IRVINE, CA-Western National Property Management has landed a contract to manage a 12-property portfolio of 5,473 apartment units for G.H. Palmer Associates of Los Angeles. The assignment expands on an existing arrangement between the two multifamily companies to make Western National the sole manager for Palmer's 17-property portfolio.
Western National was already managing five of Palmer's properties totaling 1,479 units when the Los Angeles-based company tapped the locally based Western National to take over on the remainder of its portfolio. Palmer is known as one of the pioneers in developing recent Downtown Los Angeles apartment complexes.
Jim Weaver, asset manager for G.H. Palmer Associates, cites company data showing that the 1,479 units that were being managed by Western National had achieved NOI growth of 26% since January. "As a result, we decided to turn over the balance of the portfolio to Western National," Weaver comments.
The five properties that Western National initially managed are in Downtown Los Angeles. The remaining 12 include seven complexes in Canyon Country, three in Santa Clarita, one in Woodland Hills and one in Upland.
Craig Rooney, a VP for Western National Property Management, says that the firm will focus on rent growth, expense control, lease management and other facets of management to boost NOI at the newly assigned properties. He notes that since January 2005, the company has won third-party contracts to manage 22 new properties comprising 8,125 units.
Western National Property Management is an entity of Western National Group, which also owns and develops apartment complexes. The property management division manages approximately 28,000 multifamily units in the Western US and is the second-largest owner of multifamily housing in Orange County, after the Irvine Co.
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