Tell us about TLC Property Management LLC, which manages 2,605 apartment units.
It was started as a sole proprietorship in 1988 by my parents, Sam and Carol Coryell, and incorporated under its current name in 2006. We provide for the effective management of the apartment communities that (Coryell Enterprises Inc.) builds.
When my parents started, they only had a handful of units, a 12-plex. Into the late 1990s and into the early 2000s, we were still running very small. We didn't hit 100 units until 1996, and in 2000, made it to the 200-unit mark. It's just been in the last three or four years that it really took off. ... For a time, someone with the last name of Coryell was working in every (property's) office, literally getting the rent checks, making the deposits and all the day-to-day stuff. As we grew, we realized that was no longer possible. ... My brother, David, is head of the accounting department, and my brother, Daniel, is the manager at Coryell Courts. We have 48 employees.
You were promoted to chief operating officer in January. What are your goals?
We want TLC Properties to grow into a regional company (in places) like Kansas, Oklahoma, Arkansas, southern Illinois and maybe even up in Indiana. We're looking at several sites outside of Springfield this year. Coryell Enterprises would ... tag along for the ride. At TLC Properties ... we are in a place with our internal infrastructure to be able to facilitate and control that growth, even outside our community.
How are your parents' roles changing?
My mom and my dad have been, for years, the chief operating folks. They were very hands-on for the daily operations of this business. Through talking to me and my brothers, we all agreed that it was probably time for them to take it easy. It doesn't mean my parents aren't involved. We still meet ... to talk about what's going on in the company (and) get any input and any wisdom they want to offer.
What are some of the properties TLC manages?
We have 16 properties, and one's in Republic, Cedar Place. (In Springfield) we manage Orchard Park, Coryell Courts, Coryell Crossing, Battlefield Park, Martin Riley Apartments (and) The Abbey - almost everybody knows that one. We don't manage apartments for anybody (but the family). Our occupancy rate, networkwide, is about 95 percent.
Has Springfield reached critical mass for apartment units?
I think it's a soft ceiling, but we've hit a ceiling in Springfield. I've got 138 units to build (on Lone Pine, pending financing), and then, we'll probably have to pause in Springfield. ... (My family) put up 700 units last year (worth $50 million) ... but we can't do that again. We'll put ourselves out of business. The only way that we can grow is to look at other cities.
Have you had any tenants sign up for the TLC American Dream program that helps renters achieve homeownership in exchange for long-term leases?
We've had a few, but I think that with the market doing what it did, it has put a hiatus on it. We've had six sign up ... but I think when the economy crashes, it's very hard to get people to (enter) a three-year commitment. It seems like they want to stay flexible.
Tell us about your immediate family.
My wife, Jennifer, helps with both Coryell Enterprises and TLC Properties. We have two children, Samuel, 7, and Lydia, 3. His middle name is Martin, and hers is Riley, which is where we got the name Martin Riley for an apartment community on Eastgate.
Interview by Features Editor Maria Hoover.[[In-content Ad]]
