Chicago real estate firm @properties today announced the acquisition of Chicago property management company Venterra Management Corp. The move paves the way for @properties, the city’s largest independent real estate broker, to expand into property management and condominium association management in and around Chicago.
Venterra, which was active in Chicago property management for more than 30 years, will be renamed @properties Property Management. The company currently manages approximately 800 condominium units and several hundred thousand square feet of commercial real estate on Chicago’s north and south sides.
@properties co-founders Michael Golden and Thaddeus Wong say they will look to quickly expand the company’s management portfolio targeting condominium and apartment communities of 30 units or more, shopping centers, neighborhood strip centers, and office and industrial properties in the city of Chicago and surrounding suburbs.
“Expanding into property management and condominium association management is a natural move for us. We know we can create value for our clients by leveraging our brand, our network and our industry-leading marketing and technology,” said Wong.
“Commercial and residential property owners, asset managers and condominium associations will benefit from our team’s experience and from the high standard of service that has always defined @properties. Our goal is to set the bar, to be the premier Chicago property management and condominium association management company,” said Golden.
Golden and Wong announced that they have hired Steve West as managing director of @properties Property Management. West, a former @properties sales agent, most recently worked as a property management professional in Chicago. Golden and Wong also named Michael Rourke vice president of commercial management. Previously, Rourke was vice president and director of retail services for Venterra.
The existing staff has experience in residential and commercial property management, condominium association management, finance and accounting, reserve analysis, construction management, on-site operations, architecture and structural engineering.
The company will offer a full menu of services including: property staffing, financial reporting, assessment collections, budget preparation, property maintenance, emergency services, condo board relations, vendor and subcontractor management, management of association-owned rental apartments, and tenant/owner communications.
The formation of @properties Property Management is the latest in a series of moves by @properties to offer expanded services to a growing client base. Last year the company launched @properties Relocation, a corporate relocation division, as well as @properties Commercial, a commercial brokerage and investment-sales division. In April 2009, the company announced the creation of @properties Institutional Services Group, a boutique division set up to serve institutional clients that own or invest in distressed real estate and Chicago real estate foreclosures.
“@properties Property Management dovetails well with our Institutional Services Group. We now have the ability to offer an investor, asset manager or financial institution a single point of contact for stabilizing, managing and selling distressed and bank-owned real estate in Chicago,” said Golden. “Our development-marketing experience also puts us in a unique position to help condominium communities make a smooth transition from a developer-run association to an owner-run association.”
“Today, our clients aren’t just looking to sell or acquire an asset. They’re looking for complete solutions to complex real estate problems, and frequently that involves a property management component,” said Wong.