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? Learn more about Cortland. 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. They thought it was nuts to spend that much money on a renovation of an existing project. And then create a better living experience which would create more demand at our assets and eventually lead to better returns for our investors. What did Steven and his colleagues see, Willy wonders, that led to the shift? Frankly, historically, most people in the C suite of these businesses deign to get that operational stuff on their shoe. Answer Question. 0:48 - Willy previews episodes to come. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. 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. 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. 2404-14 W. Cortland. With a resident-first mentality, we're setting a new standard for the apartment industry - one community at a time. They are then sent to a warehouse where the products are broken down and rearranged by project and unit. 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. BBB Business Profiles may not be reproduced for sales or promotional purposes. 22:17 - Steven comments on Cortlands approach to brand and recruitment. As a matter of policy, BBB does not endorse any product, service or business. 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. So, it barely moved the needle to go from really low grade to really high grade. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies. Hiring. 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. 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. So, what we began to do is say okay let's take those learnings and really pivot the platform to focus on this new environment where the client or our customer needs to be at the center of everything we do. Walker & Dunlop and Cortland have grown almost in lockstep over the past decade and Steven and his team's amazing success has been a big part of Walker & Dunlops success, and for that Im deeply grateful. But we felt that there was an enormous opportunity that we could capitalize on if we really pivoted the whole business to focus on our customer as the true client. I look forward to speaking with you! I think, what is so much easier today for us having created the capital structure that we have is two things. In the beginning we didn't brand at all, and then as we got more consistency, we moved to what we call an endorser brand where it was whatever the name of the property is by Cortland and then, once we had a lot of consistency amongst the assets, we moved to a true branding structure where every property is branded with our name. The really important thing that was cut out was the volatility of delivery and timing and product quality. And so, it's a wildly competitive marketplace right now and you're seeing CAP rates continue to chink down and chink down. Looking for furniture for your home office? Thu: 9am - 5pm. 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. Founded in 2005 and headquartered in Atlanta, Georgia, Cortland Partners is a global, multifamily real estate investment firm. 42:08 - Willy and Steven talk about the market now and Cortlands strategy. 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. Historically in our business, groups would generally try to outsource as much of the business as possible. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. You just raised your fifth closed end fund. So, having built the capital infrastructure to get capital that we then have control over at the same time of building the execution infrastructure to perform for that capital. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. After all, as Steven says, Cortland is at heart a consumer-facing operating business that happens to need capital, not the other way around. But to your point about all the stuff we've underwritten, what we decided a number of years ago was to invest in a bigger team so we could put an investment team in each of the markets that we're in, so we weren't trying to do all this acquisition from a central location where we really didn't have the local market knowledge that we would like to have. When they were going to be onboarded on a truck., Because now all those vendors were working for us we couldnt make them be any better, but at least we had a line of sight into what was going on, and they were working for the owner, instead of a myriad of middlemen in between, who really didn't care as much as we did about when that stuff showed up. 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. 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. 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. Cortland Apartments. Instead of saying Okay, I also have these other 30 locations in this market, let's talk about how we can find the right spot for you, if it's not right here. Cabinets, counters, tile, light fixtures, plumbing fixtures, flooring rob hooks, doorknobs, peep holes, you name it. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. Weve created the capital structure and built the infrastructure to where now we're not relying on all these external parties for every project. 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. So, I won't say we won't ever do something different, but we're not looking at something today. 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. Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. Cortland Headquarters and Locations - Learn more about Cortland's locations by map by and/or jobs. 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. 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. 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. So, lot of room to grow in the business that we're doing. 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. Learn more about Walker & Dunlop and Driven by Insight. 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. 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? And then, in the middle of September Im going to do my first live Walker Webcast interviewing with Eric Resnick CEO of KSL Partners to discuss the hospitality and leisure industries as KSL owns lots of hotels, resorts, and ski areas. This office is the major Cortland Dallas, TX area location. We hope the information will help you find an . Sandy Springs , GA 30342. BBB is here to help. Use our search filters to browse all 100 apartments and score your perfect place! Technologies. Contact Us Address Cortland Properties, Inc. 7612 W. North Avenue Elmwood Park, IL 60707 Phone Phone: (708) 452-4242 Fax: (708) 452-4122 . The training that you've given them is sort of applicable across the Cortland platform. Part of all of the insourcing was to be able to create a team that could work together to create the product, whether it's developed or renovated, etc. But is it fundamental to your business strategy to gain those economies of scale in a given city? Houston, Texas Office. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. 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. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. 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. At least we were all one team. Not everybody can afford to move into a brand-new high-rise apartment. Like one or two percent of the total supply. 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. 28:46 - Cortland maintains a high level of standardization. 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. 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. Steven DeFrancis: Well, Ill tell you how it started. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. 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. 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? Im assuming you had to get market returns for your LPs, but your GP return dragged as you were investing in the business. 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. 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. Five years ago, I knew every single person who worked here and could walk up and have a conversation and whatnot and knew them. That's extremely inefficient, building buildings, renovating buildings, especially renovating buildings that are full of customers, it's fraught with peril. 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. 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. So, Cortland decided to provide consistently high-quality living spaces at affordable costs. 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. 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. Welcome to the Apartment Owners Association of the Cortland NY Area! Tue: 9am - 5pm. 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. Cortland is the largest owner and operator in the cities of Atlanta and Dallas, as well as in the entire state of Texas. But it definitely has paid a lot of dividends in transfers within the system. 2801 W. Logan. 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. Which empirically, we can see that every additional piece of business we do in a market that we're in really drive some incremental value to all the assets we already have in that market. 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. 10:19 - What about the companys change led to insourcing? 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. 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. Resident Questions Steven earned his bachelor's degree in real estate from University of Georgia, Terry College of Business. It took us a while to really start rolling out the brand. Faqs. They execute Cortlands value-add and new build construction, in addition to offering their expertise beyond Cortland. 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? 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. Fri: 9am - 5pm. Ive seen the numbers as it relates to how you've been able to build the Cortland brand. 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. So, clay and a wonderful gentleman on his team named Walter Hudson got on a plane and flew to China to find our missing cabinets and counters at the time. 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. Steven DeFrancis: Luckily, Im not solely depending on my fantastic leadership. Visit Website. Photos. And then, all of those calls come into a central location. 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. 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. We did it because that was the capital that was available. 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. 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. 201 Jobs. (972) 895-6650. 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. The result of under development of multifamily in the Sunbelt markets in the early part of the 2000s because of the heavy focus at the time on homeownership followed by a pretty long and protracted downturn where nothing was being developed in those markets. Please select one of the markets below to refine your search. Cortland Glenridge. 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. Steven DeFrancis: At this time, we haven't thought about expanding beyond housing. How BBB Processes Complaints and Reviews. 10 free leads on us . 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. See all available an apartment apartments for rent at Cortland Red Mountain in Phoenix, AZ. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. It's about starting with a process through testing, we use an industrial psychologist to do all this work. Cortland is the largest owner operator in Atlanta and Dallas as well as all of the State of Texas. Contact Information. More > Healthcare & Supportive Services 1160 Johnson Ferry Rd NE. 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. . Thank you for such a fantastic and thorough review of our community! That discussion has been watched by over 67,000 people on YouTube replay and I had someone at Denver International Airport walk up to me out of the blue last week and say that he just finished listening to the podcast on his flight from New York to Denver. But a lot of people at that time may have seen the demographic shifts coming, thought that the demographics behind multifamily were really strong, but didn't take the component parts that you just talked about as it relates to a focus on the customer experience. Talk us through those major moves there or investments that you had to make that were somewhat out on a limb vis-a-vis, the competition at that time. Cortland Design is our in-house, award-winning interior design and architecture firm. 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. Steven DeFrancis: I will never say Id rather leave here to go there, but I do miss the closeness. 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. Customer Reviews are not used in the calculation of BBB Rating. The vision also prompted a focus on brand. We think you will be pleased with the variety of quality rental property selections offered here, including student housing, studio apartments, 1BR, 2BR, 3BR, 4BR and single family housing. It doesn't have to be brand new. And part of being able to focus on that was stripping costs out and being vertically integrated. Sandy Springs , GA 30342. Ms. Sarah DeFrancis, Manager of Communications. 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. 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. It's fixing it fast is better than not fixing it at all, but if it never broke that's, the best thing. 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. What's the worst part of that? The first is the way you select talent. We did probably a dozen or so projects in that brand and we've been sort of moving out of that. Thanks, and have a great day. Laramar is a national property management company offering apartments for rent nationwide. Say yes to a career you love. Let's back up a little bit too when you founded Cortland in 2005 as a small development firm focused on in-town development in in Atlanta and then during the great financial crisis changing from being a local developer to focusing on acquiring and renovating communities across the country. 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. 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. (855) 231-0937. Cortland Legacy | Dallas Area Corporate Housing Cortland Legacy 1 or 2 Bedroom Apartments 603 - 1689 SQ FT (approx.) Additionally the **** system outside her window (was not disclosed to her the **** noise at time move in) disrupts sleep. How can we help you? So, we just said okay, well we've done a lot of other things ourselves, we'll figure this one out too. It doesn't have to be perfect, but everybody wants to have pride in the place that they live. Company Description:? 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. We are Bainbridge We manage, develop, and invest in apartment communities that are complete experiences, where people are free to pursue better lives. 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