From expanding to a new market and opening a first-of-its-kind private school, to record-breaking re-engineers, 2022 was a year for the record books. As the year comes to a close, Loop looks back at the top 10 events that shaped yet another historic year.
10. Connor University
A long-time vision took a giant leap toward becoming a reality with the purchase of a 70,000-square-foot building that will be the future home of Connor University. The space is dedicated to the training and long-term development of our associates. We plan to open Connor University in 2024.
9. CSO expansion
Affectionately referred to as “The Annex,” the new 22,000-square-foot building adjacent to our Central Support Office is taking shape. Set to open in June, the new space will provide 66 additional offices and two additional conference rooms as we prepare to support 55+ properties across 22 markets in the next three years.
8. Larry goes to the ISS
Our very own Larry Connor made history back in April, blasting off to the International Space Station as the pilot of Axiom Mission, Ax-1. The historic mission sent the first-ever fully private astronaut crew to the ISS for 17 days. Larry reflects on the relentless endeavor in the video below:
7. $16 million in value produced for Kids & Community
Because of our associates’ hard work and determination, we generated $16 million for Kids & Community Partners by hitting and exceeding NOI (net operating income) goals. This money will be used to invest in programs that help pull children out of generational poverty, with the ultimate goal of investing over $500 million in non-profits over the next decade.
6. Dovetree’s nine-month re-engineer
The team of Lisa May and Clay Dillon, under the leadership of veteran TCGer, Katie Powell, achieved the company’s first nine-month re-engineer at Dovetree in Dayton.
“What the team at Dovetree accomplished in nine months epitomizes our great, long-term opportunity as elite operators of great apartment communities that are underperforming,” Larry said.
5. Mezzo’s eight-month re-engineer
Records are made to be broken. After Dovetree set the re-engineering record in April, the team at Mezzo of Tampa Palms set their sights on taking the top spot. The now iconic duo of Jen Moreno and Kristen Rutledge (a.k.a. Peanut Butter and Jelly) crafted a winning plan and successfully completed the first-ever eight-month re-engineer in October.
“Mindset was key. No matter the challenge, we knew it could be done,” said Kristen. “We worked to identify what needed to be fixed and attacked, making sure not to ignore any problems or take any shortcuts.”
4. Greater Dayton School opens
On August 15th, after five years of planning, the Greater Dayton School (GDS) officially opened its doors to students. GDS is Ohio’s first private non-religious school exclusively for under-resourced students. It features a revolutionary educational model that focuses on the whole child, inside and outside of the classroom. This long-term vision is the culmination of our associates’ hard work.
“Whether it’s turning apartments, keeping our physical facilities looking great, driving rent roll, re-engineering our properties and positioning them for sale, it makes a difference in kids’ lives that would otherwise not have access to this education,” said GDS founding principal A.J. Stich.
3. Twelve new partners
The partnership wall at CSO had 12 names added to it in 2023. These associates represent five markets including Chicago, Charlotte, Cincy/Dayton, Dallas, Indianapolis and the CSO. Their achievements prove there’s no glass ceiling, and associates at any level within the organization have the opportunity to earn partnership. Congratulations to the partner class of 2022.
2. Welcome to Miami!
We officially expanded to our 17th market with the purchase of Grand Riviera Miramar in Miami/Ft. Lauderdale. The $138 million acquisition is the third largest in Connor Group history. Under the leadership of Sal Gracia and market founders Traci Quetano, Amber Parker, Sammy Howard and Samir Jose, the team at Grand Riviera expects to improve NOI by $3.4 million over the next 18 to 36 months.
1. Over $3 billion in transactions
12 acquisitions + 11 dispositions + 8 refinances + 4 supplementals = $3,009,548,000
In 2021 we set a company record with $2.95 billion in transactions. But falling just short of $3 billion left a bitter taste in the mouths of our acquisitions and dispositions team.
Like Michael Jordan with the ball, the final seconds ticking down, and the game on the line, the acquisitions and dispositions team came up clutch, closing the sale of Stonebridge in Chicago with just two days left in the year to bring home the win at the buzzer. The $131 million sale was just enough to move us over $3 billion in transactions on the year, setting a new company record. This milestone is a culmination of associates across all markets at all levels of the organization being All In.
As we celebrate the achievements of 2022 and look to 2023, it’s important to remember that none of this is possible without the right people. People have been and always will be our No. 1 key to success.