Seattle, Washington (PRWEB) June 29, 2017
Avenue5 Residential, a multifamily property management services firm, announces that it will achieve a milestone of 40,000 units and 200 properties under management in July 2017 due to organic growth, exceeding the company’s original business plan.
“Having built our service infrastructure before we had a significant number of clients in place, it is rewarding to see us reach this landmark,” confirmed Walt Smith, CEO of Avenue5. “We’re proud to be a mid-sized firm offering a custom level of service for our clients, and the 40,000-unit milestone is a testament to the trust that our clients have placed in us throughout the years as well as our capability to align with what’s most important to them.”
Founded in 2014, Avenue5 is a private third-party property management company. At the company’s inception, it managed a 33-property, 6,500-unit portfolio on behalf of a single client. The company now manages more than 200 properties with 40,000 units in 12 states nationwide, on behalf of 43 clients. After initially operating out of a single office in Seattle, the company now has offices in Phoenix, Portland, and the Washington, DC metro area, and has local experts in more than 90 cities nationwide. Over the past year, Avenue5 has widened its geographic reach to about 25 new markets throughout the country, including Baltimore, San Antonio, and Washington, DC. Avenue5’s associate count has grown in tandem with its nationwide expansion, from 300 associates employed in 2014 to over 1,000 associates employed currently. The company is ranked 46th on the NMHC Top 50 list of multifamily managers.
“In tandem with our growth, we have significantly increased our operations leadership over the past year,” stated Smith. “This strategy ensures that our regional managers and vice presidents of operations oversee fewer assets, allowing them to maintain a hands-on approach to each property,” stated Smith.
Given the company’s emphasis on cultivating local market knowledge, and its rapidly expanding presence in Southern California, Smith confirmed that Avenue5 will be opening an office in San Diego in July 2017. An office in Denver will follow later this year.
“Avenue5 is excited to bring career opportunities into new cities and provide further channels for client growth through our economies of scale, streamlined systems, and expertise,” said Smith. “We are always looking for ways to exceed what is being provided to multifamily owners in the current market.”
About Avenue5 Residential
Avenue5, a multifamily property management services firm, oversees nearly 200 properties and 40,000 units in 12 states. The company is headquartered in Seattle, and has offices in Phoenix, Portland, and greater Washington, DC. Avenue5 also retains local experts in major markets including Spokane, Southern and Northern California, Reno, Las Vegas, Salt Lake City, Albuquerque, Denver, Colorado Springs, Austin, Dallas, and Baltimore. The firm employs about 1,000 associates nationwide. http://www.avenue5.com