Initial Months of Ownership Very Active After Stirling’s First Multi-Family Acquisitions
As expected, it’s been a very active few months of ownership since Stirling Properties successfully completed its first multi-family acquisitions in August. A total of 370 units were acquired in 4 apartment communities – Coventry Terrace in Baton Rouge, and Willow Gardens, South College Gardens and Acadian Gardens in Lafayette. Stirling Properties is the Asset Manager for the properties and BH Management Services, Inc. was hired as the primary property management firm because they specialize in apartment communities of this type, and to date they have exceeded our expectations.
The first month of ownership primarily consisted of training the property staff, taking inventory of units, lease audits, accounting setup, and property stabilization under the new management team. In addition, each management office was overhauled in order to bring them to BH standards for professionalism, quality, and function. The problem tenants and immediate maintenance concerns were also identified and addressed.
Upgrading these properties was the next step. At each property a model unit was identified and converted into a furnished leasing model. Also, BH further defined the scope of improvements for each property based on needs that they assessed after being on site. The primary areas that have been addressed include common areas, sidewalks, railings, exterior painting, soffits, signage, landscaping, porches and balconies, and general appearance. Amenities have become increasingly important for leasing of apartment properties, and as a result of BH’s recommendation, a state-of-the-art Wi-Fi system has been installed at each property for resident use on-site.
BH has a very proactive approach to marketing. Outreach marketing for the properties includes postings to Craigslist, Facebook, online advertising for off campus housing, postcard flyers and outreach stickers, promotional products, and participation in the LSU Housing Fair. A Preferred Employee Discount Program was also implemented. A car magnet promotion was put in place at Coventry Terrace in an effort to drive additional traffic and to help prospective residents locate the property. Residents receive a small monthly rental discount for agreeing to attach this car magnet to their vehicle.
Resident retention efforts are also underway. Coventry Terrace will host resident events monthly and a Fall Social is planned at Willow Gardens for an early December Saints game, barbeque and Toys for Tots drive. Monthly newsletters, resident referral flyers and early bird contests are also planned.
“Stirling Properties is very excited about this multi-family portfolio and we expect it to exceed our expectations once BH has had the opportunity to be on-site and fully implement its operational and marketing strategies,” stated Townsend Underhill, Vice President of Development at Stirling Properties. Based upon the demographic and economic trends in the nation, Stirling has grown very bullish on the multi-family asset class and we look to expand our holdings in this type of asset.
For more information about Stirling Properties’ Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
Stirling Properties Welcomes Elizabeth Morrison To its Team
NEW ORLEANS, Louisiana —- (December 1, 2011) Stirling Properties announces the addition of Elizabeth Morrison to the company’s Commercial Brokerage Division where she will join the team of sales professionals located at 615 Baronne Street, Suite 100, in New Orleans as a Sales and Leasing Executive/Associate Broker.
Mrs. Morrison has over 11 years of industry experience, specializing in tenant and landlord representation, investment, leasing and retail sales. Prior to joining Stirling Properties, she was a Managing Associate Broker with Beau Box Commercial Real Estate helping to open their Commercial and Residential Real Estate Division in New Orleans in 2010. (more…)
Climbing Back to Prerecession Employment Levels
The Atlanta Fed’s SouthPoint blog provides commentary and observations on regional economic topics, issues, industries, and trends. “The Long Climb Ahead”, a recent blog post by Michael Chriszt, assistant vice president in the Atlanta Fed’s research department, explores how the states are doing in terms of getting back to prerecession employment levels, with a particular emphasis on Louisiana, Mississippi, Alabama, Florida, Georgia & Tennessee. According to the post, “Georgia has not even started its climb, and when Florida looks up at where it needs to go to get back to where it was in terms of total employment, its climb is incredibly steep. Alabama has a long way to go, Mississippi and Tennessee are a bit farther along, and Louisiana is getting close to the summit.”
Mr. Chriszt also includes charts that highlight the divergence between public and private sector employment growth. “Only six states fall in the ‘expanding’ quadrant for government employment, and only two states have private sector employment that falls in the ‘lagging’ quadrant.” Consistent with the overall findings, Louisiana’s private sector employment momentum is ‘expanding’, although government employment momentum is ‘lagging’. Click here to read the entire post
Jennifer West Appointed To Accounting Systems Analyst for Stirling Properties
COVINGTON, Louisiana —- (November 21, 2011) Stirling Properties is happy to announce that Jennifer West is the company’s new Accounting Systems Analyst after transitioning from her previous role as Property Controller earlier this month.
The Accounting Systems Analyst is a new role created to manage and oversee the functions of Yardi VoyagerTM, a property management and accounting system that Stirling Properties purchased in late 2010. In this new role, Ms. West will take the lead in setting up new modules, creating new reports and training personnel on various aspects of the system. Ms. West, who has been with Stirling Properties for 13 years, will also continue to provide accounting services for several of her assigned property management properties.
“With the implementation of the Yardi system, it became apparent we needed someone to focus on employing our operational processes within the system for us to become as effective as possible,” said Paul Mastio, Chief Financial Officer of Stirling Properties. “Jennifer has the knowledge and experience at Stirling to accomplish these goals.”
“I’m excited about the opportunity to connect our daily processes within the Yardi system. The more familiar we are with the system nuances, the more efficient our team will become,” said Ms. West.
Stirling Properties Promotes Chris Abadie to Vice President and Manager of Commercial Brokerage Division
COVINGTON, Louisiana —- (November 17, 2011) Stirling Properties has promoted Chris Abadie to Vice President and Manager of the Commercial Brokerage Division after 11 years as a Sales and Leasing Executive with the company.
“During Chris’s tenure with Stirling Properties, he has not only been a productive agent, consistently representing large clients, but has demonstrated management qualities that we feel prove to be an invaluable asset,” stated Marty Mayer, President and CEO of Stirling Properties.
In his new role, Mr. Abadie will oversee all aspects of commercial operations throughout each of Stirling Properties brokerage offices located in Louisiana and Mississippi. His focus will include directing sales efforts, new business development, recruitment, and training of new agents. (more…)
Stirling Unveils New Websites for Hammond Square and Pan American Life Center
Stirling Properties is excited to unveil new websites for Hammond Square in Hammond, Louisiana and Pan American Life Center in New Orleans.
