You had folks who lived in multifamily after college, the newly divorced, newly unemployed, newly moved to a new city, newly graduated, usually it was a short-term stint, it was a transitional period in most folks lives, and largely if you think about it most folks lived in an apartment until the very first point, they could afford not to. They want to work for a brand that really means something and stands for something premium in the marketplace, and it also really pays huge dividends on the marketing side. 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. Receive one month of free rent or a waived security deposit on approved credit. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. It must be really fun these days to sit down with LPs who are basically throwing money at you. 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. 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. What was the impact, going to be from the meltdown of a single-family mortgage crisis? Back when we got started really doing this heavy value add, no investor wanted to do it. There are plenty of people in the multifamily industry who say brands make a difference in hospitality. Loading. What's the best part of that? The really important thing that was cut out was the volatility of delivery and timing and product quality. Willy Walker: So, your brand, your customer experience, and your cost of renovation, are all competitive advantages that allow Cortland to pay higher for an asset, lower your cost of rehab and then be able to make up for it in the rents, you can charge, because the combination of lower cost on the rehab and then also the brand on the rents allows you to have a unique competitive positioning as it relates to acquisitions. Where others see a square foot, we see a story. 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. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. The other piece is just in SEO and online through branding as I mentioned earlier. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. 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 DeFrancis: That is correct. 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. A lot of effort on the front end around considering talent before bringing them in and then a lot of focus on supporting our talent once they're here. Competitors. Within 50 Miles of Cortland 5550. Steven and his team manage a portfolio of multifamily assets located in 11 states, primarily in the Southeast, Midwest, and Texas. Steven DeFrancis: We felt the brand was very important. 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? 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. Contact Information. 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. 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. 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. 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. Find the Cortland Dallas address. I loved it 10 years ago, it was fun every day. Our Offices +1 (888) 525-8488 cortland@cortlandcompany.com USA Anacortes, WA 1012 Second Street Anacortes WA 98221 +1 (360) 293-8488 USA Houston, TX 10633 West Airport Blvd Ste 300 Stafford TX 77477 +1 (832) 833-8000 EU The Netherlands Galvanistraat 115 6716 AE Ede The Netherlands +31 682 101 602 What was it that you either saw as a macro market opportunity or something that you saw inside of Cortland that made you shift strategy? We knew the first thing we needed to do was go build a team of really top-notch players that were passionate about working here, passionate about what we were doing here, felt like they were invested in and really enjoyed working together as a team every day. Wed: 9am - 5pm. Contact Us. 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. 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. Cortland | 42,444 followers on LinkedIn. You just raised your fifth closed end fund. 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. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. It's just not something people want to deal with, but it's necessary. We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. Our goal is to deliver communities, experiences, and solutions beyond expectations down to the smallest details of our everyday interactions to the standards by which we live and build. 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. Cortland Glenridge. I have witnesses to confirm these actions. I have strong belief that if we continue to perform for the capital, they're going to find us. Thu: 9am - 5pm. Say yes to a career you love. 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. Ms. Sarah DeFrancis, Manager of Communications. I personally would not live there. 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. Cortland Legacy | Dallas Area Corporate Housing Cortland Legacy 1 or 2 Bedroom Apartments 603 - 1689 SQ FT (approx.) 0:48 - Willy previews episodes to come. . On the recruiting side we begin early in the cycle building a process around testing the applicants that we were hiring, such as, personality profiling, intellect testing to try to build a team of high performing individuals. Key Principal: Ashley Gordon See more contacts Industry: Apartment building operators. Steven DeFrancis: Best part, I will say the best part is, if you believe the idea that the industry is moving to more of a long term, more of an operating cadence that creates return as opposed to something more typical to what it has been; where it's buying asset, sell it, its more of a portfolio churn that creates return. Willy Walker: You talked about brand and the customer experience. This is a multi-location business. 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. 42:08 - Willy and Steven talk about the market now and Cortlands strategy. 270 S Watters Rd. Steven DeFrancis: Well, we had a lot of learnings along the way. 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. 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. To this end, the company has developed a unique approach of internalizing the majority of its functions. Houston, Texas Office. 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. 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? Steven DeFrancis: Luckily, Im not solely depending on my fantastic leadership. Office Closed After-Hours Maintenance Emergencies: Available 365 days of the year at (708) 452-4242, Option 3 . 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 is a product-to-people, multifamily real estate investment, development, and management company that in-sources most of its multifamily development, design, construction, renovation, management, and ownership functions - all with the goal of providing residents excellent, hospitality-driven living experiences. But thankfully there's so much opportunity, as you know, within multifamily in the markets we're in. The training that you've given them is sort of applicable across the Cortland platform. Steven DeFrancis: We do have a great capital team, Ned, you mentioned Chris Lennon. This office is the major Cortland Dallas, TX area location. Thanks, and have a great day. 1160 Johnson Ferry Rd NE. 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. 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. BBB Business Profiles may not be reproduced for sales or promotional purposes. 2:33 - He introduces his guest, Steven DeFrancis, CEO of Cortland. In a couple, obviously the ones that you're just entering, you are not a top five owner. 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. Resale Documents. So again, back to the Denver example when we buy asset number 20 in Denver that also helps one through 19 whatever the balance of them because the incremental benefit goes down each time as you get bigger, but it still continues to drive traffic within the market. 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. Listings. Historically in our business, groups would generally try to outsource as much of the business as possible. Cortland Legacy is a short distance from incredible shopping, dynamic entertainment and several outstanding sporting venues. We are Bainbridge We manage, develop, and invest in apartment communities that are complete experiences, where people are free to pursue better lives. Hiring. Atlanta, GA 30326-2818. 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? Brand and associated SEO realities in the market today drive traffic, and they tie into the customer-centrism of the business. Contact Us Address Cortland Properties, Inc. 7612 W. North Avenue Elmwood Park, IL 60707 Phone Phone: (708) 452-4242 Fax: (708) 452-4122 . 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. This long-term vision, in turn, drove all areas of the business, from hiring to design. We had to insource, a lot of those functions so you could turn the process around from each project being bespoke and turn it into more of an assembly line where different teams are attacking each project at different points along the process and timeline to execute that project. 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. And then on the broader question any thoughts about taking the model and expanding it out? 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. So, a lot of the system and work we're doing around is preventative maintenance and systemizing all of that process to keep that stuff from happening. Willy Walker: One of the things that you talked about standardization in the sense of the experience from a client standpoint. But that because of the nature of multifamily someone doesn't arrive somewhere and say Ive got to go find a Cortland asset to live in when they move from Atlanta to Dallas, and I think you've actually proved that wrong. Overview. Therere expectations from our consumer and our customers that are more and more unique, so we need more specialized human capital. 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. 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. 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. What's your view on the overall market right now as it relates to sort of supply and demand and where pricing is and the ability to continue to get the returns that Cortland has been so successful at producing? Cortland Build is a global, concept-to-completion construction delivery firm specializing in multifamily new build, commercial construction (amenities), and renovation. You've got a number of open-end funds so you're raising a lot of capital. You can then attract higher quality folks. So, talk about a kick to the pride; I couldn't even pay them to represent us. Answer Question. So, it's really two pieces; it's maintaining that ability to be the best to your customer, but also the ability to create the infrastructure to process a lot of throughput, and whether it's development or acquisitions or value add renovations, the whole process of creating product before you then manage and operate the product. 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. And part of being able to focus on that was stripping costs out and being vertically integrated. Addison, TX. However, Steven hasnt considered expanding beyond housing. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX, 78748-1692 United States . Then all the investment you put into that lead, your associate is like well, thank you very much for your interest, but we cant help you and call us next year when you need an apartment again. 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. 10 free leads on us . 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. Through local inspiration and research, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience. 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. Find company research, competitor information, contact details & financial data for Cortland Partners, LLC of Atlanta, GA. Get the latest business insights from Dun & Bradstreet. Steven DeFrancis: Sure, and you make a good point, especially back then. In a market like Dallas or Atlanta or any of the markets were in, we don't need to be top one or five, but we'd like to have line of site to 4000 or 5000 plus units because it allows us to first, invest in better top notch human capital, because we have the scale to support it. But also, to where all those teams now were working internally, that all know our expectations, our systems, our processes, and trust me we still made half the mistakes that the external groups would have made but at least we were doing it together. Looking for furniture for your home office? 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. We are looking at other product types within housing. So, lot of room to grow in the business that we're doing. But it definitely has paid a lot of dividends in transfers within the system. It tends to grow on itself so once you start with a small nucleus of really high-quality people, they attract higher quality people who want to work with them. Fri: 9am - 5pm. 2824 N. Orchard. 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. 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. 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. 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. The market today is as white hot as we've ever seen it Steven you know that very well. So, it barely moved the needle to go from really low grade to really high grade. 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. Thank you, Steven. Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? Pros. 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. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. 1-3 Br $1,434-$2,504 0.2 mi. 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. He is a member of the Buckhead Coalition and serves on the board of the Atlanta Neighborhood Development Partnership. At least we were all one team. Most of all, we got great consistency so when we were promising delivery dates on these units, we had much lower volatility than what we had seen previously, doing a more traditional model. We hope the information will help you find an . 22:17 - Steven comments on Cortlands approach to brand and recruitment. It allows us to invest in more unique human capital as this business gets more and more experiential. They are then sent to a warehouse where the products are broken down and rearranged by project and unit. 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. See All 79 interviews. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. BBB Business Profiles are subject to change at any time. 3.7 (114 reviews) Verified Listing. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. Cortland, New York Office. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies. Resident Questions See if Cortland is hiring near you. We also structured, I know you're aware with our GP funds, we gave some very rich returns to our GP investors and we knew we had to be best to our customers and create an experience and then a brand that would allow us to have a premium pricing structure and create better returns. By progressively cutting out middlemen, standardization became easier and costs lower. That part didn't take a lot to bite off on that it was largely just math. While the recruitment process is rigorous, it yields a workforce well suited to particular jobs. Cortland was founded in 2005 with a focus on multifamily development in Atlanta. Because of the challenge of getting really good design talent on a third-party basis early in the cycle and again that's because early in the cycle we were buying and renovating assets that were all foreclosures and many of those assets we paid sub $15,000 a unit. 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 Pay Online. 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. Talk about the move to vertically integrate and going and making partnerships with the OEMs over in China that allowed you to standardize product and cut your costs dramatically. As you know, Willy, from your business you've done a great job with this. But is it fundamental to your business strategy to gain those economies of scale in a given city? 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. But I would argue that almost everybody has pride in where they live, and really wants to live in a nice place. We're here to help our residents, clients, and communities across the globe. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. Ive seen the numbers as it relates to how you've been able to build the Cortland brand. 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, we got a great price, we got great product, we got great finish. Because it gives us less volatility on the outcome of the return. Cabinets, counters, tile, light fixtures, plumbing fixtures, flooring rob hooks, doorknobs, peep holes, you name it. 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. Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. Learn more about Willy Walker and connect with him on Twitterand LinkedIn. 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. There's huge value in that and this is just one example where that scale just creates a ton of value. International Association of Better Business Bureaus. 18021 Kingsland Blvd, Houston , TX 77094 Cinco Ranch. So, we then realized that a lot of the reason was there was just not really a protocol of supporting the facilities team as its own function outside of the property, the leasing side of the house. It doesn't mean the right personality profile to work here or not work here, more typically it's the person that's going to be an interior design probably has a different set of personality profile than the person who's going to be an accountant in reporting. 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. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 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. We are probably a 50 some odd people on the investment team, and they are spread out across the markets where we are operating in the US. 2404-14 W. Cortland. 51:39 - Will Cortlands main focus going forward be service or capital? 54:41 - What is the best and worst leading today versus earlier in the companys life? About Cortland Uptown Altamonte. 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. 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. That was a bit of a change for us, and I think a lot of folks in multifamily over this cycle. 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. 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