Deanna O’Brien is Senior Vice President of Operations at Legacy Partners, a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area that owns, develops, and manages multifamily communities throughout the United States. She is responsible for overseeing the firm’s owned and managed portfolio of more than 50 multifamily communities with almost 12,000 apartment homes, and with a gross value in excess of $3 billion.
She leads all management, marketing, leasing, due diligence, lease-up, new business development, and client-owner relationships. Deanna is the past President for the California Apartment Association, San Diego Division, and is an active member of IREM and current board member of CAA-OC.
How did you get your start in property management?
Like most people, I didn’t grow up dreaming of being a property manager when I grew up. I left behind my roots in the Midwest and moved to Los Angeles with dreams of something different. I was on a search for a job and a home and property management gave me both. I found a help wanted ad and was told to mail my resume and I decided to go in person instead. That day I met the manager who would give me my start in property management. I thought I had hit the lottery! An exciting job opportunity and a new home all in one day. The rest they say, is history. Working my way from Leasing Consultant I knew that my ultimate goal was to eventually lead a boutique property management firm. Many years later, here I am.
I was previously the Managing Director of Real Estate at Greystar, with joint oversight of over 125 owned and fee-managed communities in Southern California, comprising 33,000 apartment homes. Prior to joining Greystar, I was Senior Vice President with ConAm Management Corporation, in San Diego, where I oversaw the performance and management of the Southern California portfolio covering 130 properties, totaling 13,800 apartment homes
What do you think is your key to success – both with your team and with clients?
Tim McGraw says it best “Always Stay Humble and Kind.” I have never lost sight of how grateful I am to be doing what I do. It is a privilege to be in this business and in the position I’m in. I remind people that when someone moves into a new home that we get to be part of a major life event. When someone joins Legacy Partners, I am reminded we are a part of that special first day of a new job for that person. What we do is important and if everyone on the team understands that, then results follow.
Be kind, be honest and work hard.
What lifestyle trends are you seeing in multifamily housing today?
No surprise that work from home design is a key element in current trends. Common area community workspaces are combined with private areas for a work from home resident. Within the apartment, we provide space for computer, printer and related technology.
We’re incorporating Smart Home technology and connection to the living space. Electronic locks, security, hi-speed wifi, electronic thermostats all elevate the resident living experience.
Eco-friendly and Sustainability is becoming more important to our renters. It is less of a “would be nice to have” and more of an expectation amongst residents.
Pet Friendly spaces and pet amenities are in demand. With at least 30 percents of our renters being pet owners, this is a critical amenity when selecting a new home.
Is Legacy Partners expanding into new regions?
Legacy Property Management is expanding our footprint in current markets. We are focused on third party management growth throughout California, Colorado and Washington.
What do you see will be the biggest change in for-lease properties in the next 5 years? 10 years?
Suburban and Remote Locations: The COVID-19 pandemic has already shown that remote work is here to stay for many industries. As a result, renters may continue to prioritize more spacious, affordable suburban or rural properties. This shift could lead to more lease demand in areas that were previously considered secondary markets.
Renting by the Room/Shared Living: In urban areas, the trend of renting by the room or co-living arrangements may rise, especially as younger generations struggle with affordability in city centers.
Affordable Housing Initiatives: With rising rents in many cities, there may be increased pressure on landlords and developers to offer affordable housing options or face more regulations. Rent control policies could become more widespread in response to affordability crises.
AI for Property Management: AI will play a larger role in property management, automating rent collection, maintenance requests, and even predicting when appliances or systems will need repair. This could reduce operational costs and enhance the tenant experience.
What is your favorite aspect of what you contribute to Legacy Partners” What advice would you give a future successor?
Because we are a boutique firm, I have the privilege of knowing and spending time with the associates that lead and manage our communities. It helps me stay connected to the day-to-day challenges of what our teammates face. I value their input and ideas — and you can’t do that from behind a desk.
Advice to a future successor? Don’t forget that we are in the people and hospitality business.
