Carrie Breneman, president of operations and co-founder of TriArc Real Estate Partners, boasts an impressive career with over 30 years of experience in the multifamily real estate industry. While involved in all aspects of the business, her primary focus is the day-to-day operations of apartment communities, both owned and third-party. Among her many contributions, Carrie has been instrumental in the success of TriArc’s portfolio from providing critical input on underwriting to masterfully executing the business plan to producing accurate and detailed reporting throughout operations. Having lived in Houston most of her life, Carrie understands the local market better than most. Her vast experience and knowledge make her a vital resource ensuring company targets are met during the underwriting and acquisition of new properties.
Carrie’s career began as a part-time leasing consultant for the Dallas apartment community where she once lived. After moving to Houston, she stuck with the business learning everything she could about property management “boots on the ground” (before the internet) with a little help from the Dewey Decimal System and the Encyclopedia Britannica. She progressed through the ranks from assistant manager to regional vice-president managing 5,000- to 11,000-unit portfolios along the way. In her first management position at Southwest Property Trust, Carrie received the prestigious President’s Award for exceptional property performance for three consecutive years.
The industry has been a great fit, supplying endless opportunity to use her gift of service, which brings Carrie great joy. As the senior regional manager at Lincoln Property Company, one of her most memorable projects was working with sponsors Arcon and Goldman Sachs on the 15-property repositioning project in Greenspoint. In addition to managing the day-to-day operations of 5,000 units, she interfaced with the renovations team that was spending $5,000 – $25,000 per unit while working with a PR firm to change the reputation of the entire submarket. In 2001, Tropical Storm Allison flooded 2,000 units in the portfolio she managed, and Carrie and her colleagues worked countless hours to rapidly relocate residents, rebuild, and lease the units back up, achieving stabilized occupancy in record time.
Over the course of her career, Carrie has navigated the industry through periods of prosperity and economic downturn. When the housing market collapsed in 2008, she worked with lenders, servicing agents, and venders to mitigate financial impacts. After Hurricanes Ike and Katrina and numerous floods in the Houston area, she collaborated with officials on disaster recovery. Positions at multiple property management companies created diverse opportunities for Carrie to develop expertise in repositioning properties, new construction lease up, and renovations from minor interior upgrades to complete exterior and interior rehabilitations. She’s managed as many as 15 properties at a time from all classes, A to D, in both primary and tertiary markets while directing over 60 employees. She’s also able to see a deal from multiple points of view: resident, employee, and investor. All this adds up to an unparalleled versatility to address almost any multi-family issue and a unique perspective from which to assess new opportunities for TriArc and third-party owners.
In 2012, Carrie opened her own third-party property management company, Kindred Residential, with Deborah Newsome and Cindy Cannon, and together, they grew it to over 2,000 units in two years. Kindred filled a void in an industry where most third-party property management companies offered only a fixed set of services whether multifamily owners needed them or not. In its first year of business, Joseph Bramante hired the company to manage his 26-unit property, and four years and many deals later, when Carrie and Joseph merged their two companies to form TriArc, Carrie brought with her the same core value: the business should work for the client, and not the other way around.
After hours, Carrie serves the community through her church and other ministries. She was a preschool coordinator at Champion Forest Baptist Church for five years and is on the board of directors and the building committee of one not-for-profit and the prayer team of another. Carrie is also a member of the Houston Apartment Association, as well as the Corpus Christi Apartment Association.