After almost a decade as president of Quarterra Living — the property management arm of multifamily firm Quarterra, itself a subsidiary of Miami-based home builder Lennar — JoAnn Blaylock is moving into a new role as president of Coppell, Texas-based property manager Birchstone Residential.
Birchstone is the in-house management division of New York City-based multifamily investor Ashcroft Capital, which owns 13,780 units across multiple Sun Belt markets, valued at a total of $2.6 billion. As president, Blaylock will oversee this portfolio and implement “leading-edge management practices at communities added to Birchstone's portfolio as a result of Ashcroft's robust acquisition efforts,” according to Birchstone.
Blaylock helped launch Quarterra Living in 2014, and was responsible for the direction and operation of the company’s portfolio and management platform. She began her career at Dallas-based JPI Management Services, where she rose to be division president, and later served as senior vice president of Dallas-based student housing firm Grand Campus Living and senior managing director at Charleston, South Carolina-based multifamily giant Greystar.
"JoAnn's depth of experience will allow her to build upon this great organization and position us for growth as markets recover and our unit count climbs north of 20,000 and beyond,” Frank Roessler, CEO and founder of Ashcroft Capital and Birchstone Residential, said in the press release. We're thrilled to welcome her as president of our team of 400-plus associates, and we're confident that her industry acumen and robust leadership skills will translate to satisfied residents, high-performing associates and a world-class culture for our organization."
Originally known as LMC, Quarterra and its divisions were rebranded in mid-2022 as the subsidiary prepared to spin off from Lennar later in the year. The company ended up postponing this plan due to “unfavorable market conditions,” as stated in the fourth-quarter earnings call that year.
Quarterra remains a part of Lennar as of now. In December 2023, Lennar announced that it was exploring the sale of its multifamily portfolio, which consists of 11,000 units valued at $4.5 billion total.
