Establishment of a New US Property Management Company
Property management refers to the control and operation of the lease or rental property. It mostly relates to the operation and control of real estates. A Property Management Company has many functions that relate to the lease of the property. They produce accounting statements on the generated income and incurred expenses to the property owner. The company is also responsible for sourcing new lease, collecting rent, paying bills such as insurance and mortgage, maintenance of the property, and other regular services. Modern technology has facilitated the development of numerous real estate and lease properties. This has led to the development of more Property Management Companies to meet the increasing demand for property management services.
The US Residential Group LLC and Resource Residential recently decided to merge to form a leading US property management company. The US Residential Group LLC is a subsidiary of C-III Capital Partners, led by Chairman and CEO Andrew Farkas. It offers conventional and affordable multi-housing services nationwide. This firm manages more than one hundred thousand apartment units. It is also among the most prominent thirty-five apartment management companies in the United States. It has more than twenty years of operation. US Residential Group LLC strives at accomplishing the goals and objectives of its various multifamily clientele. Examples include public companies, public agencies, non-profit organizations, and private real estate investors.
The Resource Residential was formerly a business unit of the Resource America Inc. The combination of US Residential Group LLC and Resource Residential comes after the C-III Capital Partners carried out an acquisition of Resource America Inc. in September 2016. The companies merged with the following principal objectives;
• To enhance the provision of diverse property management services and solutions related to construction management, redevelopment, and lease properties.
• To create an exceptional experience for the clients, associates, and residents of the organizations through maximum utilization of the new company’s talent and skills.
• To increase the geographical footprint of the company through the provision of property management solutions to a broad array of clientele.
The new Property Management Company is expected to manage more than two hundred properties and approximately forty-three thousand units in about thirty states. It will also employ more than one thousand and one hundred property management associates. The new company will constitute an executive management team with expert knowledge and experience in operation and provision of clientele services. The executive team members will comprise five officials namely;
1. Stephanie Brock – President of US Residential Group LLC
2. Loyal Proffitt – Chief Operating Officer
3. Kelli Tomczak – Chief Administrative Officer
4. Caydee McCormick – Chief People Officer
5. Mark Poston – Executive Vice President