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CLIENT SUCCESS STORY
NewStreet Properties
Based in Omaha, NE, NewStreet Properties invests its permanent capital base throughout the United States into multifamily, industrial and medical office assets.
It’s not just an accounting product. It enables collaboration with all of our other departments.
Lori Meisgeier
Controller, NewStreet Properties
It’s become our single source of truth. If Yardi isn’t a step ahead of us, they’re at least in step with us.
Lori Meisgeier
Controller, NewStreet Properties
Products featured
The benefits
NewStreet replaced siloed software, eliminated manual check request forms, streamlined bank draw packets, and created transparent collaboration across development, accounting and asset management on the single Yardi platform.
The company
Based in Omaha, NE, NewStreet Properties (NewStreet) and their affiliates have been acquiring investment real estate across a broad spectrum of product types and locations since 1992. Guided by a culture of collaboration and the motto, “Long-Term Capital with Long-Term Thinking,” NewStreet needed a technology partner for their growing development and asset management portfolio that could unify disparate tools and deliver real-time visibility across departments. With Yardi, the company gained a single source of truth that supports both day-to-day transactions and long-term strategic growth.
The challenge
Fragmented tools and paper-heavy workflows
Before Yardi, NewStreet relied on software built for general contractors that didn’t match their developer needs and used Excel spreadsheets for bank draws. Payables were handled through paper check request forms that moved slowly from desk to desk, often getting lost in the shuffle. This error-prone patchwork approach created inefficiency and risk, and limited transparency across teams.
The solution
Construction Manager and Procure to Pay
Construction Manager replaced spreadsheets and costly external tools for NewStreet, consolidating pay apps, development draws and bank packet preparation into a single automated workflow. Procure to Pay digitized the company’s payables, eliminating paper forms and providing dashboards with company-wide visibility into invoices awaiting approval. The integration between Construction Manager and Procure to Pay ensured that all invoices were already attached to projects, making draw submissions fast, accurate and transparent.
The story
One source of truth
For Lori Meisgeier, NewStreet’s controller, the Yardi platform’s greatest strength is its ability to unify processes to deliver a single source of truth. By adopting Construction Manager, NewStreet moved away from fragmented solutions including a limited software system and Excel, simplifying bank draw submissions and improving accuracy.
Efficiency through streamlined AP
Procure to Pay transformed accounts payable for NewStreet. Instead of paper forms being passed around the office, invoices now flow electronically. Approvals can be completed remotely, and staff absences no longer hold up the process. With full, secure access granted across the company, staff outside of accounting can see what’s pending payment, creating accountability and transparency. Collaboration across departments Meisgeier noted the benefits of enhanced collaboration across all departments on the Yardi platform. Yardi solutions extend beyond accounting to provide investment, asset management and maintenance teams real-time visibility into development and capital projects, seeing progress against budgets and timelines.
Knowledge Central and continuous learning
NewStreet values Yardi’s Knowledge Central as a hands-on resource. “It’s like the Apple Genius Bar for Yardi,” said Meisgeier. Meeting directly with experts accelerates troubleshooting and helps the team adopt best practices shared by other clients.