You've also standardized a lot as it relates to the if you will fit and finish of a Cortland property. Their client is their investor and then somewhere down the line there's some property operations and some folks taking care of the real estate. See All 79 interviews. The Residence Life and Housing Office at SUNY Cortland is committed to providing safe, civil, and vibrant living communities in support of our academic mission. Steven DeFrancis: But, sometimes it's good to have more ambition and brains. During the economic downturn in 2008, we decided to shift our focus from developing communities to acquiring and renovating existing multifamily communities all with a vision to challenge the conventions of the traditional multifamily industry through better living spaces and experiences. 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. More > Healthcare & Supportive Services So, talk about a kick to the pride; I couldn't even pay them to represent us. 22:17 - Steven comments on Cortlands approach to brand and recruitment. On the latest Walker Webcast, CEO Steven DeFrancis joined us to discuss his strategic approach to systemization, his focus on building a stellar team, and his approach to growth. However, Steven hasnt considered expanding beyond housing. 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? 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. Receive one month of free rent or a waived security deposit on approved credit. Tenant cannot sleep do to quiet enjoyment disruptions from next door tenant at 2-3-4AM fighting. 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. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. See if Cortland is hiring near you. 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. You go through a talent selection process that is, I would put forth, more rigorous and more focused than many companies that I interact with on a consistent basis. The deal pushes Cortland's portfolio of owned and managed apartments to more than 60,000 nationwide and makes it the largest apartment owner in DFW, the company said. 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. The market today is as white hot as we've ever seen it Steven you know that very well. (855) 231-0937. They execute Cortlands value-add and new build construction, in addition to offering their expertise beyond Cortland. Please select one of the markets below to refine your search. Nearby Apartments. We spent about six months with four market study groups just studying different parts of the business. 1160 Johnson Ferry Rd NE. Team Members. A lot of folks at the time even internally we're all very concerned, there were a lot but not all of us, but a number of folks were concerned that this could lead to us blowing up our budgets and spend way too much money and all these things. It's less about buying them or renovating them, building them from that standpoint is really on the operation side. 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. Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? Today it's just a different type of fun because you can do more and do it better, because each thing is systemized so much better. As you know, Willy, we started a brand for 55 plus which we call the Tiva a number of years ago. View jobs Senior Lifestyle Corporation Careers and Employment Work happiness Scores based on about 385 responses to Indeed's survey on work happiness About work happiness 55 Work Happiness Score But it definitely has paid a lot of dividends in transfers within the system. But one of the things that you did Steven, is you brought on amazing talent in Ned and in David and others to really create this capital formation function inside of Cortland. And as I look at Cortland now a decade after you really started hitting this growth trajectory, for all of the incredible brand youve built, customer experience you've built, vertically integrated sourcing youve built, and the actual App rehab process, you've also created a capital formation machine that is, there are parallels to it like a Blackstone. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies(Reputation.com, 2022), and aGreat Place to Work-Certified Company(2022). Contact Us. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. Cortland sets a new standard for better apartment living in Europe. Apartment Services. I loved it 10 years ago, it was fun every day. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. 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. Then the second piece is once they get in you've created a culture at Cortland that is very unique. But the amount of value you created with your team by entrusting them with an unlimited checkbook to make people happy, you can't even put a value on that and that continues to this day. Company Description:? If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. In this episode of Driven by Insight, Willy . Steven DeFrancis: That is correct. Id like to think and Brad Brown, my acquisitions chief swears we've never paid more than somebody else for a property. Steven DeFrancis: We felt the brand was very important. 5470 Glenridge Dr NE. 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. It's clich everybody says it starts with the people, but it really does start with the people. How BBB Processes Complaints and Reviews. Whether it was marketing or sales or pest control or landscaping all these services you could buy on a per unit basis, but at the end of the day it was really efficient from an execution standpoint, but it was really inefficient from a customer service standpoint, because now effectively, you were handing over that relationship with your customers to this whole cadre of third-party vendors, which inevitably, as you can imagine, just lead to really poor service and poor execution. 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. Through our integrated business model, our enterprising team, and our commitment to placing the resident at the center of our decisions, were aiming to set a new experience standard for the apartment industry one community at a time. Thank you, Steven. Need to find a different location? Looking for furniture for your home office? 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. 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. We're here to help our residents, clients, and communities across the globe. Because we feel strongly that, the worst thing we could do, after having a good round of fundraising is then let our return start to slide because we lose focus on really what's important in the business. Wed: 9am - 5pm. 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. 18021 Kingsland Blvd, Houston , TX 77094 Cinco Ranch. Forms. BBB reports on known marketplace practices. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. 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. Faqs. Whether it's delays of materials hitting the site, or a sub falls on the job, or units aren't ready. 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. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. 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. Cortland Build is a global, concept-to-completion construction delivery firm specializing in multifamily new build, commercial construction (amenities), and renovation. Weve created the capital structure and built the infrastructure to where now we're not relying on all these external parties for every project. 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. 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 . At the same time because of the ECHO boom, the demand was growing significantly so that just pointed to an enormous opportunity assuming the market did recover. What we've learned is, the value you get out of being scaled in a market, you can't beat it in any other way, centralized services, etc. 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. You just raised your fifth closed end fund. Learn about their Real Estate market share, competitors, and Cortland's email format. Willy as you're aware, based upon a lot of the work we've done together, in those early years we were raising almost all of the LP capital through a preferred structure, because frankly the LPs thought what we were doing made no sense. Sincerely, Mary S. Community Manager. The Business Office Manager oversees the Accounting and Human Resources functions as well as handles recruitment, retention, new hire orientation, benefits administration, payroll, and general. We learned five or six years ago, we sort of realized that we weren't seeing the same passion, if you will, in our maintenance and facilities teams as we were seeing on the other, the leasing and operations side of the house. After having done over 60 Walker webcasts all remote, it will be super fun to sit down with my guest one on one and have an engaging, interactive discussion. Resale Documents. 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. 346-206-1014. 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. Great leadership, innovation, and corporate culture. Copyright 2017-2020 Walker & Dunlop, Inc. You can then attract higher quality folks. There are 10,000 things that can go wrong, and again they will, and so what we felt strongly was to systemize that process to allow us to be able to have a lot of throughput. There's huge value in that and this is just one example where that scale just creates a ton of value. He is a member of the Buckhead Coalition and serves on the board of the Atlanta Neighborhood Development Partnership. 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. So those two things kind of had to come together to create that better client experience. 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. Through local inspiration and research, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience. 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. $1,200 - $2,050. Once we brought that in-house, we then realized that we could do a better job on the material side and so Darla partnered with Clay Landers who runs our construction group and they started working with an importer, to again, we were not going directly to Asia to source materials were working with an importer to cut out some of the middlemen on this side. But talk about two pieces of the equation as it relates to what it is to be on the team at Cortland. Choose the option that best fits your needs below and then let us know how we can help. See all available an apartment apartments for rent at Cortland Red Mountain in Phoenix, AZ. The really important thing that was cut out was the volatility of delivery and timing and product quality. Email this Business. Cortland County is a great place to live. He has looked at other product types within housing, and his main aim in each market is to achieve the desired asset base and scale. I can't even remember a single story where we were like oh, my goodness, I can't believe we let them do that look and what they did. I can think of many stories where they did the right thing for the right reason because they were empowered to go do it through decisions and checkbook. But the reality was they were going to demand a lot more from a level of service and experience that we had been used to providing in the multifamily industry. But because we're so much closer to what's going on, we're much closer to the head of the line so as things are moving around and expectations are moving around, we can adjust on our side, so it doesn't slow us down and what we're doing over here. 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. We had great success, but we think that was more a function of market timing and luck than it was that business model made sense for us. (36) Military Housing (0) Corporate Housing (0) Move-In Date More Save Search Sort Beds. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. It's just not something people want to deal with, but it's necessary. So, it barely moved the needle to go from really low grade to really high grade. The company employs more than 2,000 associates; it also owns and manages over 65,000 units, with a pipeline that will push this number to over 70,000 by the end of the year. 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. But I would argue that almost everybody has pride in where they live, and really wants to live in a nice place. Find company research, competitor information, contact details & financial data for Cortland Partners, LLC of Atlanta, GA. Get the latest business insights from Dun & Bradstreet. 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. By 2011, we owned and managed 5,000 apartment homes and meaningfully accelerated our plans to build a company that could deliver unique value to both our residents and partners. As you sit there and think about the next 10 years, what's more important to you; continuing to build on the capital formation side or continue to stick at, it's day-to-day operations and the blocking and tackling that actually brings the capital? Don't get too excited about AUM, it's more important that we're delivering that service every day, and obviously I know it takes both but Im trying to get at a little bit of what's the focus? We are looking at other product types within housing. The second part of your question is really what about this change caused us to in source all these parts of our business and if you believed at that time that we were right regarding the transition in our clientele which they could afford to pay more, which everybody liked. Cortland is headquartered in Atlanta, GA and has 7 office locations located throughout the US. 4:42 - What led Cortland to shift? 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? And part of being able to focus on that was stripping costs out and being vertically integrated. We're moving now into sensors and putting sensors in the equipment, so we can start to get proactive messaging when things are going to fail, instead of waiting until they fail. And like a lot of things that worked great until it didn't. I look forward to speaking with you! 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. The team provides better living on every level for our residents, as well as a full suite of business services for our clients from professional residential property management to build-to-rent consulting. It was all these things moving around in the market or cross current in the market that we felt might have an impact on the multifamily industry. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. Hiring. 51:39 - Will Cortlands main focus going forward be service or capital? In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. There are, of course, opportunities that Cortland could take to move into other asset classes within multifamily housing, or even different commercial real estate classes. 2:33 - He introduces his guest, Steven DeFrancis, CEO of Cortland. 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. Like one or two percent of the total supply. But to your point about how we're going to grow, Im a big believer in taking a step back. I continue to receive emails and texts about my discussion with James Kerr author of Legacy from two weeks ago. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. Houston, Texas Office. 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