Hines Unveils New Multifamily Property Management Firm Willowick Residential
Hines has launched its own multifamily property management firm called Willowick Residential, which will work in partnership with the firm’s growing multifamily portfolio.
The new company, named after founder Gerald Hines’ first multifamily residential building in the River Oaks area of Houston, was launched earlier this year and, as of October, manages nine of Hines’ multifamily properties in the U.S. So far, the new venture has 35 employees.
Five of the properties are in Houston: Venue Museum District, Tinsley on the Park near Midtown, The Rosemary in Humble, Stone Loch in Tomball and Alys Crossing in Cypress. The other properties are two multifamily complexes in Dallas and two in Chicago.
Hines Senior Vice President of Multifamily Operations Lisa Newton told Bisnow the timing of the launch was predominantly about the scale needed to properly launch an in-house management platform.
“Between existing assets in operations, upcoming development and acquisition activity, 2020 was the right time,” Newton said.
The company, which has historically been known for office product, launched the new division earlier this year but chose to delay the announcement in light of the coronavirus pandemic, according to Newton. The branding and timing also serve to honor founder Gerald Hines, who died Aug. 23.
“While Willowick Residential was launched earlier in the year before the pandemic, COVID-19 did play a factor in waiting to [publicize] the news until now to ensure we were properly addressing growing health and wellness concerns,” Newton added.
In the long run, the goal is to make Willowick Residential the sole property management firm overseeing all Hines multifamily properties in the U.S., Newton said. However, that will depend on what is most beneficial for each multifamily asset, within its specific market.
Hines’ multifamily portfolio consists of 63 projects across 38 U.S. cities, including luxury towers, urban mid-rises and traditional garden-style apartments.
“Rooted in the expertise of our regional offices, our growing and successful multifamily division has expanded for-rent apartment development activity throughout the United States,” Hines President and CEO Jeff Hines said in a statement.
“Willowick Residential seeks to deliver a superior level of resident service, above-industry retention rates, cost-effective building management and superior engineering and maintenance of the physical asset.”