R.W. Selby & Co.

Modern living, people who care

By Leah Etling on Jun 24, 2013 in People | 1 Comment

For Yardi client R. W. Selby & Company, Inc., 37 years of providing the highest quality experience for residents and exceptional opportunity for investors is a tradition on which to build.

With over 3,500 units located at thirty-one properties, the company has become well established in the Southern California multifamily marketplace and more recently has become a prominent player in the Class A and B Las Vegas market.

“While our emphasis on prime multifamily properties in class ‘A’ locations throughout Southern California and Nevada has been the basis for our reputation for over four decades, our successful multifamily construction experience has enabled us to expand our franchise to include the renovation of A, B and C properties in quality suburban neighborhoods with strong growth potential,” said Christopher Greenspan, Director of Asset Management. “We are active in all phases of multifamily real estate, including the identification, acquisition, construction, renovation, management, and disposition of properties.“

Greenspan recently took the time to answer a few questions about R. W. Selby & Company, and its current projects and initiatives.

TBS: How would you describe your investment philosophy?

Greenspan: Our executive leadership has a combined 90 years of multifamily experience working together. The executive leadership of R. W. Selby & Company, Inc.  has long maintained consistent and conservative acquisition behavior. This consistency is a result of an exhaustive process of locating and selecting superior investments, in high barrier to entry markets with proven demand drivers, most often on a principal-to-principal basis, and adding value to those investments by repositioning, rehabilitating and re-branding the assets. We further enhance value through the efficient operation of the assets in a fiscally responsible manner, based on its strong operational controls, and ultimately return superior investment results to its Investors through the successful refinance or sale of our projects.

TBS: What are some of the outstanding features of your apartment communities?

Greenspan:  Our in-house construction team specializes in cosmetic renovation, tailoring all upgrades and rehabilitation with our tenants in mind. As a result, our apartment homes undergo significant improvements, often including upgraded common areas, revitalizing fitness centers, re-plastering and resurfacing pools and spas, as well as performing in-unit upgrades. The end result culminates in a property and units that provide the level of comfort and luxury that our tenants have come to expect.

Burton Way Luxury Apartments is just one of the properties where we saw incredible potential, both structural and operational. The fitness-center now rivals some of Los Angeles’ premier sports clubs. The kitchens and bathrooms now reflect the modernity and style you would expect to find in Los Angeles’ swankiest hotels. Every one of our apartment communities boasts luxury amenities, but Burton Way is exceptional down to the very last detail.

TBS: Many of your communities are located in the greater Los Angeles area. What current multifamily market trends are you observing there currently and how is the company responding to those trends?

Greenspan: New supply has been delivered to the market at a very tepid pace, while demand for quality units in Southern California remains at an all-time high.  Specifically, with increasing amounts of the local population being either removed from, or choosing to delay joining, the home-ownership ranks, we are experiencing one of the largest renter pools in the history of Los Angeles. Furthermore,  as it becomes more difficult for individuals and families to qualify for home loans, those desiring to become homeowners are instead being forced to  rent apartments. Finally, many Southern Californians are finding the relative flexibility and affordability of renting an apartment as being a desirable alternative to home ownership.

Viewing the Los Angeles multifamily market from a long term perspective, the demographic trends favor the multifamily market as an increasing number of young people are choosing to delay marriage and household formation. The trend of continued education is another factor influencing the multifamily market. Furthermore, it is our belief that an increasing number of young adults will leave multi-generational homes and pursue apartment rentals as the job market improves.

TBS: I understand that you are in the process of providing your residents and prospects with better online interactivity via Yardi Portal. Can you tell me about what you are implementing and how this will enhance your technology offerings?

Greenspan: With the addition of Yardi’s RentCafe, it is our goal to attract residents who are interested in connectivity and flexibility with regard to their housing needs. Yardi’s accounting and property management software systems have always helped us to perform well at the corporate level, but now Yardi is helping us change the way we are able to interact with residents and prospects. We have begun using Yardi PopCard at our properties in order to monitor the effectiveness of our various advertising campaigns. The resident portal has streamlined transactions with residents by expediting services previously performed solely by our management and leasing staff.  Speed, accessibility, connectivity and transparency are not only valuable to prospects and residents, but to us as well. We truly believe that Yardi’s software systems will help ensure our company’s efficiency and progress.

TBS: What added efficiencies/benefits will the new portal sites offer your customers?

Greenspan:  Prospects are able to access real-time availability, compare communities, filter and save search preferences, receive alerts when new apartments become available, view interiors, apply for and execute lease agreements, even write and share apartment reviews through our new portal. Additionally, residents can receive announcements and notifications, communicate with other residents, make payments, submit maintenance requests, renew lease agreements, purchase renter’s insurance, participate in our campaigns, and of course, connect with us on social media.

TBS: What is your corporate vision for technology as it serves your residents, prospects and employees?

Greenspan: As it applies to our residents, the ability to pay rent, file maintenance requests and view leasing documents online will only become more important as the industry continues to shift in favor of flexibility and timeliness. For our prospects, the ability to view and lease apartments online is essential to facilitating their positive experience with our leasing staff. Although the majority of our business is still done in person, we aim to provide several alternatives catering to our various tenants’ needs. Our goal is simplification as it applies throughout the process.

TBS: Are you using any mobile solutions for your residents or site staff members? If so, which ones and what functionalities? If not, do you plan to add mobile offerings in the future?

Greenspan:  It is essential that our marketing sites and resident portal be compatible with mobile devices. Renters expect a seamless transition and crave portability. Our decision to create marketing sites with Yardi was affirmed when we saw how easy it was for residents and prospects to access new services on their mobile devices.

TBS: What else would you like us to know about your company, corporate vision or communities?

Greenspan: R. W. Selby & Company, Inc. is proud to offer apartment homes in Southern California and Nevada. We understand that community is the combination of modern and comfortable living spaces maintained and operated by people who care about our residents. It is important that we do not outsource the key aspect of multifamily investment which is day-to-day operations; namely the leasing and maintenance of our properties.