ATLANTA, Jan. 9, 2014 (GLOBE NEWSWIRE) -- Less than a year after its formation, the CFLane apartment management firm closed 2013 in the midst of aggressive growth and with plans for continued strategic expansion in the new year, particularly in the mid-Atlantic region.
CFLane was created in spring 2013 when Cocke Finkelstein Inc. (CFI), a full-service multifamily investment firm based in Atlanta, acquired Lane Company, forming a management and services subsidiary. Before the merger, CFI had approximately 10,000 apartment units under management, while Lane Company accounted for another 18,000 units. Since the merger, CFLane has added approximately 12,000 units to end 2013 managing 40,000 apartment units in 18 states, from Maryland to Nevada. The last three months of the year proved particularly active, as CFLane took over the management of 50 properties.
CFLane's portfolio features all classes of apartment communities, from Class-A properties to student-housing properties and communities with substantial renovation programs, and includes communities owned by both CFI and third parties. With its growth in 2013, CFLane is now one of the 50 largest apartment managers in the country.
"With the establishment of our firm and the brisk pace of expansion, 2013 was obviously a very exciting year for CFLane," said Dan Haefner, president and COO of the company. "And we're just getting started: as the apartment sector continues to thrive, we expect 2014 to be another year of aggressive but carefully planned growth."
Key hires in 2013 included the addition of Melanie Gersper as executive vice president of property management and Raymond Van Beveren as senior vice president of construction services. Both Gersper and Van Beveren were previously with Bell Partners.
"We have quickly assembled an extremely talented and versatile management team at CFLane," Haefner said. "With our range of skills and experience, CFLane can handle the entire spectrum of management challenges, from the lease up of a new property to the extensive rehab of an existing one."
Looking forward, CFLane expects to add more units in the mid-Atlantic markets of North Carolina and Virginia, and other states that feature numerous large metropolitan areas, favorable demographics, solid operating fundamentals and barriers to entry.
"We are extremely optimistic about the future health of the apartment sector," Haefner said. "The size of the 20-to-34-year-old age bracket, a key component of the renter population, is projected to grow by more than 4 million over the next decade, while the rates of home ownership are anticipated to remain lower than historical norms."
"When you combine these favorable market trends with our considerable experience, expertise and commitment to creating quality communities for our residents, all the pieces are in place for us to strategically grow our business, while continuing to generate outstanding returns for our partners and clients," Haefner added.
As an affiliated entity of Cocke Finkelstein, Inc. (CFI), Atlanta-based CFLane manages owned and third-party multifamily real estate. It currently manages approximately 40,000 apartment units in 18 states in a region stretching from Maryland to Nevada. The services it provides for apartment owners include property operations; general contracting, construction management and capital improvement programs; property inspections and due diligence; compliance; accounting, budgeting and reporting; human resources and payroll, technology solutions, legal; and taxes and insurance.
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