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. Please reach out to me directly at 214.496.0727, or email me at mary.stevens@cortland.com. The other piece is just in SEO and online through branding as I mentioned earlier. So, having built the capital infrastructure to get capital that we then have control over at the same time of building the execution infrastructure to perform for that capital. 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. 346-206-1014. 2:33 - He introduces his guest, Steven DeFrancis, CEO of Cortland. What's the best part of that? 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. 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. 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. So, we got a great price, we got great product, we got great finish. 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. He is a member of the Buckhead Coalition and serves on the board of the Atlanta Neighborhood Development Partnership. Monthly Rent. Cortland Locations. Therere expectations from our consumer and our customers that are more and more unique, so we need more specialized human capital. Because it gives us less volatility on the outcome of the return. Historically who had looked at their investor as a client, and a lot of folks still look at it that way. So, we raised most of that capital in a preferred structure and we looked like geniuses at the end because the market went up so much, but we certainly didn't do it because we were smart. 2834-38 N. Orchard. 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. It doesn't have to be brand new. 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. Links. Willy Walker: And in most of your markets Steven, you are a top five owner. We sort of felt like we had to assume the market would recover, because if that didn't happen, we had a much bigger problem. In part, the Cortland brand developed naturally through the companys consistency of assets; however, the company has also intentionally worked on its brand in order to create passion among human capital and help with marketing. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. 110 Main St, Cortland, New York, 13045, United States (607) 756-5665. Not everybody can afford to move into a brand-new high-rise apartment. Steven DeFrancis: Well, Ill tell you how it started. What was the impact, going to be from the meltdown of a single-family mortgage crisis? 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. Fill out the form or view our office locations and phone numbers to get in contact with us today. Thank you, Steven. Team Members. 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. 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. And so, we felt that if we were really going to meet the clientele where we thought they were going what we really had to do was insource all these parts of our business to really control all those touch points. Frankly, historically, most people in the C suite of these businesses deign to get that operational stuff on their shoe. I have strong belief that if we continue to perform for the capital, they're going to find us. 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 They're better in the teens, they're really, really good when they hit single digit returns, because the alpha we're creating is somewhat consistent regardless. 22:17 - Steven comments on Cortlands approach to brand and recruitment. 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? With our pioneering business model, our enterprising team, and our commitment to placing the resident at the center of our decisions, we're aiming to set a new experience standard for the apartment industry one community at a time. Ms. Sarah DeFrancis, Manager of Communications. Learn more about Walker & Dunlop and Driven by Insight. Because it just takes so many people to do it well. 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. Well guide you through the process. 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. 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? Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. 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. 3.7 (114 reviews) Verified Listing. 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. Cortland is headquartered in Atlanta, GA and has 7 office locations located throughout the US. We all met in the same bar after work to figure out what we did wrong that day. I loved it 10 years ago, it was fun every day. Ive seen the numbers as it relates to how you've been able to build the Cortland brand. 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. What was it that you either saw as a macro market opportunity or something that you saw inside of Cortland that made you shift strategy? 5470 Glenridge Dr NE. Cortland Engaged Employer Overview 569 Reviews 120 Jobs 913 Salaries 80 Interviews 179 Benefits 91 Photos 164 Diversity + Add a Review Updated Feb 23, 2023 Find Reviews Clear All English Filter Found 548 of over 569 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First 3.7 68 % 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. 2714-20 N. Mildred. As a leader in the multifamily industry, we create resident-centric, hospitality-driven living spaces and experiences across the US. 18021 Kingsland Blvd, Houston , TX 77094 Cinco Ranch. 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. Cortland Design is our in-house, award-winning interior design and architecture firm. Steven DeFrancis: But, sometimes it's good to have more ambition and brains. So, thank you Steven, very much for taking the time. 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? 2801 W. Logan. It also made that team work together. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Get a D&B Hoovers Free Trial. But it definitely has paid a lot of dividends in transfers within the system. 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. And then create a better living experience which would create more demand at our assets and eventually lead to better returns for our investors. 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. You just raised your fifth closed end fund. The vision also prompted a focus on brand. 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. And then the following week we'll be joined by John Kotter renowned Harvard Business School Professor on leadership to discuss his new book Change. Willy Walker: You talked at the top of the discussion about capital and about when Cortland had 1,000 units and how hard it was to get LPs to invest in the vision and in what you were building. Once you got the team right was the first piece, and then the next piece we're starting to standardize training process. 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. 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. 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. Check out . Say yes to a career you love. This office is the major Cortland Dallas, TX area location. Most of the places where Ive made mistakes are when I tried to do something that wasn't housing. 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. Cortland Red Mountain has rental units ranging from 804-1295 sq ft starting at $1515. 51:39 - Will Cortlands main focus going forward be service or capital? 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. Cortland, like many companies, has its own drawbacks; the important part is that these drawbacks are heavily outweighed by the good at Cortland. 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. Addison, TX. 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. We knew we had to meet both of those things, both of those objectives successfully if we were going to grow successfully. 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. As it relates to the first part of your question, the fit and finish side and for our customers. This long-term vision, in turn, drove all areas of the business, from hiring to design. Cortland | 42,444 followers on LinkedIn. So, we just said okay, well we've done a lot of other things ourselves, we'll figure this one out too. 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. 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. 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? 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. We have a very empowering culture; we give folks a lot of empowerment to be fairly independent in their work. When we were starved for capital and so making investments in real estate made a lot of sense. Senior Lifestyle Corporation 55 2.8 Write a review Snapshot Why Join Us 558 Reviews 143 Jobs 1.4K Salaries 104 Q&A Interviews 14 Photos Want to work here? 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. Steven earned his bachelor's degree in real estate from University of Georgia, Terry College of Business. Get Directions. They execute Cortlands value-add and new build construction, in addition to offering their expertise beyond Cortland. 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. 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 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. Cortland was founded in 2005 with a focus on multifamily development in Atlanta. Steven explains Cortlands decision to invest in research into where the market was going as the recession continued, and about the companys pivot in terms of clientele and customer focus. 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. It took us a while to really start rolling out the brand. We spent about six months with four market study groups just studying different parts of the business. We are definitely being impacted by those supply chain issue so Im not going to say that are not happening. Learn more about Steven DeFrancis and connect with him on Twitterand LinkedIn. Contact Us Address Cortland Properties, Inc. 7612 W. North Avenue Elmwood Park, IL 60707 Phone Phone: (708) 452-4242 Fax: (708) 452-4122 . Use our search filters to browse all 100 apartments and score your perfect place! BBB Business Profiles generally cover a three-year reporting period. 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. Anyway, two things came out of that; one was just the sheer volume of under supply that we were going to be met with when the economy recovered or began to recover. . 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. A lot of effort on the front end around considering talent before bringing them in and then a lot of focus on supporting our talent once they're here. Steven DeFrancis: I will never say Id rather leave here to go there, but I do miss the closeness. Cortland turned to insourcing, too, to control all touchpoints with customers. Website. 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. 2404-14 W. Cortland. But thankfully there's so much opportunity, as you know, within multifamily in the markets we're in. But the amount of value you created with your team by entrusting them with an unlimited checkbook to make people happy, you can't even put a value on that and that continues to this day. 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. 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. 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. 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. We offer positions as builders, designers, engineers, analysts, experience curators, and everything in between. Like one or two percent of the total supply. It must be really fun these days to sit down with LPs who are basically throwing money at you. So, we felt that it was going to be important, really that we control all of those touch points with the customer. Cortland, New York Office. We hope the information will help you find an . 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. Wed: 9am - 5pm. Pay Online. You can live in an apartment, or you can live at Cortland. 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. Five years ago, I knew every single person who worked here and could walk up and have a conversation and whatnot and knew them. To grow successfully New build construction, in addition to offering their expertise beyond.... Able to build the Cortland brand 214.496.0727, or you can live in an apartment, or email me mary.stevens. 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