With our pioneering business model, our enterprising team, and our commitment to placing the resident at the center of our decisions, we're aiming to set a new experience standard for the apartment industry one community at a time. So, it barely moved the needle to go from really low grade to really high grade. I have witnesses to confirm these actions. While the recruitment process is rigorous, it yields a workforce well suited to particular jobs. 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. 5470 Glenridge Dr NE. That took tons of friction out of the process of getting the projects done and executed, but then, even more importantly, when you moved operations, as long as you take care of the people, they'll take care of your customers. They execute Cortlands value-add and new build construction, in addition to offering their expertise beyond Cortland. I loved it 10 years ago, it was fun every day. Before I introduce Steven and dive into our discussion, I want to thank Mike Altman, David Dixon, Brad Brown, Ned Stiker and the other members of the Cortland team for all they have done to make Cortland the amazing company and partner it is. The company employs more than 2,000 associates and owns and manages over 65,000 units today with a current acquisition pipeline that will push that number over 70,000 by the end of the year. That team, by the way, is now about 40 people and we're still always struggling to stay current to keep up. Steven earned his bachelor's degree in real estate from University of Georgia, Terry College of Business. We believe that fostering sharing and inclusion of all ideas, lived experiences, and world views in the residential community can provide transformative learning experiences for our . As it relates to other types of housing, we have looked at whether student housing or senior housing. 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, if you start by spending a little more on the product itself, which is pennies, I mean literally pennies in the stuff we're talking about. Office Closed After-Hours Maintenance Emergencies: Available 365 days of the year at (708) 452-4242, Option 3 . Apartment Services. However, Steven hasnt considered expanding beyond housing. In this episode of Driven by Insight, Willy . This was not the same type of profile we are working on today and, as you can imagine if you were an interior design professional getting the Cortland project to renovate a property that they had just paid $10,000 a unit to buy and we're going to spend $15,000 a year it wasn't the high glamour project. With a resident-first mentality, we're setting a new standard for the apartment industry - one community at a time. By controlling that process, you now could control the quality of the product, and the difference in a really high-quality fixture versus the lowest builder grade stuff we were used to seeing it was literally single percent cost difference because you spent so much of the landed cost in the US went to logistics and shipping the amount of cost that went into the actual product is really pretty small. And it literally was sort of that silly like they met with one group who then pointed him to the next group with them lead the next group and after a couple of visits they realized that if we can get Darlas team to design these materials we just found the factories, we can go do this direct and cut out all the middlemen and a lot of the cost. 2834-38 N. Orchard. 346-206-1014. 51:39 - Will Cortlands main focus going forward be service or capital? We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. BBB is here to help. I personally would not live there. Pros. 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. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. You have to set up the infrastructure and the culture of being an associate first organization if you're ever going to be best in class in customer service or customer experience. . Willy Walker: And anything on the downside, as it relates to anything from the small company touch and feel that you miss or anything that sort of says man, I wish I could go back to doing that, but my job today just didn't, allow me to do it? And so, we researched really all things related to multifamily whether it was you know supply and demand in the markets that we were in at the time, the demographics market wise and nationally as it related to propensity to rent? See if Cortland is hiring near you. Key Principal: Ashley Gordon See more contacts Industry: Apartment building operators. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. What you just talked through Steven was how you had this longer-term focus and continued to plow money back into creating the team and insourcing a lot of those activities that you could have bought from third party vendors at a much cheaper cost to the GP but at the same time, you had this long-term vision of creating the Cortland that you've actually created. 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. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. But it definitely has paid a lot of dividends in transfers within the system. 08/18/2021. Laramar is a national property management company offering apartments for rent nationwide. Sincerely, Mary S. Community Manager. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. Addison, TX. And then on the broader question any thoughts about taking the model and expanding it out? A lot of the things we talked about today and the differences between us and maybe some of our competitors is, we really look at the business as a consumer facing operating business that happens to need capital as opposed to a capital business that happens to somewhere down the hall have some property operations. My team is showing your team, your team has underwritten, I think Altman said to me in the last three years, the acquisitions team at Cortland is underwritten something over 2,500 assets. 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? Brand and associated SEO realities in the market today drive traffic, and they tie into the customer-centrism of the business. 270 S Watters Rd. Wed: 9am - 5pm. Cortland has processes in place to provide a high level of standardization across its business; this allows, for instance, residents to count on a certain standard of fit and finish across properties, and property managers to easily transfer between locations. 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. Steven DeFrancis: We do have a great capital team, Ned, you mentioned Chris Lennon. Cortland | 42,444 followers on LinkedIn. BBB Business Profiles generally cover a three-year reporting period. Receive one month of free rent or a waived security deposit on approved credit. Those learnings really were helpful because there were times over the last 10 years where we would have 10 or 15 pretty major development or renovation projects and these renovations where 20, 30, 40 thousand dollars a unit. Did you focus on that at all? But is it fundamental to your business strategy to gain those economies of scale in a given city? 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? See All 79 interviews. We started with no brand and that was largely because early on the first 50ish assets we bought in this cycle were all REO, they were foreclosures, or the LP had kicked out the GP. So, as long as Im here, thats where the focus on the operations. Founded in 2005 and headquartered in Atlanta, Georgia, Cortland Partners is a global, multifamily real estate investment firm. 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. Willy Walker: One of the things that you talked about standardization in the sense of the experience from a client standpoint. We felt that was important because we did a lot of research before we did this and learned that our brand actually stood for high degree of service, customer living experience, a lot earlier in the cycle than we had anticipated. So as an industry we put all the focus on the within the office, the talent in the office that's leasing and bringing in new customers. I do miss that piece. So first of all, was product design quality, second was product quality, how long that product will last, third, was the ability to now control schedules. It must be really fun these days to sit down with LPs who are basically throwing money at you. So, Cortland decided to provide consistently high-quality living spaces at affordable costs. If you think about the way most products or most developments are done or acquisitions or value add projects, they are really managed in a very bespoke basis with an internal acquisitions person or a developer and then external execution, whether it's design, architecture, construction, or construction management. 2801 W. Logan. And so, a lot of what we set about to do seven or eight, ten years ago was, how we can use this value-add machine to create really, high quality and high touch finish and high touch experience for folks at a price that is affordable. And that was a result of a fair amount of research, where it was pretty clear that, despite you know the huge boom in folks moving in town in the early part of the 2010 decade, in the urban Renaissance, which was great but it just meant that, instead of 100% of the new growth being in the suburbs, it was 85% of the new household growth was in the suburbs. This long-term vision, in turn, drove all areas of the business, from hiring to design. 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. After digging into that a fair amount, we realized that there was really very little, you know as an industry, we pay very little respect to the folks who are turning wrenches if you will. Cortland Estates at TPC 22800 Bulverde Rd San Antonio, TX 78261 (210) 871-8382 Check Availability Quick View Arlington Apartments on Clarendon 1550 N Clarendon Blvd Arlington, VA 22209 (202) 410-6988 Check Availability Quick View Cortland Seven Meadows 6800 Gaston Rd Katy, TX 77494 Package Service Outdoor Space Onsite Management 42:08 - Willy and Steven talk about the market now and Cortlands strategy. By progressively cutting out middlemen, standardization became easier and costs lower. Photos. 22:17 - Steven comments on Cortlands approach to brand and recruitment. 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. Cons. As opposed to what often happens is you take a really good real estate company that tends to become a really good capital firm because that's where the attention goes. Is that correct? Get a D&B Hoovers Free Trial. So, lot of room to grow in the business that we're doing. 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. A focus on stripping out costs to be vertically integrated to allow you to scale from 5,000 units up to today over 65,000 units. You've got a number of open-end funds so you're raising a lot of capital. 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. How can we help you? Cortland Westshore 6207 S West Shore Blvd, Tampa, FL 33616 Visit Cortland Westshore website Apartment floorplans Aft $1,863 - $1,975 Studio | 1 ba | 593 sqft 2 units - Available now Angler $2,025 - $2,100 1 bd | 1 ba | 672 sqft 3 units - Available Mar 14 2023 Beam $2,105 - $2,160 1 bd | 1 ba | 726 sqft 3 units - Available now Beacon $2,110 - $2,335 We will get back with you shortly. And part of being able to focus on that was stripping costs out and being vertically integrated. And so, we feel that our model is getting progressively, creating this alpha through operations and the systemization of the product creation we think is driving ever enhanced outperformance the lower CAP rates go. Then you have a much lower failure rate and then a better system of maintaining that product so you know when you have something that's been repaired three times for the same problem you're probably going to have an issue. Again, we were trying to figure out how to build this machine to create really high-quality product, very affordable price, very little volatility in the delivery schedule, etc. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. Steven DeFrancis: Sure, and you make a good point, especially back then. 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. Cortland Engaged Employer Overview 569 Reviews 120 Jobs 913 Salaries 80 Interviews 179 Benefits 91 Photos 164 Diversity + Add a Review Updated Feb 23, 2023 Find Reviews Clear All English Filter Found 548 of over 569 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First 3.7 68 % As it relates to the first part of your question, the fit and finish side and for our customers. Pay Online. When we were starved for capital and so making investments in real estate made a lot of sense. Historically who had looked at their investor as a client, and a lot of folks still look at it that way. 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. 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