A spokesperson for. Need to file a complaint? Cabinets, counters, tile, light fixtures, plumbing fixtures, flooring rob hooks, doorknobs, peep holes, you name it. 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. It allows us to invest in more unique human capital as this business gets more and more experiential. 10 free leads on us . 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. Cortland turned to insourcing, too, to control all touchpoints with customers. Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) 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. 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 % Cortland is the largest owner operator in Atlanta and Dallas as well as all of the State of Texas. Apartment Services. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Internationally, we operate a build-to-rent (BTR) management and development platform in the UK. (855) 231-0937. Contact Us GET IN TOUCH WITH GREYSTAR We're pleased you're interested in reaching out to us. Apartment floorplans S1 $1,383 Studio | 1 ba | 530 sqft Unit 2181 - Available Apr 28 2023 A1 Pima $1,303 1 bd | 1 ba | 868 sqft 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. When we were starved for capital and so making investments in real estate made a lot of sense. Say yes to a career you love. All these different things that you have to line up when you have no control over your capital. 2:33 - He introduces his guest, Steven DeFrancis, CEO of Cortland. 110 Main St, Cortland, New York, 13045, United States (607) 756-5665. Your submission was successful. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. Overview. 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. 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. Loading. We felt that was important because we did a lot of research before we did this and learned that our brand actually stood for high degree of service, customer living experience, a lot earlier in the cycle than we had anticipated. Steven DeFrancis: I will never say Id rather leave here to go there, but I do miss the closeness. Website. As a matter of policy, BBB does not endorse any product, service or business. 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. It also made that team work together. Not everybody can afford to move into a brand-new high-rise apartment. 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. Willy Walker: Thank you Susan and good morning everyone and welcome to another Walker Webcast. Hours. | Cortland is a product-to-people . 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. 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. 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. 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. But talk about two pieces of the equation as it relates to what it is to be on the team at Cortland. In order to accomplish this goal, Cortland began to vertically integrate. 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. Back when we got started really doing this heavy value add, no investor wanted to do it. Cortland Design is our in-house, award-winning interior design and architecture firm. 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. 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. Links. . 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. 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. Looking for furniture for your home office? 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. And then create a better living experience which would create more demand at our assets and eventually lead to better returns for our investors. Cortland Headquarters and Locations - Learn more about Cortland's locations by map by and/or jobs. 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. Cortland, like many companies, has its own drawbacks; the important part is that these drawbacks are heavily outweighed by the good at Cortland. 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, Ive learned along the way, stick to what you know, or at least, what you think you know. BBB is here to help. 51:39 - Will Cortlands main focus going forward be service or capital? Steven DeFrancis is the founder and CEO of Cortland. However, Steven hasnt considered expanding beyond housing. Find company research, competitor information, contact details & financial data for Cortland Partners, LLC of Atlanta, GA. Get the latest business insights from Dun & Bradstreet. But it definitely has paid a lot of dividends in transfers within the system. Cortland contact info: Phone number: (404) 965-3988 Website: www.cortland.com What does Cortland do? It's just not something people want to deal with, but it's necessary. 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. Thu: 9am - 5pm. Featured Communities Florida AXIS Delray Beach Florida Bainbridge at Westshore Marina Florida Five years ago, I knew every single person who worked here and could walk up and have a conversation and whatnot and knew them. 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. Thanks, and have a great day. 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. It's about starting with a process through testing, we use an industrial psychologist to do all this work. BBB Business Profiles generally cover a three-year reporting period. 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. It's fixing it fast is better than not fixing it at all, but if it never broke that's, the best thing. I can't even remember a single story where we were like oh, my goodness, I can't believe we let them do that look and what they did. I can think of many stories where they did the right thing for the right reason because they were empowered to go do it through decisions and checkbook. Get a D&B Hoovers Free Trial. The training that you've given them is sort of applicable across the Cortland platform. Thank you for such a fantastic and thorough review of our community! 2834-38 N. Orchard. A lot of it also isn't just about intellect, there's a lot of great people who maybe want something different out of their career than a different set of people. 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. Listings. As you sit there and think about the next 10 years, what's more important to you; continuing to build on the capital formation side or continue to stick at, it's day-to-day operations and the blocking and tackling that actually brings the capital? It took us a while to really start rolling out the brand. Is that correct? Great leadership, innovation, and corporate culture. 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. You just raised your fifth closed end fund. 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. As it relates to other types of housing, we have looked at whether student housing or senior housing. Team Members. But to your point about how we're going to grow, Im a big believer in taking a step back. The other piece is just in SEO and online through branding as I mentioned earlier. Since its founding in 2005, Cortland has expanded into a global, vertically-integrated multifamily real estate investment, development, and asset management company. My controlling now the design of the materials, were talking everything inside the drywall in a unit. 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. Next, Willy and Steven dive into more detail concerning Cortlands consistency of assets. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. 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. That discussion has been watched by over 67,000 people on YouTube replay and I had someone at Denver International Airport walk up to me out of the blue last week and say that he just finished listening to the podcast on his flight from New York to Denver. Cortland County is a great place to live. We are one of the largest multifamily firms in the US, the Top Brand Performer for online reputation among property management companies(Reputation.com, 2022), and aGreat Place to Work-Certified Company(2022). Founded in 2005 and headquartered in Atlanta, Georgia, Cortland Partners is a global, multifamily real estate investment firm. 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. 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. 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