Evolve Property Management Bought by Wexford Property Management

Thanks to a reader for sending the email announcement:

“Dear Evolve Clients:

I wanted to take this time to introduce myself. My name is Eric Kretschman and I am the president of Wexford Property Management. We are a management company overseeing about 1,500 residential units throughout New York City, Philadelphia and Washington D.C., with our largest operations being in Washington, DC. We have owned properties and managed in the District since 2001.

I am writing to you today to announce that we have just recently acquired Evolve Property Management from Jeff Printz and Chris Swanson. I know this news may be of interest to you as your established relationship has been with the Evolve staff, and with Chris and Jeff in particular. And I wanted to share some thoughts with you below so that you understand a little more about the sale and what operations will look like going forward:

1. We bought Evolve because we love the company that Chris and Jeff built and we want to use this as a base to continue to build a strong combined company. From your perspective, things will not change much, if at all. We are taking over Evolve’s offices on H Street, the key staff that you deal with will remain in place and the systems and accounts that are in place will remain in place. While my company bought Evolve, it’s actually more of a change for my firm, as we are folding our company into Evolve’s systems.

2. Chris and Jeff will continue to act as informal advisors to the combined company and they will help me with new business development. Their properties will also continue to be managed by our combined firm. Chris and Jeff won’t handle day-to-day operations, but in their place, you will have myself and my team of Wexford and Evolve personnel.

3. My company has strong asset management and financial management talent. Over the next couple of weeks you will be introduced to these folks and they will work on the assignments that you provide to us, along with the existing Evolve staff. These people include Lacey Gabriel, who will be running DC operations and Lauren Dickerson, our company vice president for operations.

4. In addition to the management company efforts, we will also be investing in, and hiring for, the divisions that do landscaping, housekeeping and trash removal. We are in the midst of investing in new vehicles, equipment and personnel which will translate into better service for you.

Prior to the acquisition of Evolve, Wexford built a strong reputation for service with many of our apartment, condominium and co-op clients. In addition to basic property management, we have been able to provide value-add services to them. Just recently this included a major historic renovation to a condominium client on Embassy Row; solving water infiltration issues for a condominium client in the Northwest; and countless other projects.

I know that any transition like this is bound to raise concerns on your part. Will the service levels be the same? Will the people I have worked with be around? I understand this.

First, in all candor, I’m sure there may be some hiccups over the next few weeks as we complete some basic transition items. But when completed, this merger will mean even better service to you. I have asked several key staff at Evolve to step up into bigger roles at the company and they have agreed. So the people you have been dealing with will remain the same.

I will be reaching out to each of you individually to meet so that you can get to know us better. I’d also offer any of you the opportunity to speak to our current clients to get a feel for how we operate and how responsive we are. Just ask, and I will provide references.

On a final note, our website is www.wexfordcorporate.com. There, you will see some of the work we have done and, under the Case Studies, you will see several of our existing clients. For the foreseeable future, we will operate under the Evolve name, so even that won’t change in the short term. At some point, we will transition over to the Wexford brand, but that is down the road.

Again, we look forward to working with you in the coming weeks and years. Thank you.

Sincerely,

Eric S. Kretschman
President”