346-206-1014. Our Company Our Company Our Story . About Cortland Uptown Altamonte. Thank you, Steven. Right now, as the pandemic has been waning, it is a very competitive market. 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. 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. 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. To this end, the company has developed a unique approach of internalizing the majority of its functions. Cortland Locations. Back when we got started really doing this heavy value add, no investor wanted to do it. 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. 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? 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. 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? As a leader in the multifamily industry, we create resident-centric, hospitality-driven living spaces and experiences across the US. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. We are the dreamers, designers, and doers behind our living spaces and experiences, from the way we make our residents smile to the features we design and place in our homes. 2849 N. Orchard . 1 Week Ago. 54:41 - What is the best and worst leading today versus earlier in the companys life? 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. Like one or two percent of the total supply. Weve created the capital structure and built the infrastructure to where now we're not relying on all these external parties for every project. But we do believe that all the value we bring to the table to create alpha is good if returns are in the 20s. - 8/28/2019 Hey Hannah! Get to know the Cortland businesses that build, design, and deliver the spaces we create. 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. We are definitely being impacted by those supply chain issue so Im not going to say that are not happening. That team, by the way, is now about 40 people and we're still always struggling to stay current to keep up. Wed: 9am - 5pm. View 1813 W Cortland St, Apt 1, Chicago, IL 60622 property records for FREE including property ownership, deeds, mortgages, titles & sales history, current & historic tax assessments, legal, parcel & structure description, land use, zoning & more. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. Hours. 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. 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. 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. 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. Hiring. 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. Allen, TX 75013-5259. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. See all available an apartment apartments for rent at Cortland Red Mountain in Phoenix, AZ. And then, all of those calls come into a central location. 110 Main St, Cortland, New York, 13045, United States (607) 756-5665. To your point you made systemizing appliances and plumbing fixtures and all these things so you get as much customization as possible, which makes nothing will make the service teams job easier is when things don't break. Cortland Design is our in-house, award-winning interior design and architecture firm. Willy Walker: You talked about brand and the customer experience. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) Those learnings really were helpful because there were times over the last 10 years where we would have 10 or 15 pretty major development or renovation projects and these renovations where 20, 30, 40 thousand dollars a unit. Steven DeFrancis: But, sometimes it's good to have more ambition and brains. 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 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 Steven himself holds a BA in Real Estate from the University of Georgias Terry College of Business, and he is a member of the Buckhead Coalition, the board of the Atlanta Neighborhood Development Partnership,The Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. Did you focus on that at all? 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. 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. Cortland is a National Multifamily Housing Council top 50 owner and manager, and was ranked as a top US brand by Reputation.com. Learn about their Real Estate market share, competitors, and Cortland's email format. 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. 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. Steven DeFrancis: Sure, and you make a good point, especially back then. Steven DeFrancis: At this time, we haven't thought about expanding beyond housing. Resale Documents. 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. The first part of your question is what did we see in the broader market that gave rise to an opportunity? As you know, Willy, from your business you've done a great job with this. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. 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. There were a lot of nights where I thought maybe theyre right. Most of the places where Ive made mistakes are when I tried to do something that wasn't housing. Founded in 2005 and headquartered in Atlanta, Georgia, Cortland Partners is a global, multifamily real estate investment firm. So, we just said okay, well we've done a lot of other things ourselves, we'll figure this one out too. Learn more about Cortland. Email Formats. 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. 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. As a result as an industry we didn't have a lot of investment in doing it better, we had a product, system and people, etc., but we did see that that clientele was likely going to be changing coming out of the GFC. 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. Over the last three years we've closed on 4% of the assets we've underwritten but, at the end of the day, if we take the learnings we're having through in our existing portfolio in each of these markets and the learnings we get from the 96% of the assets that we lose on, but we underwrote and got all the data from, and then maintain all of that in a dynamic database. See All 79 interviews. Pros. Willy Walker: It makes two of us, it makes two of us. 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. 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. Steven DeFrancis: I will never say Id rather leave here to go there, but I do miss the closeness. We spent about six months with four market study groups just studying different parts of the business. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. The other piece is just in SEO and online through branding as I mentioned earlier. 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. 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. Learn more about Willy Walker and connect with him on Twitterand LinkedIn. 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. In order to accomplish this goal, Cortland began to vertically integrate. 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. BBB reports on known marketplace practices. 270 S Watters Rd. Cortland's team is comprised of people committed to challenging the standards of conventional apartment living. 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. 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. 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. Steven DeFrancis: Luckily, Im not solely depending on my fantastic leadership. 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. Cortland, New York Office. . 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. 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. Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. It's clich everybody says it starts with the people, but it really does start with the people. 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. 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. 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. 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. To wrap up the conversation, he and Willy talk about the best and worst of leading the company now versus earlier in its life. 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