TIC 1031 Exchange Co. Creates its Own Management Co.
- May 06, 2008
By Anuradha Kher, Online News EditorPasadena, Calif.–Evergreen has named Kay Hutchison (pictured) the president of Evergreen Real Property Management LLC, a new entity managing 35 current properties and future acquisitions for Evergreen Realty Group.“The new company has been established because we want to control all our properties,” Bill Kugler, national sales director of Evergreen, tells MHN. “With property management, the rubber meets the road for us. If you don’t manage your own properties, you have to rely on others.”Luke V. McCarthy, CEO of Evergreen Realty Group, says, “We are adding new types of real estate securities offerings to our main product line of TIC 1031 Exchanges, and it is time to bring tight internal control over all property management and administrative functions inside the organization.”At RPS, Hutchison was first regional manager for one year and then portfolio manager for the past three years. In these positions, she supervised budgeting, capital expense projects, staffing, ownership correspondence and related activities.At various times, Hutchison had supervisory control of 23 apartment sites totaling approximately 8,000 units in the Phoenix area; 15 apartment sites totaling around 7,600 units in Southern California from construction through sale; development and lease-up of about 1,800 units in Phoenix and Northern California; and management of 11 student housing communities in six states.Prior to joining RPS, Hutchison spent 25 years in the Phoenix area with apartment management firms in various commercial property management supervisory positions, culminating as vice president of property management for a fee-management company dealing with 2,500 apartment units in Arizona.