Vesta understands that the success of any affordable multifamily residential community does not end at construction completion or the achievement of stabilized occupancy. For these properties to thrive over the long term they require a management company that is well versed in dealing with the full range of operational challenges, from fiscal management, to physical plant, to resident services.
The foundation of Vesta’s long-term success is its experienced team of highly skilled and dedicated professionals who have led the organization to assume a leadership role in the affordable housing industry. Vesta communities are always one of the most successful and desirable sources of affordable housing in their respective areas due to the combination of:
- A highly competent team,
- Superior property management policies and procedures,
- Full integration of asset and property management principles into the delivery model, and
- A core commitment to enhancing the quality of life for residents.
Vesta’s long term approach to sustaining stable operations at properties is as follows:
Assess – A continuous assessment of the respective strengths and weaknesses of the community including a detailed review of the staff, overall property operations, the condition of the physical plant of the community, and the specific program requirements along with any legal commitments, such as Regulatory and/or Assistance Agreements, Covenants of Compliance, Restricted Land Use, etc.
Plan – Vesta develops a specific action plan for any weakness identified in the assessment along with strategies to bolster and build upon the identified strengths.
Implementation – Vesta implements its plan at the community with precision and organization.
Oversight – Vesta monitors the implementation of the plan at the community at all levels and will make changes and adjustments as needed over time.
As a result of sound management practices, Vesta’s current portfolio performs extremely well, with occupancy generally greater than 95%, positive cash flow on all properties, and substantial replacement reserves. Additionally, properties have scored Satisfactory or above on all of their most recent HUD MOR inspections, including many scoring a Superior, and have very strong scores on their most recent HUD REAC inspections.