HOUSTON, TX – INNOVATIVE Real Estate Companies, which already has a highly-successful student housing division – INNOVATIVE Student Housing – is expanding its team to prepare for significant growth and to focus on developing, acquiring and managing a wider variety of multifamily communities.
The firm has also hired two C-level executives to help lead the expansion.
Jared Miller is now President of Multifamily Operations, Chief Marketing Officer and Partner.
Michael Augustine is now President of INNOVATIVE Real Estate Development, Chief Investment Officer and Partner.
“INNOVATIVE was formed to defy the conventional approach to student housing and we are now doing the same in the market rate multifamily sector,” said INNOVATIVE CEO Doug Sherman. “We don’t define our value based on unit count, but on the service we provide to investors, partners and residents – and the opportunities we can provide to our team. We drive results by ensuring each community has more support than others in the space can provide. Our strategy is to ensure our regional managers average no more than 6 assets in their portfolio at any time. Welcoming Mike and Jared to the company is a reaffirmation of our commitment to excellence and brings additional strength to our company.”
“The addition of Mike and Jared to our team is a major milestone for us,” added INNOVATIVE COO David Neef. “Our leadership defines us and both Mike and Jared bring incredible experience to the team in the multifamily and student housing arenas. The team at INNOVATIVE doesn’t operate to the status quo. We are going to push the envelope, and one way we are doing that is through an NOI-based management fee, where our fee isn’t tied solely to revenue, but also to NOI. That is powerful, and it clearly shows how much we believe in the platform we’ve created and the quality of the INNOVATIVE team.”
Sherman and Neef founded INNOVATIVE Student Housing (ISH) in 2010. The reorganization and expansion creates a new parent entity called INNOVATIVE Real Estate Companies, which will focus on a wider range of multifamily opportunities. The company has already built a strong track record with three acquisitions and two projects under development for completion in 2014. A third development is in the pipeline for a 2015 delivery. Additionally, the company has recently secured a number of fee management assignments.
INNOVATIVE’s subsidiaries now include:
INNOVATIVE Student Housing, a student living focused property management firm. ISH will continue to expand its student housing portfolio, which already includes communities in seven states.
INNOVATIVE Apartment Living, a new property management firm adapting the best concepts from the multifamily and hospitality industries for internal and third-party clients
INNOVATIVE Real Estate Development, which will develop new communities and seek acquisitions to add to the firm’s growing portfolio
Innovative Real Estate Investment will continue to invest and acquire well-positioned student and market rate properties leveraging a unique NOI-driven management approach to drive returns.
Miller has wide-ranging experience in areas including operations, marketing, branding, training, asset management, business development and communications for a broad range of multifamily classes. Multifamily Executive Magazine named him its inaugural Rising Star of the Year in 2010. He is also a regular speaker at industry conferences. He was previously Senior Vice President and Director of Asset Management at The Bainbridge Companies.
Augustine has a strong background in student and conventional multifamily development, operations and acquisitions. Most recently, he was National Student Housing Director at The Bainbridge Companies, where he was responsible for development of Campus Circle Tallahassee, the winner of Multifamily Executive Magazine’s 2012 Student Project of the Year Grand Award.
About INNOVATIVE Real Estate Companies
INNOVATIVE Real Estate Companies provides an end-to-end suite of services including developing exceptional communities, sourcing high value acquisition opportunities for investors, growing Net Operating Income (NOI) through exceptional management, and assisting in dispositions. INNOVATIVE is an innovator in the multifamily sector by implementing and continuing to refine best practices from both the industry itself and Fortune 500 companies. The privately-owned firm has offices in Houston and Austin, Texas; Delray Beach, Florida; Park City, Utah and Los Angeles, California. To learn more about INNOVATIVE Real Estate Companies, visit www.INNOVATIVErec.com.