New Pursuit
UDRT seeks a diverse mix. While most apartment firms are still thinking about how to address changing rental demographics, one forward-thinking REIT is taking action. United Dominion Realty Trust recently created a new senior-level position to address today’s increasingly diverse resident base.
“We recognize the power of diversity,” says Chris Genry, the company’s executive vice president and CFO. “It makes us more responsive, more aware, and better able to interact well with our customers.”
In February, Moises Vela Jr. joined UDRT as senior vice president of multi-cultural strategy, bringing 20 years of experience as a leader in the Latino community. Vela is responsible for developing specific strategies and programs to attract a diverse resident base.
His first order of business: addressing the Hispanic population, one of the fastest growing groups in the country. UDRT is adding culture-oriented amenities to several of its properties with a high percentage of Hispanic residents. “We are going in and making these properties culturally relevant, culturally respectful, and culturally welcoming,” Vela says. Examples include replacing tennis courts with soccer fields and swapping carpeting for hardwood flooring. Plus, selected new developments will include more open space with picnic tables and grills, instead of the traditional swimming pool.
Vela also wants to diversify the company’s workforce, especially among middle- and senior-level management. “This company is committed to ensuring that we look like the people we are trying to serve,” says Vela. He hopes to find talent by partnering with Hispanic and black colleges and associations.
UDRT is one of the first REITs to offer a senior-level position targeted at multicultural diversity, but other multifamily firms may not be too far behind. After all, this type of position is common among Fortune 500 firms and consumer product companies. “It would not surprise me to see more REITS do the same thing down the road,” says Genry. —Rachel Z. Azoff