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925 Main | Grapevine, TX
Table of Contents
Contents Fairfield Residential Company LLC - Company Profile
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Executive Organization Chart
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Development Services
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FF Development Organization Chart Due Diligence and Market Research Site Plans and Unit Plans Entitlements and Permits
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Construction Services
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Conceptual Budgets and Estimating Consultant Management Construction Organization Chart Construction Management General Contracting Lender and Owner Representation Assessment and Rehabilitation of Existing Properties Quality Assurance and Quality Control Green Building Efficient Project Management
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Design Services
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Cost And Budget Analysis Standards and Development Interior Design Services Exterior Colorization Furniture, Fixtures & Equipment Procurement Signage Design Administration
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Property Management Services
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Professional Management Operations Accounting and Financial Services Marketing and Media Services Maintenance Services Audit and Compliance Services Information Systems Support Employee Development and Enrichment Opportunities Human Resource Expertise Market Research Client Insurance Program
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Asset Management
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Property Sales Transactions
37 April 2011
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Company Profile FA I R F I E L D R
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Sanctuary | Renton, WA
Company Profile
Fairfield Residential Company LLC Fairfield Residential Company LLC is among the most experienced multifamily real estate operating companies in the United States. The Company was built around providing complementary services throughout the life cycle of a project to real estate investors. We provide acquisitions, entitlement, development, construction, redevelopment, property and asset management, and disposition services to our joint venture affiliates and to third party entities. We are privately held and offer a diversified product line including new construction of luxury apartment homes, university student housing, tax credit affordable housing properties, and redeveloped apartment homes in urban and suburban infill neighborhoods. We have specialized experience in mixed-use and transit-oriented attached housing communities. Fairfield traces its roots to 1985 when its current chief executive officer and a partner formed the Fairfield Companies. Fairfield reorganized in 2010, and Fairfield Residential Company LLC was formed supported by new equity from Brookfield Asset Management and our long-standing partner, California State Teachers’ Retirement System (CalSTRS). We are active in 40 geographically diverse markets across the country and employ approximately 1,800 people, as well as numerous local contractors and subcontractors in the markets in which we operate. We have regional offices and administrative or specialty offices strategically located throughout the country to serve our operations. As a responsible corporate citizen, Fairfield is committed to implementing cost effective “green” building programs wherever feasible.
Lunaire | Goodyear, AZ
Executive Organization Chart CEO & President
Christopher Hashioka
Operations Greg Pinkalla Chief Operating Officer
Capital Markets
Development
Acquisitions
Construction
Michelle Lord Doug Ness
Ted Bradford
Richard Boynton
Perry Raptis
Senior Vice President
Vice President
Senior Vice President
Vice Presidents
Accounting Financial Reporting
Property & Asset Management
Legal
Brent Ball
Jon MacDonald
James Hribar
Senior Vice President
General Counsel
Chief Financial Officer
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The Cameron | Silver Spring, Maryland
Development Services
Development Services Fairfield develops, builds, and manages various housing types including affordable and market rate attached homes, university student housing, and mixed-income, mixed use, and transit-oriented apartment communities. We are experienced in inclusionary housing and tax credit properties. Fairfield has a long history of success in multifamily development across the United States. Our
development management teams have experience in over 40 core markets in 25 states including Arizona, California, Colorado, Florida, Georgia, Illinois, Nevada, North Carolina, Ohio, Texas, Washington, the Washington, D.C. metropolitan area, and New England. We recognize the need to preserve or improve asset value through maintaining the status of permitted land use, site and building development, and creating value through rezoning. Fairfield’s long standing and time proven development strategy for each project is rooted in the fundamentals of the core services offered by our development management group.
Fairfield Development Organization Chart Senior Vice President
Ted R. Bradford
Development
Western Region
Central Region
Brendan Hayes Ed McCoy
Scott Jackson Larry Lee Ed McCoy
Rendering of Toscano | Miami, FL
Northeastern Region
Southeastern Region
Andy Montelli
Tommy Brunson Jay Johnson Larry Lee
Mid-Atlantic Region
Student Housing
Jay Johnson
Zach Johnston Larry Lee
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Development Services Talavera | Denver, CO
At Fairfield, we work with our clients to establish and implement a custom development program for each opportunity. Whether the client’s goals are to create new development prospects or preserve existing assets, Fairfield has the team to ensure success. Our development management team offers value enhancement through these core services: • • • •
preservation of existing entitlements and permits due diligence and market research financial projections and proformas sensitivity analysis to identify appropriate product type and unit mixes to best meet market demand and achieve maximum returns
We • prepare site plans to capitalize on property amenities and resources • create project schedules from due diligence through unit delivery • acquire land use approvals including rezoning, site development, and building permits • manage design professionals to ensure efficient and buildable plans • establish project construction budgets and estimates Since Fairfield has developed and built tens of thousands of apartment homes, we have a unique perspective that traditional consultants do not possess. We understand the importance of keeping the client fully informed and integrated throughout the entire process to ensure timely decision making, meeting scheduled milestones, and achieving the desired objectives. We recognize that every phase of development is critical to the bottom line. Fairfield understands how important initial due diligence and market research is in establishing a fundamentally sound project. We strive to reduce or eliminate onerous project approval conditions, and we ensure that design plans are buildable within the project budget. Our staff recognizes the importance of each decision throughout the development and construction process.
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Due Diligence and Market Research To successfully develop multifamily product, fundamental criteria must be met. The site must be adequately serviced by infrastructure, be physically suitable to support the construction, be market acceptable, and be politically supportable. Fairfield will evaluate all of these elements to establish whether a proposed development is feasible. During this phase of development, we establish a solid foundation on which future project decisions will be based. The due diligence information and market research will be used to: • make recommendations on the most efficient construction techniques to address physical challenges of the site • suggest product type, unit mix and pricing • produce a product schedule and budget that includes the design, entitlement, and construction time frames and costs • prepare an initial project proforma
Site Plans and Unit Plans Each site holds opportunities and challenges that, when recognized, can substantially enhance the longterm viability of the asset. The Fairfield team understands the importance of proper site planning and unit design. We use our experience to create site plans that capitalize on aesthetic opportunities such as views, orientation to surrounding uses, sun patterns, and residential amenity locations on site. The goal is to achieve the highest possible value, so every element of the site and unit designs must be managed properly.
Entitlements and Permits Project entitlements are critical to a financially successful development project. Fairfield’s experience allows us to understand and successfully negotiate conditions of approvals, development agreements, and necessary permits in a timely manner and within project financial parameters. Fairfield stays involved throughout the entire process. We work directly with local, regional, and federal jurisdictions, as necessary, to complete the entitlements and manage the design professionals throughout this phase to move the project forward. Fairfield acts as the project representative with local governments and at neighborhood and public meetings, and we are diligent in our efforts to keep the client involved to make timely and informed decisions. It is important to have experienced multifamily developers on your team in case there are objections by the surrounding community. Our staff has a successful track record of achieving difficult entitlements. We work with neighborhood groups, agencies, organizations, and elected officials to achieve an approvable and buildable project that will enhance the neighborhood.
Rendering of 15777 Quorum | Addison, TX
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Lunaire | Goodyear, AZ
Construction Services
Construction Services Conceptual Budgets and Estimating When a prospective site is presented, the Fairfield construction team begins collecting and synthesizing information affecting the design of the project, and establishes a conceptual budget to use in the initial feasibility studies. This allows Fairfield to manage the scope of work, costs of the design, and constructability issues so when the construction documents are complete, the project is within the proforma budget and no time is lost in redesigning and re-bidding the work. Consultant Management Fairfield operates under a true design/build product delivery system, and hires and manages all consultants throughout the design, construction, and delivery process. We hire, manage, and direct the following professional consultants, plus others as required, throughout the development and construction process: • • • • •
civil engineers soil & environmental testing consultants architects, landscape architects and interior designers structural, mechanical, electrical, plumbing and acoustical engineers waterproofing, curtain wall, building code and elevator consultants
By providing estimating services and constructability reviews, Fairfield directs the professional consultants to produce efficient and cost effective designs that are within the proforma budget. Through many years of producing quality projects, Fairfield has established a roster of professional consultants who work harmoniously with our staff of architects, construction managers, project managers, and superintendents.
The Cameron | Silver Spring, MD
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Construction Organization Chart
Senior Vice President
Perry Raptis Construction
Wayne LaLiberte
Darwin Spillar
Vice President
Vice President
Construction Management By using Fairfield as the construction manager, the developer/ owner is assured the best bids and most qualified subcontractors are used on the job. With Fairfield signing all subcontract agreements and directly paying the subcontractors and suppliers, the developer/client is certain how and when the bills are paid. Fairfield will manage the consultants, estimate costs, produce preliminary and construction schedules, perform value engineering, calculate life-cycle costing, review the construction documents for constructability, and regularly inform the developer/client of progress and decisions required to stay on schedule.
General Contracting Since inception, Fairfield has acted as its own general contractor. The long-lived relationships between Fairfield and regional subcontractors allow Fairfield to obtain the best pricing and to start work as soon as we receive the notice to proceed. Since 1997, we have been the developer, acquired all the entitlements required, and been the general contractor for nearly 70,000 apartment and condominium homes. Fairfield’s seasoned staff of construction managers, project managers, and superintendents are adept at building garden apartments, urban apartments with concrete garages, and high rise apartments and condominiums. Our construction managers and project managers are involved from the beginning of the process by reviewing design documents and securing multiple bids. Fairfield verifies the scope of all bids and ensures the final contract price covers all facets of the work. Fairfield has built projects in nearly all Metropolitan Statistical Areas (MSAs) from coast to coast and has regional offices to efficiently manage each development. Projects are delivered as promised due to the “hands on” management style of the construction staff.
Lender and Owner Representation Due to the depth of experience of Fairfield’s staff in development and construction, representing the lender/ owner during construction ensures that clients will receive the product as anticipated. Effective communications between the lender/owner, design consultants, and third party contractors is paramount to the product delivery process. Fairfield’s years of experience in delivering projects to development partners ensures the client will receive accurate, complete, and timely reports regarding the status of the project. When an issue develops that requires a decision by the lender/ owner, Fairfield’s staff will investigate, collect, and present all pertinent documentation required to make an informed decision. Clients will receive monthly updates to the construction budget, progress schedules, safety programs, photographs, and
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Construction Services Loreto | Las Vegas, NV
staffing reports. Fairfield will help develop the schedule of values for tracking progress by the contractor and will review monthly applications for payment so the client is assured that the value of the claimed work and stored materials is accurate. If extensive testing of materials is required, Fairfield’s staff will manage this process and report the results to the client, as well as make recommendations based on the findings.
Assessment and Rehabilitation of Existing Properties Fairfield has a wealth of experience in inspecting and assessing existing properties considered for purchase or major renovation. When given authorization, we will assemble an experienced team, including professional consultants as required, to visit the property and start a detailed review. Fairfield develops customized reports to fully describe the present condition of a property, and to identify needed repairs and maintenance. All recommendations will be prioritized and estimated for review and consideration. Also, the report will address updating a property to meet current applicable building code(s) and ordinances imposed by the authority having jurisdiction. Fairfield has the staff to manage and complete all repairs or modifications approved by the property’s owner.
Quality Assurance and Quality Control If a property owner or developer wants to implement a quality assurance (QA) program, Fairfield will review the scope of work, contract documents, and other applicable requirements, and will deliver a detailed program to the client for identifying the standards by which a project will be built. The program will include all referenced industry standards according to the project manual, inspection procedures, and testing requirements.
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Construction Services Pravada at Grossmont Trolley | La Mesa, CA | LEED® Certified, Silver
Fairfield has the ability to provide on site quality control (QC) inspections during the construction process, thereby ensuring adherence to the QA program. All proper techniques and procedures identified in the QA program must be addressed by the contractor and coordinated with any testing agencies and the appropriate subcontractors. Fairfield will monitor the QC process and issue in-depth reports of all testing and inspection results to the owner or developer for review.
Green Building Fairfield has created and implemented a “Green Building Program” for training all development, design, construction, and property management personnel in green building techniques. Staff members have extensive knowledge of USGBC’s LEED® Rating System, California’s “Build It Green” program, the Energy Star rating system, and the green building point system originated in Austin, Texas. Fairfield has completed green rated buildings in Texas, California, and Connecticut. Several of Fairfield’s staff are LEED® Accredited Professionals who developed the “Fairfield Green Building Program” for training other staff members. These green professionals have presented lectures on green building materials and concepts to university students and other professionals, and to members of the Associated Contractors of America at their 2009 National Convention. Fairfield has the expertise to assist any owner or developer in the green building process, and to direct the design and construction teams to achieve the targeted green building goals.
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Efficient Project Management Fairfield uses an electronic project management system called Projectmates by Systemates®. This powerful web-based tool provides effective management of requests for information (RFIs) and submittals, manages project budgets and contracts, and allows sharing of all posted documents. Throughout the design and documentation period, the professional consultants post the latest version of their drawings on Projectmates each week to coordinate the various disciplines and the construction staff throughout preconstruction. Projectmates sends email notifications to the appropriate team members to advise them that updated drawings are available for their use. Projectmates “role based” security access ensures that the users have the appropriate rights to each of the 40 modules. This system increases the efficiency and accountability of each team member. Day-to-day construction activities are tracked using the field reports, meeting minutes, inspections, and photography modules. As-built construction documents and maintenance literature may be archived for future access by the design and construction teams, as well as operations and the facility management staff. This software provides a “win-win” collaborative effort between all team members. screen shot of Projectmates
597 Westport Apartments | Norwalk, CT | LEED® Certified, Silver Pending
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Bailey’s Crossing | Alexandria, VA
Design Services
Design Management Fairfield’s design team studies each project to maximize the property’s future value. Whether it is new construction, a redevelopment project, or a minor makeover, proper consideration is made to aesthetics and overall theme. This evaluation allows the property to maximize the amenities and livability, and to enhance its marketability above the competition. The Fairfield design team: • meets with the asset management team to discuss short-term and long-term goals for the property prior to the start of any work • initiates space planning and develops a list of potential improvements for budget analysis • defines the overall scope of the design and begins construction documents
Cost And Budget Analysis As a property owner, Fairfield understands that in the end, the numbers have to work. When developing the scope of design work, the design team creates preliminary budgets to contribute to the final proforma. The design team does a thorough cost analysis of the items pertaining to design and construction. Past experience and pricing worksheets help determine possible costs and potential upgrades, which helps estimate hard costs before construction documents are available.
Standards and Development Multifamily housing owners often duplicate successful designs when working on multiple deals. Creating design standards helps limit questions during the design and construction phases. Design standards help asset managers, as well as the property management and construction teams, to produce a consistent product that meets the expectations large companies have when building multiple projects simultaneously. Standardized finish packages and floor plans can also help to ensure code compliance. Fairfield’s design management team can create standards for both current and future projects.
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Design standards include: • detailed unit floor plans with minimum spatial requirements and clearances • standardized unit finishes for various project types (e.g. high rise, garden, and student housing) • Guidelines for Green Building practices to assist in LEED certification • lists of acceptable products and vendors
Interior Design Services Fairfield design management has full in-house design capabilities to produce drawings, specifications, and models. Whether a project needs a quick update or a complete overhaul, Fairfield can create winning designs to please the most sophisticated client. Our designers provide space planning, color selections, and furniture specifications. The design management team can also contract and oversee outside design and architectural firms for projects that require extensive documentation. By acting on behalf of the owner, this management process ensures that outside consultants maintain schedules and perform within budget.
Exterior Colorization Design management can also make exterior color modifications and specifications for both existing and new construction projects. On redevelopment projects, a fresh exterior and repainted interiors can often make the difference in project marketability, as well as drastically increase the value. Color renderings are produced for review and approval before ever purchasing a single can of paint. It is also possible to digitally modify existing colors on buildings to see where changes need to made.
Exchange at Auburn | Auburn, AL
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Furniture, Fixtures and Equipment Procurement Sometimes simply updating the soft goods can have a substantial effect on the value of a property. Often newer projects do not need any construction modifications; however, furniture, fixtures, and equipment (FF&E) may need updating or replacement. Fairfield design management can specify and purchase FF&E for any property. Model homes, fitness equipment, and pool furniture are good examples of items that can drastically update a property and enhance its marketability. By using quantity purchasing, cost is reduced to wholesale prices.
Signage Property signage is an important step in characterizing a property. Fairfield design management has extensive experience in overseeing signage design and fabrication. Most communities have strict guidelines for signage, and our design team is adept at creating attractive monuments. By managing the outside consultants, our designers can alleviate future problems and also help maintain a consistency with the design and property theme. Requiring the signage consultant to produce detailed drawings also facilitates the approval process.
Design Administration An important step in any project is the availability of consultants to answer questions asked by the construction team. Fairfield design management takes multiple steps to ensure questions get answered and problems get solved. Frequent site visits and progress reviews assist the construction team in quality control and lead to a smooth construction process. Site visits verify that the project is looking its best, and our designers inspect everything from paint jobs to the landscape to the faucet fixtures.
Station 250 | Dedham, MA
Signage samples
6515 Union | Denver, CO
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Presidio | Denver, CO
Property Management
Property Management Services Fairfield is proud to be an all-inclusive management services company with over 25 years of experience, which makes us among the most knowledgeable multifamily real estate operating companies in the United States.
With nearly 47,000 apartment homes in 40 distinct markets and submarkets throughout the country, Fairfield ranks17th on the 2011 NMHC list of the top 50 U.S. property management companies. We have earned the trust of a wide range of clients including financial institutions, pension funds, private partnerships, foreign investors, and sole owners. We are proud to deliver measurably superior results with a customized and personal approach to each property. Fairfield is the perfect sized company to take the best care of your properties – big enough to offer exceptional expertise and efficiencies, but not so big that we cannot offer you customized attention and focused implementations of your property management and value-add strategies. Strong leaders and experienced on-site teams, coupled with our range of services, make us the best choice for managing your property. You can rest assured knowing you have the expertise of hundreds of associates diligently working on your behalf. The Fairfield business approach combines the strength, efficiencies, and resources of a national company with superior local market expertise to consistently achieve the highest value and return for our clients and unsurpassed living environments for our residents. We are proud to have earned a reputation as an outstanding expert in managing a wide variety of properties including new construction, luxury market rate apartment homes, redevelopment and value-added properties, university student housing, and affordable housing communities. Fairfield is experienced in managing properties of all sizes, from 50 to over 1,000 units, as well as all asset classes, product types, demographics, and geographies. Our associates’ competence in all facets of property management, from fair housing requirements and asset maintenance protocols, to lease term management and resident retention strategies, enables us to maintain your asset at its highest level, while continuing to drive positive NOI.
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We are pleased to offer our clients a full array of disciplines.
By taking advantage of each of these services, you receive the full benefit of Fairfield’s expertise and partnership.
• professional management operations with a dedicated team that manages like owners • state-of-the-art and individually tailored accounting services • marketing and media services • full property maintenance programs • audit and compliance functions • outstanding resident services • information systems support • employee development and enrichment opportunities that give us happy, friendly, and eager-toplease property personnel • human resource expertise • market research • client insurance program
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Cielo | Denver, Colorado
Property Management
Professional Management Operations with a Dedicated Team that Manages Like Owners – Your Success is Our Success Senior Vice President
Brent Ball
Eastern Division
Western Division
Terry Phillips
Kim Bender
Fairfield prides itself on management services that focus on protecting your investment and maximizing your return. Our properties are maintained in excellent condition, while our executive, regional and on-site management teams offer innovative ways to maximize income and reduce expenses. To this end, our seasoned property management professionals develop and execute detailed management and marketing plans, positioning your asset to reach its optimum performance. Fairfield provides you with ongoing information on the economic viability of your asset based on property value, physical assessment, and financial analysis. In partnership with you, we use this assessment to identify and recommend short-term tactics for improving property position and long-term strategies to optimize your financial interest. Our value-driven regional and on-site teams are highly focused on reaching investment strategy goals with a high concentration on NOI and incorporating comprehensive forecasting tools. Our team of financial analysts offers a host of extensive trend reporting and historical data to support strategic decision making to achieve your property and portfolio goals. The Fairfield national buying advantage and maintenance cost savings benefit your bottom line. Best pricing, rebate offers, bulk discount advantages, consistency in quality, and quick delivery are a few of the ways your property and NOI benefit via the national relationship Fairfield has with our Professional Apartment Services (PAS) partnership and national affiliates. We provide regular contact and communications with property owners and investors to create a strong partnership and focus on success. Our comprehensive presentation of annual operating budgets provides the opportunity to review past performance and make adjustments based on your additional objectives. Our national portfolio offers you the benefits of our incredible national buying power and entitles you to substantial volume discounts that go straight to your bottom line. Fairfield has significant buying power and national and regional discounts with top industry providers of computers, floor covering, paint, maintenance and capital items, marketing and media options, and software programs, to name just a few. Best pricing, rebate offers, bulk discount advantages, consistency in quality, and quick delivery are a few of the ways your property and NOI benefit via the national relationship Fairfield has with our Professional Apartment Services (PAS) partnership and national affiliates. Importantly, we pass these savings on to our clients, which allows you to enjoy lower expenses and higher returns. Lease Management Fairfield has developed a highly effective lease expiration program to maximize profitability and minimize exposure. Our experience has proven that managing leases by the expiration date allows our managers to capitalize on seasonal trends in their market. Lease terms are staggered based on historical occupancy trends to allow for aggressive renewal efforts and optimum rental rates. In general, our program requires that lease expirations do not exceed 10% of the total property units during the strong traffic months and 5% during the slow traffic months. Our comprehensive reporting and forecasting tools communicate this information to the onsite leasing team daily so that leases and renewals are written to support our lease expiration requirements.
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Resident Satisfaction and Retention Fairfield places a high value on resident retention, renewals, and controlling unnecessary turnover at our properties. Starting at move-in and throughout residency, we have an ongoing customer feedback system that allows us to address resident concerns quickly with a goal of gaining residents’ satisfaction and earning their loyalty. We believe our residents deserve the highest level of service, and providing it will allow us to achieve optimum rents while reducing turnover. Our service standards include providing well-maintained properties and engaging living environments with exemplary appearance, functional amenities and planned resident events; highly trained onsite associates who are knowledgeable about the property and neighborhood, and who take a responsive, professional approach to resident needs and concerns; and expert maintenance teams with a quick response to service orders and our 24-hour work order guarantee.
Awards and Distinctions Fairfield is proud to be active in hundreds of local apartment associations throughout the country and maintains a host of accreditations.
Accredited Management Organization Institute of Real Estate Management
Local, State, and National Apartment Associations
Broker and Real Estate Licensing Licensed in each state as required by law
Housing Credit Certified Professional
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The Reserve | Renton, Washington
Property Management Talavera | Denver, Colorado
State-of-the-Art and Individually Tailored Accounting Services The Fairfield accounting department provides end-to-end property and partnership accounting services. Your property is partnered with a dedicated accounting team consisting of CPAs, accounting managers, and accounts payable coordinators. The team works in unison to offer efficiency, ensure accurate and timely reporting, and provide complete financial information. Fairfield uses the Yardi Voyager accounting system, which is fully integrated with our Yardi property management system. This integration affords outstanding efficiency, automated processes, and a full suite of custom reports. We can easily provide uploads to your chart of accounts through mapping, and have the ability and flexibility to work in a myriad of other accounting systems. For job cost and FAS for fixed assets, Fairfield uses Timberline. Data from these systems is uploaded to the general ledger system. For funds and large portfolios, Fairfield uses the integrated Yardi asset management system, which allows our fund accounting department to consolidate property reporting and provide investor information across a portfolio. The Fairfield property management accounting team works hand-in-hand with our cash management department to provide comprehensive banking and processing solutions including opening and monitoring cash accounts; processing wires and ACH payments; processing returned items; researching irregular items; and maintaining internal controls.
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Marketing and Media Services ffMKTG, Fairfield’s in-house marketing and graphic design department has mastered the art of multifamily marketing by providing creative solutions for today’s competitive marketplace. Our team of innovative, seasoned professionals is experienced in campaign development; traditional, online, and social media strategies; effective media planning and buying; and marketing analysis. ffMKTG serves as a one-stop shop, with expertise in branding and promoting a wide variety of multifamily product types from high-end lease-ups to stabilized properties, student housing communities, affordable housing properties, and distressed properties. With a focus on delivering pro-active strategies and solutions, we perform ongoing analysis of web/advertising analytics, traffic numbers, and market trends, and our marketing team partners with regional and on-site management personnel to identify future opportunities within the submarket. In addition, ffMKTG offers the option of customized promotional website presentations, search engine optimization services, Internet analytic reporting, HTML templates for e-blasts and Craigslist postings, lead tracking, and contact center opportunities. With a focus on delivering pro-active strategies and solutions, we perform ongoing analysis of web/advertising analytics, traffic numbers and market trends, and partner with the regional and onsite management team to identify future opportunities within the submarket. Quarterly marketing plans, virtual “Power Hour” marketing workshops, and an online catalog of promotional ideas and collateral designs are just a few of the ways the department collaborates with on-site and regional management teams to enhance marketing efforts and drive traffic to the property. Additionally, Fairfield’s national buying power maximizes each property’s return on its advertising dollars. Combined with our marketing team’s media planning know-how, these national pricing programs ensure each property’s media mix is comprised of key proven media at the best possible pricing.
[ sample property brochures ]
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[ sample national programs ]
Property Management
By partnering with ffMKTG, Fairfield properties have access to an array of tools and services: Interactive Design Library: Our online design library offers an array of professionally designed collateral and creative services resulting in a powerfully unique marketing message for each property. The library features agency-quality collateral at a fraction of agency costs. With easy-to-order online services, these cost-effective and professional solutions are only a click away. Award-winning Graphic Design Services: ffMKTG specializes in custom creative services for original content and design to further differentiate your property. With in-house agency and graphic design talent, we are able to creatively design and quickly implement marketing strategies that create tremendous efficiency and cost advantages. ffMKTG’s integrated marketing strategies, coupled with our expert consulting, produce cost-effective solutions that result in qualified leads and accelerated leasing velocities for Fairfield managed assets, and ultimately in higher returns for our investors. Fairfield offers a range of turnkey national programs to differentiate our communities from their competition. Each program offers pre-designed collateral materials that allow for easy and effective promotions at minimal cost. Live Life in Color Accent Wall Program: Fairfield’s accent wall program allows residents to select from a palette of professionally selected paint colors to personalize their space. Living Green®: Living Green is Fairfield’s recycling and energy-efficiency plan for our residents and employees. An early adapter of the Living Green lifestyle and with several LEED® projects in our portfolio, our company is in a unique position to positively influence the thousands of residents living at Fairfield communities. In addition to resource conservation programs, Fairfield provides its residents with opportunities for education, outlets, and resources for green living practices, including saving energy, conserving water, and reducing waste. Lease with Confidence: Fairfield’s Lease with Confidence program offers options to qualified residents that eliminate some of the costs associated with terminating a long-term lease. [ sample special event flyers ]
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Maintenance Services As your property management partner, maintenance is among our most important responsibilities, and your asset is in great hands with us. Fairfield has corporate directors in the field to oversee our superior maintenance programs. Our divisional maintenance directors and their teams advise and coordinate capital projects, and also pool their extensive knowledge to improve asset preservation, expense management, vendor selection, and bulk purchasing. The Fairfield buying advantage and maintenance cost savings benefit your bottom line. Our on-site property service technicians are highly skilled and participate in ongoing enhancement programs to ensure compliance with requirements of environmental authorities, fair housing laws, OSHA, and stringent inhouse safety standards. In addition, NSPF速 certification and EPA A section 608 Federal Clean Air Act certification testing are included in our on-site implementation. Our maintenance program also incorporates disciplines and programs related to emergency preparedness, AMG mold prevention, and environmental management. Our online, interactive safety risk manual, and our mold prevention and response plan manual are cutting edge in the industry. Our in-house environmental specialist ensures compliance with codes, laws, and stringent standards. Our comprehensive program keeps a pulse on all environmental issues and a focus on cost-effective implementation strategies. Fairfield takes great pride in service to our residents with a 24-hour turn on service, outstanding follow-up communications, and exemplary work. Our maintenance program is also instrumental in the Fairfield Living Green速 initiative by incorporating green products, carpet recycling programs, and reduced waste efforts. The Fairfield maintenance services program ensures your asset is in a pristine physical and financial position.
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The Reserve | Renton, Washington
Property Management Talavera | Denver, Colorado
Audit and Compliance Services Audit Services Fairfield’s internal audit department audits every property annually for accuracy and legal compliance of all property operations and leasing paperwork. Audits are done on site to ensure that all financial information is correct and complete within the property management software system. Services offered by the Fairfield internal audit group include: Full Compliance Audits – We audit each property to ensure that all Fairfield policies and procedures, as well as state and local laws, are followed. Rent Roll Audit – Properties are audited physically or “virtually” for rent roll report items including unit numbers, names, rents, concessions, move-in and lease-end dates, and deposits to ensure that all match the lease document and the information in the property management software system. Due Diligence Audits – We do pre-acquisition audits to check the accuracy and completeness of rent roll information; to verify incomes on affordable housing properties; to validate corporate financial information; and to evaluate maintenance opportunities and property condition Fraud Detection Audits – If necessary, certified fraud investigator lead audits to determine types of fraud from involuntary mistakes through full prosecution for theft or other fraudulent acts.
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Compliance Services Fairfield’s compliance team ensures adherence to the requirements of variable types of financing in the affordable housing industry. We are well-versed in the intricacies of complying with many affordable programs including Low Income Housing Tax Credits (LIHTC), tax exempt municipal bond financing, Project Based Section 8, HOME Funds, and Inclusionary Zoning. Fairfield has rich experience in managing affordable communities and has built, redeveloped, and managed over 100 properties with an affordable housing component. We offer vast experience in partnering with local municipalities and non-profit organizations to provide quality affordable housing and beneficial resident services. In addition to monitoring and approving resident files for eligibility requirements, Fairfield is unique in offering an in-house compliance department with a comprehensive suite of services. We are perfectly positioned and experienced to take care of all compliance services for your property. Our in-house processing center services include: • • • • • • • • • •
move-in, recertification, and HUD file approval file storage report preparation and submission per the Regulatory/LURA requirements pre-audit file review and agency audit escort investor file review submissions regulatory agreement review unit set-asides and unit types due diligence file audit publishing income and rent limits (property and county specific) upon release from HUD preparing and submitting annual owner’s certifications and any other required reports
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Cielo | Denver, Colorado
Property Management Beaumont Apartments | Seattle, WA
Information Systems Support Fairfield’s information systems team of skilled IT professionals oversees the many aspects related to integrated technical support and implementation. Information systems support continuously seeks ways to upgrade to the newest and most innovative technologies that align with the business goals of your property. The Fairfield network system is state-of-the art, offering real-time information and the ability to expedite reporting. Our technology expertise touches every area and includes several online resident and leasing services. We offer the latest in web-based property management systems to provide clients and field associates with comprehensive, real-time data. We make the financial review processes easy so you can take advantage of our ability to offer customized dashboards and SharePoint sites. This easy access to monthly operating reports keeps you in touch in an instant and on demand. Our investment in technology not only makes every Fairfield associate more efficient, it offers you peace of mind knowing that industry-leading tools and technologies are supporting your asset.
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Employee Development and Enrichment Opportunities Fairfield offers a coordinated and comprehensive training approach that supports ongoing learning and development for our associates, positioning each person to reach his or her highest potential. We believe that effective training starts with an understanding of the owner’s goals, which enables our training professionals to develop a customized, strategic plan to optimize associate and asset performance. We offer employee development and enrichment opportunities that make our property personnel happy, friendly, and eager-toplease Our training and development team takes a results-oriented approach, knowing that strategic measurement and evaluation techniques increase the value, quality, and effect of our efforts. A robust curriculum of courses reaches more than 1,500 property management associates annually, averaging 40 learning event hours per associate. We provide classes in different environments to maximize training efficiencies. These environments include: • classroom training • property level coaching (team and one-on-one sessions held at the property with a regional trainer) • webinars and online courses • peer-to-peer mentoring program The Network of Employee Talent (NET) is a national group of on-site associates serving as property management mentors. It’s a network of quality and professional individuals hand-selected as subject matter experts and top performers within the organization. They deliver a variety of quality training experiences to new, promoted, and tenured associates. The “NET” symbolizes the supportive and collaborative relationship between the field mentor, Fairfield on-site team members, and management. The program spotlights opportunities to share knowledge, skills, and core competencies in a productive and positive learning environment. Mentors play a pivotal role in inspiring other associates to achieve individual and business objectives. It drives recognition and retention of outstanding achievers, which results in a more knowledgeable and confident on-site management team. Highly detailed operations manuals that include policies and procedures for leasing, marketing, operations, maintenance, safety and risk management, affordable compliance, and environmental issue responses are readily accessible electronically to guide actions and behaviors in the workplace.
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Cielo | Denver, Colorado
Property Management
Human Resource Expertise Fairfield’s recruiters seek out the most qualified property management candidates via industry networking, referrals, and job boards. Applicants are carefully screened by our recruiters to ensure candidates match Fairfield’s company culture and meet our high employment standards. The last step before hiring a new employee includes a thorough background check and drug screening. Fairfield manages each property’s payroll services for you. Our comprehensive payroll services include payroll reports, bimonthly payroll runs, and management of all deductions and associated payroll laws. For both cost savings and in support of Fairfield’s Living Green® program, our payroll process has gone paperless. Employees update their timecards electronically each day, giving the managers, regional supervisors, and corporate staff access to real-time payroll information for better budgeting and staff planning. Paper checks and pay stubs are no longer issued; most employees take advantage of our direct deposit program, while the remaining employees receive debit cards loaded with the compensation due from the respective pay period. To replace the paper checks and pay stubs, employees have electronic access to a self-serve employee portal, where they are able to easily access current and past pay stubs, submit tax information changes and review benefit information at their convenience.
Cielo | Denver, Colorado
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Property Management West Village | Mansfield, MA
Market Research Fairfield is proud to offer one of the most active in-house research groups in the apartment industry. Our research team aggressively researches and analyzes a host of major variables covering the industry’s key market indicators including population, household trends, employment, multifamily permits and inventory, median household income, migration, rent, absorption, and occupancy rates. In addition, we keep ongoing research and analysis on single-family home sales and prices, homeownership rates, treasury, and mortgage rates. Our research team is available to support your investment strategies by providing other studies that assist in property management decisions including: • market snapshot (one-page report) • positive leverage analysis (interest rate management) • Fairfield high-rise developments (historic overview of new product) • residents’ place of employment maps (Fairfield’s gauge of local demand based on jobs) • resident profiles (Fairfield residents’ characteristics) • demographic thematic maps to identify niche trends • construction price inflation trends • monthly employment trends by metro area • single-family monthly housing trends by metro area (including foreclosure data)
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Property Management 15777 Quorum | Addison, Texas
Client Insurance Program Fairfield provides our customers the opportunity to participate in our master property and casualty insurance program. This program provides for extremely broad coverage and diversity of insurance carriers not normally found. By choosing to have your insurance placed under the Fairfield program, you can be assured that you are leveraging one of the finest insurance programs in the country -- one that is consistently considered best in class among its peers based on a number of metrics including cost of risk, coverage placements, and premiums charged. Fairfield believes in diversifying carriers to reduce the overall concentration of risk among carriers, while simultaneously increasing competition to drive down premium pricing with more favorable policy language. To that end, Fairfield uses Lloyds of London syndicates and Bermuda based carriers, along with some of the largest and most established insurance providers in the country. Having this type of pricing power and coverage is usually reserved only for the largest of real estate players. By choosing to place your insurance needs through Fairfield, you have the opportunity to join one of the best programs in the country -- one that is typically not afforded to smaller real estate owners. Due to Fairfield’s size and deep rooted relationships with underwriters, brokers, wholesalers, and adjusters forged over a 15 year period, you can be assured that many of your claims will covered, and be handled by dedicated adjusters who fight to resolve each claim quickly, while keeping costs down so as to not affect the future loss runs of the portfolio. From Fairfield’s special manuscript endorsements, policy language, and numerous bells and whistles not normally found on smaller placements, to dedicated claims handling professionals, you can be assured your insurance and risk management needs will be seamlessly integrated into your property management relationship so you can have the peace of mind that the very best are handling your property management, asset management, and risk management needs end to end. The result – a value added relationship with reduced overhead.
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The Barrington | Silver Spring, MA | Tax Credit
Asset Management
Asset Management Fairfield’s asset management group includes well tenured real estate professionals with a vast range of expertise in new, redeveloped, and existing multifamily housing product, including garden-style, mid-rise, and high rise apartments of all asset classes. Our professionals are also experienced with specialized housing categories, such as tax credit, student housing, mixed-use, and retail. Importantly, they have the experience to provide each owner the service that is necessary to ensure that the asset is operating in the most efficient manner, yielding the highest possible returns, and performing consistent with the defined goals. Fairfield provides asset management services to a portfolio of properties in 40 distinct markets throughout the United States. Our large and geographically diverse portfolio exposes our asset managers to all types of market and asset related situations, conditions, and challenges. Our asset management team is engaged early in the process, which ensures that an asset management perspective is introduced in the property’s initial evaluation. While there are similarities that exist between assets, our asset management professionals recognize that each property owner has a unique set of goals for each asset. They provide asset management services including developing, carrying out, and monitoring the property’s strategic business plans from project inception through its disposition. Typically, the goal of each asset manager is to operate the asset to maximize value and investor returns. Our asset manager are skilled at: • • • • • • •
reviewing proforma assumptions offering perspectives on market data giving feedback on income assumptions, operational costs, and unit pricing projecting leasing velocity helping develop a rehabilitation strategy providing opinions about capital infrastructure advising on capital projects or asset repositioning
Emerald Terrace | Los Angeles, CA
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Asset Management
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Milano Apartments | Torrance, CA
Fairfield’s asset management professionals are involved in the acquisition of properties from before purchase through sale. They are able to provide a broad range of asset management services in a manner that contributes to the success of each individual asset. Fairfield’s asset management group provides: • a strategic outline for each individual asset and, if applicable, a portfolio • micro and macro market analysis focusing on occupancy, pricing, product quality and supply to ensure project maintains leading market results • income and expense projections based on current and potential market and operational changes • property tax monitoring, including re-valuations based on market and asset performance, which includes coordination of negotiations with property tax consultants • continual reviews of rent rolls with a focus on future leasing rates and occupancies • business plans, budgets, financial projections, and comparative analysis to monitor and evaluate asset performance • cash flow distribution projections to owners or partners • information on operating, market, and capital market conditions, and information on all relevant influences to keep informed of project performance and be prepared to recommend strategic shifts and adjustments • assistance in the evaluating property tax assessments, billings, and protest matters Our asset managers review: • monthly operating statements for accuracy and trends, focusing on achieving budgeted goals and issues specific to the asset • cash balance projections, which includes income and expense projections based on current and potential market and operational changes • capital work requirements, subsequent bids, and approve capital improvements as required
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Asset Management Sagewood at Stonebridge Estates | San Diego, CA | Tax Credit
• assets for potential disposition, which includes developing financial projections based on anticipated sales prices, investment results, and cap rate sensitivity reports • risk management issues following an event to ensure loss is minimized Asset managers are responsible for implementing the business directives to achieve the goals for each asset, and they review and pursue ancillary income initiatives to maximize profitability. Each Fairfield asset manager is experienced in both development and new construction projects, as well as acquisition and redevelopment properties. In addition to the services listed above, asset managers are specially trained in one or more of the following property types: • conventional housing
• core and rehab
• tax credit (LIHTC) / affordable housing
• mixed-use
• student housing Our corporate experience with all asset types and classes is unparalleled in the industry and is a valuable resource to asset owners. Further, the company provides resources to our asset managers to give them the information and authorization to properly position each asset and measure asset performance against competing assets, as well as the overall market. These resources include a research team that tracks local sales by region and property class, and a nationwide network of brokers. This support ensures accurate industry data and gives us the information necessary to monitor value fluctuations, both geographically and within property classes, and to report these fluctuations to asset owners. These variables, including the experience and tenure of our professional team, our nationwide platform, the extent of services and information provided, our approach to communication, and the resources available to our asset managers and associated professionals differentiates Fairfield asset management from others in the industry, and ensures that our service supports the interests and goals of each asset owner from acquisition through disposition.
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Millington at Merrill Creek | Everett, WA | Sold - June 2007
Property Sales Transactions
Property Sales Transactions Fairfield has an in-house sales team and augments its internal staff with brokerage firms to market assets. The sales team maintains a database of over 3,000 multifamily brokers and property owners nationwide. In addition to traditional sales methods, we employ state-of-the-art marketing tools such as electronic mailings, Internet listings, and many other web-marketing tools. We maintain a property sales website (www.Fairfieldsales.com) that includes detailed property summaries, area maps, photographs, and floor plans. Asset dispositions represent the culmination of Fairfield’s investment process and serves as confirmation of our investment strategy, and Fairfield’s interest is aligned with our investors’ interests is to achieve the highest possible sales price. Relying on collaborative transparency, Fairfield transmits user friendly underwriting information via digital file sharing, password protected websites and CDs. Buyers need to know they can rely on the quality of underwriting materials along with the professionalism and integrity of the seller. The information obtained from property sales is valuable in evaluating sales prices of other assets around the country, and especially valuable in determining trends that may affect exit strategies for other investments. The sales team evaluates information from Fairfield’s research department, from property management data and asset management reports, and from financial sources to determine the market value of an asset. This evaluation is reconciled with investor objectives. We monitor monthly property performance on an asset-by-asset basis to identify appropriate disposition timing, and we work closely with our partners to identify the best disposition vehicle for the sale. As one of the most active and reputable sellers in the multifamily industry, Fairfield has established relationships with a large, diverse pool of institutional and private buyers and works closely with the top multifamily brokers in each market. Fairfield has consummated sales with pension fund advisors, large insurance companies, plan sponsors, public and private REITs, foreign institutions and diverse private entities. Since inception, including assets in which we had an ownership interest and those in which we did not, Fairfield has sold over 360 properties totaling more than 102,000 attached homes for a sales value in excess of $11.7 billion. Sanctuary | Renton, WA | Mixed-Use
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Fairfield Contacts Third Party Services • • • • • • •
Property Management Construction Redevelopment Asset Management Design Marketing Compliance Daniel Bauman dbauman@ffres.com
Development West Coast Brendan Hayes bhayes@ffres.com Central Scott Jackson sjackson@ffres.com Southeast Tommy Brunson tbrunson@ffres.com Mid Atlantic Jay Johnson jjohnson@ffres.com Northeast Andy Montelli amontelli@ffres.com Student Housing Zachary Johnston zjohnston@ffres.com
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