Schafer Richardson Brings Multifamily Management In-House with New Residential Property Management Division
Posted Under: News
Schafer Richardson, a Minneapolis based, full-service Real Estate firm since 1995 has launched a new Residential Property Management Division. SR has been developing multifamily condos since 2007 and multifamily rental units since 2013. Since then, they have developed (and have under construction) $915M (3,534 units) of multifamily housing across the MSP Metro and Nebraska with another $266M (969 units) in the pipeline.
Schafer Richardson transitioned management of 784 market-rate units across 7 properties in January 2023 and will transition another 754 market-rate and affordable units (6 properties) on July 1, 2023. They currently have three projects under construction, two that will transition once they reach stabilization and another that will be leased up in-house in early 2024. Four additional projects are expected to close in 2023.
Schafer Richardson brought on Brian Kelley in 2022 as the Vice President of Residential Property Management to lead these efforts. Brian, a 30-year veteran of the multi-family industry, oversees all aspects of property management for SR. Most recently, he was the Chief Operating Officer for KMS Management in St. Louis Park. “I’m strongly committed to providing a quality housing experience for all renters and excited to be a part of Schafer Richardson’s plans to expand both market rate and affordable housing options in the Twin Cities and beyond” commented Brian.
As Senior Regional Residential Property Manager, Kimberley Beto also joined SR in 2022 and brings over 30 years of experience managing multi-family residential real estate. Most recently she was the Senior Portfolio Manager with KMS for 25 years and a Regional Director with Centerspace.
Most recently, Stefanie Sokup joined SR as the Director of Marketing. Stefanie will be responsible for marketing the existing residential portfolio and leading all internal marketing and leasing efforts for new developments. Prior to joining SR, she was the VP of Marketing and Lease-Up Project Manager for Real Estate Equities. “We have a sizable pipeline of growth and a big opportunity to deliver multiple high quality multifamily housing options to renters. It’s an exciting time to be a part of this company’s growth trajectory” stated Sokup.
A year ago, the company had 48 employees. Today that number has grown to 78 and they expect to bring on 30 more associates in the next 12 months to meet the demand.
“We’re excited to bring this new division in-house. We are on track for substantial development growth in the next two to three years and it made sense to build this capability within the current organization” stated Steve Norcutt, Principal and COO at Schafer Richardson. Prior to launching the management company, SR had a strong relationship with Steven Scott Management who provided all residential Marketing and Management services. “We have built a strong team of seasoned multifamily professionals who will care for our buildings and residents in a way that aligns with our company philosophy and values” added Norcutt.