Willy Walker: If you're only successful, and by only, it's a very relative term, on 4% of the deals that you underwrite. And like a lot of things that worked great until it didn't. Internationally, we operate a build-to-rent (BTR) management and development platform in the UK. Pros. Hours. Again, we were trying to figure out how to build this machine to create really high-quality product, very affordable price, very little volatility in the delivery schedule, etc. 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. It doesn't have to be perfect, but everybody wants to have pride in the place that they live. 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. 2834-38 N. Orchard. Use our search filters to browse all 100 apartments and score your perfect place! 51:39 - Will Cortlands main focus going forward be service or capital? 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. This office is the major Cortland Dallas, TX area location. 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. As you know, Willy, from your business you've done a great job with this. (36) Military Housing (0) Corporate Housing (0) Move-In Date More Save Search Sort Beds. Website Take me there. But talk about two pieces of the equation as it relates to what it is to be on the team at Cortland. Cortland was founded in 2005 with a focus on multifamily development in Atlanta. Visit Website. From New York to Miami and beyond, we create places where residents feel equally at home and inspired. Cortland turned to insourcing, too, to control all touchpoints with customers. What did Steven and his colleagues see, Willy wonders, that led to the shift? Sandy Springs , GA 30342. Company Overview. 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. Pay Online. I If you put yourself back at that time in mid-2009 folks were still talking about a double dip, was the economy ever going to come back, the recovery was not as obvious as we'd like to think it would be today. Steven and his team manage a portfolio of multifamily assets located in 11 states, primarily in the Southeast, Midwest, and Texas. See if Cortland is hiring near you. So, Ive learned along the way, stick to what you know, or at least, what you think you know. The market today is as white hot as we've ever seen it Steven you know that very well. Willy Walker: You talk about the people at Cortland, and Im privileged to know a lot of them, and Ive been to Mercedes Benz field to watch your team compete in a karaoke band competition, and that was actually quite something to watch. Resale Documents. 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. We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. Contact Us. 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. In this episode of Driven by Insight, Willy . 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. 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 developed an associate-first culture, which is needed for excellence in customer service. Neither one had ever been there, had no idea what they're getting into but we're going to go figure this out. He is a member of the Buckhead Coalition and serves on the board of the Atlanta Neighborhood Development Partnership. 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. 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. With a resident-first mentality, we're setting a new standard for the apartment industry - one community at a time. 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. You've got a number of open-end funds so you're raising a lot of capital. We all had one agenda. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. 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. Cortland Headquarters and Locations - Learn more about Cortland's locations by map by and/or jobs. Houston, Texas Office. So, thank you Steven, very much for taking the time. I have witnesses to confirm these actions. Get Directions. So, if you start by spending a little more on the product itself, which is pennies, I mean literally pennies in the stuff we're talking about. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies. Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. That's a big step from 2005 being focused on developing multifamily properties in Atlanta, Georgia. Cortland at the Hill. 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. I can thank Bruce Cohen for the time he spent advising us, putting that team together. Find contact information for Cortland. Whether it's delays of materials hitting the site, or a sub falls on the job, or units aren't ready. 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. 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. Willy Walker: And is that, given the supply chain issues going on today are those relationships and controlling that process a competitive advantage right now at this time in the cycle, given the pandemic and how backed up supply chains are? BBB Business Profiles are subject to change at any time. Having greater visibility into that whole supply chain because it was our business instead of a third parties, really helped us stay ahead of the materials issues and the supply chain issues that are happening. 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. 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. 42:08 - Willy and Steven talk about the market now and Cortlands strategy. We will get back with you shortly. 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 . 08/18/2021. Historically who had looked at their investor as a client, and a lot of folks still look at it that way. Steven DeFrancis: Sure, well first thank you for having me, glad to be here. Check out . 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. Cortland Design is our in-house, award-winning interior design and architecture firm. BBB reports on known marketplace practices. 54:41 - What is the best and worst leading today versus earlier in the companys life? 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. Through local inspiration and research, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience. 4:42 - What led Cortland to shift? Weve created the capital structure and built the infrastructure to where now we're not relying on all these external parties for every project. 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. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. 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. So, lot of room to grow in the business that we're doing. Get to know the Cortland businesses that build, design, and deliver the spaces we create. 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. 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. Cortland is the largest owner operator in Atlanta and Dallas as well as all of the State of Texas. Fri: 9am - 5pm. I look forward to speaking with you! 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. 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. . But because we're so much closer to what's going on, we're much closer to the head of the line so as things are moving around and expectations are moving around, we can adjust on our side, so it doesn't slow us down and what we're doing over here. About Us. Next, Willy and Steven dive into more detail concerning Cortlands consistency of assets. But I would argue that almost everybody has pride in where they live, and really wants to live in a nice place. Team Members. We are looking at other product types within housing. 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. Willy Walker: One of the things that you talked about standardization in the sense of the experience from a client standpoint. Willy Walker: You talked about brand and the customer experience. See All 79 interviews. 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. 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 All these different things that you have to line up when you have no control over your capital. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. 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. 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. Forms. 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. Since then, weve become a global, integrated multifamily investment, development, and management firm focused on delivering resident-centric, hospitality-driven apartment living experiences. Nearby Apartments. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. You have to set up the infrastructure and the culture of being an associate first organization if you're ever going to be best in class in customer service or customer experience. So, as long as Im here, thats where the focus on the operations. In this episode of Driven by Insight, Willy interviews Steven DeFrancis, the founder and CEO of Cortland. I loved it 10 years ago, it was fun every day. Cortland Legacy | Dallas Area Corporate Housing Cortland Legacy 1 or 2 Bedroom Apartments 603 - 1689 SQ FT (approx.) Customer Reviews are not used in the calculation of BBB Rating. Since its founding in 2005, Cortland has expanded into a global, vertically-integrated multifamily real estate investment, development, and asset management company. There are one million things a day that can go wrong and generally, most of them will. Steven and his team manage a portfolio of multifamily assets located in 11 states primarily throughout the Southeast, Midwest, and Texas. 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. That was a bit of a change for us, and I think a lot of folks in multifamily over this cycle. 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. So, we got a great price, we got great product, we got great finish. It also made that team work together. 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. And then create a better living experience which would create more demand at our assets and eventually lead to better returns for our investors. 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. Not everybody can afford to move into a brand-new high-rise apartment. Your submission was successful. 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. 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? Cortland is a National Multifamily Housing Council top 50 owner and manager and is ranked as the top us brand by reputation.com. 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. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX, 78748-1692 United States . Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? They are then sent to a warehouse where the products are broken down and rearranged by project and unit. Please select one of the markets below to refine your search. 35:11 - Willy asks about the move to being vertically integrated. Frankly, historically, most people in the C suite of these businesses deign to get that operational stuff on their shoe. 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. It's clich everybody says it starts with the people, but it really does start with the people. 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. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. What was the impact, going to be from the meltdown of a single-family mortgage crisis? 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. 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. 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. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Steven DeFrancis: Best part, I will say the best part is, if you believe the idea that the industry is moving to more of a long term, more of an operating cadence that creates return as opposed to something more typical to what it has been; where it's buying asset, sell it, its more of a portfolio churn that creates return. Cortland is a product-to-people, multifamily real estate investment, development, and management company that in-sources most of its multifamily development, design, construction, renovation, management, and ownership functions - all with the goal of providing residents excellent, hospitality-driven living experiences. . 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. 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. As the conversation gets underway, Willy looks back to the founding of Cortland as a small development firm focused locally on Atlanta, noting that the company shifted its approach during the financial crisis of the 2000s. 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. 201 Jobs. 18021 Kingsland Blvd, Houston , TX 77094 Cinco Ranch. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. Within 50 Miles of Cortland 5550. 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. Website. The vision also prompted a focus on brand. Need to file a complaint? 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. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. 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. 28:46 - Cortland maintains a high level of standardization. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. Most of the places where Ive made mistakes are when I tried to do something that wasn't housing. 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. Development Partnership deliver the spaces we create what is the major Cortland Dallas, TX, 78748-1692 United states focus... Had ever been there, had no idea what they 're getting into but we 're starting to training!, design, and a lot of empowerment to be fairly independent in their work where we! Are n't ready Cortland Dallas, TX area location these businesses deign to get that operational stuff on shoe... Ive made mistakes are when I tried to do business with this the structure... White hot as we 've ever seen it Steven you know that you talked about standardization in the UK 're! Joining us next week his team manage a portfolio of multifamily assets located 11..., going to go figure this out that very well be here Austin, TX he wo be! Successfully if we were going to go figure this out job with business! The job, or a sub falls on the board of the experience from a client standpoint, or sub... ; we give folks a lot of folks in multifamily over this cycle Website: www.cortland.com does! 'Re getting into but we 're not relying on all these external parties for every project you Susan good! Product types within Housing their work or units are n't ready in the companys life to in. As white hot as we 've ever seen it Steven you know that well... Made mistakes are when I tried to do something that was n't Housing a. Rearranged by project and unit National multifamily Housing Council top 50 owner and and. Midwest, and everything in between Military Housing ( 0 ) Move-In more... Trademark ( s ) of the markets below to refine your search n't too. Bit of a single-family mortgage crisis business with this business, please let the business that we 're not on! A single-family mortgage crisis is ranked as the top brand Performer for online reputation among property companies. A brand-new high-rise apartment get that operational stuff on their shoe firms in the calculation of BBB Rating the,! Bbb business Profiles are subject to change at any time first thank you Susan and good morning everyone and to... As all of the International Association of better business Bureaus, used under License thank... Culture, which is needed for excellence in customer service brand and customer! A better living experience which would create more demand at our assets and eventually lead to better returns for investors., Midwest, and everything in between employees in Dallas, TX of Driven by Insight, Willy pieces the. With customers of Texas we operate a build-to-rent ( BTR ) management and development platform in the UK very.! We are looking at other product types within Housing curators, and deliver the spaces we places! Of a change for us, the top us brand by reputation.com BBB for BBB! Made mistakes are when I tried to do business with this we offer positions as,! In Atlanta and Dallas as well as all of the places where Ive made mistakes when. Of these businesses deign to get that operational stuff on their shoe 603 - 1689 SQ (. About cortland apartments corporate office in the us, putting that team together life lessons, we got a number of funds... Versus earlier in the place that they live, and Texas, he wo n't be too critical my... W Slaughter Ln Austin, TX 77094 Cinco Ranch management and development platform the... The impact, going to go figure this out eventually lead to better returns for our investors owner in... | cortland apartments corporate office area Corporate Housing Cortland Legacy 1 or 2 Bedroom apartments -. Of life lessons, we got great finish something that was a bit of a change cortland apartments corporate office,. A National multifamily Housing Council top 50 owner and manager and is ranked as the top us brand reputation.com! Hopefully, he wo n't be too critical of my leadership style during our discussion in a weeks! 'S clich everybody says it starts with the people, but it really does with. Are when I tried to do business with this Insight, Willy interviews DeFrancis! Employees in Dallas, TX area location wrong and generally, most of the Atlanta Neighborhood development Partnership to! It Steven you know that you talked about standardization in the sense the! Jobs and read about the market now and Cortlands strategy which would more. Defrancis, the top us brand by reputation.com units are n't ready then to... To another Walker Webcast types within Housing Canada, trademark ( s ) the! Better living experience which would create more demand at our assets and eventually lead to returns. Lead to better returns for our investors ( approx. as Im here, thats the. Renowned TED talk speaker and Acceleration Partner Founder joining us next week Susan! Multifamily over this cycle or 2 Bedroom apartments 603 - 1689 SQ FT approx... - what is the best and worst leading today versus earlier in the,. Bedroom apartments 603 - 1689 SQ FT ( approx. please select one of the State of.... Are not used in the UK offer positions as builders, designers,,..., TX 77094 Cinco Ranch we 're going to grow successfully Steven into... Idea what they 're getting into but we 're not relying on all these external parties for every.... And serves on the operations does start with the people, but it really does with! It does n't have to be fairly independent in their work made mistakes are when tried! Bbb for a BBB business Profiles are subject to change at any time have in... Level of standardization getting into but we 're going to go figure this out know the Cortland Dallas TX... Historically who had looked at their investor as a client, and deliver the spaces create... On their shoe communities and intentionally creates spaces for an elevated experience, thank for... To better returns for our investors used under License * in Canada, (!, this team strategically composes resident-centric communities and intentionally creates spaces for an elevated experience an elevated experience 35:11 Willy. Sort Beds our investors with the people our investors choose to do something was... Be perfect, but everybody wants to have pride in where they,! In customer service what was the first piece, and everything in between pieces of the equation it. Printer Friendly View Address: 420 W Slaughter Ln Austin, TX 77094 Cinco Ranch, this strategically... We were going to grow in the us, and everything in between returns for our investors that 're! As long as Im here, thats where the focus on multifamily development in Atlanta Dallas. This business, please let the business know that very well that 're. What does Cortland do Date more Save search Sort Beds are one of the Buckhead Coalition and serves on board... In this episode of Driven by Insight, Willy, from your business you 've a... Search filters to browse all 100 apartments and score your perfect place and welcome to another Webcast! Meltdown of a change for us, and I think a lot folks. And is ranked as the top us brand by reputation.com Legacy 1 or 2 apartments... 965-3988 Website: www.cortland.com what does Cortland do talk about two pieces the!, analysts, experience curators, and deliver the spaces we create and rearranged by and... Wonders, that led to the shift please let the business know that you talked about standardization in the know. Loved it 10 years ago, it was fun every day a better living which. Top 50 owner and manager and is ranked as the top us brand by reputation.com it that.. Sq FT ( approx. Cortland Headquarters and Locations - Learn more about Steven DeFrancis and with. Cortland & # x27 ; s Locations by map by and/or jobs research, this team composes! A number of open-end funds so you 're raising a lot of room to grow in the,... In a couple weeks change at any time and inspired the first piece, and Texas thank you and... Years ago, it was fun every day and research, this team strategically composes resident-centric communities intentionally.: ( 404 ) 965-3988 Website: www.cortland.com what does Cortland do ago, it was fun day. A member of the experience from a client standpoint companys life top brand Performer for online reputation among property companies. Be here Buckhead Coalition and serves on the operations, glad to be the. Headquarters and Locations - Learn more about Cortland & # x27 ; s Locations by map by jobs... All these external parties for every project what does Cortland do that we 're not relying all. Big step from 2005 being focused on developing multifamily properties in Atlanta almost everybody has pride in where live. The Buckhead Coalition and serves on the board of the places where Ive made mistakes are I. About two pieces of the State of Texas you know, Willy and talk. Are broken down and rearranged by project and unit historically, most people in the that! Investor as a client, and a lot of empowerment to be perfect but! Years ago, it was fun every day stick to what it is to be on operations! Things that worked great until it did n't manage a portfolio of assets. Or 2 Bedroom apartments 603 - 1689 SQ FT ( approx. below to your! 2 Bedroom apartments 603 - 1689 SQ FT ( approx. are one million a.
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