Dive Brief:
- Dallas-based RREAF Residential, a property management company operating under real estate firm RREAF Holdings, has rebranded as RR Living. The company manages almost 16,000 apartment units across over 60 communities, including properties owned by RREAF Holdings and third-party management contracts.
- RR Living has grown rapidly over the past year, with over 5,000 new properties under management. The company anticipates adding more than 100 new employees in 2024 and doubling its portfolio over the next 36 months.
- The vast majority of RR Living’s new units are owned by third parties, according to Melanie French, the company’s CEO. With this new branding, RR Living aims to continue expanding its third-party management services and grow its portfolio through fee management.
Dive Insight:
There is no perfect time to launch a rebrand, said French, who joined the company as CEO in 2022. However, the best time to make that change is when it has a purpose, she told Multifamily Dive.
“We recognize that our current customers have been very happy with our services,” French said. “Well, let's take that to that next level.”
As of now, RREAF Holdings is RR Living’s primary customer, with five to seven other third-party owners in its portfolio. Doubling the company’s unit count is no small task, but French believes RR Living’s reputation and performance will have a hand in its growth.
“When you are performing well, each owner has other friends and other owners, and everybody travels. So when somebody's getting a great return on their investment, and they're getting the top rents in the market, then owners talk,” she said. “And it opens up avenues for [us] to be able to take on more fee management.”
Enabling this growth involves being open to expanding the company’s geographic footprint, starting from its base of 18 markets in the South, Southeast and South Atlantic. “We're able to have that growth acceleration in a way that is thoughtful, in a way that does not stretch resources beyond capacity, and in a way where we can still have that personal touch,” French said.
