PROPERTY MANAGEMENT FIRMS ANNOUNCE VENTURE
Signature Property Management (“Signature”), Overland Park, Kansas a leader in apartment and community association management and DRS Management ("DRS”), Leawood, Kansas, a leader in apartment management, development, consulting, and apartment industry advocacy, today announced that the two firms have entered into a joint venture agreement to provide an enhanced array of investment, property and asset management services to clients and investors located throughout the Midwest, Texas, Colorado and Illinois.
The combined organization, currently managing 65 communities with 140 employees, will be in a unique position to provide an extraordinary portfolio of innovative, flexible and leading edge management products resulting in maximizing revenues and better controlling costs.
Signature Properties has been in the property services business for 30 years and currently manages both multifamily rental properties as well as Home Owner Associations. Signature, has had experience managing both conventional and affordable housing projects in five states and is a co-developer of the Gardens at Northgate, a senior housing community in North Kansas.
DRS Management, formerly Dunes Residential Services, and its CEO, Ward A. Katz, have developed six multifamily projects comprised of 1,400 units in the Kansas City over the past 25 years having recently sold The Dunes at Falcon Valley, a 208-unit project in Lenexa to Tower Properties. In addition, Katz and DRS have managed 4,000 multifamily units throughout Missouri, Kansas and Texas for a variety of institutional investment clients and partnerships. DRS recently opened an affiliated office in Denver under the direction of Peter Katz. In recent years, a related company, M-fishency.com, has served as a consultant for clients nationwide on multifamily best practices and an advocate for the multifamily industry on tax and other issues.
“The multi-family management business is increasingly dependent on sophisticated technology and well-trained people. Managers who do not keep pace will be left behind” said Ward Katz, President of DRS.
Signature CEO and founder, Jerry Miller said “The two companies have known each other well for many years. Our relative skills and competencies complement each other. We look forward to leveraging our respective capabilities and expanding in the markets in which we do business. Our market focus will be Kansas City, St. Louis, Dallas, Denver, Chicago and Phoenix. Our first venture together is the formation of an opportunity fund to acquire and renovate several multifamily projects.”
“At the end of the day, management is still about people. There are tremendous opportunities to make better hires, to better train staff and thus provide better service to our clients”, stated Jerry Miller, President of Signature. And our combined technology is second to none.”