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The Mahaffey Company: Proven Track Record

The Mahaffey Company is a well-established family enterprise that specializes in developing large apartment communities. The goal of The Mahaffey Company is to develop, build, manage, and own real estate as a long-term investment. The Mahaffey Company has implemented fair, consistent and constant management practices, which have distinguished our communities in the apartment industry for decades. This trademark approach rewards our residents with high-value living at below market rental rates.

The Mahaffey group is actively growing and working to initiate construction of a new apartment community every 12 to 16 months. Mahaffey completed the second phase of a 750-unit complex in Jacksonville, FL in fall of 2018 and simultaneously launched construction of its next 382-unit community in West Melbourne, FL. The Mahaffey Company is actively negotiating in other Florida markets to get land under contract. The cities in which we built gain a partner with a long-term commitment to their community.

The company is distinguished by the total involvement of its principals in the creation of each community, from initial site selection through architectural planning, development, construction and marketing. This hands-on approach continues as The Mahaffey Company retains ownership and management responsibilities. The result of this strictly disciplined strategy from well over half of a century of steady, well-paced growth, in a collection of attractive, well-managed and well-maintained apartment communities.

A sound family foundation keeps company principals active in all phases and functions of the enterprise and creates stability and continuity that eschews titles and narrow lines of responsibility.

In addition to varied experiences throughout the company, each family member also enjoys a resident’s-eye-view, as each has lived in a Carlton Arms Apartment Community.

Third Generation

James W. Mahaffey and Mark T. Mahaffey are sons of company founder Thomas Mahaffey, Jr. (1910-1990)

James Mahaffey

Jim Mahaffey was attracted to the apartment business through the energy and magnetism of Tom Mahaffey. Bidding farewell to Tulane Law School and Indiana School of Law, he chose to join his father in the creation of the Mahaffey Company. Carlton Towers in St. Petersburg was the first Mahaffey apartment development. Since 1962, Jim has been involved in all aspects of the development, construction and management of Carlton Arms Communities.

Mark Mahaffey

In 1969, Mark Mahaffey, a graduate of the University of Notre Dame and a U.S. Naval officer veteran, decided to join his father and brother in the family business. He became involved in all phases of the various Mahaffey Company Communities. The planning, development, construction, marketing and management of all Carlton Arms Communities are under the brothers’ joint control. This generation family involvement includes William Mahaffey, Tom Mahaffey, Jane Ferguson and Dan Esterline. All have been with the company for well over 20 years and serve actively. There is a fourth-generation family member working in the company ranks, as well.

Third Generation

Dan Esterline

Grandson of founder, Thomas Mahaffey, Jr., possesses his Bachelor of Science and Master of Business Administration from the University of Florida. He began his Mahaffey career in 1989 at Lynn Lake Arms and then served as executive director at Carlton Arms of St. Petersburg. While exploring an opportunity in what would become his passion, Dan gained valuable experience as a field superintendent in 1998 on Carlton Arms of Ocala phase I, and then at Carlton Arms of North Lakeland. In 2000, Dan obtained his license as a state certified contractor. In 2003, he stepped into the role of construction manager on the second phase of Carlton Arms of Ocala. Dan continued in this role at Carlton Arms of Winter Haven, as well as, on the latest development of the company’s new three-story offering, The Carlton at Bartram Park in Jacksonville. Having successfully overseen the completion of over 3000 apartments, Dan continues his role as the general contractor for Mahaffey Company, as well as having an active role in acquisitions and development.

Tom Mahaffey

Son of Mark Mahaffey, joined the company in 1997 after graduating from Elon University, first at Lynn Lake Arms, and then as Executive Director during the construction of Carlton Arms of Ocala. Afterwards he became the Executive Director at Carlton Arms Bradenton. Now based in the St. Petersburg office, Tom is involved in supervising management, planning and development.

Jane Link Ferguson

Granddaughter of Thomas Mahaffey Jr., began her company career upon graduating from the University of Vermont in 1979. After procuring leasing and management experience in Indianapolis, she transferred to Florida as the assistant property manager during the construction of Carlton Arms of Bradenton. Moving to St. Petersburg, she was the Executive Director of Lynn Lake Arms and Coquina Key Arms. Currently, Jane directs all marketing activity and consults in management and development issues.

William Mahaffey

Son of James Mahaffey, learned construction coordination at Carlton Arms of Bradenton and management skills in Indianapolis, St. Petersburg and Lake Carlton Arms prior to becoming the Executive Director at Carlton Arms of Magnolia Valley. Located in the Winter Park office, he directs new site selection, land acquisitions, development and construction activities working closely with municipalities on zoning and legal matters.


The Mahaffey family is also heavily involved in philanthropic activities. The Mahaffey Theatre at the Duke Energy Center for the Arts bears the family’s name since it was renovated in 1987 in St. Petersburg, FL where the company is headquartered. Mark Mahaffey was recently honored and inducted into the Tampa Bay Business Hall of Fame based on his business and community involvement. Mahaffey family members personally support their preferred charities and often serve on boards as active members in their local communities.

Additional Mahaffey Leadership

Suzanne Gray (1976), University of Tennessee graduate, is the Executive Vice President of the Mahaffey Apartment Company. Her responsibilities include financing, legal documentation, insurance, employee relations and property management supervision.

Rob Wolfson (1987), UF graduate in business management, is responsible for company-wide operations and property management issues, focusing on streamlining processes while encouraging each community to run as independently as possible.

Rick J. Barry (1987), USF graduate in business management, concentrates on land acquisitions and development, and is responsible for launching each new community from construction through pre-leasing and management.


Austin serves as Chief Financial Officer for the Mahaffey Apartment Company (Mahaffey).  Within Mahaffey, Austin is responsible for financial reporting, management of the company’s debt portfolio, overseeing the underwriting and coordination of the capital stack for new development opportunities, performing asset management duties across the portfolio, and other strategic initiatives to support strong financial performance and responsible growth.

Prior to joining Mahaffey in 2018, Austin was the Vice President of Finance at Grubb Properties – a Charlotte, NC-based private equity real estate investment firm.  Additionally, Austin has worked in commercial real estate valuation and advisory at the Hopkins-McElhannon Group, a boutique real estate appraisal and consultancy firm in Charlotte, NC, and in investment services at Schwartz & Co, an investment advisory firm in Bloomfield Hills, MI.  Austin received his B.A. in Financial Economics from the University of Detroit Mercy.  During his academic career, Austin was a member of the University of Detroit Mercy Economics Club, the Mises Institute, and the Golden Key International Honor Society.


As Chief Operating Officer for Mahaffey Apartment Company, Stephanie provides strategic and operational leadership to the organization. She brings over a decade of multifamily and mixed use expertise with her and has extensive experience in property management, operational efficiency, property repositioning, staff development, historic redevelopment, and new construction in both urban and suburban markets.

Stephanie joined Mahaffey Apartment Company from City Club Apartments where she last held the role of Assistant Vice President of Operations with portfolio responsibilities of twenty-two assets across seven states and played a key role in the company’s growth and development. Prior to that, she held Regional Director roles for Eureka Multifamily Group and Pennrose Management Company where she was directly responsible for policy and procedure implementation, employee engagement, and financial performance of multimillion-dollar portfolios. Stephanie received her BS in Marketing and her BS in Business Administration and Management with a concentration in Accounting from La Roche University in Pittsburgh, PA.


Richard joined Mahaffey Apartment Company in 1998 and has played an integral role in the day-to-day operations of the organization. Having been accountable for a variety of duties in his former roles of Executive Director and Fair Housing Specialist, Richard most recently was appointed Operations Manager for which he is responsible for deploying company-wide initiatives, partnering with community team members to develop procedural efficiencies, and establishing best practices that ensure the Mahaffey standards of customer service excellence continue to be upheld in all aspects of the business.