Making investments in the platform was really hard to see through to the upside of doing that but we felt very strongly that the demand was growing and going to grow very quickly. When you go stay at a Marriott versus a Hyatt or whatever else. Not everybody can afford to move into a brand-new high-rise apartment. Technologies. 2714-20 N. Mildred. Willy Walker: So, in hindsight, and now that you've got huge scale and a big brand and incredibly successful that all makes perfect sense. That allows us to underwrite a huge volume of potential opportunities, it's really inefficient. Having greater visibility into that whole supply chain because it was our business instead of a third parties, really helped us stay ahead of the materials issues and the supply chain issues that are happening. 2849 N. Orchard . Senior Lifestyle Corporation 55 2.8 Write a review Snapshot Why Join Us 558 Reviews 143 Jobs 1.4K Salaries 104 Q&A Interviews 14 Photos Want to work here? 3424 Peachtree Rd NE Ste 300. Our ability in markets where we have 20 or 30 assets in a given market, the way SEO and search works just having everything branded with a similar name really helps drive search straight to our website and straight to our product, our locations. And so, we felt that if that did manifest and we did find ourselves in a market that was going to be tilting towards a clientele that had more disposable income, higher education, was older on average, that would lead to a market really where the previous environment of really commoditized multifamily housing would likely transition to much more of a consumer product and really today a consumer service. Photos. Steven DeFrancis: At this time, we haven't thought about expanding beyond housing. I loved it 10 years ago, it was fun every day. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. Willy Walker: As you think back over the last decade, take yourself back to 2010, the amount of scale that you've created, which is the along with scale success, the decisions you get to make today are very different decisions you made a decade ago. We are Bainbridge We manage, develop, and invest in apartment communities that are complete experiences, where people are free to pursue better lives. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. We are the dreamers, designers, and doers behind our living spaces and experiences, from the way we make our residents smile to the features we design and place in our homes. Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. The really important thing that was cut out was the volatility of delivery and timing and product quality. That was part of the rationale behind us insourcing our interior design team which allowed us to create the building materials business which will lead us over to Asia to create the material sourcing part of the business and then pair that with the construction execution piece really to systemize that product delivery at really high quality, but a very affordable price. In part, the Cortland brand developed naturally through the companys consistency of assets; however, the company has also intentionally worked on its brand in order to create passion among human capital and help with marketing. So, instead of calling in the more traditional model where if you're looking for an apartment in Denver and you call one of our locations in Denver, if they can't help you, which is fairly likely, because all the properties sit at 95% occupied. The second thing that came out of that research which is really what led to the pivot that you're asking about was, you know, we felt we saw the beginning of the transition in our clientele, and historically the clientele in multifamily had been a very commoditized business. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Say yes to a career you love. A spokesperson for. But to your point about how we're going to grow, Im a big believer in taking a step back. Cortland Partners currently operates in Southeastern U.S. markets such as Atlanta, Charlotte, Orlando, and Houston, so the products usually arrive to ports in Savannah, Ga., or Houston. Fri: 9am - 5pm. It's less about buying them or renovating them, building them from that standpoint is really on the operation side. It's going to be a real kick for me to have Dr. Kotter on the webcast as he was my leadership Professor back at HBS in 1994 which is dating both Dr. Kotter as well as myself. Please reach out to me directly at 214.496.0727, or email me at mary.stevens@cortland.com. So, it barely moved the needle to go from really low grade to really high grade. That to me, Steven, is sort of where the genius happened, and I just want to understand during that period of time what was it that you were seeing, what was the conviction that you had to invest in those two different areas? Willy Walker: It makes two of us, it makes two of us. See if Cortland is hiring near you. So, we decided let's do this research and figure out where the markets going and that our significantly downsize point at that time, how might Cortland participate in whatever this recovery might look like? Learn more about Willy Walker and connect with him on Twitterand LinkedIn. Or as you get bigger and bigger do you have the ability to sort of centrally manage everything and be able to have one or two assets in a given market and just be happy that you're in, Ill just pick a market, Charlotte, North Carolina with one or two assets, even though you might not be a top five owner in Charlotte? Pay Online. Cons. To everyone who listened in today, I hope you enjoyed our discussion and I look forward to seeing everyone back next Wednesday on another version of the Walker Webcast. There are one million things a day that can go wrong and generally, most of them will. Steven believes that Cortlands model is only improving, and he explains that the team dynamic of the company allows for the underwriting of a lot of new opportunities. At that point coming out of the downturn, you are looking at between the 01 recession, the focus on the single family and then the GFC you are looking at over a decade of under development of multifamily. Right now, as the pandemic has been waning, it is a very competitive market. Steven DeFrancis: Well first, it's not about being top five or top 10, it's really about having the right asset base to operate with a scaled organization. 2824 N. Orchard. Cortland Build is a global, concept-to-completion construction delivery firm specializing in multifamily new build, commercial construction (amenities), and renovation. 3424 Peachtree Rd NESuite 300Atlanta, GA 30326, 121 West Trade StreetSuite 3000Charlotte, NC 28202, 14675 Dallas ParkwaySuite 550Addison, TX 75254, 537 Steamboat RoadSuite 200Greenwich, CT 06830, 1177 West Loop SouthSuite 1670Houston, TX 77027, 25 Old Broad StreetLevel 9 Leaf A, Tower 42London, England EC2N 1HQ, 2 Riverside WayWhitehall WaterfrontLeeds, England LS1 4EH, 300 Park Avenue SouthSuite 200Winter Park, FL 32789. You have pretty major stuff going on where systemization is key to execution, and if you mess up any of those things it just goes sideways. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. I can thank Bruce Cohen for the time he spent advising us, putting that team together. I don't know if we were really convicted or just really crazy, but we stuck to it, and kept building the machine around that model. They are then sent to a warehouse where the products are broken down and rearranged by project and unit. Steven and his team manage a portfolio of multifamily assets located in 11 states, primarily in the Southeast, Midwest, and Texas. Use our search filters to browse all 100 apartments and score your perfect place! BBB Business Profiles are subject to change at any time. Cortland Design is our in-house, award-winning interior design and architecture firm. Did you focus on that at all? They're better in the teens, they're really, really good when they hit single digit returns, because the alpha we're creating is somewhat consistent regardless. (855) 231-0937. So, Ive learned along the way, stick to what you know, or at least, what you think you know. Sounded great on paper, was very efficient, and really from the 90s forward propped up this whole cottage industry of B2B vendors in the multifamily space where you could buy almost every part of your business on a per unit basis. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. . And then, all of those calls come into a central location. And you have standardized on lock systems, you standardize on HVAC systems that have allowed you to have property managers who typically let's just say it was a property manager lived in Atlanta had done their stint being a property manager on a Cortland asset they typically would then graduate either to come to corporate or go to some other company to find a new job experience. Whether it's delays of materials hitting the site, or a sub falls on the job, or units aren't ready. So, Steven first of all welcome and thank you for joining me. Great leadership, innovation, and corporate culture. Through local inspiration and research, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience. Key Principal: Ashley Gordon See more contacts Industry: Apartment building operators. When you're trying to hire, it's a war for good talent out there, and you really want to hire best in class folks. Well guide you through the process. That team actually started whenNed joined us a number of years ago, but then as we really wanted to grow in the fund business, we talked to a number of groups, number of placement agents and really how we ended up building an internal team is all the placement agents we talked to were in complete agreement that there was no need for another multifamily manager. Loading. But we also knew those better returns we had to give up in the early days and pay more for the capital, most of the investors thought what we're doing in the early part of the cycle didn't make a lot of sense. 51:39 - Will Cortlands main focus going forward be service or capital? We are looking at other product types within housing. As you know, Willy, we started a brand for 55 plus which we call the Tiva a number of years ago. They were all broken in some manner, and so, as you can imagine, they were extremely inconsistent from a product and location standpoint, and so you could not build a brand around this hodgepodge of assets. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies. In this episode of Driven by Insight, Willy . A good example, we decided about five years or so ago we decided to let everybody know who worked on site, every community manager and service manager, that there is no amount of money that they are not licensed to spend to make a customer happy. Like most other groups in our industry, we went into the downturn, the great financial crisis and late 07, and we thought it would be fairly short lived. I find it to be very interesting because a lot of people who get in the acquisition rehab space, who raise money from third parties, they focus on their returns to their investors, and then there is also their own returns and they end up putting a lot of money into their own back pocket in those early days rather than reinvesting in the company. Willy Walker: Well, as I said at the top of our discussion, the partnership between W&D and Cortland has been a big part of our success over the last decade and Im deeply appreciative of it and Im also appreciative of you taking the time to join me today and talk about how you've made Cortland the success that it is today. Get Directions. Thank you for such a fantastic and thorough review of our community! Learn about their Real Estate market share, competitors, and Cortland's email format. Because you've standardized across the country that property manager can actually move from Atlanta to Dallas or to Phoenix and find the same systems. Now I do try to get out as much as I can and meet all the folks across the system, but I do miss the that small family feel where you got to know everybody and that was a big part of the excitement of coming to work every day. Overview. We recently, by example rolled out a concept we call the Leasing Hub, which is instead of having leasing agents in every property who are fielding calls, inquiries from new customers, we centralize those folks. Since its founding in 2005 Cortland has expanded into a global, vertically integrated, multifamily real estate investment, development, and asset management company. Our Services Affordable Senior Housing From apartments designed for independent living, to housing for seniors transitioning out of nursing homes, to cottages for the memory-impaired and their caregivers, our housing enables seniors to live, and age, where they choose. Need to find a different location? BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Willy Walker: So, given the competitiveness for LP Investments and capital out there, in those early days when you were going and buying properties, you were obviously in a very competitive market, you're paying market prices for assets, you're investing in not only the asset but also all the infrastructure at Cortland. Steven DeFrancis: Well, obviously there is an enormous amount of capital looking to get into multifamily which is driving down the CAP rate environment. (972) 895-6650. Listings. Website. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. Find Related Places. Sandy Springs , GA 30342. . In general, I always feel appreciated, I always feel I can speak my mind, and I always feel like I am growing. A lot of it also isn't just about intellect, there's a lot of great people who maybe want something different out of their career than a different set of people. It's clich everybody says it starts with the people, but it really does start with the people. Hours. 2834-38 N. Orchard. So that definitely has paid dividends, the real value on the brand more than anything else is the passion that it creates amongst the human capital. Looking for furniture for your home office? As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. Choose the option that best fits your needs below and then let us know how we can help. So, talking about engaging interaction discussions it's a true pleasure for me to have my friend and amazing CEO Steven DeFrancis joining us today. We felt then if that was the case, then the next piece was how could you build a system or a machine that could create a lot of throughput? Over the last three years we've closed on 4% of the assets we've underwritten but, at the end of the day, if we take the learnings we're having through in our existing portfolio in each of these markets and the learnings we get from the 96% of the assets that we lose on, but we underwrote and got all the data from, and then maintain all of that in a dynamic database. Resident Questions There were a lot of nights where I thought maybe theyre right. And then, use a good strong local team that can take that data and take what they know about what's going on in every part of their market, every day, it just allows us to be better at choosing where to lean into what we're offering versus throwing a dart at a board and hoping that this deal works. Thank you, Steven. Steven DeFrancis: That is correct. Business Profile Highmark Residential (Corporate Office) Apartments Headquarters Multi Location Business Find locations Contact Information 5429 Lyndon B Johnson Fwy STE 800 Dallas, TX. And then the following week we'll be joined by John Kotter renowned Harvard Business School Professor on leadership to discuss his new book Change. Within 50 Miles of Cortland 5550. We're a company comprised of people who thoughtfully challenge the status quo of the conventional multifamily industry in pursuit of a resident-centric approach to apartment living. Find the Cortland Dallas address. How could you grow the business in a way that you wouldn't fall victim of growing too fast and then, while also maintaining that ability to really be best in class from a customer experience standpoint? Customer Reviews are not used in the calculation of BBB Rating. It is anchored in providing a beautiful yet affordable living environment and an enriched lifestyle to its residents. Willy Walker: And is that, given the supply chain issues going on today are those relationships and controlling that process a competitive advantage right now at this time in the cycle, given the pandemic and how backed up supply chains are? Like one or two percent of the total supply. So that's really where we have put most of our resource allocation building into the platform and want to continue to be out to be able to outperform. Much of the companys systematizing is preventative maintenance, but Steven and his colleagues also realized years ago that, while not everyone can afford a very expensive home, nearly everyone has pride in where they live. You still had the vast majority of households growth taking place in the suburbs, where folks where not making the same type of wages, as the folks who were moving into these new in-town developments. So, it was a combination of having product on hand, rushing product into manufacturer soon as the plants reopened in Asia. Steven DeFrancis: Yes, it's been extremely helpful, and, in fact, since the pandemic, started March last year, we have delivered about 7,500 units to date. It's about starting with a process through testing, we use an industrial psychologist to do all this work. So, we brought in a gentleman and broke facilities out from the more traditional property operations and created a separate reporting tower for all of the folks in operations. Answer Question. 4:42 - What led Cortland to shift? Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. Cortland | 42,444 followers on LinkedIn. Willy Walker: You talked about brand and the customer experience. One of the things we knew early on, if we were going to be best in class at creating a living experience and customer delight, what we had to do first was make this a best place to work. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. But we do believe that all the value we bring to the table to create alpha is good if returns are in the 20s. Tenant tried to remedy with on-site management **************************************** and off-site supervisor *************************************** The tenant currently has a 6 month lease (with 4 months remaining) and was offered a free transfer to relocate to another unit, however management now says it's contingent on a 13 month lease and a market increase on rent, to solve a ongoing noise complaint, which is pure greed and no regard for the tenants health and safety. | Cortland is a product-to-people . 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