Fifteen Asset Management took over 46 multifamily communities with more than 14,000 units in 10 states: Florida, Texas, California, Georgia, Alabama, Virginia, New Mexico, Nevada, Colorado and Indiana. More of the properties are in Texas than in any other state, with Florida being second.
Seven of the properties, consisting of a couple thousand units, are located in Florida. That state, along with Texas and California, are the company's most significant states, Ian Sanders, president of Fifteen Group LLC, tells GlobeSt.com.
The four South Florida properties are: Arbor Lake Club in Miami, with 712 units; Horizons North in North Miami, with 276 units; Park Hill in Kendall, with 264 units; and Parkview in Pembroke Pines, with 208 units.
"We now have perfectly aligned the goals of ownership and management," Sanders tells GlobeSt.com. "We've gotten away from an unrelated, third-party relationship, where the goals of ownership and management tend to diverge.
"We believe that the new situation is the best way to maximize the value of the properties in the portfolio," Sanders states.
"Building a first-class management organization from scratch has been an exciting challenge," Dave Sherbal, chief operating officer of Fifteen Asset Management, says in a statement.
Fifteen Group is a real estate acquisition organization that has concentrated on providing safe, desirable and affordable rental housing in major growth markets in the United States. As a national property management company, Fifteen Asset Management oversees the day-to-day operations of its properties. Currently, the company only manages properties owned by Fifteen Group, but that could change.
"It's possible that in the future we would provide third-party management," he says. But for now, he adds, the new company is focusing on getting its portfolio in order and maximizing the properties it currently manages.
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