The Excellence Awards 2013 presented by MHN Multi-Housing News
Oct 01, 2013
GOLD | Best Property Management Company
Prometheus Real Estate Group
Headquarters: San Mateo, Calif.
Regional Offices: Seattle, Wash.; Portland, Ore.
Key Executives: Jackie Safier, President; Clay Parker, CFO, Executive Vice President and Partner; John Millham, Executive Vice President and Partner; Jon Moss, Executive Vice President and Partner
No. of Employees: 680
No. of Multifamily Properties in Portfolio: 79
No. of Units in Management Portfolio: 18,340
Percentage of Units that Company Owns: 65 percent
Active Regions: San Francisco Bay Area, Los Angeles Metropolitan Area, Portland Metropolitan Area, Seattle Metropolitan Area
Asset Types: 80 percent Class A; 20 percent Class B
For the past five years, Prometheus has set itself apart from many in the apartment industry by creating a rental experience that is fun, creative, and unique. It achieved a 2013 Great Places to Work engagement survey rating of 85 percent, and over 60 percent of new employees are referrals or promotions. Over the past three years, Prometheus rolled out several distinct elements, focused on being game changing. It studied every element of the leasing and move-in experience, turning engagement points that are often pain points in the industry into areas of differentiation and strength. With a holistic approach to the brand-creating quantifiable economics, its portfolio value increased by 50 percent over the past three years. Prometheus had a tremendous 2012 as portfolio (same store) NOI increased 8.7 percent, which was driven by a 7.4 percent increase in net rental income.
"What really impressed me was their low resident turnover. They had creative ideas and great execution."
- Judge's comment on Prometheus Real Estate Group
GOLD | Best Apartment Property
550 Moreland Apartments
Location: Santa Clara, Calif. Year Built: 2009
Owner: Prometheus Real Estate Group Inc. Management: Prometheus Real Estate Occupancy: 96 percent
Unit Mix: From one-bedroom, one-bath to three-bedroom, three-bath
Sq. Footage of Buildings: 471,274
Site Size: 5.42 acres
Type of Community: Five residential buildings over a two-level subterranean garage
Prometheus Real Estate Group Inc. has developed 550 Moreland, 430 elegant, unusually large apartment homes (floor plans averaging 1,096 square feet, which include loft units with ceiling heights up to 17 square feet) in Santa Clara's rising Rivermark neighborhood. The 550 Moreland property, with its resort environment and town center location, attracts a hub of technology professionals from Silicon Valley, as well as players from the San Francisco 49ers, given the property's proximity to the training facilities and planned new stadium. It is the first solar-paneled apartment property in Silicon Valley, with 330 solar panel lights in the common areas and recreational and fitness center, estimated to reduce C02 emissions by 102,435 lbs. annually. Further, a water-conservation program using recyc led water systems irrigate all the common area landscaping. It's also the first non-smoking apartment building in Silicon Valley.