TLC Properties loses Edgewood REIT management contract

Last edited 3:23 p.m., March 20, 2025 [Editor's note: Employee information has been added.]

Fargo, North Dakota-based Edgewood Real Estate Investment Trust is transitioning the management of its Queen City properties after eight years with Springfield-based TLC Properties.

Investors Management and Marketing Inc., also based in Fargo, is the new management company, with the transition slated to be completed by April 15, according to a joint news release from Edgewood REIT and TLC Properties. IMM intends to open a Springfield office in conjunction with the property management switch.

The management contract that's moving to IMM includes the downtown Heer’s building, which was purchased by Edgewood REIT in 2021. The other impacted apartment communities, all in Springfield, are Cambium, Cambridge Park, Coryell Crossing, Hawthorn Suites, Heer’s Luxury Living, Highland Park, Marion Park, Orchard Park, Sandstone Heights, Scenic Station, Tera Vera, The Falcon, Trail's Bend and Watermill Park.

"Executives of IMM and Edgewood REIT, both based in Fargo, North Dakota, have a 50-year relationship," officials said in the release. "Edgewood REIT and TLC Properties are working together to ensure a smooth and seamless transition for both residents and employees."

Mehl​​​​ Maigi, director of marketing for TLC Properties, said via email that no layoffs are planned as part of the management contract switch.

"Employees who wish to remain with either TLC Properties or Edgewood REIT properties will have the opportunity to explore options with their chosen organization," Maigi said, noting 16 of the company's 143 employees are impacted.

TLC Properties, owned by Coryell Collaborative Group, continues to manage Springfield housing communities Battlefield Park, Coryell Commons, Coryell Commons Heights, Heritage, Martin Riley, Monarch, Regency Towers, The Abbey, Township 28, Verandas and Veranda Vistas, according to the release. TLC Properties also owns and operates Crescent Falls in Joplin; Promenade Commons in Rogers, Arkansas; Union Mill in Wichita, Kansas; and Viceroy in Grand Prairie, Texas.

Many of the properties moving to IMM management were purchased by Edgewood REIT through its 2018 acquisition of Missouri Valley REIT Inc. from the local Williams family of businesspeople, according to past reporting. Sam M. Coryell, president of Coryell Collaborative Group, previously served as a board member and shareholder of the Missouri Valley REIT, Springfield Business Journal archives indicate.

Edgewood REIT's asset base was roughly $2 billion as of Dec. 31, 2023, according to its website. Of that, around $1 billion was in multifamily housing.