Charles M. Moran to Head Property Management at Vesta Corporation
- Nov 27, 2012
Simsbury, Conn.—Charles M. Moran, formerly a senior executive in operations with private company Conifer Realty and non-profit The Community Builders, joined the Vesta Management subsidiary of the Vesta Corporation. As vice president at this Simsbury, Conn.-based company, Moran oversees the operation of 24 affordable rental housing properties of 4,200 units in Connecticut, Ohio, New Jersey, Indiana, and the District of Columbia. They generate about $43 million annually and employ 175, approximately 145 of those reporting to Moran.
Known in the affordable housing industry for his operational expertise, Moran holds the designations of certified property manager (CPM) through the Institute of Real Estate Management and National Affordable Housing Professional through the National Affordable Housing Managers Association. In operations, Moran replaces Joshua S. K. Greenblatt, Vice President, who will now transition to a role in acquisition and development for the organization.
At Conifer’s 12,000 units, Moran oversaw the growth of the property management division from 9,000 to 12,000 units, significantly increased the return of both the operating company and properties, and established a new asset management function. At Community Builders’ 9,000 units he redesigned the operational structure and integrated property and asset management. This portfolio included a significant number of HOPE VI communities.
Vesta specializes in the acquisition, rehab, and preservation of affordable housing communities. Property rehab, which Vesta estimates costs $50,000 to $70,000 per unit, continuously creates jobs for skilled labor. A Maryland Department of Housing and Community Development study for its Rental Housing Works Program found that a rehab project costing about $17 million produced 60 jobs. In addition, as “Broken Windows” researchers James Q. Wilson and George L. Kelling have proven, well maintained property can awaken community pride, leading to resident initiatives for improving the overall quality of life, including economic development. Preservation also retains or expands the number of units available as affordable housing. According to the Institute for Children, Poverty, and Homelessness (CPH), there is a shortfall of about 5.5 million units in supply.
Vesta primarily funds this development as well as acquisitions through conventional borrowing, bond financing, low income housing credits, and historic tax credits. Vesta has established a respected reputation in the industry due to its expertise with these complex financial vehicles and its ability to maintain compliance with the regulatory requirements of the various programs.