Say what you will about the overdevelopment of the Florida apartment market, but the Cornerstone Group has found a home there. With more than 10,000 affordable, market-rate, and luxury apartment units built–and 5,000 more on the way–this development company is very bullish on its home state.
This year's Executive of the Year, H. Eric Bolton, chairman, president and CEO of Mid-America Apartment Communities L.L.C., has continuously made wise business decisions that have ensured his company's sound reputation as the provider of an excellent product. He embraces change as a positive way of doing business and has an open door policy that is inviting to his staff, says Joe Pettigrew, Ph.D., president of Leaderpoint Inc., a business consultancy.
Providing affordable housing has always been a daunting task for owners and developers who have taken on this challenge. The financing process alone has often been referred to as "brain damage" because of all of the complex paper work. Many for-profit developers have avoided affordable housing because of criticisms that it's riddled with red tape and the process is too slow. But that hasn't stopped the Columbus, Ohio-based National Church Residences (NCR), a nonprofit owner, manager and developer of affordable projects, that provides housing for both seniors and low-income families. Run by Thomas W. Slemmer, its president and CEO, the company's mission is to provide quality housing and care at affordable prices. "Trying to balance the mission of the organization with the money side is very difficult," explains Slemmer. "Most developers have a fairly pure motive and this is a return on their investment. Our motives are mixed."
Washington, D.C., Mayor Anthony Williams has been a "breath of fresh air" in bringing new housing to the city, despite some political missteps along his way, says Robert J. Reid, executive director of the National Housing Conference (NHC). Housing is not only on Williams' agenda, but "he's talking about it intelligently and is attracting housing developers who are legitimate and know how to do things correctly – developers that wouldn't deal with the city in the past because of the incompetence and crookedness of prior administrations," says Reid.
Student housing – whether you're talking on- or off-campus – has changed from the days of the double loaded corridor with two students per room and a community bathroom. The traditional dorms that were built in the '50s and '60s are outdated, and universities and students are looking for alternative housing solutions. That's where American Campus Communities comes in. The Austin, Texas-based company specializes in developing and managing both on- and off-campus student housing facilities. With a management and development portfolio that includes 39 communities, 11 of which are currently in development, American Campus has become a leader in this niche market.