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Over 29,000 New Apartment Homes Join the Portfolio
DALLAS, TX --(Marketwired - March 16, 2016) - Pinnacle, one of the nation's leading multifamily management firms, announced today it was awarded over 29,000 apartment homes from two separate portfolios, adding 19,689 units in Florida; 6,635 units in Colorado; 1,144 units in California; and 1,721 units in Washington. To accommodate the growth, the company expanded its national and regional infrastructure to ensure a smooth transition for the incoming communities and team members and to avoid disruption for residents.
"The continued upswing in the multifamily markets across the nation is fueling investment opportunities for our clients," said Rick Graf, president and chief executive officer. "Pinnacle was pleased to have been selected for the management of these portfolios and immediately turned our attention to dedicating resources toward the undertaking. Our goal was to protect our client's investment while enriching the resident experience."
Developing a strategic approach to such a large integration was the first course of action after being awarded management. Pinnacle's in-place processes were fortified to handle the volume of incoming properties, applying a system of checks and balances so operations would not be interrupted.
The migration occurred in phases, explained Larry Goodman, chief operating officer. "As a management company, we were entrusted with overseeing so much more than bricks and mortar. This is a home environment and the last thing we wanted to do was cause disruption in any way so we did our due diligence to minimize errors and anticipate the concerns of residents. Then we implemented our plans with a calculated approach."
Overall, 700 team members were hired during the transition, 12 of whom were regional level managers, to accommodate the growth and safeguard the operational integrity of the communities. To supplement Pinnacle's automated processes in play, onboarding teams were created to visit each property and induct the new hires. Forty corporate positions were also added within various departments, including Human Resources, Marketing, Information Technology and Learning and Development, to support the associated business initiatives.
"Securing the right talent was paramount to this endeavor," said Graf. "Once that was accomplished, it was important for us to personally interface with each new team member as they began their cultural introduction into the company. These individuals were more than just a name on paper to us, they became an integral part of Pinnacle with living and breathing ideas to share."
Training was another primary focus for Pinnacle. The strategy was to provide critical operating information to new team members at a very early stage over a period of several weeks, targeting different topics and job titles on a rotational basis. A blended learning environment with intensive in-person sessions, along with hands-on practice scenarios and virtual courses and resources was initiated. Each new community was also sponsored by a seasoned Pinnacle team member to provide guided support and serve as a direct point of contact. This collaborative approach between many of Pinnacle's internal departments allowed community life to proceed with as few disruptions as possible.
"We couldn't be more pleased with the results," said Graf. "Pinnacle did so much more than grow a portfolio. We attracted some of the best professionals in the business to assist in our mission. These talented individuals have all contributed to the evolution of our company."
About Pinnacle Property Management Services, LLC
Pinnacle Property Management Services, LLC, ("Pinnacle") is a privately held national real estate provider specializing in third party management of multifamily residential communities. As one of the nation's preferred third-party managers, Pinnacle's portfolio includes approximately 147,000 residential units and 2 million square feet of commercial assets. With the Corporate headquarters located in Dallas, Texas, Pinnacle has over 3,500 employees located in 26 states. For more information, visit www.pinnacleliving.com.