HomeMy WebLinkAboutFranklin Group ResumesCorporate Resume
Franklin Group is a privately held real estate development and management company based in Virginia Beach, Virginia focused exclusively on the multifamily sector. Franklin Group currently
manages over 33,000 units at more than 225 communities in the Mid-Atlantic and Southeastern states ranging from Rhode Island to Florida.
The company was founded in 2013 by industry veterans Wendell Franklin, Tom Johnston, Taylor Franklin and Steve Cooper. Collectively, these individuals possess well over 100 years of
combined experience in the multi-family industry. The establishment of Franklin Group stemmed from the founders’ perception that their own apartment portfolios were being underserved
by management companies where diversification by sector and geographic expansion were prioritized. The principals felt certain they could build a management company focused exclusively
on multifamily that better reflected their values and operating philosophy while simultaneously maximizing results and creating value.
Franklin Group is a well-known and respected developer and manager of affordable housing in Virginia and throughout the Mid-Atlantic. The company’s executives have a decades-long track
record of success developing and managing luxury, affordable, and senior apartment communities throughout the southeast and were among
the first in Virginia to begin developing affordable housing with the Low-Income Tax Credit Program of 1986.
Approximately 80% of Franklin Group’s management portfolio has some affordability component (LIHTC, Section 8, Bond, Senior Housing, etc.), and we pride ourselves on deeply understanding
the regulatory requirements to finance these projects out of the ground and then continue to operate them through compliance periods. Together, our development team has had great success
in financing over 30 developments since the late 80s through the Low-Income Tax Credit Program, the primary funding source for affordable rental housing
development.
An elite group of experienced professionals with a track record of success in the industry comprises a diverse and dynamic strategic leadership team, supporting the partners in the functional
areas of development, operations, accounting, information technology, compliance, human resources, legal and marketing. This team provides continuous direction and support to the on-site
management, leasing and maintenance professionals responsible for day-to-day tactical execution.
Abbreviated Resumes
Wendell Franklin, Chairman, began his career in the multifamily business 50 years ago. Starting in the management division of a commercial real estate firm, he worked his way up through
the ranks to become a senior multifamily executive at a large commercial real estate firm, overseeing the development and management of more than 15,000 units, and representing hundreds
of partners in projects throughout the mid-Atlantic region. Wendell saw the future of multifamily early and led the development and acquisition of more than 200 major properties. He
is one of the most respected executives in the industry with an excellent track record of success and value creation for owners and investors.
W. Taylor Franklin is the Chief Executive Officer of Franklin Group and works collaboratively with his executive team and co-founder. Taylor oversees company operations and sourcing
new development opportunities. During his tenure, Taylor has spearheaded the development of over 6,000 apartment units. Taylor continually drives for excellence with a mission to uphold
a distinctive brand and an unparalleled company culture. He currently serves on the Executive Board for Neptune Festival, Chairman and President of the Chesapeake Bay Wine Classic Board,
Vice Chair for The Virginia Gentleman Foundation, served as the Co-
Chairman of the Youngkin for Governor Finance Committee and was elected to Board of Trustees for both Virginia Wesleyan University and Norfolk Collegiate School. Taylor is also a member
of the Virginia Beach Economic Development Authority. Taylor has held a spot on the Inside Business Power List multiple years in a row, was named Outstanding Emerging Philanthropist
by the Association of Fundraising Professionals of Hampton Roads and was named to the Virginia Business 2022 Power List for Real Estate. Born and raised in the Hampton Roads area, he
is a graduate of Virginia Wesleyan University.
Chris McKee is the President at Franklin Group, and is responsible for overseeing the development and execution of an organizational strategy aimed at maximizing the financial performance
of each community managed by Franklin Group and, by extension, ensuring the consistent profitability of the management company itself. Prior to joining Franklin Group, Chris was Managing
Director of Multifamily Asset Management at Harbor Group International. His previous professional experience includes more than fifteen years in strategic leadership positions within
the multifamily sector including: private owner/operators, publicly held REITs and multiple Big 6 firms. Chris holds a Master of Science in Real Estate and Construction Management from
The University of Denver and a B.S.B.A. with concentrations in Finance and Real Estate from Colorado State University. In each of the last two years, Chris was a guest speaker for the
E.V. Williams Center for Real Estate at Old Dominion University where he spoke on the outlook for multifamily real estate in the Hampton Roads market.
James Noel serves as President/General Counsel for Franklin Group and is responsible for overseeing the company’s legal and insurance divisions. In his role, he provides legal guidance
to the company, its executives, and its employees in all areas of operations, development, and dispositions. He also administers the company’s risk management and insurance program
for its owned and managed properties. James holds a bachelor’s degree from the University of Virginia, a law degree from William and Mary Law School, and is a graduate of the Financial
Management Executive Education Program at UVA’s Darden School of Business and the Mini MBA for In-House Counsel Program at Boston University’s Questrom School of Business. He has been
named to Virginia Business Magazine’s list of “Legal Elite” and is an active member of the Hampton Roads Chamber Regional Board, ACCESS College Foundation’s Board of Directors, and
the Board of Directors of Junior Achievement of Greater Hampton Roads, Virginia Beach Vision, and the Virginia Gentlemen Foundation.
Chris Greenwood, Chief Operating Officer of Franklin Group, is responsible for overseeing day-to-day operations, implementing the company’s business strategies, building and maintaining
trusting relationships with clients and partners, ensuring effective utilization of resources, and driving innovation across the organization. Prior to joining Franklin Group, Chris
has 17 years of real estate-related experience spanning strategic planning, portfolio management, capital markets, transaction and execution, and financial reporting as well as an additional
7 years as the Chief Financial Officer establishing governance, developing investment reporting, and building the strategic vision for a digital marketing company. Chris has a B.A.
in Accounting and an M.S. in Finance from Texas A&M University.
Matt Hacker, Senior Vice President of Property Operations, is responsible for managing and mentoring a team of eight portfolio managers, four senior community managers, three VP of Property
Operations and a Regional Maintenance team. He is directly and indirectly responsible for the oversight and management of a portfolio of approximately 13,772 units of conventional,
affordable and senior properties. In his role, he is responsible for maximizing the financial performance of each asset in his portfolio and continuously creating value for ownership,
while simultaneously ensuring the development and execution of an effective asset
preservation strategy that assures the condition and appearance of the physical property for the long-term. Matt holds a B.S. in Property Management with a minor in Business Leadership
from Virginia Tech.
Laurie Arehart, Senior Vice President of Property Operations, is responsible for the oversight of a team of ten portfolio managers, five senior community managers, a VP of Operations
and a Regional Maintenance team. She is directly and indirectly responsible for the oversight and management of approximately 11,855 units consisting of conventional, LIHTC, project-based
section 8, and public housing throughout Virginia, Washington DC, Rhode Island, Maryland, Pennsylvania, and New Jersey. She has been in the property management industry for over 25
years and her focus on hiring, retaining empowering and supporting outstanding people is vital to Franklin Group’s success. Laurie has introduced several new clients to Franklin Group
and because of the relationships she has formed, her region is currently growing faster than anywhere in the company. Laurie is a graduate of Radford University and has a Bachelor of
Business Administration with a double major in Marketing and Administrative Systems.
Shaun Gibbs, Senior Vice President of Property Operations, joined Franklin Group in August of 2018 and he is responsible for a portfolio of 8,112 units, including the oversight of a
team of five portfolio managers, a senior community manager, a VP of Operations, and a Regional Maintenance Manager. He has a vast knowledge in the multifamily industry with various
types of financing such as LIHTC, Project Based Section 8, Bond, etc. He is based in Miami, Florida and oversees the day-to-day operations of the Florida, North Carolina, South Carolian,
Georgia, and Alabama portfolio. He has experience managing assets through extensive rehabilitation, value add repositioning, dispositions, resyndications and various HUD and state agency
inspections.
Christen Faatz, Senior Vice President of Corporate Finance and Accounting, is responsible for the leadership of the company’s internal financial activities including treasury/banking,
cash management, financial reporting and planning, and audit/tax reporting. Prior to her promotion to Senior Vice President of Corporate Finance and Accounting, Christen’s primary
areas of focus were maximizing the financial performance of the management company, budgeting and forecasting at the company and asset level, and strategic planning. She has also focused
on government and media relations, community engagement, and risk management. She joined Franklin Group with six years of legislative and communications experience having worked in
various levels of government – from The White House to the Virginia legislature. Christen is a graduate of the University of Virginia and has a MBA from the College of William & Mary’s
Mason School of Business.
Marie Peace, Chief Compliance Officer, oversees the compliance team of five and is responsible for all facets of compliance for the company’s affordable portfolio. Her team reviews every
single file upon initial move in and recertification. During annual audits, Franklin Group has had no reportable file findings in the last three years. She is a frequent speaker at
the Virginia Governor’s Housing Conference and leads numerous tax credit webcast trainings with various tax credit consultants for owners and developers of affordable housing communities
annually. Prior to joining Franklin Group, Marie worked as a consultant with A.J. Johnson Consulting to review files for partners and investors across the country.
Charles H. Mixer, Chief Information Officer, brings more than 15 years of experience in Information Technology to the organization. A graduate of Old Dominion University in Norfolk,
Charles has spent the last decade strengthening his skills in the property management sector. He employs an innovative and insightful approach to the management and support of complex
systems at Franklin Group and combines his understanding of technology with a keen business acumen to maximize productivity, reliability, and security of Franklin Group’s Information
Systems. Charles holds a Bachelor of Science in Business Administration, Information Technology, and Network Engineering from Old Dominion University.
Angie Lombardi, Vice President of Marketing, is responsible for the strategic marketing and leasing of the organization’s portfolio. On the forefront of multifamily innovation, Angie
oversees the organization’s digital experience initiatives, as well as property branding, reputation management, and corporate marketing initiatives. She arrived at Franklin Group as
a seasoned multifamily professional, previously driving sales and growth initiatives across industry trades. Angie is a graduate of Old Dominion University with a B.S in Business Administration
with a concentration in marketing.
Ronda Coleman, Senior Vice President of Property Accounting, is responsible for reviewing and managing financial reporting as well as managing and training the property accounting team.
In her role, she is responsible for producing accurate financials in a timely manner for all our conventional, senior, and affordable housing assets and managing relationships with
third parties and various internal departments. Ronda came to Franklin Group with 20 years’ experience in property management accounting. She holds a B.A. in Business Administration
with a Specialization in Accounting and an M.B.A in Business Administration.
Rian Cuthriell, Vice President of Human Resources is responsible for overseeing recruiting, onboarding, payroll, benefits, HR policy and employee relations. Rian has a real passion for
creating and maintaining a positive company culture for all team members. Prior to her current role, Rian was a Regional Manager with over 20 years of experience in property management
giving her a strong understanding of all facets of our industry.
Jennifer McCarthy, Vice President of Operations Support, is responsible for managing multiple areas including risk management, insurance, policy creation, crisis management, and the
transition of new assets into the Franklin Group portfolio. She is a graduate of Old Dominion University where she holds a Bachelor of Science in Criminal Justice. Jennifer has also
earned a Certified Insurance Services Representative (CISR) and Certified Insurance Counselor (CIC) designations from The National Alliance of Insurance Education and Research.
Franklin Group employs more than 900 people throughout the portfolio. There are an additional 100 corporate staff, which includes 23 portfolio managers, 3 Senior Vice Presidents of Property
Operations, and 4 Vice Presidents of Property Operations. The portfolio managers oversee the day-to-day operations of the communities in their respective portfolios and are responsible
for all aspects of property management including, property inspections, capital improvement plans, budgeting, cost control and financial reporting.
Franklin Group prioritizes resident satisfaction and attributes its success to the quality of service and attention to detail provided to residents. We deliver exceptional quality and
value to residents to produce above-market financial returns for our investors, partners, and owners.
Franklin Group is a member of the National Apartment Association, the National Multi-Family Housing Council, and all local apartment associations in the markets where we do business.
Management Philosophy
First and foremost, Franklin Group is unequivocally committed to ethical business practice. While we embrace concepts like flexibility and adaptability, we pursue them only insofar as
they can be accomplished without compromising our high standards for honesty and integrity.
Additionally, Franklin Group will always be a people driven organization. We own and operate real estate, but our success is predicated on people including our employees, vendors, customers,
investors, strategic partners and the broader communities in which we operate. Our focus is on hiring and retaining outstanding people and selecting best-in-class product and service
providers to support their efforts. We have found that by taking good care of our employees and vendors, they will in turn work diligently to provide exceptional service to our customers.
When customers are satisfied, it will be reflected in the operating and financial performance of our assets, which is how our investors and strategic partners are ultimately taken care
of.
Franklin Group also ascribes tremendous value to operational and financial transparency. We believe all of the owners who have entrusted us to manage their multifamily portfolio should
clearly understand what is happening with their assets and trust that what they see reported on paper is entirely consistent with reality. From the partners to porters, our people are
trained to communicate proactively in an open, honest, and respectful manner. Good news, bad news or otherwise – we believe effectively communicating timely and accurate information
to the appropriate audience is critical to success.
Likewise, Franklin Group takes tremendous pride in being a solutions-based management company. Identifying and communicating problems is easy. Doing so in the broader context of offering
a solution or solutions is not nearly as straightforward, but infinitely more preferable. Our people are taught to focus their time and energy on understanding and diagnosing problems,
developing one or more viable solutions, communicating the fact pattern surrounding the issue and providing their recommended solution (if necessary, depending upon materiality) and
executing that effective solution. While that is not to say that every problem can be, or is, easily, quickly and/or successfully resolved, our philosophy is to concentrate on solutions
rather than dwelling on or simply notifying owners of issues as they arise.
Finally, Franklin Group’s leadership team understands and embraces technological innovation. We view technology as an integral tool and focus on how we can leverage it to improve how
we do business. However, we also recognize that the benefits of improved technology will only be realized if the tool is effectively and appropriately used by trained, talented team
members. We’ve invested considerable resources to design, implement and integrate a comprehensive technology platform that is on par with any national multifamily owner/operator and
capable of supporting our operations.
Operating Philosophy
Franklin Group’s approach to multifamily operations represents a fusion of tried-and-true apartment management techniques with more recent ideas and innovations.
The crux of our business is to provide our customers with a home and a positive overall living experience within a community that is safe, secure, functional and clean. We must never
lose sight of those fundamental objectives.
Establish a Definition of Success – Periodically review the owner’s short and long-term plans for the property and develop an acute understanding of their operational priorities such
that the management plan adequately reflects the owner’s goals for the asset. There is tremendous value in cash flow growth, and this has been a chief objective for the majority of
our owners’ portfolios.
Develop and Execute a Plan – While the budget will clearly set forth the quantifiable aspects of the management plan, it is nonetheless necessary to outline the specific qualitative
actions that will be taken to realize the figures set forth.
Know the Property – It’s important that the marketing department, regional and site team have a firm grasp on what makes each respective property unique and desirable vis-à-vis its universe
of competitive properties.
Understand the Market – Shop the competition frequently and develop an accurate and complete picture of their product and pricing.
Never Stop Selling – Even if there is no current availability, every prospect should still be treated as a potential customer and sold the product. Waitlists are established once the
asset is fully leased.
Maintain Occupancy >96% - Pushing rents when possible is desirable, but a vacant apartment yields nothing. Highly occupied properties, even if there are a few dollars left on the table
in rental rate increases, will typically make budget on the revenue side and provide much greater financial flexibility.
Collect the Rent – 98% occupancy doesn’t mean much if 10% of those people don’t pay. We must consistently and thoughtfully exercise every legal means available to ensure that our residents
pay in accordance with the terms of their lease or take appropriate steps to take possession of the unit to place a paying resident in the apartment.
Retain Existing Residents – The best residents are current residents - those who pay and are already living with us. If we take good care of them and make them feel valued, they will
absorb modest increases and continue to rent from us long-term. This translates to stable occupancy with decreasing turnover expense and reduced advertising costs.
Manage Expenses – Spend in accordance with the budget, make adjustments proactively to deal with variances and apply commonsense in relation to unforeseeable costs. Expense avoidance
and payment deferral are not acceptable or sustainable strategies.
Build Relationships - Treat product and service providers as partners rather than vendors. We aim to be fair, reasonable and pay them on time for products and services received.
Preserve the Asset – As long-term holders ourselves, we believe in consistently performing preventative maintenance and spending to fix anything that is broken to preserve the asset.
Portfolio Composition Our portfolio is currently comprised of 229 properties/ 33,739 units in Rhode Island, Maryland, District of Columbia, Virginia, North Carolina, Alabama, New Jersey,
South Carolina, Georgia, Pennsylvania, and Florida.
STATE BREAKDOWN
STATES
# PER STATE
# OF UNITS PER STATE
% PER STATE
DC
26
3,001
9%
FL
24
4,261
13%
MD
23
3,554
11%
NC
15
1,642
5%
RI
5
686
2%
NJ
1
154
0%
GA
4
819
2%
SC
14
2,578
8%
PA
1
200
1%
AL
1
172
1%
VA
115
16,672
49%
TOTALS
229
33,739
100%
TYPE BREAKDOWN
TYPE
# PER TYPE
# OF UNITS PER TYPE
% PER TYPE
Affordable - Elderly/Disabled - 100%PBS8
6
843
2%
Affordable - Family
108
16,294
48%
Affordable - Senior
39
5,366
16%
Affordable-Family - 100% PBS8
16
1,802
5%
Affordable - Senior - 100% PBS8
8
668
2%
Affordable - Senior/Market mix
7
1,013
3%
LIHTC - Public Housing
2
75
0%
Affordable Family - PBS8
10
1,726
5%
Affordable - Senior - PBS8
2
231
1%
Public Housing
2
138
0%
100% PBS8
1
135
0%
Workforce Housing
7
1,544
5%
HomeFlex - Affordable Family
1
201
1%
Conventional
20
3,703
11%
TOTALS
229
33,739
100%