INCREASING RETURNS SINCE 1919
OUR CONTINUED SUCCESS in a cyclical industry is rooted in a corporate culture that applies a conservative mindset with innovative and best practices, delivering above-market returns to our investors. Korman Residential is a privately held real estate firm with fully integrated management, acquisition/disposition, and development capabilities.
We continuously develop talented and versatile on-site management teams that provide operational excellence. Our asset strategy is based on demographic analysis paired with creative solutions that recognize society's growing desire for more flexible, simplified housing alternatives.
KORMAN RESIDENTIAL CAPABILITIES
ON-SITE PROPERTY MANAGEMENT is measured by Best-In-Class standards. We evaluate our management by its ability to increase occupancy and cash flow, as well as to positively reposition the property in its market. Using quantifiable data and metrics, we measure property performance and ensure that all financial reporting is completed in an accurate and timely manner. We offer the same level of service and management capability to institutions, partnerships, and individual investors that we provide for our own equity portfolios. We are currently seeking additional third-party management assignments in Florida and the Mid-Atlantic states.
We strategically acquire properties and portfolios in targeted markets where we can create substantial value. Further, we implement disposition programs when planned goals and values are realized. Relationships with a network of well established financial institutions enable us to move quickly as opportunities arise, and on very competitive terms. These relationships can also generate numerous off-market acquisition opportunities.
Korman Residential currently owns and manages multi-family property portfolios in Pennsylvania, New Jersey, Delaware and Florida.
 |
John P. Korman Chief Executive Officer Mr. Korman has 29 years of real estate management, finance, construction and development experience. He has supervised the execution of over $2 billion of commercial real estate financing, acquisition and disposition transactions. Mr. Korman has successfully arranged for more than $1 billion in multi-family debt and equity. He has participated in over $700 million in multi-family acquisitions and dispositions, as well as the development of income producing and for sale housing portfolios totaling nearly $1 billion. Mr. Korman’s responsibilities include portfolio strategy, capital allocation and joint venture formation. Prior to joining Korman Residential, Mr. Korman was involved in all phases of multi-family, office, industrial, retail and extended stay hotels for a related entity, partnering with national and international corporate clients. Mr. Korman earned a Bachelor of Science degree in Economics from The Wharton School at the University of Pennsylvania. |
 |
James S. Korman President Mr. Korman has 22 years of multi-family real estate experience and is responsible for the operating results for all residential equity portfolios and third party management contracts. Mr. Korman has in-depth experience in repositioning properties in their respective markets while exceeding planned financial goals. Mr. Korman continues to develop talented and versatile on-site management teams who enhance property values by increasing revenues while containing operating expenses. Properties in portfolios under Mr. Korman’s management have been recognized in Pennsylvania, New Jersey, Delaware and Florida for overall excellence, curb appeal, maintenance, and marketing. These portfolios include garden, mid-rise, and high-rise buildings of all vintages. Prior to becoming President of Korman Residential, Mr. Korman worked with Corporate and Group Sales serving major national employers, and was a pioneer in the extended stay segment of the apartment industry. Mr. Korman is Past President of the Pennsylvania Apartment Association, as well as Past President of the Apartment Association of Greater Philadelphia. Mr. Korman earned a Bachelor of Arts Degree in Political Science from the University of Delaware. |
 |
Christian M. Troll Chief Financial Officer Mr. Troll has over 30 years of financial management experience in a number of different industries. In his current role, he is responsible for banking and treasury, joint venture partner and lender relations, financial reporting, information technology, risk management and coordinating acquisitions and dispositions. Mr. Troll is instrumental in enhancing asset profitability and cash flow through rigorous return on investment analysis. By utilizing best in class metrics, with his support staff, he measures property performance and ensures that all financial reporting is completed in an accurate and timely manner. Prior to joining Korman Residential, Mr. Troll consulted to a number of companies, including Aramark Corporation, Staples, Inc. and FMC Corporation. He was also a Practice Director for Arthur Andersen, LLP and shared co-responsibility for building their contract services and outsourcing practice. Additionally, he served as Vice President and Corporate Controller of CDI Corporation. Mr. Troll has substantial prior experience in loan negotiation, restructuring and coordinating loan workouts. He has worked closely with large, multi-national financial institutions as well as with regional and local banks and has an extensive network of banking relationships. Mr. Troll earned a Bachelor of Science degree in Public Accounting from CW Post College and a Master of Business Administration degree in Corporate Finance and Investments from Adelphi University. |
 |
Dawn Ewing Director, Regional Operations Ms. Ewing has 19 years of multi-family management experience with Korman Residential. In her current role she has senior operational responsibility for properties in Pennsylvania, Delaware, New Jersey and Florida. Ms. Ewing has proven experience in delivering bottom-line results while often working under challenging budgetary constraints. She interfaces with Korman Residential’s partners and institutional investors. Ms. Ewing has successfully led numerous lease-up programs and is a key member of Korman’s acquisition due diligence team. She is continually building talented and versatile on-site management teams to assume additional assignments. Ms. Ewing currently oversees portfolios that include garden, mid-rise and high-rise buildings of all vintages. Prior to joining Korman Residential, Ms. Ewing held several positions in the hotel industry. Ms. Ewing is the recipient of several industry awards including the Apartment Association of Greater Philadelphia’s prestigious Elizabeth Bee Weatherford Award in 2007. |
 |
Noreen Cassidy Director, Regional Operations Ms. Cassidy, in her current role, has operational responsibility for properties in Pennsylvania, New Jersey and Delaware. Ms. Cassidy has a proven track record in taking stabilized properties and maximizing their operating cash flow. She interfaces with Korman Residential’s partners and institutional investors and is also a member of Korman’s acquisition and due diligence team. Ms. Cassidy is Korman’s Real Estate Broker of Record. For the past 15 years, she has managed, mentored, and proactively developed on-site management teams, and overseen internal audit systems to benchmark performance. Ms. Cassidy earned a Bachelor of Arts degree from Penn State University. |
 |
Albert DeFruscio, Jr. Vice President, Construction Services Mr. DeFruscio is responsible for the physical assessment and evaluation of all managed multi-family assets and potential acquisitions. He also plays a key role in positively repositioning properties in their market. Mr. DeFruscio's experiences include managing major and minor rehabilitation projects. He develops specific programs to address property deficiencies including mechanical evaluations and sustainability initiatives- all with a high level of cost certainty. Mr. DeFruscio works effectively with key decision makers within municipalities and government agencies. Mr. DeFruscio has over 30 years of construction management experience. |
 |
Aaron Helfman Director, Marketing Mr. Helfman is Director of Marketing and oversees the corporate marketing and branding strategies for Korman Residential. He is responsible for maximizing rental revenues in the portfolios managed by the company. He oversees Korman Residential's 24-hour on-line leasing program with real time pricing. He utilizes metrics to measure return on investment of all advertising and marketing media. Mr. Helfman has developed, integrated and now manages Korman Residential's multi-platform search engine optimization program. He directs the company's viral marketing team. He utilizes social media outlets in order to maximize visibility of all Korman managed properties. Mr. Helfman earned a Bachelor of Arts Degree from Franklin and Marshall College as a Presidential Scholar with a double major (Cum Laude). |
In 1919, Hyman Korman acquired the Hamilton Farm in Northeast Philadelphia for residential development. In the 1920's, he began acquiring additional farms and subsequently incorporated to build homes in larger developments. In the 1930's, the company added apartments and shopping centers to its home building business.
In the 1940's, Hyman Korman, Inc. continued residential and commercial development in Northeast Philadelphia. The Kormans purchased Frankford Supply Co., which became the major building material supplier in the Delaware Valley. Lansdale Brick Co was acquired during this period. In the 1950's, large scale residential & commercial development continued in Philadelphia and Montgomery County, PA.
In the 1960's, major land parcels were acquired for residential and commercial development in Philadelphia, Bucks County, and southern New Jersey. The company entered into a joint venture with Reynolds Metals Co. to develop the largest urban renewal project in the country (comprised of 5,000 homes and apartments, two shopping centers, and a business park). In addition, Korman developed the Neshaminy Mall in Bucks County, as well as the Plaza, a 28-story apartment tower in Center City, Philadelphia, for its own portfolio. Korman also assembled sizable tracts of land in Pennsylvania (Center City Philadelphia, Montgomery, Bucks, and Delaware Counties) and in New Jersey. These tracts, in part, provided sites for three major PUD developments containing over 10,000 homes and 6,000 apartments. Ultimately, Korman served as third-party manager for over 2,000 of these apartments.
In the 1970's, Korman expanded its extended stay program to meet the needs of its corporate customers. Development continued throughout Pennsylvania and New Jersey emphasizing resort-style living. In the 1980's, office and shopping center development accelerated. Korman entered into a joint venture with Resorts International to develop housing near Atlantic City, NJ. The Builders Group was assembled, which accelerated activity in the company's land bank. The company syndicated many entities in its various residential portfolios. The Plaza Apartments were converted to the Palace Hotel in partnership with Trusthouse Forte. The company partnered with SmithKline and Philadelphia Electric to develop Franklintown, a Center City Philadelphia mixed-use community of public space, high-rise apartments and office buildings.
In the 1990's, land development continued in PA, NJ, and DE. Hotel development accelerated in Center City Philadelphia and adjacent to Philadelphia International Airport. In 1996, Korman Residential was formed to acquire and manage multi-family properties and portfolios. Korman Residential served as third-party manager for two portfolios totaling 2,000 units, in addition to managing the properties in its own equity portfolios. The company acquired Pine Grove, a townhome community located in Hatboro, PA.
In the 2000's, Korman Residential served as third-party manager for an additional 1,000 unit portfolio. Korman Residential acquired three desirable Main Line apartment communities, as well as Chestnut Hill Tower, a high-rise located in the Chestnut Hill section of Philadelphia. The successful repositioning of this asset was followed by a sale with substantial returns for the equity holders. Korman Residential acquired Stratford Apartments, a garden, townhome and mid-rise property located in Wilmington, DE. A repositioning strategy was implemented, leading to a major refinancing of the property and return of equity to the investors.
The company expanded its operations through acquisitions into surrounding markets and developments in Florida. Korman Residential acquired Christina Mill Apartments and Brandywine Hundred in Delaware as well as River Chase Apartments, an 800-unit garden-style apartment community in Tampa, Florida. During this period the company completed over $300 million of agency, securitized and balance sheet financing at very favorable fixed rates and returned a significant amount of capital to investors.
Korman Residential's website has been fully integrated with the company's property management software and lead management application, enabling 24-hour online leasing. In addition, top industry personnel were recruited to strengthen management capabilities and maximize financial results. Korman Residential Properties is actively pursuing acquisitions and third party management assignments in the Mid-Atlantic states and Florida.
