Member Moves

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People

Germantown, Md.-based Edgewood Management Corp. announced the promotion of Cindy Sanquist to the position of President and CEO, effective April 30, 2012.

Cindy joined the Edgewood team in 1997, when she was hired to implement the strategic plans of all day-to-day operations for the Accounting and Finance Department, Information Services Department, and Payroll and Benefit Administration. She is a member of the Board of Trustees, which directs and administers policies for the entire company as it pertains to insurance benefits and retirement plans.

In her former position as Edgewood’s Chief Financial Officer and Executive Vice President, Cindy consistently pushed the corporation to a new level of efficiency, expertise and achievement, and the entire team is eager to continue to excel under her leadership.

Companies

Summit Housing Partners, LLC of Montgomery, Ala., and Bailey Properties, LLC of Little Rock, Ark., announced they have merged to form a new company called BSR Trust. The merger creates a $1 billion multifamily entity, which includes 18,689 units at 111 communities in ten states in the southeast United States, plus Texas and Oklahoma. BSR Trust contains a portfolio of both affordable and market housing. The merger has been approved by both companies' boards of directors and remains subject to regulatory approval and project lender consent.

The merger opens up two markets for Summit Housing with relatively lower unemployment rates, Little Rock and Shreveport, where there are opportunities to acquire and/or develop additional market and affordable properties. BSR now has the infrastructure to expand its geography should such opportunities arise.

Daniel Hughes, CEO of Summit Housing Partners in Montgomery, Ala., will serve as the CEO of BSR Trust. John Bailey, CEO of Bailey Properties, LLC, will serve on the company's board of directors and the Finance Committee.

Yardi, a Santa Barbara, Calif.-based real estate investment management and property management software company, has acquired ista North America’s (NA’s) Multifamily Services Group (MSG), a supplier of energy and water metering, billing and management services. With the acquisition of ista MSG, Yardi will become one of the largest providers of energy management services in the United States, serving more than 700,000 apartment units.

"Yardi is excited about adding nearly 200 employees from ista MSG’s three offices. They will work with 170 members of Yardi’s YES Energy Management team in Colorado Springs, Colo., to support the industry’s growing demand for energy management services," Gordon Morrell, executive vice president and chief operating officer for Yardi, said in a press statement. "With these resources and Yardi’s technology road map, we are gearing up for significant growth."

New Yardi employees from ista MSG will remain in their existing offices in Alpharetta, Ga., Jacksonville, Fla., and San Diego, Calif. Ruediger Neubauer, CEO of ista NA, said in a press statement, "We remain fully committed to continuing our Business Process Outsourcing (BPO) activities for energy retailers in the U.S. Our BPO division developed with high growth rates in the last years. The agreement with Yardi will offer us new opportunities to focus on the rapid development of the future BPO business."