SANTA BARBARA, Calif., March 18, 2009 – Yardi Systems, a leading developer of real estate investment and property management software, announced today that Centerline Capital Group, a provider of real estate financial and asset management services, has selected Yardi Voyager™ to facilitate complete transparency and corporate-level oversight of its multifamily assets.
Centerline employs multiple management companies to oversee its more than 60 multifamily assets, and each uses a different property management system (Yardi or MRI). Before implementing Voyager, Centerline received multiple sets of paper reports each month. Now, using Yardi’s Extract, Transform and Load (ETL) technology, all of this data is pulled into one central database — daily. Seconds later, Centerline can produce consolidated reports; the company has complete oversight of its portfolio at the click of a mouse.
Kevin Day, a vice president at Centerline, sees tremendous practical value in the new system. “We realized we needed our monthly financial data in one format. Previously, reports delivered by our property managers had to be manually compiled into one spreadsheet report, a cumbersome process,” said Day. “Yardi Voyager enforces a consistent reporting standard across our properties and consolidates everything into one format, vastly improving our ability to track and report on property performance.”
The ETL toolset provided by Yardi automates the extraction of financial and property lease data from all operating partners to Centerline’s new Voyager system in a consistent format. This eliminates the need to rekey data, which can be labor-intensive, error-prone, and painstakingly slow.
To achieve optimal oversight, Centerline also implemented Yardi Executive Dashboard™. Dashboard displays portfolio-wide analytics and key performance indicators (such as vacancy and traffic) in a single, customizable, Web-based screen. This gives executives instant, meaningful insight from any Internet-capable workstation, without having to rely on consultants or IT. With Voyager’s underlying, centralized database, they can easily drill down, all the way to the transaction level, on any of Centerline’s 60-plus properties.
Centerline also elected to take advantage of Yardi’s Application Service Provider hosting. Yardi hosts the application and database, provides technical support and networking resources, and assumes responsibility for system security, so Centerline can focus resources on its core business.
Yardi partnered with REdirect Consulting, leveraging its proven rapid implementation process to ensure that Centerline is up and running on Yardi Voyager within 45 days, and with minimal impact or disruption to its operating partners.
“We are pleased that Yardi’s ability to integrate disparate data, automate key reports, and deliver comprehensive oversight and transparency has provided Centerline the end-to-end asset management solution it sought to dramatically improve operational efficiency,” said Richard Malpica, Yardi vice president and general manager, Eastern Region.
About Centerline Capital Group
Centerline Capital Group, a New York-based subsidiary of Centerline Holding Company, provides real estate financial and asset management services, including institutional debt and equity fund management, mortgage banking, and primary and special loan servicing. Centerline Capital Group has more than $14 billion of assets under management. For more information, visit www.centerline.com.
About REdirect Consulting
REdirect Consulting, based in New York, is a leading provider of real estate technology solutions. REdirect takes an advocate’s approach to consulting, partnering with its clients to craft and implement solutions that carefully match their business and budget requirements and reach their technology goals with a full understanding of their business challenges. For more information, visit www.redirectinc.com.
For more than 25 years, Yardi Systems has been solely committed to the design, development, and support of real estate investment management and property management software. Recognized as an industry leader, Yardi continues to develop and deliver software and services with the highest dedication to responsiveness, quality, innovation, and customer focus. Yardi Systems has offices throughout Asia, Australia, Europe and North America. More information about Yardi products and services may be found by visiting www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255