WASHINGTON, DC--(Marketwire - February 7, 2011) - Fairfield Residential Company LLC and McWilliams|Ballard, Inc. announced today that they have formed a new venture, The Property Portfolio, aimed at providing full-service property management, condominium unit sales, and consultation services to the multi-family industry. The new company is initially targeting opportunities associated with fractured condominium buildings. Fractured condominiums are multi-family communities in which some condominium units were sold to individual buyers, but due to the economic downturn the unsold units are now being leased or subject to a hybrid sales and leasing program. The Property Portfolio provides the distinct benefit of a unified and coordinated property management, leasing, and condominium unit sales effort for fractured condominium buildings, yielding maximum efficiency and value associated with operating and monetizing the remaining condominium units.
"This venture represents an expansion of Fairfield's service platform for the significant audience of building owners and investors who are faced with unsold condominium inventory or have purchased bulk units in a condominium building," said Greg Pinkalla, Chief Operating Officer for Fairfield Residential Company LLC. "By combining Fairfield's multi-family expertise with the condominium sales expertise of McWilliams|Ballard, we are able to offer a single source solution for owners and investors who are seeking multiple service and exit strategy alternatives."
Chris Ballard, President of McWilliams|Ballard, said, "Service to our clients has always been and always will be our top priority. As we continue to work with our clients to evaluate multi-family assets from a number of perspectives, we see tremendous value in a venture with Fairfield. The creation of The Property Portfolio streamlines the evaluation experience for our clients, expanding the services and resources we can offer to our clients to ensure that their investment yields positive results."
"This venture is a logical evolution of the relationship between Fairfield and McWilliams|Ballard. Our history of working together, coupled with our respective successes navigating challenging market conditions, positions The Property Portfolio to be the leading service provider in the niche market of unsold and fractured condominiums, rondos, and condominium conversions," said Daniel Bauman, Vice President of Business Development for Fairfield.
About Fairfield Residential Company LLC / FF Properties L.P.
Fairfield Residential Company LLC and its affiliates provide development, construction, redevelopment, renovation, asset management, property management, and disposition services throughout the U.S. With nearly 48,000 apartment homes units under management, Fairfield is one of the largest, full service property management companies in the U.S. and was ranked by NMHC as the 12th largest apartment manager in the U.S. as of January 2010. The company is active in more than 40 core markets in 25 states.
About McWilliams|Ballard
McWilliams|Ballard is a sales and marketing firm specializing in the sales and marketing of condominiums and townhomes. Founded in 1996, and based in the Washington DC Metropolitan Area, McWilliams|Ballard has clients nationwide, creating partnerships with developers, financial institutions, and builders to provide sales and marketing solutions from project inception to the final closed sale. In addition to start-to-finish sales and marketing, the firm also provides consultation and market research. Since its inception, MB has sold and settled more than 21,000 homes representing over $8.1 billion dollars, consistently ranking in the top 5 of national firms with a focus on for-sale multi-family product.
Contact Information:
MEDIA CONTACT
FAIRFIELD RESIDENTIAL
DANIEL BAUMAN
703.414.8413
MCWILLIAMS|BALLARD
CHRIS BALLARD
703.535.5550