Grant Friedman and brothers Justin and Greg Blend of Africrest Properties took a gutsy move at the onset of the COVID-19 pandemic, and it paid off.
The team, which won the Entrepreneur Award at the Absa Jewish Achiever Awards on 19 November, agreed to an unconditional deal on the PwC building called The Apollo in Sunninghill, Johannesburg, even though its cost and prospects of success scared others away. “We were also in the heart of the financial COVID-19 meltdown. It was a massive but calculated risk, and it paid off,” they said. The Apollo went on to be named the International Property Awards’ best residential redevelopment in South Africa.
“The conversion of the old PwC head offices in Sunninghill into 700 apartments is our flagship development,” Greg said.
Friedman would have loved Nicholas Katsapas, the co-founder of Africrest with Justin, to have also received an award. “But the problem with trying to convince Howard Sackstein that Nicholas was Jewish was that he’s six foot four. At almost 50, he has a six-pack and a full head of hair,” he joked.
The Blend brothers, meanwhile, paid tribute to their late father, Steven, who was involved with the Achiever Awards since it began.
“Seventeen years ago, I attended these awards for the very first time,” Justin said. “I was 22 years old. I had just started out in business. My late father, a judge of these awards, brought me along. I was in awe of all the nominees and winners. I made myself a promise that I would give everything I had to create a great business which would one day be worthy of winning an award.”
Justin never missed a single Jewish Achiever event for the next 16 years. “Now, in my 17th year in attendance, that dream has become true. I just wish my father could have been here to see this moment.”
While Justin, Greg, and Friedman were walking around Braamfontein as students 17 years ago, they realised the area was ripe for rejuvenation, Justin recalled. “We started buying dilapidated office buildings in the area and converting them to eighth-grade office buildings. From there, we moved over to the northern suburbs. We saw the opportunity of converting office buildings into apartments.”
Starting out in Braamfontein meant that the trio could combine their knowledge and experience to convert office buildings in the northern suburbs of Johannesburg, Justin said.
They put up a Randburg-based building for rent, and within three hours of advertising it online, they received 50 calls about the building. “Wow, we knew electricity had struck. This was the future,” Justin reminisced.
Since then, they have bought approximately 130 000m2 of offices, and converted it into roughly 3 000 apartments, Greg said.
Justin says Africrest tries to give its tenants an incredible experience. “If you have a large estate with 700 apartments, the tenants want a work-from-home facility, unbelievable gym, soccer courts, swimming pools. You’ve got to give your customers what they want.”
“I’m proud of what we built,” Friedman said. “I know we’ll continue to build Africrest into something we, our family, friends, and the community can be proud of.”
“When I think how we have built this business, I realised how crucially important one’s community is and the people you surround yourself with as they push you in the direction that will ultimately result in the life you live,” Justin said. “With this in mind, I realise how lucky I am to be part of this incredible community.”
He thanked his mother, Zoe, for pushing him and Greg to do their best. “Mom, you’ve been the greatest influence in my life.”
Greg, speaking of his and Justin’s dad, Steven, said, “My dad’s greatest strength was his impeccable reputation. He taught us that your reputation is one of the few things you can control. We try our best to emulate him every day and one day, to leave a lasting legacy like he has. Last year, we declined the nomination for this award, as we didn’t feel ready to be considered among such a disproportionately talented community and we believed my father would have more time with us. Here we are this year without my father, having learned a valuable lesson. Never put off celebrating an achievement or a milestone with your loved ones.”
