Bob Flannery
CHICAGO—Locally based CA Residential, the multifamily arm ofglobal real estate investment firm CA Ventures, has launched anambitious 5-year plan that will triple its portfolio to $3.2billion by 2022. GlobeSt.com caught up with Bob Flannery, presidentof CA Residential, to hear more about what the company has in storefor 2019 and beyond.
GlobeSt.com: 2019 begins your 5-year plan, with plans to doubleyour portfolio from the current $1 billion. Can you walk us throughthe cliff-notes version of what's ahead for CA Residential?
Bob Flannery: 2019 is certainly a breakout year for us.
We are going to close $1 billion worth of new ground-updevelopment in 2019.,so it's a mission-critical year. What we havebeen doing for the last 18 to 24 months is really puttingeverything in place to execute that plan. We've filled the pipelinewith the right type of product and so 2019 is an unusually largeyear and we're very excited about it. And we're really ready toroll everything out this year, so we're in an awesome position.Going forward, we expect the annual pipeline to be $500 million ayear, roughly split 50/50 between urban/downtown projects and asuburban strategy based on specific types of job growth andaffordability.
GlobeSt.com: What would you say are the key elements thathelped form the 5-year plan?
Bob Flannery: A couple of key components to our 5-year plan andhitting that $3.2 billion is a combination of us solidifying andbeing successful with our institutional partnerships, while beingdisciplined about the demographic data and embracing technology.You just can't do things the way you used to do them. We arecommitted to constantly re-thinking how we are executing, whetherthat means co-living, or whether that means corporate apartments,or whether that means smaller units, or different amenities, or newtechnology or apps. We think that it's a combination of stronginstitutional partnerships, reputation and track record, extremelydisciplined demographic data points and, finally, innovation. Forus, it is easy because it is really the DNA of CA Ventures.
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