properties. Ms. Holmes has a unique background as a private fee appraiser, a bank Vice President/Valuation Manager, and has held senior positions with two federal valuation departments. This unique background has provided her with an extremely diverse range of appraisal expertise.

Nikolas Ivan Rieser

State of Arizona Certified General Real Estate Appraiser

Certificate #32097

Professional Experience

2013 to present    Valbridge Property Advisors | MJN Enterprises, Inc. – Certified General
Appraiser
2015 – 2015    BDO Consulting – Senior Analyst
2012 – 2015    Valbridge Property Advisors | MJN Enterprises, Inc. – Appraiser Trainee
2008 – 2012    MJN Enterprises, Inc. – Appraiser Trainee

Professional Affiliations and Memberships

Certified General Appraiser, State of Arizona – Certificate #32097
Real Estate Sales License, State of Arizona – License #SA653208000

Formal Education

Bachelor of Science in Business Administration, University of Arizona, 2007
Majors: Business Management and Criminal Justice

Professional Education

All required classes to obtain and maintain the state certifications.

Scope of Appraisal Practice

Mr. Rieser is experienced in the appraisal of a variety of different residential and commercial properties including: multifamily, hotels, industrial/flex, self-storage, retail, office, land, and special use properties. Mr. Rieser also has experience in consulting, appraisal review, and purchase price allocations.