As Reserve Capital Partners continued to add office and industrial properties, it knew it would need to hire an experienced property management executive to oversee its growing portfolio.
The Dallas-based real estate investment firm found that person in Jacqueline Byrd, a 25-year industry veteran who spent a dozen years as vice president and regional director of property management at multinational real estate investment trust DCT Industrial, which Prologis acquired in August.
Byrd said she looks to grow Reserve Capital’s property management team in anticipation of the firm’s increased acquisition activity, which generally focuses on assets ranging from $20 million to $100 million. Reserve Capital Partners Fund I, the firm’s private equity fund, is expected to have up to $300 million in assets when it’s completely deployed – and providing quality property management to new tenants will be vital, said Byrd. “There’s no substitute for customer service and relations.”
Reserve Capital partner Clint Riley said the firm had sought someone to oversee property management for about a year. Previously, the firm had used a hybrid system of a third-party management provider with some internal team members. Having Byrd lead a fully in-house property management team will ensure consistent, high-quality services to Reserve’s tenants, Riley said.
Retaining tenants is critical, he said, because the cost of replacing them is high, especially as tenant improvement costs increase. “We work to be long-term partners with our clients,” Riley said. “The real estate doesn’t work without tenants.”
Did you know? Byrd loves to travel the world with her immediate and extended family. Last year, the entire group traveled to South Africa. Early next year, they’ll head to Egypt. Even while relaxing in Egypt, Byrd said she won’t be able to help but assess the level of management at the places and properties they visit.