BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Ms. Sarah DeFrancis, Manager of Communications. Today it's just a different type of fun because you can do more and do it better, because each thing is systemized so much better. Steven DeFrancis: That is correct. 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. 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. There are plenty of people in the multifamily industry who say brands make a difference in hospitality. Cortland was founded in 2005 with a focus on multifamily development in Atlanta. 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. Allen, TX 75013-5259. But I want to go back to 2010 when you owned, I think 1,200 units and had a whopping eight people inside of Cortland or just the next year when you'd actually grown dramatically from 1,200 units to 5,000 units. 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. 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. So, talk about a kick to the pride; I couldn't even pay them to represent us. 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. To this end, the company has developed a unique approach of internalizing the majority of its functions. 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. Cortland County is a great place to live. Copyright 2017-2020 Walker & Dunlop, Inc. (855) 231-0937. Cortland sets a new standard for better apartment living in Europe. Cortland at the Hill. 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. 2849 N. Orchard . 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. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. Cortland Estates at TPC 22800 Bulverde Rd San Antonio, TX 78261 (210) 871-8382 Check Availability Quick View Arlington Apartments on Clarendon 1550 N Clarendon Blvd Arlington, VA 22209 (202) 410-6988 Check Availability Quick View Cortland Seven Meadows 6800 Gaston Rd Katy, TX 77494 Package Service Outdoor Space Onsite Management Steven believes that Cortlands model is only improving, and he explains that the team dynamic of the company allows for the underwriting of a lot of new opportunities. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. 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. Cabinets, counters, tile, light fixtures, plumbing fixtures, flooring rob hooks, doorknobs, peep holes, you name it. Website. Please select one of the markets below to refine your search. It doesn't have to be perfect, but everybody wants to have pride in the place that they live. 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. Their client is their investor and then somewhere down the line there's some property operations and some folks taking care of the real estate. The company employs more than 2,000 associates and owns and manages over 65,000 units today with a current acquisition pipeline that will push that number over 70,000 by the end of the year. 28:46 - Cortland maintains a high level of standardization. Internationally, we operate a build-to-rent (BTR) management and development platform in the UK. Thu: 9am - 5pm. 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. 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. While discussions, like the one I had last week with Matt Kelly of JBG Smith and with Steven today are primarily focused on the commercial real estate industry; the discussion with Kerr on culture and leadership is applicable across industries and contain lots of life lessons. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. 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. 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. 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. Cortland South Mountain 7017 S Priest Dr, Tempe, AZ 85283 Visit Cortland South Mountain website ( 1) Special offer! That allows us to underwrite a huge volume of potential opportunities, it's really inefficient. 54:41 - What is the best and worst leading today versus earlier in the companys life? 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. Brand and associated SEO realities in the market today drive traffic, and they tie into the customer-centrism of the business. Atlanta, GA 30326-2818. I personally would not live there. 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. Website Take me there. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. Featured Communities Florida AXIS Delray Beach Florida Bainbridge at Westshore Marina Florida 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. Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. Cortland is a National Multifamily Housing Council top 50 owner and manager, and was ranked as a top US brand by Reputation.com. Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? Because it just takes so many people to do it well. Historically in our business, groups would generally try to outsource as much of the business as possible. . International Association of Better Business Bureaus. Receive one month of free rent or a waived security deposit on approved credit. And part of being able to focus on that was stripping costs out and being vertically integrated. 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. 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. 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. Cortland Legacy is a short distance from incredible shopping, dynamic entertainment and several outstanding sporting venues. . Mon: 9am - 5pm. So, instead of calling in the more traditional model where if you're looking for an apartment in Denver and you call one of our locations in Denver, if they can't help you, which is fairly likely, because all the properties sit at 95% occupied. Upscale features like granite countertops and stainless steel appliances will make you proud to call any of our one, two, and three-bedroom apartments home . As a matter of policy, BBB does not endorse any product, service or 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. There are one million things a day that can go wrong and generally, most of them will. 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. 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. And began to build that team, which has been a great add to the organization. Contact Us Address Cortland Properties, Inc. 7612 W. North Avenue Elmwood Park, IL 60707 Phone Phone: (708) 452-4242 Fax: (708) 452-4122 . Find Related Places. 0:48 - Willy previews episodes to come. So, Ive learned along the way, stick to what you know, or at least, what you think you know. 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. Get a D&B Hoovers Free Trial. We are Bainbridge We manage, develop, and invest in apartment communities that are complete experiences, where people are free to pursue better lives. 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. It is anchored in providing a beautiful yet affordable living environment and an enriched lifestyle to its residents. We are looking at other product types within housing. Sincerely, Mary S. Community Manager. Steven earned his bachelor's degree in real estate from University of Georgia, Terry College of Business. 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. Say yes to a career you love. Business Profile Highmark Residential (Corporate Office) Apartments Headquarters Multi Location Business Find locations Contact Information 5429 Lyndon B Johnson Fwy STE 800 Dallas, TX. Argentina. This office is the major Cortland Dallas, TX area location. I can thank Bruce Cohen for the time he spent advising us, putting that team together. 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. That was a bit of a change for us, and I think a lot of folks in multifamily over this cycle. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. 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. Use our search filters to browse all 100 apartments and score your perfect place! Team Members. The deal pushes Cortland's portfolio of owned and managed apartments to more than 60,000 nationwide and makes it the largest apartment owner in DFW, the company said. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. That part didn't take a lot to bite off on that it was largely just math. We're here to help our residents, clients, and communities across the globe. Cortland is headquartered in Atlanta, GA and has 7 office locations located throughout the US. But one of the things that you did Steven, is you brought on amazing talent in Ned and in David and others to really create this capital formation function inside of Cortland. Addison, TX. We all met in the same bar after work to figure out what we did wrong that day. Within 50 Miles of Cortland 5550. We could have never done that if we had done each of those with a host of external vendor relationships as opposed to a team internally that worked on everything. Steven DeFrancis: But, sometimes it's good to have more ambition and brains. Because it gives us less volatility on the outcome of the return. | Cortland is a product-to-people . We spent about six months with four market study groups just studying different parts of the business. 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. Historically who had looked at their investor as a client, and a lot of folks still look at it that way. Steven DeFrancis: Well, we had a lot of learnings along the way. 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. 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. Hours. Steven DeFrancis: Sure, well first thank you for having me, glad to be here. 08/18/2021. Willy Walker: Well, as I said at the top of our discussion, the partnership between W&D and Cortland has been a big part of our success over the last decade and Im deeply appreciative of it and Im also appreciative of you taking the time to join me today and talk about how you've made Cortland the success that it is today. What's the best part of that? 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. Steven DeFrancis: We felt the brand was very important. It also allows us to systemize or centralize within a given market; things like maintenance and purchasing etc. Hiring. Neither one had ever been there, had no idea what they're getting into but we're going to go figure this out. Fri: 9am - 5pm. This long-term vision, in turn, drove all areas of the business, from hiring to design. There were a lot of nights where I thought maybe theyre right. 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? 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. 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. Since its founding in 2005, Cortland has expanded into a global, vertically-integrated multifamily real estate investment, development, and asset management company. The market today is as white hot as we've ever seen it Steven you know that very well. 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. 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. 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. Like one or two percent of the total supply. Not everybody can afford to move into a brand-new high-rise apartment. Right now, as the pandemic has been waning, it is a very competitive market. 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. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. BBB Business Profiles may not be reproduced for sales or promotional purposes. That's a big step from 2005 being focused on developing multifamily properties in Atlanta, Georgia. 2404-14 W. Cortland. We're a company comprised of people who thoughtfully challenge the status quo of the conventional multifamily industry in pursuit of a resident-centric approach to apartment living. 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 is a great company though the staff is at is worst iv witnessed racial slurs derogatory comments about residents they fine them for smoking when they vape in the office and smoke on property knowingly its a no smoking property. When you go stay at a Marriott versus a Hyatt or whatever else. Cortland Glenridge. Im assuming you had to get market returns for your LPs, but your GP return dragged as you were investing in the business. Cortland | 42,444 followers on LinkedIn. 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. 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. 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. 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. 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