The Connor Group is now headquartered on the grounds of the Wright Brothers Airport, just one mile from the original offices.
That’s about all that’s the same about the dynamic organization.
Back in 1992, The Connor Group’s first four apartment acquisitions totaled $16.3 million in transactions.
Now, in our 24th year of exemplary business growth, The Connor Group’s most recent four apartment acquisitions will total $421.5 million.
The Connor Group’s first apartment acquisitions were from the Dayton area, and over the years, the company has branched out across the Midwest, from Atlanta to Charlotte to Dallas to Chicago. 2016’s newest acquisitions include West Village (Durham, NC), 1660 Peachtree (Atlanta, GA), Stonebridge (Chicago), and Excelsior & Grand (Minneapolis). Excelsior & Grand will be the company’s first acquisition in Minneapolis, joining 10 other major markets.
For The Connor Group’s nearly 900 investors, this diverse portfolio of cities means healthy nationwide business expansion. The Connor Group’s continuous growth is thanks to our ability to increase net income in comparison to prior property owners. In the case of one Ohio property that The Connor Group purchased in 2009, net operating income increased 80% since under the previous owners.
“That is the right people doing the right things,” said Managing Partner Larry Connor. “This is also the reason we have grown from 100 investors back in 2002 to 900 today.”
In fact, in the past 12 months alone, The Connor Group has set a new business record with $1.2 billion in transactions through acquisitions and sales combined.
“It is a tribute to our people, our systems, our strategic planning and our investors that we’ve had that kind of 12 month period,” said Larry Connor. “We are big planners and we had set a goal to get to the billion dollar transaction stage by year-end 2016. We got there, just earlier than we planned.”
The Connor Group’s disciplined national management style takes advantage of local expertise and builds on the company’s two decades of experience. “You can have the biggest and best plans and the greatest systems, but in the end, you have to operate apartments correctly,” said Larry Connor. “That comes down to people, plain and simple. We invest in our people through our recruiting process and significant training. We spend more than $1 million a year on training.”
By investing in the people of the company, The Connor Group exercises a calculated strategy to acquiring new apartments. Considering the company’s assets and level of experience, the industry norm would be to purchase about 12 new properties. In 2015, The Connor Group had plenty of equity to make a number of acquisitions, but only purchased six new communities.
This intentional approach highlights a strict set of criteria for which communities The Connor Group is willing to add to the portfolio. “We received information on 400 apartment communities in 2015, we physically looked at 125, we made offers on 20 and we acquired six,” Connor said. “We are looking for the right opportunity at the right price and we are happy to pass on a deal if it doesn’t meet our strict underwriting criteria.”
The Connor Group’s commitment to sustainable growth is evidenced by the company’s leadership. Led by Larry Connor, The Connor Group associates have invested more than $100 million of their own money in the last three funds.
“We eat the same cooking as our investors,” said Partner Patrick Rini, who oversees the investor development department. “Our interests are in true alignment with our investors. We put our own money in these funds and we don’t get paid unless investors get at least a 10% annual return (non-compounded) on each apartment community. It’s not often you see that alignment of interest.”
From humble beginnings in 1992, with just 100 investors and four Dayton apartment communities, The Connor Group has achieved phenomenal growth in the past 24 years. With such a bright start to 2016, The Connor Group is off to a great year.