Project Overview
Mission Rock Residential, LLC, a Denver-based multifamily property management company founded in 2012, has redefined how it manages its portfolio of nearly 30,000 units spanning 169 properties across the United States. Mission Rock’s continued success is a direct result of its focused dedication to providing exceptional service throughout the portfolio, matched by its enthusiastic approach to fostering a diverse and inclusive company culture with the expectation of overachieving for its clients.
Given the growth of its portfolio over the last decade, Mission Rock recognized the need to adopt a scalable, cost-effective operating model that would enhance its ability to deliver unparalleled services to its residents and clients, despite the changing economic environment. RealFoundations was engaged to provide property and portfolio accounting services for Mission Rock, enabling its team to concentrate on its core business and easily scale accounting operations as the portfolio continues to grow.
“Mission Rock Residential has embraced the true value of a partnership. RealFoundations and Mission Rock have collaborated to deliver a material transformation in their operating model and have done so in a manner that has retained the high calibre of quality service delivery to their communities. RealFoundations has continued to increase our work with Mission Rock over new portfolios and have been able to adjust delivery as needed, effectively.”
— Clive Tydeman, Global Head of Accounting and Lease Services, RealFoundations
Challenges
- Extensive portfolio growth introduced effective staffing difficulties,
- Senior accounting staff consistently involved in basic accounting and administration, and
- Highly competitive market increased the overhead and overall cost of accounting delivery.
Value-Add Solutions
Retained to provision Accounting Services, RealFoundations:
- Conducted work sessions to understand current accounting and property operations across all geographies and designed an optimal future state operating model,
- Assessed the current state of operations and recommended improvements to gain operational efficiencies,
- Defined a distinct list of processes to be outsourced and completed a full suite of agreed Standard Operating Procedures, and
- Collaborated with Mission Rock to determine accounting functions to outsource.
Realized Benefits
- Mission Rock’s accounting team equipped to focus on the review of financials rather than the administrative burden,
- Substantial cost reductions of approximately 20-30% across the delivery platform,
- Standardized processes and accounting delivery across the portfolio,
- Reduced internal training requirements, and
- Scalable, cost-effective and efficient operating model.
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About Mission Rock Residential
Mission Rock Residential, LLC was established in 2012. The company now manages 169 multifamily properties and more than 30,000 residential units across the United States. With a team of more than 700 full-time team members, the company is headquartered in Denver, Colorado. The company was also named one of the Best Places to Work in Multifamily in 2020 and recognized as a Top 50 Multifamily Management Firm in 2022.
About RealFoundations
RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.
