President and CEO David Picerne, a third-generation developer, began work on his first Las Vegas project in 1986. His company has since been involved in 25 projects and has developed approximately 7,500 units in the area.
It's a key city for the national company "Las Vegas is a market with strong fundamentals," said Rondetta Troutman, senior vice president at Picerne, citing strong population and job growth and healthy forecasts for the tourism and gaming industries. Troutman is in charge of conventional housing for the company, which also develops affordable and military housing.
Picerne opened the 340-unit The Fairways at Southern Highlands in May 2003. The project features ceramic-tile entries, full-size washers and dryers in the units and solarium floor plans. There are window seats and built-in shelving. The development also has three resort-style pools and spas, pool cabanas, and an elegant clubhouse with a separate mini-theater.
It's the first project that Picerne has built in Las Vegas that features popular loft units built above attached garages. In addition to lofts, the development has one-, two- and three-bedroom units. The average rent is about $960 per month.
The property has a good mix of residents, including casino employees, retail/service-related employees, teachers and doctors, Troutman said. The resident profile ranges from people in their 20s to retirees in their 70s.
Picerne also opened the 359-unit The Covington at Coronado Ranch last August. Both developments reached stabilized occupancy in March. Average rents at Covington are about $908.
In a nice touch, the company has built model units that are attached to the leasing office at both developments so prospective residents do not have to go out into the hot Vegas sun.
The firm plans to hold on to The Fairways and The Covington properties for at least several years, Picerne said.
"Those particular deals represent a good evolution of our product line, which we've been working on for several years," he said.
Picerne is a big believer in holding focus group meetings after lease-up in order to obtain resident feedback that helps the company evolve its products.
The firm has another 290-unit community under construction and two other projects scheduled to begin construction in Las Vegas in the fourth quarter of 2004.
Picerne Real Estate Group owns and manages approximately 30,000 units and builds about 3,500 units each year. It's the 35th largest apartment owner and the 27th largest manager in the nation, according to the National Multi Housing Council.
Article originally printed in Apartment Finance Today May/June 2004.
David R. Picerne, CEO Picerne Real Estate Group
Picerne Leader Salutes His Team, Sees Growth in Military Housing
OCTOBER 01, 2004 -- The flourishing family affair known as Picerne Real Estate Group is a culmination of many years hard work on the part of three generations of Picerne men. And while David Picerne may wear the CEO crown today, he is quick to acknowledge his company's success is due to the brain trust that surrounds him.
"As CEO, I may have the responsibility for the vision of this company, but I am fortunate to have a team in place that is so strong," he said. "It is probably the exception not the rule for companies to be successful through the third generation and that is a credit to my brothers and me and our ability to work together."
Picerne joined his father's company in 1978 after realizing he might not make it as a professional athlete or musician. "As a youth, I was a pretty good hockey player and saxophone player. But not being nearly as gifted as Bobby Orr or David Sanborn, I thought it wise to turn my passion towards the family business," he said.
And Picerne has indeed made real estate his passion. Driven by his desire to build upon his father's foundation, Picerne now oversees a firm with a solid hold on a number of housing fronts, including conventional apartments, affordable multifamily and military housing--a variety which requires a great degree of synergy to truly work.
"Generally, it is very difficult to manage a number of diverse business lines, but we're fortunate that we have a real solid core with employees who can move in and out of different areas [thanks to] a lot of cross training," Picerne explained. "And our diversity gives us a greater chance at success over an extended period of time."
Military housing is one particular hotspot on Picerne's agenda now, and an area where it is definitely influencing the industry: The company has about 12,000 units now and plans to take that figure to 20,000 in the near future.
"As a 75-year old company, we had both the skill set and, more importantly, the long-term mindset to work well with the military," Picerne said of the company's initial move into the military arena. "We are gearing up our effort right now and making proposals on additional military posts, and there is plenty of potential opportunity to do a lot of rehab and new construction if the army decides to privatize soldiers' housing."
Article originally printed October 01, 2004 by MULTI-HOUSING NEWS.
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