SANTA BARBARA, CALIF., Aug. 17, 2009 – Yardi Systems, a leader in developing real estate software for investment, asset and property management, announced today that Physicians’ Capital Investments has selected Yardi Investment Management™ to facilitate reporting and transparency for its joint venture partners.
PCI develops medical office buildings in conjunction with its sister company Huffman Builders. “Many states allow only physicians to own a medical practice. PCI invites employees to invest in the facilities’ real estate infrastructure, and Yardi Investment Management helps us deliver this compelling opportunity to non-medical employees,” said Pedro J. Vergne-Marini, a managing member of PCI. “It will fully accommodate our aggressive growth plans.”
He added, “With today’s transparency requirements, we must track fund performance per investor. Yardi Investment Management lets us track our capital transactions and transmit automated statements to our joint venture partners, who number in the thousands. The software executes the reporting we need for either a single facility or the entire portfolio, and it ensures our investor reporting is sound.”
Yardi Investment Management complements the Yardi Voyager™ platform that PCI purchased in December 2008 to operate its portfolio. One vital function that Voyager supports is attracting potential investors. “When we bring a new operating property online, we consult the list of potential investors we maintain in Voyager and contact and qualify them,” said Vergne. “This helps us recruit new investors.”
PCI engaged consulting firm Lupine Partners to help implement Yardi Voyager and to create a custom work plan for executing a migration approach that enabled rapid implementation of Investment Management. Lupine Partners also trained Investment Management users. “Yardi Investment Management meets PCI’s requirements perfectly by giving current and prospective investors full transparency and access to data,” said David Wolfe, president of Lupine Partners.
“Investment Management is able to extend the value of existing property management systems for owner/operators who also manage the investments. PCI, which occupies a very specific market niche and for whom scalability is critical, is an excellent example of a client leveraging Yardi Voyager’s capabilities to meet investor reporting and transparency requirements,” said Terri Dowen, Yardi senior vice president of Sales.
About Physicians’ Capital Investments
PCI, headquartered in Plano, Texas, was created in 2007 to develop and construct customized, high quality, modern and efficient medical offices and clinical facilities for lease to national credit healthcare companies and individual physician practices; and to provide an investment vehicle wherein individual physicians and other employees could purchase a portion of each of the new facilities without personal liability. Fourteen projects are under construction or in planning. For more information, visit www.physcap.com.
About Lupine Partners
Lupine Partners, based in Dallas, is a boutique consulting firm with unique expertise in the selection, implementation, and customization of industry-leading real estate and accounting software packages, and the systems that support them. Its mission is to provide premier information system solutions and consulting services to the real estate and public housing communities nationwide. For more information, visit www.lupinepartners.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