Multifamily Executive Insight: Vendor Selection

Here is additional insight on product specification when it comes to renovations in multifamily housing.

Steve Heimler states the following:
"When looking for the right supplier we look to integrated ordering methods that sync to our construction module software so that data is only entered once from ordering, inventory tracking, to completion and loan draw. The vendors that understand these processes are the same who bring other added value suggestions and products. Ease of communication and technological 'bridges' are vital to reducing human capital expenditures and manual entry errors. Frankly, the product is not as critical as the partner."

If there is anyone who is widely known as an expert on this topic it would be Steve. Prior to selling his portfolio of more than 22,000 managed multifamily units to Riverstone Residential Group he was the founder and CEO of Stratus Real Estate, Inc. He quickly developed a reputation as a reposition specialist in "C" to "B" quality apartments.

Since 2000 he has been responsible for more than $200,000,000 in renovations. As Steve puts it: "We buy a ton of appliances, cabinets, lighting, hardware, flooring, etc."

Steve is a regular at the major industry events (MFE Conference, MFE Leadership Summit, NMHC etc.) and has been an active contributor to Multifamily Executive over the years. With multifamily investment looking solid for the long haul, and the average apartment property being more than 37 years old, it makes sense to get engaged with this industry and get to know folks like Steve.

We wish him all the best with his new company.