Juan Bueno, the executive who left Avison Young last month after serving nearly two years overseeing the brokerage's U.S. operation, has taken a new job at one of the country's largest multifamily owners.
Bueno started this week as president of operations at Cortland, an Atlanta based owner and manager of apartments across regions including the Sun Belt. The position is a new one at Cortland, where he will oversee facilities, analytics, revenue, talent, marketing and resident experience. Working with those groups, Cortland is looking for Bueno to lead the firm's efforts to deliver modernized operations and high-quality service to its residents and employees and profits to its investors.
There's an opportunity for Cortland to set itself apart from other multifamily owner-operators because the firm focuses on service and recognizes that renters can choose to live in apartments owned by any of several other companies, Bueno said.
"No one in the industry is looking at residents as true customers. The whole process feels very transactional," Bueno said in an interview. What Cortland CEO Steven DeFrancis "and his leadership team have been able to create is a culture where the resident experience comes first and associates feel empowered to truly deliver on that promise.”
When Bueno resigned from Avison Young in June, he said he was leaving for a job in real estate but would not disclose where.
The creation of the president of operations position comes as Cortland expands its presence in several growing states in the South and Southwest. The company manages and has investments in more than 80,000 apartments in 250 complexes. Cortland, which ranked No. 6 on the National Multifamily Housing Council's 2023 50 Largest Apartment Owners list, also is growing quickly in the United Kingdom.
Bueno started his new job as competition for renters heats as new apartments are added to the country's inventory. "The multifamily trend of supply outpacing demand continued for the sixth quarter in a row to start off 2023," according to a recent CoStar Market Analytics report. "Net absorption rebounded into positive territory after turning negative at the end of 2022, with 42,000 units absorbed. However, with 109,000 new units delivered during the first quarter, rent growth nationally decelerated once again, going from 3.8% at the end of 2022 to 1.2%."
Understanding the Customer
At Cortland, Bueno reports to DeFrancis. Bueno became familiar with the multifamily industry during his five years leading Home Depot Pro, the home improvement chain's division focused on large and commercial customers. It was at Home Depot where he became familiar with DeFrancis because Cortland was a large customer at the time.
Bueno's experience in real estate and customer-focused industries will help him "lead the next step in Cortland’s evolution and accelerate our commitment to providing a level of hospitality that creates an unrivaled living experience," DeFrancis said in a statement.
During his stint at Avison Young, Bueno leaned on his 15 years of experience in management consulting to impress upon brokers the importance of becoming trusted advisers. He was enjoying his work at the brokerage when a mutual friend of his and DeFrancis recommended Bueno look into an opportunity to take over operations at Cortland.
"Steven and I got together multiple times over the last six months. We discussed the strategy, we visited properties, and I was able to get a first-hand look at the service-oriented culture and attention to detail that supports Cortland’s track record and the recognition they’ve received as distinctive multifamily operator," he said. "The thought of joining the team to help in the next phase of Cortland’s evolution and growth was an opportunity I couldn't resist."
Bueno said he learned a lot and gained much perspective about the commercial real estate industry at Avison Young. "I made great relationships. I cemented my perspective that real estate is a place that I want to be part of as a shaper, because I do believe that broker is still primed for disruption," he said. "That hasn't changed."
As for his former firm, Bueno said he wishes it well. "I didn't leave Avison Young," he said. "I joined Cortland for an incredible opportunity and the excitement that comes from joining a stellar team in a growing and highly dynamic space”
Knowing the Renter
Now focused on understanding the renter's mindset, Bueno has hit the ground running. He's in Salt Lake City this week to learn more about how data and technology can advance the operation of apartment complexes and deal with the challenge of knowing what Cortland's customers want.
"Recognizing and understanding, why our residents decide to live in our communities is key," he said. "Some people would say, 'Amenities are key,' like having a pool or a great gym. Some others might say it's about the cleanliness. But I think in today’s market those are all table stakes."
The key, Bueno said, "is ensuring the best possible resident experience in every interaction. That starts when they take their first look at our websites as prospects, continues when they come onsite and schedule a tour, and doesn’t end until after they’ve moved out."