Well guide you through the process. 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. 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. I personally would not live there. 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. Sincerely, Mary S. Community Manager. Please reach out to me directly at 214.496.0727, or email me at mary.stevens@cortland.com. 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? What did Steven and his colleagues see, Willy wonders, that led to the shift? See All 79 interviews. 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. 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. However, Steven hasnt considered expanding beyond housing. 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. We believe that fostering sharing and inclusion of all ideas, lived experiences, and world views in the residential community can provide transformative learning experiences for our . This office is the major Cortland Dallas, TX area location. 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. By progressively cutting out middlemen, standardization became easier and costs lower. 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? *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. Steven DeFrancis: Well, we had a lot of learnings along the way. 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 When you're trying to hire, it's a war for good talent out there, and you really want to hire best in class folks. Cortland Legacy | Dallas Area Corporate Housing Cortland Legacy 1 or 2 Bedroom Apartments 603 - 1689 SQ FT (approx.) Get a D&B Hoovers Free Trial. 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. Steven and his team manage a portfolio of multifamily assets located in 11 states, primarily in the Southeast, Midwest, and Texas. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) Steven DeFrancis: But, sometimes it's good to have more ambition and brains. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX, 78748-1692 United States . It allows us to be so much smarter when we're underwriting new opportunities which, at the end of the day, works for the benefit of our investors. 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. 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. Featured Communities Florida AXIS Delray Beach Florida Bainbridge at Westshore Marina Florida staff definitely needs a to be looked at thoroughly. That part didn't take a lot to bite off on that it was largely just math. About Us. 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. Say yes to a career you love. Technologies. Willy Walker: If you're only successful, and by only, it's a very relative term, on 4% of the deals that you underwrite. Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. 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? So much of it is about putting people in the right seat on the bus. So, thank you Steven, very much for taking the time. 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. Cortland Corporate Headquarters and Office Locations. Cortland is headquartered in Atlanta, GA and has 7 office locations located throughout 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. Cortland Apartments. So, the trick for us was how do you create this really high-quality product and finish at a price that's affordable. After digging into that a fair amount, we realized that there was really very little, you know as an industry, we pay very little respect to the folks who are turning wrenches if you will. We talked a lot about how we're going to make mistakes and that's okay, just try not to make them more than two or three times each. 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. Through local inspiration and research, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience. Steven DeFrancis: Well, obviously there is an enormous amount of capital looking to get into multifamily which is driving down the CAP rate environment. 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. 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. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. 1-3 Br $1,434-$2,504 0.2 mi. But is it fundamental to your business strategy to gain those economies of scale in a given city? 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. 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. Email this Business. And as I look at Cortland now a decade after you really started hitting this growth trajectory, for all of the incredible brand youve built, customer experience you've built, vertically integrated sourcing youve built, and the actual App rehab process, you've also created a capital formation machine that is, there are parallels to it like a Blackstone. This long-term vision, in turn, drove all areas of the business, from hiring to design. 5470 Glenridge Dr NE. 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. Cortland Apartment Building and Tenant dispute. 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. 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. 35:11 - Willy asks about the move to being vertically integrated. Cortland Locations. Willy Walker: You talked about brand and the customer experience. Within 50 Miles of Cortland 5550. So those two things kind of had to come together to create that better client experience. 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. Steven DeFrancis: That is correct. Overview. You can live in an apartment, or you can live at Cortland. 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. As a leader in the multifamily industry, we create resident-centric, hospitality-driven living spaces and experiences across the US. And so, it's a wildly competitive marketplace right now and you're seeing CAP rates continue to chink down and chink down. 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. So, we just said okay, well we've done a lot of other things ourselves, we'll figure this one out too. How can we help you? Cortland is a National Multifamily Housing Council top 50 owner and manager, and was ranked as a top US brand by Reputation.com. 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. Like one or two percent of the total supply. BBB Business Profiles generally cover a three-year reporting period. Cortland Legacy is a short distance from incredible shopping, dynamic entertainment and several outstanding sporting venues. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. While the recruitment process is rigorous, it yields a workforce well suited to particular jobs. You've got a number of open-end funds so you're raising a lot of capital. 2801 W. Logan. 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 offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. . 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. 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. 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. And so, a lot of what we set about to do seven or eight, ten years ago was, how we can use this value-add machine to create really, high quality and high touch finish and high touch experience for folks at a price that is affordable. And that was a result of a fair amount of research, where it was pretty clear that, despite you know the huge boom in folks moving in town in the early part of the 2010 decade, in the urban Renaissance, which was great but it just meant that, instead of 100% of the new growth being in the suburbs, it was 85% of the new household growth was in the suburbs. I have strong belief that if we continue to perform for the capital, they're going to find us. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. Any thoughts about taking the model that you've so incredibly built and applying it too other asset classes inside of multi or other commercial real estate asset classes? 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. What is it other than to be honest your fantastic leadership that's allowed for the Cortland culture to build to be what it is? 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. All these different things that you have to line up when you have no control over your capital. There were a lot of nights where I thought maybe theyre right. He is a member of the Buckhead Coalition and serves on the board of the Atlanta Neighborhood Development Partnership. A lot of the things we talked about today and the differences between us and maybe some of our competitors is, we really look at the business as a consumer facing operating business that happens to need capital as opposed to a capital business that happens to somewhere down the hall have some property operations. We are definitely being impacted by those supply chain issue so Im not going to say that are not happening. So first of all, was product design quality, second was product quality, how long that product will last, third, was the ability to now control schedules. (855) 231-0937. I loved it 10 years ago, it was fun every day. Resale Documents. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. The other piece is just in SEO and online through branding as I mentioned earlier. A good example, we decided about five years or so ago we decided to let everybody know who worked on site, every community manager and service manager, that there is no amount of money that they are not licensed to spend to make a customer happy. 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. 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. We are Bainbridge We manage, develop, and invest in apartment communities that are complete experiences, where people are free to pursue better lives. Get Directions. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. BBB reports on known marketplace practices. Need to find a different location? We learned five or six years ago, we sort of realized that we weren't seeing the same passion, if you will, in our maintenance and facilities teams as we were seeing on the other, the leasing and operations side of the house. 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. 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. Company Description:? 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. Links. Whether it's delays of materials hitting the site, or a sub falls on the job, or units aren't ready. 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. So, lot of room to grow in the business that we're doing. 22:17 - Steven comments on Cortlands approach to brand and recruitment. Sandy Springs , GA 30342. 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. 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. 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. Willy Walker: So, I remember walking into your offices, I want to say it was probably around 2015 maybe 2016 and there was a projection up on the wall in the analyst bullpen that had ships literally on the Pacific Ocean where you could track the ships that were bringing across them materials that were going to go into Cortland buildings that you were rehabbing. 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. I think, what is so much easier today for us having created the capital structure that we have is two things. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. 2824 N. Orchard. Cortland's team is comprised of people committed to challenging the standards of conventional apartment living. Now I do try to get out as much as I can and meet all the folks across the system, but I do miss the that small family feel where you got to know everybody and that was a big part of the excitement of coming to work every day. 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. 270 S Watters Rd. Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? 1160 Johnson Ferry Rd NE. But thankfully there's so much opportunity, as you know, within multifamily in the markets we're in. Your submission was successful. We are looking at other product types within housing. 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. $1,200 - $2,050. Cortland | 42,444 followers on LinkedIn. 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. 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 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. Looking for furniture for your home office? Since its founding in 2005, Cortland has expanded into a global, vertically-integrated multifamily real estate investment, development, and asset management company. Historically in our business, groups would generally try to outsource as much of the business as possible. Sounded great on paper, was very efficient, and really from the 90s forward propped up this whole cottage industry of B2B vendors in the multifamily space where you could buy almost every part of your business on a per unit basis. After all, as Steven says, Cortland is at heart a consumer-facing operating business that happens to need capital, not the other way around. Photos. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. Office Closed After-Hours Maintenance Emergencies: Available 365 days of the year at (708) 452-4242, Option 3 . 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. It took us a while to really start rolling out the brand. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. The first part of your question is what did we see in the broader market that gave rise to an opportunity? As it relates to other types of housing, we have looked at whether student housing or senior housing. Monthly Rent. They thought it was nuts to spend that much money on a renovation of an existing project. Allen, TX 75013-5259. I can thank Bruce Cohen for the time he spent advising us, putting that team together. The market today is as white hot as we've ever seen it Steven you know that very well. 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. 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. Cortland at the Hill. 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. 10 free leads on us . I think if we're really going to outperform in the new environment of multifamily going forward, that's the part where you got to be best. 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? 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. 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. And began to build that team, which has been a great add to the organization. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. 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