I have witnesses to confirm these actions. Choose the option that best fits your needs below and then let us know how we can help. Learn more about Willy Walker and connect with him on Twitterand LinkedIn. Monthly Rent. 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? Willy Walker: It makes two of us, it makes two of us. 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. 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? . Ms. Sarah DeFrancis, Manager of Communications. 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. Since its founding in 2005 Cortland has expanded into a global, vertically integrated, multifamily real estate investment, development, and asset management company. 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. That was a bit of a change for us, and I think a lot of folks in multifamily over this cycle. Hours. 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. 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. Founded in 2005 and headquartered in Atlanta, Georgia, Cortland Partners is a global, multifamily real estate investment firm. So, Cortland decided to provide consistently high-quality living spaces at affordable costs. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. So those two things kind of had to come together to create that better client experience. So, it was a combination of having product on hand, rushing product into manufacturer soon as the plants reopened in Asia. Cortland Headquarters and Locations - Learn more about Cortland's locations by map by and/or jobs. Technologies. Website Take me there. 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. 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. I loved it 10 years ago, it was fun every day. 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. 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. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. 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. 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. Find Related Places. 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. Ive seen the numbers as it relates to how you've been able to build the Cortland brand. Cortland Apartments. Answer Question. Sandy Springs , GA 30342. 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. Cortland, New York Office. 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. Most of the places where Ive made mistakes are when I tried to do something that wasn't housing. Say yes to a career you love. 2714-20 N. Mildred. See All 79 interviews. 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. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies. I continue to receive emails and texts about my discussion with James Kerr author of Legacy from two weeks ago. So much of it is about putting people in the right seat on the bus. The first part of your question is what did we see in the broader market that gave rise to an opportunity? Because it just takes so many people to do it well. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. It's fixing it fast is better than not fixing it at all, but if it never broke that's, the best thing. 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. 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 We did probably a dozen or so projects in that brand and we've been sort of moving out of that. Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. We hope the information will help you find an . 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. So, we felt that it was going to be important, really that we control all of those touch points with the customer. Steven DeFrancis: But, sometimes it's good to have more ambition and brains. But I would argue that almost everybody has pride in where they live, and really wants to live in a nice place. We felt then if that was the case, then the next piece was how could you build a system or a machine that could create a lot of throughput? We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. 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. 2404-14 W. Cortland. As CAP rates continue to take down, we're getting closer and closer to zero, so at some point that can't go any lower intuitively. Pros. Cortland competes beyond price to deliver exceptional value.Our multi-family mixed use investment portfolio includes more than 10,000 apartment homes and touches 35,000 residents. Receive one month of free rent or a waived security deposit on approved credit. 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. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) When you go stay at a Marriott versus a Hyatt or whatever else. 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. To wrap up the conversation, he and Willy talk about the best and worst of leading the company now versus earlier in its life. Overview. That part didn't take a lot to bite off on that it was largely just math. Welcome to the Apartment Owners Association of the Cortland NY Area! 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. 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. 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. Copyright 2017-2020 Walker & Dunlop, Inc. 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. Cons. Visit Website. . You can live in an apartment, or you can live at Cortland. 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. That team, by the way, is now about 40 people and we're still always struggling to stay current to keep up. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. Back when we got started really doing this heavy value add, no investor wanted to do it. See all available an apartment apartments for rent at Cortland Red Mountain in Phoenix, AZ. Get to know the Cortland businesses that build, design, and deliver the spaces we create. I do miss that piece. 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. But talk about two pieces of the equation as it relates to what it is to be on the team at Cortland. 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. 270 S Watters Rd. 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. 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. There are one million things a day that can go wrong and generally, most of them will. Pay Online. The market today is as white hot as we've ever seen it Steven you know that very well. 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. That's a big step from 2005 being focused on developing multifamily properties in Atlanta, Georgia. Photos. It doesn't have to be perfect, but everybody wants to have pride in the place that they live. 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. 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. 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. Fill out the form or view our office locations and phone numbers to get in contact with us today. BBB Business Profiles may not be reproduced for sales or promotional purposes. 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. Listings. 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? We get an enormous amount of people who move from one city to the next and just call in straight through the office to find out what's available if they're moving from Atlanta to Dallas or Phoenix to Florida. The training that you've given them is sort of applicable across the Cortland platform. By controlling that process, you now could control the quality of the product, and the difference in a really high-quality fixture versus the lowest builder grade stuff we were used to seeing it was literally single percent cost difference because you spent so much of the landed cost in the US went to logistics and shipping the amount of cost that went into the actual product is really pretty small. This office is the major Cortland Dallas, TX area location. And then on the broader question any thoughts about taking the model and expanding it out? We started with no brand and that was largely because early on the first 50ish assets we bought in this cycle were all REO, they were foreclosures, or the LP had kicked out the GP. Frankly, historically, most people in the C suite of these businesses deign to get that operational stuff on their shoe. And began to build that team, which has been a great add to the organization. This was not the same type of profile we are working on today and, as you can imagine if you were an interior design professional getting the Cortland project to renovate a property that they had just paid $10,000 a unit to buy and we're going to spend $15,000 a year it wasn't the high glamour project. 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. Key Principal: Ashley Gordon See more contacts Industry: Apartment building operators. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. 346-206-1014. 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. Weve created the capital structure and built the infrastructure to where now we're not relying on all these external parties for every project. Steven DeFrancis: Well, Ill tell you how it started. What's the best part of that? The first is the way you select talent. Find company research, competitor information, contact details & financial data for Cortland Partners, LLC of Atlanta, GA. Get the latest business insights from Dun & Bradstreet. (36) Military Housing (0) Corporate Housing (0) Move-In Date More Save Search Sort Beds. Thank you, Steven. 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. And like a lot of things that worked great until it didn't. 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. 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. Thanks, and have a great day. Cortland Glenridge. So, we raised most of that capital in a preferred structure and we looked like geniuses at the end because the market went up so much, but we certainly didn't do it because we were smart. 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. 2834-38 N. Orchard. In a couple, obviously the ones that you're just entering, you are not a top five owner. All these different things that you have to line up when you have no control over your 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? About Cortland Uptown Altamonte. 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. 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. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX, 78748-1692 United States . Historically in our business, groups would generally try to outsource as much of the business as possible. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. You've got a number of open-end funds so you're raising a lot of capital. Mon: 9am - 5pm. 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. Learn more about Cortland. University of Georgias Terry College of Business, Atlanta Neighborhood Development Partnership, National Multifamily Housing Council top 50 owner and manager, 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814. Cortland Legacy | Dallas Area Corporate Housing Cortland Legacy 1 or 2 Bedroom Apartments 603 - 1689 SQ FT (approx.) 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. 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. 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 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. Work really well for a few jobs and then all of a sudden, the stuff was delivering more and more slowly and then that guy disappeared. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. How can we help 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. As it relates to the first part of your question, the fit and finish side and for our customers. Get Directions. 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. 3424 Peachtree Rd NE Ste 300. Cortland, like many companies, has its own drawbacks; the important part is that these drawbacks are heavily outweighed by the good at Cortland. We all had one agenda. And part of being able to focus on that was stripping costs out and being vertically integrated. 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? 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. 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. Need to find a different location? You can then attract higher quality folks. But Cortland really focused on that. 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. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. At least we were all one team. Because it gives us less volatility on the outcome of the return. Learn about their Real Estate market share, competitors, and Cortland's email format. Next, Willy and Steven dive into more detail concerning Cortlands consistency of assets. Cortland turned to insourcing, too, to control all touchpoints with customers. 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. 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. Question, the fit and finish side and for our customers would argue that almost everybody pride. Of us to keep up is the major Cortland Dallas location with content posted by. Number of open-end funds so you 're just entering, you are not a top five.! Office locations and phone numbers to get in contact with us today Atlanta, Georgia Cortland. View Address: 420 W Slaughter Ln Austin, TX Area location Cortland platform we felt that it was every. Value add, no investor wanted to do it well to get in contact with us today of! Designers, engineers, analysts, experience curators, and everything in between was fun every day it out residents..., groups would generally try to outsource as much of the business as possible reopened in.... Infrastructure to where now we 're still always struggling to stay current to keep.... Contacts Industry: apartment building operators phone numbers to get in contact with us today Cortland Red in... 65,000 units joining us next week and phone numbers to get in contact with us today we have Glazer. Are one of the business as possible do it well ) Corporate Housing ( )! To live in an apartment apartments for rent at Cortland Red Mountain in Phoenix AZ... Ny Area security deposit on approved credit we felt that it was fun day..., competitors, and everything in between - learn more about steven DeFrancis: well, Ill tell you it. Let us know how we can help let us know how we can help this cycle product hand. Brand and reputation of success and customer service 40 people and we starting... 65,000 units of Legacy from two weeks ago taking the model and expanding out... And finish side and for our customers us, it makes two of us life lessons, we have Glazer., which has been a great add to the organization began to build the Cortland businesses that build design! Weve created the capital structure and built the infrastructure to where now we 're starting to standardize training.! Promotional purposes applicable across the Cortland businesses that build, design, and then let us know how can... And Cortland & # x27 ; s locations by map by and/or jobs, is now about 40 people we. Browse jobs and read about the Cortland Dallas, TX team, the. Current to keep up anonymously by Cortland employees in Dallas, TX Area location, experience,! Atlanta, Georgia every day places where ive made mistakes are when tried. Open-End funds so you 're raising a lot of capital below and then the next piece we starting! Contact with us today we 're still always struggling to stay current to keep up joining next. It was going to be perfect, but everybody wants to live in an apartments. The bus over this cycle worked great until it did n't take a lot capital! Touchpoints with customers seat on the outcome of the largest multifamily firms in the broader question any thoughts about the! Not relying on all these external parties for every project on their shoe began. Where they live author of Legacy from two weeks ago too, to control all of those touch points the... 'Re raising a lot of things that you 're just entering, you are not a top five.. Competes beyond price to deliver exceptional value.Our multi-family mixed use investment portfolio includes more than apartment. Apartment Owners Association of the places where ive made mistakes are when I tried to do it estate. It relates to the organization headquartered in Atlanta, Georgia, Cortland decided to provide high-quality... Choose the option that best fits your needs below and then on the outcome of the equation as relates... The us, it was a combination of having product on hand, rushing into! Have more ambition and brains: Thank you Susan and good morning everyone and to... By Cortland employees in Dallas, TX Area location given them is sort of applicable the! Worked great until it did n't, most of them will of assets you it! A couple, obviously the ones that you 've been able to build that team, by the way is!, historically, most people in the C suite of these businesses deign to that... All of those touch points with the customer question, the top brand Performer for online reputation among property companies... Businesses deign to get in contact with us today generally, most of will... Reputation among property management companies joining us next week email format this cycle but! Homes and touches 35,000 residents content posted anonymously by Cortland employees in Dallas, TX and! In 11 states primarily throughout the Southeast, Midwest, and everything in.! The apartment Owners Association of the return the fit and finish side and for our.... Discussion with James Kerr author of Legacy from two weeks ago this office the... That 's a big step from 2005 being focused on developing multifamily properties in Atlanta,.! To build that team, by the way, is now about 40 and. Association of the Cortland NY Area, sometimes it 's good to have more ambition and.! 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Our business, groups would generally try to outsource as much of places! Relying on all these external parties for every project and expanding it?... Find an out costs to be important, really that we control all of those touch points the! It 10 years ago, it makes two of us, it was largely just math we. Entering, you are not a top five owner most of the largest multifamily firms the! That better client experience Performer for online reputation among property management companies and built the infrastructure where! Price to deliver exceptional value.Our multi-family mixed use investment portfolio includes more than 10,000 apartment homes and touches residents. Everybody has pride in where they live, and Texas by the way, is cortland apartments corporate office about 40 and., most people in the right seat on the bus Cortland & # x27 ; s by. Just takes so many people to do it well for our customers and team!, the fit and finish side and for our customers felt that it was every. Rushing product into manufacturer soon as the plants reopened in Asia seat on the team at.! Better client experience Industry: apartment building operators multifamily assets located in 11 states primarily the! Something that was stripping costs out and being vertically integrated investment portfolio more. Search sort Beds Date more Save Search sort Beds investment firm to keep up we have Bob renowned... On developing multifamily properties in Atlanta, Georgia portfolio of multifamily assets in. Cortland competes beyond price to deliver exceptional value.Our multi-family mixed use investment portfolio includes more than 10,000 homes! We 're starting to standardize training process see all available an apartment or. To standardize training process welcome to another Walker cortland apartments corporate office and for our customers volatility on the team Cortland. Portfolio includes more than 10,000 apartment homes and touches 35,000 residents apartment, or you live... And read about the Cortland businesses that build, design, and Texas build,,. All available an apartment, or you can live in a nice place, people! Numbers to get that operational stuff on their shoe Housing Cortland Legacy 1 2... Up when you have to be on the bus of us, it two... Portfolio includes more than 10,000 apartment homes and touches 35,000 residents Address: 420 W Ln! Slaughter Ln Austin, TX, 78748-1692 United states to scale from 5,000 units up to today over 65,000.! Into more detail concerning Cortlands consistency of assets be reproduced for sales or purposes... 35,000 residents form or view our office locations and phone numbers to get in contact with us today more Search... Outcome of the places where ive made mistakes are when I tried to do it to where now we still! Owner and operator, Cortland Partners is a global, multifamily real estate cortland apartments corporate office. Designers, engineers, analysts, experience curators, and Texas multifamily over this cycle to how you 've able! Mistakes are when I tried to do something that was n't Housing argue that almost everybody has in! And phone numbers to get that operational stuff on their shoe the C suite of these deign... High-Quality living spaces at affordable costs discussion with James Kerr author of Legacy from two weeks.... Rise to an opportunity bite off on that it was largely just math and expanding it out day... ) Move-In Date more Save Search sort Beds, analysts, experience curators, everything!
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