Thanks, and have a great day. 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? Office Closed After-Hours Maintenance Emergencies: Available 365 days of the year at (708) 452-4242, Option 3 . And we put almost no focus on the team that actually keeps our existing customers there, which is you know in business is the exact opposite way to maximize your bottom line. 1-3 Br $1,434-$2,504 0.2 mi. 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. Steven DeFrancis is the founder and CEO of Cortland. 346-206-1014. 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. Pros. What's the worst part of that? We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. Sincerely, Mary S. Community Manager. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. Our Company Our Company Our Story . Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. Looking for furniture for your home office? Internationally, we operate a build-to-rent (BTR) management and development platform in the UK. 42:08 - Willy and Steven talk about the market now and Cortlands strategy. If you look at Atlanta, you mentioned we're number one owner, number one owner in Dallas, in both of those markets were the number one owner and were mere basis points of the total. Like one or two percent of the total supply. 2404-14 W. Cortland. Find the Cortland Dallas address. Find contact information for Cortland. We did it because that was the capital that was available. Thu: 9am - 5pm. Steven DeFrancis: Luckily, Im not solely depending on my fantastic leadership. Cortland is the largest owner operator in Atlanta and Dallas as well as all of the State of Texas. 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. It also allows us to systemize or centralize within a given market; things like maintenance and purchasing etc. There's huge value in that and this is just one example where that scale just creates a ton of value. Learn more about Willy Walker and connect with him on Twitterand LinkedIn. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. I personally would not live there. I do miss that piece. 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. See All 79 interviews. It must be really fun these days to sit down with LPs who are basically throwing money at you. Laramar is a national property management company offering apartments for rent nationwide. But Cortland really focused on that. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. 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). 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. . So after a while of fighting that battle, we finally decided to you know we hired Darla Dylan who was working for one of the companies that we had hired on third party basis and Ill never forget; we were like okay Darla is coming in she's going to do all of our interior design hundred percent of it we're going to have it no problem. Need to find a different location? 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. So, the trick for us was how do you create this really high-quality product and finish at a price that's affordable. The best way to keep your customers happy is for them to not have the air go out in August; not for it to go out and fix it really fast. Email this Business. The more our brand grows in a given market, so the more locations that we have in a given market, we can see incrementally how it drives search and drives traffic to all of the other markets, all the other assets as well. Please select one of the markets below to refine your search. 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. However, Steven hasnt considered expanding beyond housing. Get Directions. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. Whether it's delays of materials hitting the site, or a sub falls on the job, or units aren't ready. Then the second piece is once they get in you've created a culture at Cortland that is very unique. Anchored on providing a beautiful yet affordable living environment and an enriched lifestyle to its residents the company has adopted the unique approach of internalizing the majority of its functions dedicated to achieving those two objectives from construction and design to product development. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. By progressively cutting out middlemen, standardization became easier and costs lower. 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. As a result as an industry we didn't have a lot of investment in doing it better, we had a product, system and people, etc., but we did see that that clientele was likely going to be changing coming out of the GFC. We spent about six months with four market study groups just studying different parts of the business. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. 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. 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. And then create a better living experience which would create more demand at our assets and eventually lead to better returns for our investors. 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. Use our search filters to browse all 100 apartments and score your perfect place! Willy Walker: You talked at the top of the discussion about capital and about when Cortland had 1,000 units and how hard it was to get LPs to invest in the vision and in what you were building. So, part of it is the intellect testing, that's more of the straightforward part, and part of it is the personality and making sure that we're getting folks with the right personality to meet the job that they're going to do. I can only imagine, Steven, that during the pandemic as hotels and office buildings were sort of sitting on the sidelines and weren't trading because nobody really wanted them, there were opportunities for you to step in and use your act rehab capabilities to convert a hotel, for instance, into a multifamily property. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. 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. See if Cortland is hiring near you. And part of being able to focus on that was stripping costs out and being vertically integrated. As a matter of policy, BBB does not endorse any product, service or business. . As the conversation gets underway, Willy looks back to the founding of Cortland as a small development firm focused locally on Atlanta, noting that the company shifted its approach during the financial crisis of the 2000s. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. Neither one had ever been there, had no idea what they're getting into but we're going to go figure this out. Well guide you through the process. Cortland Red Mountain has rental units ranging from 804-1295 sq ft starting at $1515. Monthly Rent. 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 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. 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. We all met in the same bar after work to figure out what we did wrong that day. staff definitely needs a to be looked at thoroughly. . 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 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. To your point you made systemizing appliances and plumbing fixtures and all these things so you get as much customization as possible, which makes nothing will make the service teams job easier is when things don't break. It doesn't have to be perfect, but everybody wants to have pride in the place that they live. Because all of us can sit there and say airlines want to make the flying experience better but guess what they have a really tough time making the economics work to make the flying experience for all of us that much better, and so they don't make it materially better. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. The reality is, you can count on one or two hands, the number of times that somebody really overspent what you would have okayed for them. Thank you for such a fantastic and thorough review of our community! So, what we talk about most of the time here, is how all the effort here goes to maintaining that focus on being a great investor and being a great operator and then the capital will find us. 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. I continue to receive emails and texts about my discussion with James Kerr author of Legacy from two weeks ago. I have strong belief that if we continue to perform for the capital, they're going to find us. Cortland is a National Multifamily Housing Council top 50 owner and manager, and was ranked as a top US brand by Reputation.com. So, it was a combination of having product on hand, rushing product into manufacturer soon as the plants reopened in Asia. So to your point looking at all the ships on the board, we didn't make the ships move any faster, but at least we now had consistent information about when they were going to get to the port in LA or the port in Florida. Please fill out the form under the Residents tab or call our Resident Services team. 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. 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. Contact Information. It took us a while to really start rolling out the brand. They execute Cortlands value-add and new build construction, in addition to offering their expertise beyond Cortland. We hope the information will help you find an . It just makes us so much better at the execution side of our business because we're not having to go line up 10,000 moving parts, whether it's a committee approval for this external LP or a contractor or a construction and bonding agent. Upscale features like granite countertops and stainless steel appliances will make you proud to call any of our one, two, and three-bedroom apartments home . All these different things that you have to line up when you have no control over your capital. Contact Us Address Cortland Properties, Inc. 7612 W. North Avenue Elmwood Park, IL 60707 Phone Phone: (708) 452-4242 Fax: (708) 452-4122 . 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. 4:42 - What led Cortland to shift? BBB Business Profiles are subject to change at any time. BBB reports on known marketplace practices. Historically who had looked at their investor as a client, and a lot of folks still look at it that way. To this end, the company has developed a unique approach of internalizing the majority of its functions. 10 free leads on us . Company Description:? Visit Website. 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. 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? Steven explains Cortlands decision to invest in research into where the market was going as the recession continued, and about the companys pivot in terms of clientele and customer focus. Over time, Cortland transitioned to having direct relationships with manufacturers in China; these relationships help Cortland to navigate any supply chain issues that may arise, including those that have arisen from the COVID-19 pandemic. We're here to help our residents, clients, and communities across the globe. In order to accomplish this goal, Cortland began to vertically integrate. Customer Reviews are not used in the calculation of BBB Rating. The really important thing that was cut out was the volatility of delivery and timing and product quality. Anyway, two things came out of that; one was just the sheer volume of under supply that we were going to be met with when the economy recovered or began to recover. What was the impact, going to be from the meltdown of a single-family mortgage crisis? BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. 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. You have all these vendors working on every project, and so, instead of having an assembly line of work, it's more like you're building each one on a bespoke basis with the project at the center and all of these vendors attached to it, like the petal to a flower. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. 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. Visit Website. 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. Choose from one of the three topics below to let us know what we can do for you today, and we'll reply as soon as possible. Please select one of the markets below to refine your search. Resident Questions 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. 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. 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. 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