MANAGING INVESTMENTS SINCE 1919
OUR CONTINUED SUCCESS in a cyclical industry is rooted in a corporate culture that applies a conservative mindset with innovative and best practices, delivering above-market returns to our investors. Korman Residential is a privately held real estate investment firm with fully integrated management, acquisition/disposition, and repositioning capabilities.
Korman Residential's objective is to provide superior investment performance through opportunistic multi-family acquisitions and value-add repositioning in markets with strong fundamentals. We strategically partner with well established owners and operators to leverage resources on an as needed basis.
We take our fiduciary responsibilities seriously through in-depth underwriting and have been providing timely and accurate oversight for our institutional and private investors for generations.
For more information:
Christian M. Troll
Chief Financial Officer
Korman Residential Properties, Inc.
Two Neshaminy Interplex, Suite 301
Trevose, PA 19053
(215) 244-5139 Office
(215) 638-4072 Fax
KORMAN RESIDENTIAL CAPABILITIES
- IDENTIFY MULTIFAMILY ACQUISITION OPPORTUNITIES through an extensive network of contacts including commissioned sales representatives, property owners, operators and the financial community. We strategically acquire properties and portfolios in targeted markets where we can create substantial value.
- DILIGENTLY UNDERWRITE OPPORTUNITIES through detailed financial analysis, demographic analysis, and modeling. Once under contract our experienced Due Diligence Team thoroughly inspects all aspects of the property and we coordinate all required third party activities.
- RELATIONSHIPS WITH FINANCIAL INSTITUTIONS allow us to move quickly as opportunities arise, and on very competitive terms. These relationships also generate numerous off-market investment and joint venture opportunities.
- EXTENSIVE DEVELOPMENT EXPERIENCE enables us to devise and perform value-add redevelopment and repositioning strategies generating superior cash flow and growth in asset value.
- ON-SITE PROPERTY MANAGEMENT is measured by Best-In-Class standards. We evaluate our management teams by their ability to meet budgeted goals while providing superior customer service. Korman Residential has received numerous industry awards, including the 2010 MVP Award for Best Property Management Company from APTS Magazine.
- AS RESPONSIBLE FIDUCIARIES we have implemented a rigorous system of internal controls. We have a professional staff of accountants and analysts, each with a minimum of a bachelor's degree, and our accounting managers are CPA's. Using quantifiable data and metrics, we measure property performance against budget and ensure that all financial reporting is completed in an accurate and timely manner. We offer the same level of service and management capability to institutions, partnerships, and individual investors that we provide for our own equity portfolios.
- IMPLEMENT DISPOSITION PROGRAMS when planned goals and values are realized.
Korman Residential invests in and manages multi-family property portfolios in Pennsylvania, New Jersey, Delaware and Florida.
|John P. Korman
Chief Executive Officer
Mr. Korman has 32 years of real estate management, finance, construction and development experience. He has supervised the execution of over $2 billion of commercial real estate financing, acquisition and disposition transactions.
Mr. Korman has successfully arranged for more than $1 billion in multi-family debt and equity. He has participated in over $700 million in multi-family acquisitions and dispositions, as well as the development of income producing and for sale housing portfolios totaling nearly $1 billion. Mr. Korman’s responsibilities include portfolio strategy, capital allocation and joint venture formation.
Prior to joining Korman Residential, Mr. Korman was involved in all phases of multi-family, office, industrial, retail and extended stay hotels for a related entity, partnering with national and international corporate clients.
Mr. Korman earned a Bachelor of Science degree in Economics from The Wharton School at the University of Pennsylvania.
|James S. Korman
Mr. Korman has 24 years of multi-family real estate experience and is responsible for the operating results for all residential equity portfolios and third party management contracts. Mr. Korman has in-depth experience in repositioning properties in their respective markets. Mr. Korman continues to develop talented and versatile on-site management teams who enhance property values by increasing revenues while containing operating expenses.
Mr. Korman is responsible for identifying new acquisition opportunities, including underperforming properties in the marketplace ready for repositioning. Properties in portfolios under Mr. Korman’s management have been recognized in Pennsylvania, New Jersey, Delaware and Florida for overall excellence, curb appeal, maintenance, and marketing. These portfolios include garden, mid-rise, and high-rise buildings of all vintages.
Prior to becoming President of Korman Residential, Mr. Korman worked with Corporate and Group Sales serving major national employers, and was a pioneer in the extended stay segment of the apartment industry.
Mr. Korman is Past President of the Pennsylvania Apartment Association, as well as Past President of the Apartment Association of Greater Philadelphia. Mr. Korman is a founding board member of Drexel University's Property Management program. Mr. Korman has been a keynote speaker for The Institute of Real Estate Management (IREM). Mr. Korman effectively leverages these industry relationships in sourcing new acquisition opportunities.
Mr. Korman earned a Bachelor of Arts Degree in Political Science from the University of Delaware.
|Christian M. Troll
Chief Financial Officer
Mr. Troll has over 30 years of financial management experience in a number of different industries. In his current role, he is responsible for banking and treasury, joint venture partner and lender relations, financial reporting, information technology, risk management and coordinating and underwriting acquisitions and dispositions.
Mr. Troll is instrumental in enhancing asset profitability and cash flow through rigorous return on investment analysis. By utilizing best in class metrics, with his support staff, he measures property performance and ensures that all financial reporting is completed in an accurate and timely manner. Mr. Troll has implemented a thorough system of financial and operational controls including oversight of all expenditures at the property level, budgetary accountability, centralized purchasing and cash flow management.
Prior to joining Korman Residential, Mr. Troll consulted to a number of companies including Aramark Corporation, Staples, Inc. and FMC Corporation. He previously served as Vice President and Corporate Controller of CDI Corporation, Chief Financial Officer of the W. Atlee Burpee Company and was the second professional hired by the Philadelphia Office of Arthur Andersen to build their newly formed Contract Services and Outsourcing Practice.
Mr. Troll has substantial prior experience in loan negotiation, restructuring and coordinating loan workouts. He has worked closely with large, multi-national financial institutions as well as with regional and local banks, and has an extensive network of banking relationships.
Mr. Troll earned a Bachelor of Science degree in Public Accounting from CW Post College and a Master of Business Administration degree in Corporate Finance and Investments from Adelphi University.
|Albert DeFruscio, Jr.
Vice President, Construction Services
Mr. DeFruscio is responsible for the physical assessment and evaluation of all managed multi-family assets and heads the due diligence team for all new potential acquisitions.
He also plays a key role in positively repositioning properties in their market. Mr. DeFruscio's experiences include managing major and minor rehabilitation projects. He develops specific programs to address property deficiencies including mechanical evaluations and sustainability initiatives- all with a high level of cost certainty. Mr. DeFruscio works effectively with key decision makers within municipalities and government agencies.
Mr. DeFruscio has over 30 years of construction management experience.
|Dawn Ewing, CPM®
Director of Operations
Ms. Ewing has 21 years of multi-family management experience with Korman Residential. In her current role she has senior operational responsibility for properties in Pennsylvania, Delaware, New Jersey and Florida. Ms. Ewing has proven experience in delivering bottom-line results while often working under challenging budgetary constraints. She interfaces with Korman Residential’s partners and institutional investors. Ms. Ewing has successfully led numerous lease-up programs and is a key member of Korman’s acquisition due diligence team. She is continually building talented and versatile on-site management teams to assume additional assignments.
Ms. Ewing currently oversees portfolios that include garden, mid-rise and high-rise buildings of all vintages. Prior to joining Korman Residential, Ms. Ewing held several positions in the hotel industry.
Ms. Ewing has earned the designation of Certified Property Manager from the Institute of Real Estate Management. Ms. Ewing is the recipient of several industry awards, including the Apartment Association of Greater Philadelphia’s prestigious Elizabeth Bee Weatherford Award in 2007.
Director of Marketing
Mr. Rushing oversees corporate marketing and branding for Korman Residential. He is responsible for maximizing rental revenues and occupancy in the portfolios managed by the company. He utilizes various metrics to measure return on investment of all advertising and marketing media.
Mr. Rushing has 15 years of experience in marketing and advertising. He has worked in the property management industry since 2002, most recently serving as general manager at multiple properties. His success as a property manager gives him a unique and invaluable perspective in his role of Director of Marketing.
Mr. Rushing’s hands-on approach at the properties ensures that all new initiatives will be implemented quickly and successfully. An effective sales trainer, Pete has developed award winning sales teams that have been recognized for their excellence in the industry.
Innovative Marketing Supervisor
Mr. Miller focuses on emerging technologies in the multifamily industry, and oversees the company’s core online endeavors. He promotes online visibility through search engine optimization (SEO) and internet listing services (ILS) to maximize occupancy and revenue at the properties.
Mr. Miller has spent 5 years in corporate sales and marketing, and started with the company as a sales representative in 2009. He was promoted to the corporate marketing department to direct centralized lead communication and assist with various marketing responsibilities, including reputation and social media management.
Mr. Miller earned a Bachelor of Arts degree majoring in Communications/Journalism with an emphasis in Public Relations at Shippensburg University of Pennsylvania. He had previously worked with an online advertising agency, and currently holds a real estate license with the state of Pennsylvania.
Director of Financial Reporting
Ms. Downs is responsible for all internal and external financial reporting. She has built a team of accountants with broad industry knowledge who support her in this role. She has developed strong working relationships with our joint venture partners and lenders.
Ms. Downs and her team are responsible for coordinating a timely monthly financial close and for analyzing, investigating and reporting any budgetary variances as part of her monthly reporting process. She has enforced a rigorous system of internal controls within the company to ensure accuracy in the reporting process. Additionally, she is responsible for internal audits, and each property is thoroughly audited at least annually.
Ms. Downs earned a Bachelor of Science in Business Administration degree from Old Dominion University double majoring in accounting and financial management. She is a licensed certified public accountant. Ms. Downs is currently pursuing her Master of Business Administration with a finance concentration at LaSalle University.
|Mary E. Peller
Senior Financial Analyst
Ms. Peller is responsible for analyzing and underwriting multifamily investment opportunities and for monitoring returns throughout an investment’s holding period. She utilizes detailed financial models to project an investment’s performance and return from acquisition through disposition. During the acquisition process, she is a key member of the due diligence team responsible for assuring that all financial information provided by the seller is accurate and complete. In addition to accounting and financial analysis, she has experience in implementing and streamlining operational processes.
Ms. Peller earned a Bachelor of Science degree with a specialization in accounting and Master of Business Administration from Spring Hill College. She is currently licensed as a certified public accountant in Pennsylvania and Alabama.
|Noreen Cassidy, CAM®
Ms. Cassidy is responsible for oversight of expenditures and cost management at the property level. She monitors expenses against plan and industry standards and works closely with the Property and Regional Manager in order to assure that we are maximizing NOI and cash flow. Ms. Cassidy has a proven track record of identifying opportunities for operational improvement and implementing best-in-class solutions. She is also a member of Korman’s acquisition and due diligence team.
For the past 15 years, Ms. Cassidy has managed, mentored, and proactively developed on-site management teams and overseen internal audit systems to benchmark performance.
Ms. Cassidy has earned the designation of Certified Apartment Manager from the National Apartment Association and is Korman’s Real Estate Broker of Record.
Ms. Cassidy earned a Bachelor of Arts degree from Penn State University.
Ms. Broadnax has spent 9 years in the multifamily industry. She started with the company as a sales representative six years ago. She was promoted to the corporate relocation division to coordinate sales across the residential portfolio. Ms. Broadnax’s property management responsibilities included receivables, payables, collections and lease renewals. She is currently coordinating pre-development activities for Stage IV of the company’s Eastwick urban renewal project, adjacent to the Philadelphia International Airport. Ms. Broadnax earned an Associate in Arts degree majoring in Business Administration with a concentration in real estate at the Community College of Philadelphia and currently is pursuing a Bachelor of Science degree at St. Joseph’s University, Haub School of Business. Ms. Broadnax and her family reside in the Eastwick section of the City Of Philadelphia.
In 1919, Hyman Korman acquired the Hamilton Farm in Northeast Philadelphia for residential development. In the 1920's, he began acquiring additional farms and subsequently incorporated to build homes in larger developments. In the 1930's, the company added apartments and shopping centers to its home building business.
In the 1940's, Hyman Korman, Inc. continued residential and commercial development in Northeast Philadelphia. The Kormans purchased Frankford Supply Co., which became the major building material supplier in the Delaware Valley. Lansdale Brick Co was acquired during this period. In the 1950's, large scale residential & commercial development continued in Philadelphia and Montgomery County, PA.
In the 1960's, major land parcels were acquired for residential and commercial development in Philadelphia, Bucks County, and southern New Jersey. The company entered into a joint venture with Reynolds Metals Co. to develop the largest urban renewal project in the country (comprised of 5,000 homes and apartments, two shopping centers, and a business park). In addition, Korman developed the Neshaminy Mall in Bucks County, as well as the Plaza, a 28-story apartment tower in Center City, Philadelphia, for its own portfolio. Korman also assembled sizable tracts of land in Pennsylvania (Center City Philadelphia, Montgomery, Bucks, and Delaware Counties) and in New Jersey. These tracts, in part, provided sites for three major PUD developments containing over 10,000 homes and 6,000 apartments. Ultimately, Korman served as third-party manager for over 2,000 of these apartments.
In the 1970's, Korman expanded its extended stay program to meet the needs of its corporate customers. Development continued throughout Pennsylvania and New Jersey emphasizing resort-style living. In the 1980's, office and shopping center development accelerated. Korman entered into a joint venture with Resorts International to develop housing near Atlantic City, NJ. The Builders Group was assembled, which accelerated activity in the company's land bank. The company syndicated many entities in its various residential portfolios. The Plaza Apartments were converted to the Palace Hotel in partnership with Trusthouse Forte. The company partnered with SmithKline and Philadelphia Electric to develop Franklintown, a Center City Philadelphia mixed-use community of public space, high-rise apartments and office buildings.
In the 1990's, land development continued in PA, NJ, and DE. Hotel development accelerated in Center City Philadelphia and adjacent to Philadelphia International Airport. In 1996, Korman Residential was formed to acquire and manage multi-family properties and portfolios. Korman Residential served as third-party manager for two portfolios totaling 2,000 units, in addition to managing the properties in its own equity portfolios. The company acquired Pine Grove, a townhome community located in Hatboro, PA.
In the 2000's, Korman Residential served as third-party manager for an additional 1,000 unit portfolio. Korman Residential acquired three desirable Main Line apartment communities, as well as Chestnut Hill Tower, a high-rise located in the Chestnut Hill section of Philadelphia. The successful repositioning of this asset was followed by a sale with substantial returns for the equity holders. Korman Residential acquired Stratford Apartments, a garden, townhome and mid-rise property located in Wilmington, DE. A repositioning strategy was implemented, leading to a major refinancing of the property and return of equity to the investors.
The company expanded its operations through acquisitions into surrounding markets and developments in Florida. Korman Residential acquired Christina Mill Apartments and Brandywine Hundred in Delaware as well as River Chase Apartments, an 800-unit garden-style apartment community in Tampa, Florida. During this period the company completed over $300 million of agency, securitized and balance sheet financing at very favorable fixed rates and returned a significant amount of capital to investors.
Korman Residential's website has been fully integrated with the company's property management software and lead management application, enabling 24-hour online leasing. In addition, top industry personnel were recruited to strengthen management capabilities and maximize financial results. Korman Residential Properties is actively pursuing acquisitions and third party management assignments in the Mid-Atlantic states and Florida.