Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI BEACH-Fifteen Asset Management LLC has recently formed as an affiliate of Fifteen Group LLC and taken over management of all of the multifamily properties owned by affiliates of Fifteen Group LLC. The two separate companies, which share a headquarters facility, are based here.

Fifteen Asset Management took over 46 multifamily communities with more than 14,000 units in 10 states: Florida, Texas, California, Georgia, Alabama, Virginia, New Mexico, Nevada, Colorado and Indiana. More of the properties are in Texas than in any other state, with Florida being second.

Seven of the properties, consisting of a couple thousand units, are located in Florida. That state, along with Texas and California, are the company’s most significant states, Ian Sanders, president of Fifteen Group LLC, tells GlobeSt.com.

The four South Florida properties are: Arbor Lake Club in Miami, with 712 units; Horizons North in North Miami, with 276 units; Park Hill in Kendall, with 264 units; and Parkview in Pembroke Pines, with 208 units.

“We now have perfectly aligned the goals of ownership and management,” Sanders tells GlobeSt.com. “We’ve gotten away from an unrelated, third-party relationship, where the goals of ownership and management tend to diverge.

“We believe that the new situation is the best way to maximize the value of the properties in the portfolio,” Sanders states.

“Building a first-class management organization from scratch has been an exciting challenge,” Dave Sherbal, chief operating officer of Fifteen Asset Management, says in a statement.

Fifteen Group is a real estate acquisition organization that has concentrated on providing safe, desirable and affordable rental housing in major growth markets in the United States. As a national property management company, Fifteen Asset Management oversees the day-to-day operations of its properties. Currently, the company only manages properties owned by Fifteen Group, but that could change.

“It’s possible that in the future we would provide third-party management,” he says. But for now, he adds, the new company is focusing on getting its portfolio in order and maximizing the properties it currently manages.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.