22 MULTIHOUSING PROFESSIONAL | MARCH APRIL 2014 WWW.MULTIHOUSINGPRO.COM

TA K I N G T H E L E A D

In late fall of 2011, Pat Hutchisonreceived a dinner invitation from MarkHamilton. Already familiar with hisDenver portfolio at Hamilton Zanze, shegladly accepted.

Secretly, she hoped for a management con-tract resulting from the previous pitches shemade while regional VP at Legacy Partners.Instead, she was taken aback by the muchmore prominent role she was asked to takein Hamilton’s aggressive, strategic assetmanagement plan.

Eighteen months later, Hutchison was atthe helm of the newly-minted Mission RockResidential and in control of 15,000 units.

The transition was planned, scheduleswere crafted and the trigger pulled: “I hadhad no recent contact with Mark Hamilton,so when he scheduled the dinner meeting topitch the concept, I was shocked.”

Mark Hamilton thought the vision madesense from the beginning. “I met Pat in1989. I always had the highest esteem forher. Her management style fits us perfectlyas we operate with complete accountabilityand transparency.” He added, “she will doher dead-level best to make sure our peopledon’t fail and she has this relentless drive toget it right.”

Hutchison was more cautious, “I wasexcited, though it was risky. Let’s be realis-tic, I had a great gig at Legacy, but this feltlike the opportunity of a lifetime. Aftermeeting the leadership team at HamiltonZanze, I felt immediately in my heart andsoul this was the right decision.”

After 20 successful years at LegacyPartners, Hutchison submitted her resigna-tion in December 2011. Over the next eightmonths Hutchison prepared behind thescenes, gathering best practices in takeoverprocedures, as they interviewed and hand-picked their leadership team.

“Besides my CFO who came fromHamilton Zanze, I recruited Denise Baileyas our marketing and training vice presi-dent; she was also a co-worker for severalyears at Legacy. Meredith Wright, whohelped form Echelon, is our executive vicepresident of the eastern portion of our port-folio. Sharing my ideological managementvision, I chose Kay Hutchison to be ourwestern region executive vice president.Todd Bowen, our VP of property services, is

responsible for our regional maintenanceteams and large capital projects.”

Her selective recruiting raised eyebrowsback home. “Our peers and some of theassociates at the Denver ApartmentAssociation, of which both Wright and Iwere past presidents, started calling us ‘thedream team.’”

From October, 2012, to May, 2013, theMission Rock team on-boarded approxi-mately 14,000 units, a breathtaking 70properties. Hutchison was hurled into whatwould be a rapid-fire succession of propertytake overs. “I was on a plane running up60,000 miles-plus. It was the most exhilarat-ing, hardest-worked, satisfying time of mylife,” she explains.

It was said that those at RiverstoneResidential, the exiting management com-pany on the properties when given anadvance on the schedule never reallybelieved it to be realistic. Hutchison provedthem wrong. “It was so methodical, it washard even for me to believe. Twenty-fourhours before each property takeover, a boxwould arrive including uniforms, namebadges, policy manuals, a form-filled thumbdrive, as well as access to a preconfiguredYardi Voyager, RealPage’s desktop supportand Outlook.” Looking back, “our teamleader spent three days at each site deploy-ing Mission Rock’s processes.”

Hutchison is quick to reveal her leader-ship style and intentions to double her bou-tique company to 30,000 units. “Teammembers are really where it’s at, we all knowthat. We must handle the bumps in the roadnot by passing blame, but by being forth-right and respectful.” Onsite experience ismandatory, Hutchison explains, “I startedonsite and I want a team who absolutelyembraces the experience. They must be alsoadhere to and perpetuate the Mission Rockculture with a willingness to put their ownbias aside and focus on achieving the own-ership goals and objectives.” She clarifies,“Culture is what we do when our bosses arenot looking. You don’t just put that in your

Pat, the story

LISA BENSON

Hutchison currently serves on the Board ofDirectors of the National Apartment AssociationEducational Institute (NAAEI) and is a NAA leg-islative committee member. In 2012, she wasawarded the Most Outstanding Executive inColorado by the Apartment Association MetroDenver (AAMD). She is also past president of theColorado Apartment Association (CAA) and cur-rently serves on the Colorado ApartmentAssociation Board of Directors. Hutchison holdsa Colorado Employing Broker License and CAPSDesignation (Certified Apartment PortfolioSupervisor) through the National ApartmentAssociation. Hutchison is also a CPM Candidatethrough IREM.

MHP Mar Apr 14 FINAL plus_MHP 3/31/14 9:09 PM Page 22

WWW.MULTIHOUSINGPRO.COM MARCH APRIL 2014 | MULTIHOUSING PROFESSIONAL 23

TA K I N G T H E L E A D

mission statement, you hire it.”Exceptional operational skills is nothing

new to Hutchison. During her last year withLegacy Partners, the Apartment AssociationMetro Denver recognized Hutchison withthe award for Most Outstanding Executive;the company itself was given the GrandTribute Award for Outstanding Manage-ment Company, three years out of the four.

She shares, “At every level of the compa-ny, successful people are willing to do whatunsuccessful people would not do. It isincumbent upon management to providethe vision, solicit the team’s feedback andimplement their ideas, while giving themthe stage to perform.”

Hutchison is passionate about teamdevelopment, explains Bevan White, direc-tor of marketing and employee developmentat Pegasus Residential in Atlanta, Ga.White worked for Hutchison in Denver andsays, “I compare all of my supervisors andowners to Pat. She inspired my leadershipstyle by teaching me not only about thebusiness, but about honesty and integrity.”White adds, “Her influence permeates mydecision making, and ensures the best bal-ance between the business and my team.”

Looking ahead to challenges and turningpoints in the marketplace, Hutchison says,“Rising healthcare is a concern. Our profes-sional base is aging and seeking retirement.”On the easier side she says, “today’s demo-graphics are advantageous for our industry.NAAEI is doing a great job developing newyoung talent. Gen Y’s are delivering occu-pancy, while baby boomers are looking todownsize with the freedom of apartment liv-

ing—all favorable fundamentals to our bot-tom line.”

Mission Rock’s competitive advantageincludes an arsenal of powerful online resi-dent communications that build residentretention and improve asset value.Hutchison explains, “we survey our resi-dents at 5 touch points: first prospect visit,move-in, service requests, pre-renewal, andmove-out. The results are monitored weeklyand we’ve had tremendous improvementsince transitioning the portfolio.”

Online community marketing and corpo-rate reputation management is important aswell. She elaborates, “We apply SEO tech-nology ensuring solid Google results for ourcommunity websites. In addition to our cor-porate website, Mission Rock’s online pres-ence includes LinkedIn, Facebook andPinterest, as well as internal communicationand work flows through Yammer andSharePoint.”

When asked about her move from Legacyshe replied, “They were the best company inthe world to work for and they were stunnedwhen I gave notice. Being female, I felt likeI was not getting the recognition deservedfor my professional contribution, so it wastime for a change.”

Layne Miller, retired asset manager atUBS, now founder of WACE Advisors, amultifamily asset management consultingfirm, says this about working withHutchison for nearly a decade: “When Istarted in this business 32 years ago, therewere no women and we had to find our way.It has been a pleasure to work with our nextgeneration of successful female executives,

like Pat. She is remarkable, with incrediblepeople skills to match. Her innate businessacumen allows her to implement big pictureideas, while keeping an eye on the smalldetail.” Hutchison reciprocates accolades toMiller, to whom she refers to as her profes-sional mentor.

Adversity can be overcome she counsels. “Iam very optimistic, so passion, competitive-ness, and hard work will get you through thetough times. I also believe that the only limi-tations are the ones we put on ourselves.” Sheadds, “Be authentic and true to yourself, whilecaring about the success of your team mem-bers, residents and investors. I pride myself inhaving clear, concise communication.”

Reflecting on the risk involved with asingle portfolio asset holder in her nascentmanagement operation she says, “I am con-fident in our plan and its future diversifica-tion. Professional networking and peeralliances, steeped in common values go along way, but striving for work life-balanceis critically important.”

Being an entrepreneur and businessowner is part of Hutchison’s character. “Mymentor and name sake was Aunt Pat. Sheowned of a few small apartment assets in theBay Area, a self-made millionaire, and astrong female role model.”

She elaborates on her own passion todevelop skills in others, “I always wanted tocreate a culture for female development andbeing an entrepreneur allows me thatopportunity. My long-term goal is to form anon-profit to facilitate success in singlemoms. I am not sure how to accomplish it,though I envision organizing an officialenterprise upon my retirement. I alreadyhave a few professional contacts chosen toparticipate, even though they are not yetaware of this, themselves.”

When it’s all over, Hutchison wants to beknown for being a good family member,mentor, and friend. Simply put, “She helpedme along the way.” But today, she would bejust as happy knowing this story encouragesanother female professional, or as she said itso eloquently, “I can only hope this storywill motivate one female reader to followher heart.”

Author Lisa Benson is CEO of Ellipse, Inc.headquartered in Dallas, Texas.

Mission Rock Residential executive team: (l tor) Denise Bailey, vice president of marketing andtraining; Todd Bowen, vice president of propertyservices; Pat Hutchison, president; MeredithWright, executive vice president; Kay Hutchison,executive vice president.

MHP Mar Apr 14 FINAL plus_MHP 3/31/14 9:09 PM Page 23