Property Management
Vesta Management Corporation is integral to carrying out Vesta’s commitment to providing quality affordable housing. Direct property management provides greater control, and thus greater protection, for residents as well as for lenders and investors in Vesta’s projects. As a result of Vesta’s sound management practices, the portfolio is performing extremely well, with occupancy consistently greater than 95%, positive cash flow on all properties, and substantial replacement reserves.
Vesta and its affiliates presently manage 24 affordable rental housing properties totaling approximately 4,000 units. These properties, which are located in four states, range in size from 24 units to nearly 500, with total gross annual property revenue of $43 million. Characteristics of these properties cross the spectrum of affordable rental housing:
- Rents from market-rate to subsidized, including rents restricted by federal and state financing, and Low-Income Housing Tax Credits,
- Debt financing from conventional sources, FHA-insured, CDBG and HOME funds, taxable and tax-exempt bonds,
- Equity financing from the sale of historic and Low-Income Housing Tax Credits through private placement as well as national equity funds.
Property operations are overseen by Joshua Greenblatt, Vice President, Property Operations. On-site staff includes managers, leasing and office staff, and maintenance and janitorial personnel. Many of the company’s staff of 150 have earned distinguished designations. Some examples of third-party trainings and certifications that our property management and corporate personnel attend and hold are:
- Public Housing Manager (NAHRO)
- HUD Section 8 Trainings (JeffCo Seminars, RBD Enterprises, Paulhus and Assoc.)
- HUD Financial Management and Budgeting (NAHRO)
- Section 504 Reasonable Accommodation and Assistance Animals (JeffCo)
- Fair Housing
- REAC Trainings
- TRACS (RBD Enterprises)
- EIV (RBD Enterprises)
- OSHA for Maintenance Supervisors
- Accredited Residential Manager (ARM)
- Certified Property Manager (CPM)
- Certified Apartment Manager (CAM)
- Certified Occupancy Specialist (COS)
- Management and Occupancy Review Specialist (MORS)
- Marketing and Leasing
- Certified Credit Compliance Professional (C3P- Spectrum).
Vesta places a high value on continuing education for its personnel at both the site and corporate level. We believe that this results in greater success throughout our portfolio by having staff that are current on changes in regulations and procedures and the latest in operating strategies affecting resident retention and overall property operations.
Built into each of our property budgets and our annual corporate budget is a line item for employee education. In addition to providing continuing education and certification opportunities for our personnel, we conduct frequent in-house programs to provide various training for our on-site property management staff.
