Orlando Camps joins Cornerstone's new division. Talk about moving while the market is hot. Earlier this year, the Cornerstone Group of Coral Gables, Fla., announced it was hiring a division president—Orlando Camps—who would lead its new condo conversion division. Camps, who has a bachelor's in architecture from the University of Miami, most recently was a developer's representative with Miami-based condo developer Crescent Heights of America.
Q: What appealed to you about this job?
A: Cornerstone's strength and experience in the industry and the way the principals are open to new territories and exciting opportunities.
Q: After the economy, what do you see as a significant challenge for the multifamily industry in the coming year?
A: The rise in construction costs. In my opinion, the rise in construction costs, interest rates, and the increasing costs for land and value of homes will probably make Florida into the next California ... where a one-bedroom condo that is 800 square feet and 20 years old sells for more than $300,000.
Q: What are the big opportunities for multifamily firms?
A: There aren't any “big” or “great” opportunities in the market [right now]. There are just “opportunities,” and it takes more digging, a sharper team, and the ability to move quickly on a deal to stay ahead of the game.
Q: What do you enjoy about working in the multifamily industry?
A: The day-to-day challenges and constant problem-solving.
Q: What's the best advice anyone ever gave you?
A: “Watch the pennies, and the dollars will follow.”