Core competencies
Since 1965, our core vision of locating our communities in vibrant cities near world-class employers, designing large, workable floor plans to bring lots of natural light into the apartment, and situating these by compelling green spaces and beautiful common areas, continues to be evident in the projects we take on today. We have remained a private, entrepreneurial closely held firm, with low debt, which allows us to pursue projects that interest and excite us and as well as to act quickly, decisively and in a flexible manner. Our core competencies are in the following areas: operations/property management, development, acquisition, and value-add renovations.
Operations/Property Management
Our basic operational model is that if we help people create a home for themselves they will feel at home – and in turn we become part of their lives. To wit: We’ve centralized our administration so that on-site staff can focus on helping residents find the apartment that suits them best, and then enable them to make it their very own. More specifically, we are committed to in depth investments in technology, marketing, accounting and finance, training, staffing, recruiting, risk management, revenue management and asset management. We have created state of the art real-time reporting tools which create visibility across the organization, in order to measure, monitor and improve performance at all levels. Recent innovations include leadership in non-smoking communities, daily pricing, and repositioning.
Prometheus’ portfolio of approximately 20,000 units is primarily wholly owned with approximately one-third managed for fee clients that include blue chip institutions as well as successful private investors such as: Sobrato Development Company, Northwestern Mutual Life, Tan Group, and EMD Properties. The firm is selective in its choice of fee clients, focused on working with firms with aligned philosophies and quality of properties, so as to be seamless to the customer and to employees.
Development
Prometheus has developed more than 60 projects up and down the West Coast representing $1.5 billion. When we consider building a new community, we approach it in a very personal way. Design is our passion. Whether it is an urban mixed-use project or a more relaxed suburban location, there is an unfaltering attention to detail from every inch of the floor plan to every material selection. The firm is the recipient of countless design and industry awards reflecting its commitment to excellence in the development of its communities.
Acquisitions
Our investment approach is characterized by the philosophy “build and hold” and “acquire and hold”. Locations are focused in core markets in Northern California, Southern California, Portland and Seattle, near employers, shopping and transit, in order to maximize access to work and play. Our properties are in the heart of some of the most thriving cities in the West Coast including Cupertino, Mountain View, Hollywood, Portland, Bellevue, and Kirkland.
Value-Add Renovations
Our commitment crosses over to the actual product. The depth of investment is unique in our industry as well as the artisan approach and care to design, functionality and energy-efficiency. The repositioning division has completed over $120 million in renovations from 2006 to 2009. The repositioning team includes eight in house full-time employees, two part-time employees and six general contractors.
