Opportunities All Around The company currently has three new developments on the drawing board, including two high-rise apartment buildings in downtown Chicago, as well as a possible condominium community. And, the company is always interested in other development opportunities, even though it’s becoming increasingly difficult to do private development without institutional or real estate investment trust partners, says Woodworth. That’s an area where the firm benefits from long-term relationships it has established with lenders and institutional partners. “We’ve worked with [the company] for 20 years, and we’re always happy to hear of a new project [Habitat is] undertaking,” says Bruce Duncan, group senior vice president in the real estate division of LaSalle Bank.
“[Habitat] creates opportunities for us,” continues Duncan. “They’ve developed a concentration of multifamily [buildings], have good partners, quality staff and they’re politically [savvy] – they have good relationships with, and know how to work with, planning departments and other officials.”
But, the reason Habitat continually strives to be a good investment partner and maintain solid relationships reaches beyond securing finances, says Levin. “Money is nice, but having integrity in relationships is what makes us proud of our work, and proud of our company. It’s the same as how service, not prettiness, makes us proud.”
In addition to market-rate development, Habitat also is interested in growing its new condo management division, and maintaining its affordable housing management and development business. The company also has a growing brokerage business in Chicago’s downtown residential market, and a corporate suites division that’s looking to expand beyond its current 500 furnished apartments, says Woodworth.
The company’s focus is to expand all of its business areas, and Woodworth sees Habitat potentially managing 30,000 to 40,000 units in the next five to 10 years. Most importantly, Habitat plans to continue to be selective about business opportunities and not get overextended in any one product type.
“[Maintaining balance] is an important part of our history. I don’t think we ever want to be the largest player on the block,” says Woodworth. “That’s why we chose our slogan. Our goal really is excellence in management.”