Only three months since officially launching property management services specializing in serving low- to moderate-income families and individuals, Lewis & Clark Development Group is rapidly scaling up to meet demand.
Within the last several weeks, LCD Group has taken over management of 420 units across North Dakota.
“Our stated goal when we started providing property management services was to have at least 500 units in our portfolio by the middle of this year,” said LCD Group Executive Director Brent Ekstrom. “It’s March and we are sitting at 420 units so we are on pace to easily surpass that goal.”
Ekstrom says LCD Group was receiving inquires from developers and housing groups prior to officially announcing it was venturing into property management services. Those inquiries have grown significantly, fueled in large part by a combination of both demand and the unique range of services LCD Group provides.
“One of the things we understood when we started providing property management services is we could be a one-stop shop for property owners. We provide tenant services, rent collection and processing, basic maintenance, improving curb appeal, financial management for owners, advertising, and compliance with federal and state qualified income housing programs. So far, the demand for these services has met and even exceeded our expectations,” says Ekstrom.
When needed, LCD Group is making improvements and updates to each property as it comes onboard. Ekstrom anticipates this process will take months, noting the updates are gradual but noticeable, especially curb appeal improvements.
As of March 31, LCD Group is managing the following 16 properties in these 12 North Dakota cities…
Bottineau: Bottineau Townhomes, 12 units; Oak Manor, 30 units; Oak View, 12
Devils Lake: Dakota Manor, 24 units; Freemont Apartments, 40 units
Dunseith: Westhaven, eight units
Grafton: Grafton Living Center, 16 units
Langdon: Park Village of Langdon, 32 units
Minot: Guardian Manor, 48 units; Polaris Park, 48 units
Rolla: Munro 8, eight units
Saint John: Glasner, 16 units
Washburn: Park View Apartments, 18 units
Watford City: Hillside Court I and II, 40 units
Williston: Legacy at Central Place, 44 units
Wilton: Wilton Community Progress Corporation Apartments, 24 units
The addition of these properties has also led to a hiring boom for LCD Group. Since January, the organization has nearly doubled its staff to service the properties with the majority of hires being on-site property managers and maintenance staff.
“We will continue to bring on properties and staff in a systemic way consistent with our business plan and in keeping with our mission to develop communities and support affordable housing,” say Ekstrom.
“I have a feeling based on the last couple of months we really are only getting started.”
About LCD Group’s Property Management Services: Lewis & Clark Development Group, through CommunityWorks North Dakota, is the state’s only chartered NeighborWorks America organization. Lewis & Clark Development Group’s mission is to provide opportunities to develop North Dakota’s economy and communities through flexible financing and support for businesses and affordable housing.