A Letter from the President: Operational Highlights in 2023

By Scott Brown, President, Grubb Properties

March 20, 2024
 

Grubb Properties achieved some significant milestones in 2023 against a challenging backdrop. In his annual letter, Grubb Properties President Scott Brown recently outlined some of the company’s operational achievements. An excerpted version of the letter is below:

This year, we focused on strengthening our team culture, improving performance, and prioritizing resident satisfaction. Below are some operational highlights for 2023. 

Multifamily Properties

• Once again, we ranked as a top National Multifamily Apartment Manager for resident satisfaction, as determined by SatisFacts. This year, we moved up to rank in the top 5% of the 812 property management firms surveyed, improving from our top 10% position last year. 
• Our resident satisfaction also improved to 4.50 out of 5, putting us in the “Exceptional” category. The percentage of residents likely to renew their leases improved by 39.6%. 
• The maintenance service team continued their excellent record, resolving 98% of service requests within 24 hours, the same as last year. The number of service requests increased by only 9% as we added 16% more units, highlighting the quality of our new construction and the units turned.
• Our multifamily operations team added monthly and annual service awards in our continuing effort to build a team-first culture. 
• An impressive property highlight: our first Link Apartments℠ community, Link Apartments℠ Manchester, ended the year 96.3% occupied.

Multifamily Development

• We have 4,034 units of Link Apartments℠ under construction or in development, a 30% increase from 2022. 
• More than $286 million worth of construction work was put in place for the Link Apartments℠ product, a 14% increase from 2022. A record seven Link Apartments℠ communities totaling 1,905 units were in lease-up – a 70% increase. 

Commercial Portfolio

• The commercial leasing team executed 62 leases, increasing occupancy across the portfolio from 77% to 81%. 
• We performed commercial tenant upfits totaling 274,368 square feet at a value of almost $35 million. 

Corporate Highlights 

• Our employee engagement survey showed that 88% of our team members are engaged -- much higher than the national average of 65%. Almost all (99%) of our team members said they are proud to work for our organization. 
• We completed our sixth house with Habitat for Humanity in six years, this one in Lexington, NC, to honor the company’s 60th anniversary by returning to the place where we were founded. 
• Policy and procedure audits, insurance compliance, and training compliance all ended the year above 99%, up from an already strong 95% last year.
   

Sincerely,
 
Scott Brown 
President