Two Triad-based Apartment Industry Leaders Inducted into AANC Hall of Fame

Two apartment industry professionals from the Triad were inducted into the Apartment Association of North Carolina’s (AANC) Hall of Fame this week. During a ceremony held at AANC’s 2019 Education and Legislative Conference in Raleigh, Sue White and Peter Placentino, both of Greensboro, along with seven other apartment professionals, were inducted into the 2019 AANC Hall of Fame.

Sue White, Donathan Properties

Sue White, President of Donathan Properties based in Greensboro, has been a member of Piedmont Triad Apartment Association for 39 years, serving as President in 1989-90. She has also been a member of AANC since it was founded in 1986 and served as AANC’s first president, not from the Charlotte area.

Ms. White has been involved in multi-family housing development since 1977. She began her career with McCoy Development, which later changed its name to Kenyon Investment Group. Kenyon subsequently merged with Sunstates Corporation of Raleigh, North Carolina. While with these organizations, Ms. White was responsible for the development of several luxury apartment projects that were pre-sold to Balcor/American Express. In addition, Ms. White operated Kenyon’s management company prior to the merger with Sunstates.

Ms. White left Sunstates Corporation in 1983 to start Donathan Properties, Inc. Bainbridge in the Park, Donathan Properties’ first development project, was a joint venture with 1st Home Federal Savings and Loan of Greensboro, North Carolina and was presold to a real estate investment banking firm headquartered in Westport, Connecticut. Donathan Properties developed and owns Briarleigh Park Apartments, a 216-unit community in Winston-Salem, North Carolina, which opened in July 1987.

Ms. White’s expertise includes the identification and purchase of sites, site layout, unit mix, project sales, marketing and lease-up, as well as overall construction management. Donathan Properties, Inc. is a HUD approved management company.

Projects in Ms. White’s development portfolio include:
Marchwood (264 units), Greensboro, NC
The Hedges (188 units), Greensboro, NC
The Forest (264 units), Durham, NC
Cooper’s Pond (172 units), Raleigh, NC
Drayton Quarter (206 units), Charleston, SC
Bainbridge in the Park (216 units), Durham, NC
Briarleigh Park (216 units), Winston-Salem, NC
Hyde Park (216 units), Cary, NC
Southern Village Apartments (250 units), Chapel Hill, NC
Brookberry Park Apartments (252 units), Winston-Salem, NC
Skybrook Apartments (268 units), Huntersville, NC
Haven at Regents Park Apartments (288 units) Fort Mill, SC

Peter Placentino, Brown Investment Properties

Peter Placentino, Senior Vice President of Property Management at Brown Investment Properties based in Greensboro, has been an active member of PTAA, AANC and the National Apartment Association (NAA) for over 35 years. He is the only person to serve as President of AANC twice, he also served as President of PTAA in 1990-91 and as Secretary of the National Apartment Association in 2000.

At Brown Investment Properties Mr. Placentino optimizes assets for each property owner. He believes in and supervises hands-on, detail-oriented management of physical assets, operations, and personnel. His extensive experience covers all types of tenant-occupied property – multi-family, retail, office, and industrial. He has many years of experience in construction, development, and legislative matters of the multi-family housing industry. This knowledge base brings additional benefit to property owners. Peter has been involved in distressed asset management since the 1980s and is an expert in stabilization and disposition of these properties.

Peter started with Brown Investment Properties in 1983 and has worked in property management since 1979. He is a Certified Property Manager (CPM) and a licensed Real Estate Broker in North Carolina, South Carolina, and Tennessee.

Two PTAA Members Make Triad Business Journal’s Fast 50

Two of PTAA’s supplier partner members were named to the Triad Business Journal’s Fast 50 for 2018. Congratulations to United Finishers International and Got You Floored for their continued success!

From the Journal’s website:

Fast 50 – No. 4: United Finishers International Inc.
What does your company do or make? Sells cabinetry for multifamily developments
Industry: Residential construction
Year Founded: 1999
Top Executive: Juan Hernandez, president
No. of Triad employees: 15
No. of employees total: 15
Locations In Triad: One – High Point
How has your company grown in the past three years? Apartment construction continues to be strong, coupled with our focus on customer retention.
Share the primary driver of your recent growth. Great relationships with key customers. As they have grown and expanded, it has fueled the same for us.

Fast 50 – No. 47: Got You Floored
Company name: Got You Floored
What does your company do or make? Flooring provider to multi-family industry
Industry: Flooring
Year founded: 2000            
No. of Triad employees: 12
No. of employees total: 12
Locations in the Triad: One – Greensboro
How has your company grown in the past three years? Added experienced sales and sales support
Share the primary driver of your recent growth: The booming new construction, rental unit and apartment market has fueled our growth

Hurricane Florence Recovery Challenged by Low Apartment Availability

The Wall Street Journal ran an article highlighting one of the challenges faced by cities like Wilmington and Fayetteville as they start the recovery process after Hurricane Florence – a tight apartment market:

Places like Wilmington and Fayetteville have fewer than 1,500 empty apartment units each, according to apartment research firm RealPage Inc.

The figure is less than half the number of vacant units in a larger center like Charleston, S.C. Houston, which was suffering from a rental glutbefore Hurricane Harvey hit last year, had some 70,000 available units just before the storm. Fewer available units in North Carolina could lead to a severe apartment crunch.

Making matters worse, much of the rental inventory in places like Wilmington and Fayetteville is in single-family homes, analysts say. This type of housing is more vulnerable to storm damage than higher-rise apartment complexes…

Cindy Clare, chief operating officer for Greensboro-based Bell Partners Inc., said it is difficult to assess the damage to the company’s four properties in the Wilmington area because all roads into the area are closed and most of the properties still don’t have electricity.

Bell Partners Expands Presence Out West

Bell Partners has expanded its presence on the left coast:

Bell Partners Inc…has been awarded a contract to manage multifamily assets in California and Washington.

The 17 apartment communities are owned by JB Matteson Inc., a San Francisco-based private real estate investment firm, and are valued at more than $1 billion.

“The JBM assets are a perfect complement to our existing $250 million California portfolio,” said Bell Partners’ CEO Jon Bell. “Bell has plans to continue expanding its footprint on the West Coast, and this new relationship is a clear example of our commitment to that objective. We are eager to grow our scale in these important apartment markets and look forward to cultivating an even deeper relationship with JB Matteson in the future.”

In recent years Bell has been concentrating on expanding out west, including three recent purchases in California for a combined $264.9 million.

Thompson Joins Carlisle Residential as Chief Marketing Officer

Carlisle Residential Properties announced this week that Kevin Thompson will be joining the company as Chief Marketing Officer. From an article in Multifamily Pro:

Carlisle Residential Properties, a leading apartment management and investment company throughout the Carolinas, announced today that it has hired Kevin Thompson as Chief Marketing Officer (CMO). Thompson, who joins the Company effective August 1st, will oversee all corporate and community-level Marketing, Branding, Communications, and Public Relations. Thompson will report directly to Matthew Rankin, Carlisle’s President and CEO.

Rankin stated, “We’re very pleased to welcome Kevin to our senior team. Our communications and marketing needs have steadily increased with our growing portfolio and strategic direction. Kevin, with his considerable experience both inside and outside the apartment industry, brings the strategic leadership we need to move to the next level in our Company’s development.”

…For the last six years, Thompson served as Senior Vice President of Marketing at Bell Partners, Inc. He is a member of the Zillow Advisory Board, Vice-Chairman of the National Multihousing Council’s Branding Subcommittee, and a frequent speaker and panelist at industry conferences.

Local Companies Ranked Nationally as Best Places to Work in Multifamily

Several local companies made Multifamily Leadership’s national list of Best Places to Work. Those firms include Apartment Dynamics LLC, Blue Ridge Companies, Drucker & Falk, Pollack Shores Real Estate Group, Matrix Residential and RealSource Management. From a press release distributed by Apartment Dynamics:

The rigorous assessment process evaluated each company’s employee policies and procedures as well as responses from the company’s employees. The program is part of a long-term initiative to encourage growth and excellence throughout the Multifamily Apartment Industry and to attract new leaders to the industry.

Mary Gwyn, Chief Innovator of Apartment Dynamics commented, “It is because of our employees that we made the list.  We are surrounded by greatness with our team.”  Organizations from across the nation entered the two-part survey process to determine the Best Places to Work in Multifamily. The first part consisted of evaluating each company’s workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top organizations and the final ranking.

You can find the full list at http://bestplacestoworkmultifamily.com/2018-best-places-to-work-multifamily/

PTAA Member United Finishers International Makes Fast 50

The Triad Business Journal recently released their list of the 50 fastest-growing private companies in the Piedmont Triad and PTAA-member United Finishers International made the list in the 26th spot. Here’s an excerpt from their listing:

What does your company do or make? Offer full line of kitchen cabinets for multifamily developments

Founded: 2000

Top executive: Juan Hernandez, president

Address: 1950 W. Green Drive, High Point 27260

Phone: 336-883-3901

Website: www.uficabinetry.com

2016 revenue:$6 million

No. of Triad employees: 14

No. of employees total: 14

Locations in Triad: One (High Point)

Offices outside Triad: None

What’s the primary driver (other than workforce and customer service) to which to attribute your growth over the past three years? The current new apartment boom and customer retention

Examples of your company’s growth during the past three years? We moved to a 100,000-square-foot facility, added trucks, a driver, installers and office staff.

How much of your future growth will be in the Triad vs. outside the region?Very little of our growth is in the Triad, but it is all occurring in Virginia, the Carolinas and Tennessee.

PTAA’s Food Drive Covered in UNITS Magazine

PTAA’s Annual Food Drive made the pages of the October, 2017 issue of UNITS Magazine. Below is a link to a scanned copy of the article and you can read the entire issue on NAA’s website at https://www.naahq.org/news-publications/units/october-2017

October 17 Units Article

Kernersville Multi-Use Development Will Have 500 Apartments

Welden Village, a 385-acre, mixed-used development proposed in Kernersville that is a “traditional” neighborhood development (TND), will include 500 apartments, 306 of which are being built by Parr Construction later this year. Here’s a description of the project from an article in the Triad Business Journal:

Instead of a development based on “pods” of similar homes, Arden plans to create one integrated walkable community with well-connected streets where residents can make short walks to parks, open spaces, civic amenities and new retail spaces. Traditional neighborhood development, sometimes referred to as neotraditional design or New Urbanism, harkens back to how neighborhoods were developed prior to World War II – before automobiles changed the dynamics…

The plans for Welden include three single-family areas with about 1,400 homes as well as about 200 townhomes and 500 apartment units. Rhodes said about 30 acres would be used for a commercial village…

Next up is Welden Park Apartments, a 306-unit complex adjacent to the village center, built by Triad-based Parr Construction. Kernersville approved a site plan in March, and construction is scheduled to begin late this summer, according to Rhodes.

It’s a Two-fer: Diamond Awards and National Apartment Housing Day

Tonight is PTAA’s annual Diamond Awards banquet, which is a combination of the Oscar, Emmy and Tony awards for the local apartment industry. The event is SOLD OUT which means we’ll have 530 people celebrating the best and the brightest the apartment industry has to offer.

Today is also National Apartment Housing Day and by highlighting it at tonight’s Diamond Awards PTAA will be joining the 170 apartment associations affiliated with the National Apartment Association (NAA) to promote the tremendous contribution that the apartment industry makes in housing Americans. Here’s how the National Apartment Association describes it:

National Apartment Housing Day is the apartment housing industry’s opportunity to showcase its significant impact in communities across America by:

  • Contributing to the nation’s economic strength. Apartments and their residents contribute $1.3 trillion to the economy and support 12.3 million jobs.
  • Growing career opportunities. Today, 469,000 apartment professionals work in fields such as property management, leasing and maintenance. Beyond supporting today’s 20 million apartment households, new career opportunities await – by one estimate, 4.4 million new renter households will be formed within the next decade.
  • Giving back to communities. In 2016, the industry infused $158 million in philanthropic and charitable contributions into communities across the nation.

“Today we welcome America home,” says National Apartment Association President & CEO Robert Pinnegar, CAE. “Apartments offer Americans flexibility and choice, but current demand for apartments outstrips supply. A continued supply of affordable housing requires supportive legislation and regulations that make it easier to construct and rehabilitate apartments. That, more than anything else, will help keep rents reasonable for Americans.”