Most recently serving as executive vice president, chief operating officer, and general counsel for Centerspace, Anne Olson has been appointed as president and CEO. Taking over the responsibilities of former CEO Mark Decker, she will lead the team and its 75 communities consisting of 13,498 rental homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Multifamily Executive sat down with Olson to hear more about her strategy as the new CEO as well as the company’s goals for 2023.
MFE: How has your time been since joining Centerspace in 2017?
Olson: I came to Centerspace when we had the last CEO transition and Mark Decker became the president and CEO. I had been an adviser and known Mark through the capital markets for a long time. He really wanted someone to join him to help build out some of the structural and operational side—asset management, how we would plan for disposition and portfolio construction. I’m a lawyer by training so I also run securities and legal matters. About a year in, I took on the role of COO and expanded what rolled up to me, including asset management, legal, some talent and culture at that time, and internal audit/IT. As time went on, we changed the company to really enhance the portfolio and the operational platform to become purely multifamily (prior to 2018 we owned all sorts of stuff—malls, industrial property, medical).
Once we got to sole multifamily, it really started to get fun while thinking about operations, technology, staffing—all the things we talk about when we come to the Multifamily Executive Conference. When Mark decided that it was time to move on to his next venture, it was a really natural transition. I know our board very well, our teams very well, and have been working as a part of the executive team on both strategy and tactical operations for a long time now. So far, it doesn’t feel much different. That will change over time as we get more used to the change in the team and the dynamic of not having Mark here who was a tremendous leader of the company for the last six years.
MFE: What does the position of president and CEO mean to you?
Olson: From a lot of different angles, I’d say within the public capital markets and the multifamily space, it means a recognition that I have the capability to lead a large company and the team. For people to put that trust in me, I take that very seriously. I care a lot about our teams and our resident experience. Day to day, the work gets done in our communities, it doesn’t get done in my office. To our investors, I think it means that they can count on good, transparent communication, consistent results, and a strategy that will help move the company forward and advance our growth objectives.
Personally, I feel an enormous responsibility both for our teams and residents, but I also feel an enormous sense of responsibility as a woman. It is a public company. These jobs are few and far between for women. I feel really humbled and privileged to take on the role. I have both a sense of pride and trepidation about being someone who is representing not only our industry but also one of the few women in this spot within multifamily and on a larger scale, commercial real estate.
MFE: What are some of your top priorities as you take over as CEO?
Olson: We started our course for 2023 at the end of 2022 under the former CEO, and I feel good about those priorities. This year across the industry we’re seeing a real consistency in people and priorities. With a lack of transaction volume and so much disruption in the financing and capital markets, people are really putting their heads down and are working on their operational platforms and operational excellence. I feel great about the priorities that we’ve laid out in that respect. The key over the course of this year as a new leader is developing the correct accountability systems and making sure we’re resourcing those teams so we can hit goals and really have strong performance. All of that will set the stage for when the time comes for us to enter those transactional markets again or be able to access capital or financing that can spur change or growth.
MFE: Are there any acquisitions in the pipeline?
Olson: We continue to look for acquisition opportunities in the markets that we are most interested in. We have developed about 2,000 units in Denver over the last couple of years, and that’s a market we continue to be interested in. There’s still a big spread between the bid and the ask of buyers and sellers, but I see the place in the pipeline that we’re watching closely is development deals that are in development and may be feeling some stress of financing or need capital infusions that could put us in a good position to be an end buyer of those. That’s the place where we’re paying the most attention to what might be happening in the market. Of course, we’re still looking at everything that’s crossing our desks otherwise.
MFE: Are there any markets of interest?
Olson: Across the Mountain West, and we are monitoring a couple of Sun Belt markets, but those are also some of the most expensive places and the places that are seeing the most supply. At this point we’re monitoring and are more interested in adding to current scalability than we are taking on a new market. With the dislocation of pricing, something that becomes uncertain about entering a new market is how quickly you would be able to scale. If you can get one, how quickly can you get two to three in those markets?
MFE: In your new role of president and CEO, what’s your leadership philosophy?
Olson: For me, one thing I think about a lot as a leader, particularly as I take on this new role and I try to coach with my own team as they take on more responsibilities, is ‘what got you here, won’t get you there.’ From the title of a great Marshall Goldsmith book, and I think that’s true. Every time you look at your strategy, are you relying too heavily on what’s been done in the past? Are we looking at how the industry has changed? How resident expectations have changed, team member expectations have changed? If we are constantly thinking ‘well, I did this, and it made me successful,’ that won’t always carry through, and it certainly won’t advance the culture of a company that is centered around innovation. Our company mantra is ‘Better Every Days.’ A little bit of a play on the words. People live with us every day, and we want to make their every day better as a resident. We also want to get better every day as a company and organization. For me personally, that’s often about reflecting and thinking about what skill I can draw on and what skill do I need in order to advance the business.
