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Since 1938, Fort Worth Housing Solutions has dedicated itself to providing housing for low- to moderate-income residents in the Texas city. Today, the agency owns and operates 52 properties with more than 10,000 units, 85% of which are offered at reduced rents to eligible individuals.
Along with performing its core mission, Fort Worth Housing Solutions regularly received invitations to participate in projects to acquire, build or convert properties. Eventually, Fort Worth Housing Solutions elected to undertake construction projects in addition to its affordable housing management operations.
In-depth information needed for expansion
The organization found, however, that succeeding in its new business area required more vetting than it could perform without new technology.
“Our in-house business intelligence solution couldn’t deliver the in-depth information about occupancy, rental history, amenities and the presence of other affordable housing in the area. This information is crucial in determining if a construction or acquisition deal is right for us,” recalled Thaddeaus Green, vice president of development for Fort Worth Housing Solutions.
Matrix brings opportunities to the forefront
That realization led Fort Worth Housing Solutions to adopt Yardi Matrix. It provides comprehensive information on affordable housing properties’ occupancy history, financial performance, amenities and rental history, along with comparable performance in the area.
Armed with in-depth information on properties and neighborhoods, including building age and architectural style, Fort Worth Housing Solutions can fully evaluate new opportunities for both affordable housing management and construction opportunities.
Enhanced focus on strategy & resident service
“Before Matrix, we couldn’t reliably obtain information on whether new affordable housing was needed in the neighborhood,” Green said. “With Matrix, we can get to yes or no on a proposed project quickly. We can see, for example, that if a property’s occupancy has trended downward for two years, we don’t need to spend time and resources when pursuing an acquisition.”
The insights available from Matrix data “benefit residents as well as our organization because we can be more strategic in our planning and execution and focus on providing housing where it’s needed,” Green said. “We can make decisions quickly and confidently and monitor our portfolio’s performance. That efficiency supports our mission to provide much-needed affordable housing for our city.”
Learn more about Yardi Matrix, the most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate.
