Today, Paul R. Steinfurth serves as a respected business leader who has led his team at the Styles Group to achieve greater success in recent years. With more than 15 years of experience in asset management and real estate investment, Steinfurth holds a strong grasp over market trends and growth strategies. This noted expertise has allowed the business to expand at a steady rate and become a fully-integrated firm following its recent acquisition of Southeast Residential Group—a comprehensive property management company.
Currently, the Styles Groups is recognized for having acquired and renovated more than 5,000 units situated throughout more than 40 investment properties, with a current portfolio of approximately 2,000 units. Steinfurth attributes this expansive portfolio to the company’s strong focus on boosting performance in multifamily, middle-market real estate. While the company has concentrated on managing and acquiring multifamily real estate for more than 25 years, recent market performance has strengthened the company’s activity in the sector.
Specifically, 2013 Multifamily Production Index rates—as established by the National Association of Home Builders—have increased in comparison to previous reports. In fact, production rates in this sector have recently reached its highest level since 2003. In addition, recent Multifamily Vacancy Index reports indicate that vacancies have dwindled considerately since the housing crisis. As such, the Styles Group anticipates success in the multifamily market for years to come, as multifamily production is essentially being fueled by current rates of demand and simultaneous drops in vacancies.
For Paul R. Steinfurth, the fact that multifamily production has reached a point that was higher than pre-recession levels is a strong indicator that this market is one that has recovered its foundation within the American economy.
Over the years, Paul R. Steinfurth has led the team at the Styles Group to become a fully-integrated real estate firm that not only has an expansive portfolio of multifamily properties, but is also engaged in property management endeavors as well. In addition to the acquisition of Southeast Residential Group, Steinfurth is recognized for his ability to help increase the firm’s portfolio from 1,000 units to 3,000 units in just a period of four years’ time.
A Focus on Multifamily
Based in Florida, Paul Steinfurth has developed in the real estate industry with a primary focus on the multifamily sector. Florida—particularly South Florida—has remained a prime destination for many retirees and young professionals, a characteristic that has made it a solid place for success through apartment and condominium development. While the business has proven itself a leader in Florida multifamily property management and acquisition, the real estate firm has also taken advantage of many opportunities in the sector throughout the southeastern United States.
For example, the Styles Group does not only oversee property and real estate investment opportunities in Florida, but also in Georgia, Ohio, and Alabama. The prevalence of this firm’s success throughout the southeast is only one indicator of the strong performance that he and his colleagues have displayed over the years. With such an extensive reach, the company has shown an impressive grasp in detecting new investment opportunities in the southeast and positioning properties to appeal to consumers in a varied collection of markets.
Moving Forward with the Acquisition of Southeast Residential Group
As mentioned above, the Styles Group’s acquisition of Southeast Residential Group, LLC was a watershed moment in regards to the continued development of this Florida-based real estate firm. With the acquisition of Southeast Residential Group, the Styles Group had a new opportunity to expand its services to offer in-depth asset management. Specifically, Southeast Residential Group—prior to its acquisition—was recognized for expansive property asset and construction management. By taking on this company’s history, the Paul R. Steinfurth and the Styles Group became more concentrated on pursuing operations that not only strived to innovate and modernize multifamily living, but do so by minimizing costs with low-overhead solutions.
The progress of the business in recent years has proven immense, as it has incorporated innovative marketing strategies to maximize return on investment. Particularly, this real estate firm has gained a strong hold over managed assets by focusing on digital promotion strategies, as well as presenting high-quality living spaces.
In addition to many other important business decisions, the acquisition of Southeast Residential Group, LLC is a perfect example of how Steinfurth has shown mastery in the area of “value added” properties. While the growth of the Styles Group in recent years has proven widespread and comprehensive, Steinfurth and his colleagues have done so with exceptional precision. Specifically, this real estate firm has maintained strategy that optimizes business opportunities, while still offering a high level of service to its clients.
The Rising Importance of Strategic Property Management
As a real estate industry professional concentrated on the multifamily market, Paul Steinfurth is a major proponent of comprehensive property management solutions. Having spearheaded management activities with the business—especially following the acquisition of Southeast Residential Group—Steinfurth has found over the years that the changing multifamily sector has made it more essential for property owners to take advantage of management services.
While in the past, property management has often been a responsibility of the landlord or property owner, many have discovered that professional management services are essential to not only maintain a property, but to attract and retain tenants for optimal return on investment. Taking note of this trend, Paul believes it is critical that all landlords or multifamily property owners understand how management services can streamline operational duties. For instance, full-service property management can ensure that:
• Units are occupied by tenants who prove financially responsible, thus increasing potential of long-term residency.
• The rent collection process is streamlined, allowing residents to make payments in a more convenient fashion and owners to have more control over late payments and evictions.
• Properties are not only kept in a clean, presentable state, but are also safe for all residents and guests.
• Tenant maintenance issues are addressed immediately and efficiently by employing trusted, certified repair professionals.
• Properties are maintained across-the-board even if the owner is out-of-state, providing parties a chance to expand their portfolios without fear of investing in distant locations.
• Passive income goals are more attainable, allowing owners greater freedom in management responsibilities and a chance to pursue other investment opportunities for maximized revenue.
Committed to the Community
Throughout his career at the Styles Group, it is clear that Paul R. Steinfurth has a passion for not only developing residential communities, but ensuring their longevity. However, asset management and real estate investment are not the only ways that Steinfurth has contributed to giving back to the community. In fact, over the years, Steinfurth has proven an avid philanthropist who has supported many charities.
Recently, Paul and the Styles Group supported the Cancer Support Community of Greater Miami, by serving as “silver sponsors” in the organization’s Tee Off Fore Wellness Golf and Tennis Tournament. As a nonprofit organization that remains dedicated to developing psychological, support, and educational programs to cancer patients, Steinfurth is a proud supporter of this progressive organization.
Additionally, as a lover of golf, Steinfurth found that this charity event was a great way to not only show his support for cancer care, research, and awareness, but also to participate in a fun competition. With the help of auction bids, volunteers, and participants, such as Steinfurth, the Cancer Support Community of Greater Miami was able to raise more than $100,000 in charitable funds.
In addition to his charitable efforts, Steinfurth has also proven supportive of many organizations, such as the National Rifle Association of America. As a proud member of the NRA, Paul R. Steinfurth is able to not only support the protection of American’s Second Amendment rights to bear arms, but also encourage greater protection of all rights afforded to citizens through the Constitution.
Although the success and expansive growth of the Styles Group speaks volumes to its current worth in the multifamily—and general real estate—market, Paul R. Steinfurth remains focused on taking his real estate firm to the next level. With a current portfolio that contains approximately 2,000 units, the Styles Group estimates that its future annual growth will consist of 500 units per year.
Noting that the housing market has faced difficulty in recent years due to the prevalence of foreclosures and tightened mortgage restrictions, Steinfurth has effectively helped not only maintain, but grow the Styles Group during such times of economic hardship. With an ability to perform well even in poor industry conditions, the Styles Group anticipates considerable growth in the multifamily market in upcoming years.
While the first half of 2013 was dominated with reports and estimates that single-family home development was to spur progress in the housing market, it is important to note that conditions have shifted to show greater growth in the multifamily sector. Specifically, simultaneous drops in vacancies and rising rates of multifamily development show that this particular sector of the housing market is positioned for healthy growth. Even more notable is the steady rate of increasing rental rates, better signifying the economic stability of the modern tenant. With this stability has come a reduction in mortgage delinquencies—as multifamily property owners are now more secure in their ability to make payments on time.
As the multifamily market continues to attract both retirees and young professionals, many experts have predicted that this sector of real estate if one that is strong on many levels. Paul R. Steinfurth remains confident in these factors and is committed to contributing to future growth rates through his leadership of the Styles Group.