July 23, 2015

Peak Capital Partners, an apartment investment and management company overlooking the Provo River in Provo, is earning awards left and right. In addition to many recent accolades, CEO Jeff Danley earned a Silver Stevie Award in June for Executive of the Year in the Real Estate Category at the American Business Awards, the nation’s premier business awards program.

Danley is proud to share his company’s achievements — including recently earning the top spot in Utah Valley Business Q’s best business to work for — but he’s a bit embarrassed about the individual Stevie award. Though it’s his name on the award, he credits his employees. The award was given to the CEO who demonstrated high revenue growth, something he couldn’t have done without Peak Capital’s 100+ employees.

Danley founded Peak Capital in 2007 with Jamie Dunn and Jeff Burningham. Danley and Dunn had experience working for multi-family housing development companies, but were working in different parts of California. In early 2007, they both felt the housing market was “overheated” and could tell there was going to be a housing crash.

“It crashed way harder that we thought it would, but we were ready to acquire distressed properties,” Danley said.

They bought their first apartment complex near Park City in 2009, replaced the parking lot, remodeled and updated it, and upgraded the building’s amenities. They sold it soon after, and doubled their investment. And so began the pattern for the next few years.

Now, seven years later, they are holding more properties instead of flipping them, but still focused on providing clean, affordable housing with excellent customer service. Many of their properties offer onsite financial literacy classes and after school programs for kids, because they’ve found many of their residents are single mothers with children.

“We’re housing 15,000 families. There’s a lot we can do to improve their lives. And really, that’s what keeps us going at the end of the day. It’s nice to make money, but there’s got to be something bigger than you — and that’s knowing we’re having a positive impact on their lives,” Danley said.

In the large picture, Danley said they target areas with high population growth and high job growth with good stable state economies. A lot of their portfolio includes millennials that are choosing to rent instead of buy. The other part of their portfolio is dedicated to providing independent housing to seniors. They own more than 15,000 units in Utah, Texas and in the Midwest, with plans to expand to 50,000 units within the next seven years. Peak’s current portfolio is valued at over $1 billion, and Peak’s revenue grew 80 percent last year.

“In the last 10 years 30 million people are shifting to renting instead of owning. But only 10 million units have been built, so there’s a supply gap,” Danley said. “It sounds corny, but it’s true. I love providing housing to people. Shelter, it’s one of the most important things to people.”

His vision of solid customer service for all Peak properties has also helped the company’s bottom line. Most of Peak’s holdings boast almost 100 percent residency rates. One of their complexes near BYU — The Village at South Campus — is completely full and even has a waiting list.

“I have friends and family that want me to get them a spot there, but I can’t — there is already such a long list,” Danley said with a smile.

Additionally, Peak is getting noticed for its energy saving efforts. When a property is purchased, the company installs LED lighting, energy efficient windows, and updates the toilets and faucets to newer low-flow models. Danley said it’s good for the environment, and it is also saving Peak millions of dollars in annual energy costs.

“It’s cool we can have such an impact on the environment from pretty simple changes,” he said.

As part of their company culture, Peak Capital works with the nonprofit, Charity Vision. They provide fully furnished housing in Salt Lake City that is free and open to doctors from countries all over the world who are training at the Moran Eye Institute at the University of Utah. The doctors fly in for a two-week training to learn a simple cataract procedure that is very inexpensive to do, but can save patients in these remote countries from going blind.

Original Article

Original Article