Strategic Management Partners Joins with GFI to Rescue Underperforming and Distressed Multifamily Assets Nationwide

ATLANTA, GA--(Feb.  8, 2010) – Strategic Management Partners (SMP) is partnering with GFI Capital Resources Group, a full-service provider of real estate and insurance services for over 26 years, to offer multifamily property management services to owners of underperforming and distressed apartment communities across the country.

The affiliation essentially gives GFI the capability to offer third-party management services separately from its own portfolio. Potential clients may include equity owners as well as special servicers such as banks and other financial institutions.

SMP is an Atlanta-based, third-party management firm providing innovative, cost-effective solutions to increase occupancy, net operating income (NOI) and property values for clients nationwide. It offers property management and turnaround services including third party partnerships, receiverships, foreclosures, lease-up, asset repositioning, renovation and due diligence services.

Cynthia Batey (top right photo)  and Angela Smith, (top left photo)  SMP’s senior executives, have 30 years of combined executive leadership experience with two leading fee management companies, where they managed more than 50,000 rental units in 20 states.

“According to recent statistics, there are over $17 billion in distressed assets in the multifamily sector,” said Cynthia Batey.

“We launched SMP to utilize our vast industry experience and best practices to customize a unique strategy for each asset to achieve our clients’ goals and objectives.”

Angela Smith added, "It is critical for lenders and special servicers to have a knowledgeable, seasoned team they can depend on to manage the distressed assets in their portfolio – stabilizing the asset, recommending improvements for repositioning these assets, and improving NOI. Cindy and I have a breadth of experience in maximizing distressed assets, most notably in the two recent challenging years."

GFI has a national portfolio of 100 multifamily properties consisting of approximately 21,000 units. The new partnership gives SMP a wealth of support and infrastructure, allowing it to greatly leverage GFI’s buying power and access a multitude of specialized resources and professionals. SMP will, however, operate independently of GFI’s portfolio, offering its services exclusively to third-party clients.

GFI has six divisions including insurance services, commercial real estate sales/finance, mortgage banking, development, hotels, and retail leasing in which SMP clients will be offered priority pricing and service.

“We are excited for this new venture,” said Allen Gross, Founder and President of GFI Capital Resources Group, Inc. “As a full-service real estate firm, we have always prided ourselves on providing clients with the most timely real estate services that the market demands.

"Today’s economic challenges certainly necessitate a superior third party management company to help recover the countless distressed assets in the marketplace. I am confident that SMP’s services will deliver tremendous value to property owners nationwide and look forward to this vision becoming a reality.”

Media Contact: Terri Thornton, Thornton Communications 404-932-4347 Terri@TerriThornton.com