Profile: LCOR Residential
Fully-integrated LCOR says it has been busiest on the services side of the business, providing multifamily property and asset management.
By Keat Foong, Executive Editor
Philadelphia—The capabilities of LCOR are manifold, and they include development, renovation, turnaround and construction management. In the current investment cycle in the apartment sector, the company says it has been busiest on the services side of the business—providing multifamily property and asset management.
In fact, the company has doubled its apartment units under management in the past two years, from about 2,500 units at the beginning of 2010 to more than 7,000 units currently, according to Peter P. DiLullo, III, vice president, acquisitions and asset management with LCOR Residential Management, the multifamily residential asset and property management arm of LCOR.
At LCOR Residential Management, “every detail in managing a property is carefully considered,” says DiLullo, who is responsible for LCOR’s owned and third-party multifamily management portfolio. And the company keeps the ultimate goal in mind—“adding value to an investment.” “We bring the view of an owner to every asset we manage,” says DiLullo.
In 2011 alone, LCOR Residential picked up nine property management assignments totaling 3,100 units. And in an earlier portfolio acquisition for LCOR, an institutional owner had hired LCOR Residential in 2010 to provide asset management services for more than 60 residential apartment properties in 17 states. The company’s responsibilities for the portfolio include third-party property management oversight, market review, financial and operational reporting and caretaking of the property through its investment lifecycle, says DiLullo.
Peter P. DiLullo, LCOR president and CEO, founded the company in 1992 as successor company to The Linpro Co. to “address the need for third-party advisory and consulting services, development and investment activities and to assist government agencies and public authorities in maximizing the value and utility of their real estate.”
Members of LCOR’s executive team, who have worked together for more than 30 years, include Thomas J. O’Brien executive vice president and Chief Operating Officer. LCOR today has over 350 employees, having grown from about 165 employees at the start of 2010, says DiLullo. “As our portfolio has grown over the past two years, so has out team.”
LCOR is based in suburban Philadelphia with development offices in New York City and Bethesda, Md. It also has local offices with regional staff to cover its management contracts across the country.
While it says it is currently most active in asset management, do not underestimate LCOR’s development capabilities. As a fully integrated company, LCOR is also a developer concentrated in its core markets. The company currently has a multi-phased master-planned mixed-use project called North Bethesda Center in Maryland. The next apartment building in the project, which will total 341 units, will be starting soon, says DiLullo. The public/private project is located on the Red Line Metro on a 32-acre site owned by the regional transit authority.
DiLullo says LCOR is also completing the development of 307 units in Lower Manhattan at 25 Broad Street, and preparing to break ground on 234 units in the Williamsburg area of Brooklyn, N.Y. “These are the core markets of the company’s. We have a long history of successfully sourcing deals in these markets.”
“LCOR brings to the property management arena years of experience as exacting builders of more than 20,000 units of multifamily housing,” states DiLullo. “As a result of the company’s 30-year-plus history, we have deep, established relationships with a number of institutional owners, lenders and investment managers, and a breadth and depth of experience that is uniquely suited to helping owners and investors through any aspect of the real estate cycle.“