To call Megan Muldowney “well-rounded” seems like an understatement. Muldowney has served as a leader for Charlotte, N.C.–based Grubb Properties in almost every capacity in the multifamily industry over the past 18 years. Property management, buyer management, construction management, investment management, development … you name it. Since taking on the role of senior vice president of multifamily operations in early 2011, Muldowney’s challenge has been to lead Grubb’s multifamily division out of the housing downturn that hit in 2008. She stepped up, without missing a beat.
She has spearheaded several bold initiatives to reinvent and reinvigorate the company’s multifamily portfolio. Beginning in March 2010, Grubb systematically acquired nine properties with a value-add agenda. Six of those were closed last year under Muldowney’s direct supervision.
“This past year has been spent building the base of our multifamily division,” says Muldowney, who has grown Grubb’s multifamily portfolio to around 2,500 units, with 450 new units set to close in the next month. Additionally, she’s in the process of hiring a new regional manager to keep pace with the rapid expansion she’s helped cultivate at Grubb.
Aside from taking a firm-handed approach to property development projects thanks to her diverse experience in the industry, Muldowney keeps a very close eye on the company’s revenue stream. In 2011, revenue increased each quarter under her leadership, with the fourth quarter closing with a 9 percent increase quarter-over-quarter. Plus, her ability to reposition the properties she acquires has led to increased NOI and substantial outperformance of budget projections.
Muldowney is currently overseeing two multifamily deals Grubb has under development. She personally led financing efforts on the Richmond, Va., and Raleigh, N.C., properties and will manage all capital expenditures after the closings.
One of the reasons Grubb has positioned itself to make new acquisitions owes to Muldowney’s keen sense for finance. In November, she completely revamped the firm’s residential budget process, taking the aggressive approach of revisiting the 2011 budget for each property and completing and approving all 2012 income sections. This freed up the time and resources for Muldowney to focus on expansion. As a result, Grubb’s multifamily division has experienced new growth already in 2012.
“This is a time when we’re getting back to like things were before 2008. Things are starting to really grow,” says Muldowney.