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Letter from the President

Living and Delivering Abundantly

Published on October 18, 2017 by Robert Reynolds – President of Avesta

Today we celebrate our second consecutive year as being named one of Fortune’s “Best Places to Work” for medium-sized businesses in the U.S. I want to congratulate and express my deep gratitude to all of our teammates for the effort they put in each and every day towards our mission to “give people a home where they can live abundantly and create more community in the world.” Our work doesn’t require recognition. We love to serve our residents. We enjoy working as a team. We are prudent stewards of our investor’s capital. That being said, moments like these allow me to reflect on our culture and what makes our company GREAT.

How It All Began

Over twelve years ago, I began our work with Peter Reynolds and Dan French. Almost seven years ago, Avesta was founded as a fully integrated, purpose-driven residential real estate company focused on long-term value creation. We learned early on to acknowledge the dignity of our residents and give them a sense of pride in the place they call home. We knew that treating residents with respect would lead to strong and stable investment returns. We studied other businesses and read countless books on developing leaders, serving people, and the long-term value of good profit. Through constant study and feedback, we continue to seek and adopt best practices and evolve our business methods through a process of creative destruction. We actively listen to our communities to implement new processes that benefit our investors, vendors, neighbors, teammates and residents. Now serving more than 25,000 residents and almost 11,000 apartment homes, we feel our growth has validated our convictions, and we strive daily to improve in our service and stewardship.

Starting the Day with WHY

At Avesta, every day starts with the daily huddle – and it is the foundation of our culture. Our daily huddles allow teammates to express themselves and recount their experiences in implementing our mission, vision, and virtues. It is a constant reminder of why we are here and what we are committed to accomplish. With 95 percent of our team:

  • Feeling good about ways they contribute to the community, it proves we are achieving our mission.
  • Saying management is competent at running the business, I continue to gain confidence in our leadership and direction.
  • Saying they feel they make a difference, I know we will continue to improve the lives of all those around us.

Another game-changer for us has been the Business Training Program (BTP), which is a two-year professional and academic growth program targeting recent college grads that exposes and integrates them into various departments of the Avesta day-to-day operations. This program has been instrumental in developing skilled leaders who understand the interconnections of residents, teammates, and investors. Our resident focus mindset aligns with the interests of our investor partners. That alignment has led to high resident retention, increased profits, and acquisitions of new communities. By giving people a home where they can live abundantly, our teammates have a focused purpose that inspires us to work with passion and produce results.

Going Forth with Conviction and Boldness

Avesta continues to rapidly expand, having entered our third state and employing more than 300 teammates. Throughout our growth, what we have learned over the years is simple. We start with and are governed by our mission, vision, and core virtues. These provide consistent, daily guidance. We hire only those who are aligned with and inspired by our culture and virtues. We innovate; we make mistakes, fix them quickly, adapt to changing demands and never lose sight of what is most important – providing a place where our residents can live abundantly. The guidance of our virtues allows us to be creative in our strategy while maintaining focus on our mission. Each teammate knows his/her voice is heard and we thrive on being bold and creative.

We want to have a world-changing impact; you can’t do this by following convention. I want to sincerely thank each investor for believing in us and providing us the capital to acquire apartment complexes that we can transform into flourishing communities. To each of our residents, I thank you for allowing us to serve you and your loved ones by providing you with a home and a community you can be proud of. Finally, to my teammates, thank you for your daily efforts to passionately and boldly build communities that help others live abundantly, and in return give us all a sense of joy and fulfillment. We have earned this award through our combined and targeted efforts. We were not made for comfort, we were made for greatness.