Charlotte developer branches out to management

COURTESY YELLOW DUCK MARKETING

Avion Point in Charlotte is one of the properties in the newly-launched LSA Management's portfolio. LSA is a partnership between Charlotte-based Laurel Street and Irvine, Calif.-based Avanath Capital Management.

A Black-owned Charlotte residential development company is moving into property management.  

Charlotte-based Laurel Street and Avanath Capital Management based in Irvine, Calif., have launched a new property management firm, LSA Management to leverage their combined resources as long-term owners for housing opportunities to people of all income levels.

The new company, which will set up shop in Charlotte, provides property management services for Laurel Street communities, as well as Avanath communities in North Carolina and Georgia. LSA manages 3,000 units in Virginia, North Carolina, and Georgia, as well as another 2,000 units in the Southeast.  

LSA anticipates a management portfolio of more than 10,000 units by 2030. Laurel Street has 5,000 units in its development portfolio. Avanath has acquired $3.5 billion of properties across 14 states, which include 15,000 apartment units.

“As an owner of mixed-income communities, we saw a need in the marketplace for a property management company that serves residents with excellence and provides exceptional customer service to all residents, regardless of their income level,” said Dionne Nelson, Laurel Street’s CEO and president. “Resident feedback will drive our priorities for activities and offerings for a customized approach supporting each community’s unique needs.”

Nelson and Daryl Carter, CEO and chairman of Avanath Capital, will share LSA’s presidency and executives from both organizations will serve as officers. Day-to-day operations will be led by Carly Stevenson, executive vice president of property management.   

“By combining Avanath’s national institutional experience in property management and real estate investment with Laurel Street’s expertise in developing and preserving multifamily communities, LSA Management is uniquely positioned to add value for residents, team members and partners,” Carter said. “The formation of LSA is aligned with our commitment to providing lifestyle within reach to residents throughout the country.”  

Said Stevenson: “As a result of the high-quality living and enhanced service to residents provided at each LSA-managed community, we believe resident pride in their homes will increase, and their overall quality of life will improve.

“We’ll uphold our commitment to quality through hiring top-notch team members and providing them with ongoing training, development and support, as well as leveraging systems and technology to improve operating efficiencies and execution.”

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