Carlson Investments, Inc. was formed in 1984 by Edward Carlson with a business model to purchase, re-develop, and manage underperforming multifamily properties in the Chicagoland area through private equity partnerships. In the first five years of operation, the company was successful in implementing this model on six different projects ranging in size from 50 to 160 units. Through this growth, and with the addition of third party management opportunities and new investor relationships, the decision was made to separate out the asset and property management functions from the ownership and equity positions of Carlson Investments, Inc. and Comprehensive Management Services, Inc. (CMS) was formed in 1993.
Over the next ten years, CMS apartments operations grew to over 40 properties, ranging in size from 100 to 1,000 units, totaling more than 14,000 units, with asset values exceeding $750 million, across the United States including, Illinois, Wisconsin, Iowa, Indiana, Missouri, Kentucky, Florida, Michigan, and Ohio.
The basic philosophy of the company was to identify and acquire underperforming assets, value-added opportunities, which through recapitalization, physical renovation, and new management, could be turned into performing and profitable assets. Since no two properties are exactly the same, standardized operating and management policies are not always in the best interest of the property or its ownership. Through the acquisition process, all departments would come together to perform extensive evaluations of each property and its local market to develop a “comprehensive” management and marketing plan which would maximize the property’s potential to meet the ownership goals and objectives. The business model was very successful, with more than half of the portfolio growth coming from profits through refinance or 1031 exchange transactions.
In 2010, three new companies were formed, Cornerstone Asset Services, LLC, Cornerstone Property Services, LLC, and Landmark Association Services, LLC to acquire and manage distressed apartment and condominium properties in Florida.
From 2010 to date, Cornerstone-Landmark has been involved with over 20 apartment and condominium projects totaling over $500 million throughout the States of Florida, Georgia, Texas, and Illinois. Cornerstone-Landmark has also specialized in, and become a leader in managing fractured condominium properties in Florida and Illinois. Cornerstone has also built a base of over 500 international investor clients, providing acquisition, management, and disposition services to these clients.