Presentation on theme: "Greystar Real Estate Partners Bay Area Management, Investment, & Development Overview 16th Annual Developers Forum Bay Area Apartment Association."— Presentation transcript:
1 Greystar Real Estate Partners Bay Area Management, Investment, & Development Overview 16th Annual Developers ForumBay Area Apartment Association
2 OverviewBased in Charleston, South Carolina, Greystar has a presence in over 88 markets nationwide supported by 16 city offices. With multiple lines of business and over 170,000 units managed across the United States, Greystar’s vertically integrated business model leverages expertise across multiple disciplines to provide turnkey solutions and seamless execution. Since inception in 1993, Greystar’s focus has been solely on multifamily real estate – a focus that is maintained today.OVERVIEW OF THE FIRM –Multifamily Property Management and Ownership experience since 1976Current portfolio of over 170,000 apartment homes in 88 markets across the countryPredates: Glacier Real Estate Services adding 32 assets in Washington and Oregon and is managed by a team of 130 associates.THE 3 FROM LEFT TO RIGHT ISDEREK RAMSEY – CFOBOB FAITH – CHAIRMAN & CEOBILL MADDUX – COOTRAMMELL CROW BACKGROUNDSExecutive LeadershipBob FaithChairman & Chief Executive OfficerBill MadduxChief Operating OfficerDerek RamseyChief Financial OfficerStacy HuntExecutive Director – Client ServicesAndrew LivingstoneExecutive Director – Real Estate ServicesWes FullerExecutive Director – Investment ServicesScott WiseExecutive Director – Development & Construction2
3 Transaction Management Structure“We know the real estate business is cyclical, but our balanced focus on both the service side of the business and the principal side gives us opportunities to grow wherever we are in the cycle.”GREYSTAR REAL ESTATE PARTNERSClient ServicesPrincipal Activities4 Regional offices16 City offices70+ Markets140,000+ Units Managed4,000 EmployeesProperty ManagementNational Coverage15,500 Units$1.5B Managed25 EmployeesExpertise across multiple product classes and investment strategiesAsset ManagementNational Coverage11,500 Units20 Employees$2.75B Invested since inceptionInvestmentDevelopment4,000 Units$350M Development pipeline15 EmployeesIn-house constructionNational Coverage20 Employees81 Acquisitions52 DispositionsNumerous debt and equity relationshipsTransaction Management7 Regional offices$250M – renovation volume in last 3 yrsAsset preservation best practices20 EmployeesCapital ProjectsMultifamily Property Management and Ownership experience since 1976Current portfolio of over 170,000 apartment homes in 88 markets across the countryBroad client and partner base of world-class institutional and private investorsOver 4,400 associates nationwideCore competencies include Property Management, Asset Management, Investment, Construction Management, Transaction Management, and DevelopmentMultifamily product types include Conventional, High-Rise, HOA/Fractured Condo, Lender-Owned, Senior Housing, Student Living, and Affordable Tax-CreditProperty Management REO expertise and repositioning of assetsResidential TypesMarket Rate HousingStudent HousingSenior HousingAffordable Housing3
4 largest institutional owners in the country. ClientsGreystar has proven its ability to protect and enhance value for many of thelargest institutional owners in the country.Greystar has grown largely through repeat business and client referrals from some of the most respected financial institutions and real estate companies in the country. Greystar has managed for RREEF, Goldman Sachs, AIG, GE Capital, Mass Mutual, MetLife, CBRE Realty Finance, and numerous private owners.Organic growth through repeat business, customer referrals, and a reputation as a blue chip organization.6
5 Bay Area Management Presence Strong Local PresenceTampa Management24 Properties, 7708 unitsLease-upsRenovationsStabilized PropertiesSenecaLeadership TeamNational Division OfficeAndrew LivingstoneSE Regional OfficeGary CraneJim Fawcett-FloridaCity OfficeLori Krull4 Regional ManagersLocally 24 assets , statewide over 23,000 units from Pensacola down through Miami beach area.
6 Bay Area Development Presence Seneca at Cypress Creek – Opened in June 2009Seneca at Cypress CreekCypress Creek, Pasco Co., FL451 units, 2009, Class A
8 Seneca at Cypress Creek Sustainable Land Plan28 Acre wooded site – 46% tree save including specimen trees and unique clustersSurface water – Conservation easements for Cypress Creek and critical linkageProtected species – 14 gopher tortoise contained and relocated offsiteProperty Description28 Apartment Buildings3-story garden and townhouseStucco / Hardi exteriorsDirect access garagesScreened LanaisControlled Access
9 Seneca at Cypress Creek Amenity PackageControlled Access GatesBusiness Center & Cyber CafeGame Room with BilliardsResort style poolsOutdoor Fire PitCabana and grill poolside24/7 Cardio/Fitness Center w/ Spinning RoomBark ParkPlenty of open air space/courtyardsServices IncludedSpot on Maintenance TeamDoor to Door Valet Trash & RecyclingPackage ReceivingPlanned Social EventsPest Control
10 Seneca at Cypress Creek Clubhouse featuresLeasing CenterBusiness CenterCyber CafeWiFi club roomHome theaterGame Room w/ Billiards
19 Marketing Plan Property Website Marketing collateral BrochuresBusiness CardsDirect MailersBusiness Marketing PiecesPrint AdvertisementsGuide BooksNews ReleasesInternet sitesApartments.cominternet sites affiliated with print advertisersCraigslist.comSocial Media campaign –Facebook/TwitterDrive-by appealSignage (front entrance)Banners on County Line RoadBillboard on 54LandscapingHuman DirectionalsSocial EventsResident ActivitiesGrand Opening in May 2010Annual Haunted HousePool PartiesOBVIOUSLY THE KEY TO A SUCCESSFUL LEASE-UP IS BUILD A GREAT PRODUCT WHICH GREYSTAR HAS DONE. IT WAS EASY TO SELL THE PROPERTY AND THE APARTMENT HOMES AS THE COMMUNITY WAS COMING TO LIFE. BUT A GOOD MARKETING BUDGET WAS ALSO NEEDED. THE PLAN FOCUSED ON THE ESSENTIAL COMPONENTS:
20 Traffic, Leases and Closing Ratio by Source AGGRESSIVE MARKETING PROGRAM FROM THE GET-GO:PRINT –(PRODUCED 56 LEASES) APARTMENT GUIDE AND FOR RENTINTERNET – (166 LEASES) COMMUNITY WEBSITE, APARTMENTGUIDE.COM, FORRENT.COM, APARTMENTS.COM, CRAIGS-LIST, RENTALS.COMRENT.COM – (65 LEASES)LOCATOR – (15 LEASES)RESIDENT REFERRALS (43 LEASES)WORD OF MOUTH (66 LEASES)CURBSIDE MARKETING (148 LEASES) INCLUDES: BILLBOARD, SIGNAGE, DRIVE-BY AND HUMAN DIRECTIONAL
21 Average Traffic per month: 105 112 504631Average Traffic per month:Average # of NET leases per month:Net Closing Ratios % %# OF CANCELLATIONS 14.4% HIGHER IN THE BEGINNING DUE TO SOME CONSTRUCTION ISSUESREJECTIONS 10% ON AVERAGE
22 Demographics 54% MALE 46% FEMALE 41% SINGLE 37% MARRIED AGE – 62% RANGE FROM YEARS OLDINCOME:35% RANGE IN $31-$50K18% RANGE OVER $61K
23 Seneca at Cypress Creek YE 200990% OccupancyChange with updated leasing information – more monthly info
24 TOP TEN :MEDICAL 14%PROFFESSIONAL AND MANAGEMENT 12%SERVICE INDUSTRY 9%EDUCATION 7%STUDENTS (NON-MINOR) 5%SALES 5%HOMEMAKER 4%RETIRED 3%ADMINISTRATIVE 3%MILITARY 2%VARIOUS OTHER:INCLUDE AIRLINE, CONSTRUCTION, BACK OFFICE, FINANCE, INSURANCE BROKERS, POLICE OFFICERS, FIRE FIGHTERS, SELF EMPLOYED, ETC.WE’VE ALREADY EXPERIENCED TURNOVER – YTD 10%TOP 5 REASONS FOR MOVE-OUTS : JOB/MILITARY TRANSFER 42%; HOME PURCHASE 18%; CHANGE IN FAMILIAL (ROOMMATE CHANGES, WENT BACK WITH SPOUSE) STATUS 10% AND FINANCIAL ISSUES (JOB LOSS,ETC) 11.6%LAST SLIDE BEFORE QUOTES.
25 Price is what you pay, Value is what you GET! Warren Buffett quotes to live by:ProspectMMFI - make me feel important!!Customers are the center of the universe. Help them and in turn you’ll be awash with opportunity Sean Storms, TBJPrice is what you pay, Value is what you GET! Warren BuffettWhat TEAM SENECA lives by:Build it they will come, manage it and they will stay!Developer!
26 A Fully Integrated Multifamily Service Provider Greystar Real Estate Partners4030 Boy Scout BlvdTampa, FLPhone: 813/Website:Greystar Real Estate Partners18 Broad Street, Third FloorCharleston, SC 29401Phone:Website: