LCOR Residential Adds 1,200 Apartments to Its Management Portfolio
- Mar 29, 2011
LCOR Residential Management has landed three new management assignments that, combined, increase the size of the company’s management portfolio by 1,200 apartment residences.
An institutional investor owns the group of assets, which expands LCOR Residential’s presence in the Midwest. “We consider the assignments a testament to the company’s success at managing properties to the standards of institutional investors, including meeting their reporting requirements,” Cary Brazeman, spokesperson for LCOR Residential, tells MHN.
Indiana is the location of two of the properties. In Indianapolis, the company added the 453-unit Lakewood Lodge to its responsibilities and in Merrillville took on management duties at the 628-unit Summer Wood rental community. In Illinois, LCOR Residential is now heading up management at Hanover Place, a 150-unit seniors housing property in Tinley Park. With the new assignments, the company now manages more than 5,000 apartment residences throughout the United States.
It appears LCOR Residential has been quite high on property owners’ radar screen lately. Within the last 12 months, the company managed to double its portfolio of managed multifamily units. LCOR Residential attributes its triumphs to a handful of factors. “It’s a combination of management and marketing expertise honed over 30 years in the business serving property owners, and our own portfolio, across the country,” Brazeman says. “We also have a track record of turning around properties in challenging times not unlike the period in which we are today.”