Comprehensive property prospecting information proves crucial to Cincinnati firm’s real estate investments
SANTA BARBARA, Calif., March 22, 2018 – Property developer and manager Towne Properties uses Yardi® Matrix, a business development and asset management tool for underwriting and managing real estate investments, to prosper in the commercial and residential property markets.
Towne’s decision-makers use Yardi Matrix daily to obtain rent mix comps, sales and debt information, occupancy figures, submarket data and other information needed to complete profitable acquisitions.
“Yardi Matrix is a great data source for new construction in the area, rent forecasts by location and property type, and other information that is vital to an acquisition. We can easily set the criteria to customize what we’re looking for,” said Bill Porter, vice president of acquisitions for Towne. “We use this great wealth of information for internal as well as external presentations on markets, submarkets and individual properties.”
For example, Towne executives recently came across a prospective apartment community acquisition in North Carolina. After initial study the company was prepared to pass on the opportunity, according to Porter.
Seeking confirming information, Porter used Yardi Matrix to obtain a summary of rent comps, occupancies, market and submarket data and other details. Armed with comprehensive research of the property and surrounding area, Towne elected to move forward with the off-market deal after all. “Thanks to Yardi Matrix, we’re now thriving in a previously unknown market,” Porter said.
“Yardi Matrix data always has complete integrity and that is very valuable to us. We’ve cross-checked it several times and it is always accurate,” Porter said.
“Yardi Matrix is part of the single connected Yardi solution that Towne uses for marketing, leasing, customer relationship management, property management, procurement, revenue management, resident services, resident screening, renters insurance and more. We’re proud to support Towne’s mission to create communities that are ‘Great Places to Live, Work, Shop and Play®’,” said Jeff Adler, vice president of Yardi Matrix.
About Towne Properties
Towne Properties, founded in 1961 and based in Cincinnati, manages and/or owns more than 15,000 apartments, 116,500 condominium and homeowner’s association units, and 815,000 square feet of retail space, plus a tennis club and a marina. It has received awards for excellence in apartment and condominium construction and company achievement from the National Apartment Association, the Cincinnati Preservation Association and the American Institute of Architects, among others. For more information, visit towneproperties.com.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.