Brenda D. Makarov, MAI



Michigan Certified General Real Estate Appraiser


Ohio Certified General Real Estate Appraiser

B.A.,  University of Michigan


Phone: 734-953-1050 x117

Email: bmakarov.mi@terzo.com

Website: www.terzo.com

Brenda D. Makarov is a principal of Terzo & Bologna, Inc. and has provided real estate appraisal and consulting services with the firm since 1993.  She graduated from the University of Michigan with a Bachelor of Arts degree in 1992.  Ms. Makarov has been a Certified General Real Estate Appraiser in Michigan (#1201003948) since 1995 and a State Certified Real Estate Appraiser license in Ohio (#2009002378) since 2009.  Ms. Makarov was admitted to membership as an MAI member of the Appraisal Institute in 2001.  Her involvement with the Appraisal Institute nationally includes the Leadership Development & Advisory Council as well having served as an Investigator for the Professional Practice Department.  In addition, she has served as both a Director and Region III Representative for the Great Lakes Chapter of the Appraisal Institute.  Ms. Makarov has been qualified as an expert witness in the U.S. Bankruptcy Court and The Michigan Tax Tribunal.  She has served as a keynote speaker for the Southeastern Chapter Michigan Assessor’s Association as well as the Detroit Metropolitan Apartment Association on several occasions.


Although experienced in a vast array of commercial product types, she is highly regarded nationally for her expertise in multifamily housing.  She heads the Michigan multifamily division of Terzo & Bologna, Inc. and has provided comprehensive multifamily counseling and appraisal services since she began devoting her expertise to the multifamily sector in 1997.  Ms. Makarov has considerable experience in feasibility and market studies involving complex properties, which led naturally into a specialization in Detroit urban renewal projects, appraisal of unstabilized assets, and proposed construction projects throughout the state of Michigan.  


Recognized by her local, national, institutional, and governmental clients for outstanding customer service, communication skills, and analytical ability, Ms. Makarov has been retained to handle some of the most complex market analyses and appraisal problems.  Her wide ranging professional services include appraisals for special assets/foreclosure, financing, estate purposes, ad valorem taxation, condemnation, bankruptcy, and asset management; in addition, she provides an extensive amount of counseling services including acquisition/disposition advice, market and feasibility studies, market rent studies to assist in maximizing rent potential, and individualized consulting to assist developers with strategies to maximize development schemes and unit mix on proposed developments.


Although her coverage area has been Midwest-oriented, she has been retained for valuation services in six states and is available for assignments throughout the U.S. as may be required by client-driven needs.



Midwest-Based Real Estate Consulting & Appraisal Firm

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