St. Louis, MO (PRWEB) January 27, 2016
Core Properties, a St. Louis-based real estate investment company started in 2009 by Rob Heyder, announces a merger with J. Rankin Properties, a full-service real estate investment company founded in 2011 by Jonathan Rankin. Heyder assumes the role of President of Marketing and Acquisition; Rankin will serve as President of Construction and Property Management. Heyder and Rankin will lead a staff of seven Core Properties employees at their new office located at 2541 South Big Bend in Maplewood. The decision to join forces and relocate are both components of an expansive strategy designed to support and enhance Core Properties’ capacity and services.
Jonathan Rankin, founder of J. Rankin Properties LLC, has been investing in real estate since 2009; he has bought, sold, and rehabilitated hundreds of residential and commercial spaces. In 2014, J. Rankin Properties faced a decision: restructure the company to increase capacity and marketing capabilities or look for a synergistic partnership.
“I wanted someone who shared my foundational corporate values and was committed to integrity and smart growth,” said Rankin.
Heyder was in a similar situation.
“A former vice president of commercial real estate lending with a deep background in finance, I focus on building relationships,” said Heyder. “I keep the deal pipeline filled and am constantly meeting with investors and sellers. I didn’t have time to grow the pipeline and manage all of our large scale construction projects.”
In 2014, Heyder sold some excess inventory to fellow real estate investor, Rankin. Rankin’s construction management expertise and leadership style, as evidenced by the success of J. Rankin Properties, made him a prime candidate for partnership—and his company a prime contender for a proposed merger.
“After Rob and I got to know each other, it became very clear that our skillsets were complementary. I could no longer generate the desired deal flow and manage multiple construction efforts simultaneously; Rob had the opposite challenge,” said Rankin. “I wanted to strategically manage assets under construction and develop a top-tier team and Rob wanted to expand the acquisition side of the business and evaluate banking and finance opportunities for competitive advantages. So here we are.”
Heyder and Rankin devoted most of 2015 to working on deals together to ensure the partnership could sustain. Their partnership became official in January 2016; this union—and Core Properties’ corporate structure—benefits clients and St. Louis communities. With capital sources for purchasing, construction management, and staff and rental property management under one roof, Core Properties has a different perspective on property evaluations; because they can rehabilitate and sell or rehabilitate and rent with equal confidence, they can buy more properties at higher price points. This makes their clients, the sellers, happy, but it also engenders goodwill in multiple St. Louis neighborhoods.
“After we rehabilitate a property, it often sells for 5-10% more than comparable properties in the neighborhood,” said Heyder. “When we push sale prices upward, everyone wins, especially the neighbors and the neighborhood.”
That includes the local economy. Small businesses often follow property trends and open storefronts in, or relocate to, neighborhoods in which Rankin and Heyder have made their mark.
In 2012, Core Properties reported gross earnings of $125,000. In 2015, they acquired 65+ properties, and reported estimated earnings of $1.5 million. Heyder and Rankin estimate that more than 100 properties will be acquired in 2016, bringing gross earnings to $2.7 million by this year’s end.
About Core Properties
Core Properties, a real estate investment company started in 2009 and officially founded in 2012, aims to be the most professional real estate investment option in the St. Louis area. Led by Rob Heyder and Jonathan Rankin, Core Properties purchases houses, multi-family properties, apartment buildings, condos, and commercial properties in “as-is condition,” and adheres to seller-determined closing dates. A licensed real estate investment company, Core Properties has the team and resources in place to improve even the most distressed commercial and residential properties; they manage the rehabilitation on-site until it is rented or sold to an end user. In three years, the company has grown 1200% and expects an additional 80% growth by year’s end. For more, http://www.CorePropertiesSTL.com or (314) 266-CORE.