In the early 2010's Korman transacted over $200,000,000 of asset acquisitions and dispositions.
In 2012 Korman Residential rolled out its Management+ program. Korman secured incentivized management contracts with institutions, as well as individual property owners for 1,000 units in Pennsylvania and Delaware.
Korman Residential Properties continues to pursue acquisitions and Management+ opportunities in Pennsylvania, Delaware, New Jersey, and Florida.
In the 2000's, Korman Residential served as third-party manager for an additional 1,000 unit portfolio. Korman Residential acquired three desirable Main Line apartment communities, as well as Chestnut Hill Tower, a high-rise located in the Chestnut Hill section of Philadelphia. The successful repositioning of this asset was followed by a sale with substantial returns for the equity holders. Korman Residential acquired Stratford Apartments, a garden, townhome and mid-rise property located in Wilmington, DE. A repositioning strategy was implemented, leading to a major refinancing of the property and return of all equity to the investors.
The company expanded its operations through acquisitions into surrounding markets and developments in Florida. Korman Residential acquired Christina Mill Apartments and Brandywine Hundred in Delaware as well as River Chase Apartments, an 800-unit garden-style apartment community in Tampa, Florida. During this period the company completed over $300 million of agency, securitized and balance sheet financing at very favorable fixed rates and returned a significant amount of capital to investors.
In the 1990's, land development continued in PA, NJ, and DE. Hotel development accelerated in Center City Philadelphia and adjacent to Philadelphia International Airport. In 1996, Korman Residential was formed to acquire and manage multi-family properties and portfolios. Korman Residential served as third-party manager for two portfolios totaling 2,000 units, in addition to managing the properties in its own equity portfolios. The company acquired Pine Grove, a townhome community located in Hatboro, PA.
In the 1980's, office and shopping center development accelerated. Korman entered into a joint venture with Resorts International to develop housing near Atlantic City, NJ. The Builders Group was assembled, which accelerated activity in the company's land bank. The company syndicated many entities in its various residential portfolios. The Plaza Apartments were converted to the Palace Hotel in partnership with Trusthouse Forte. The company partnered with SmithKline and Philadelphia Electric to develop Franklintown, a Center City Philadelphia mixed-use community of public space, high-rise apartments and office buildings.
In the 1970's, Korman expanded its extended stay program to meet the needs of its corporate customers. Development continued throughout Pennsylvania and New Jersey emphasizing resort-style living.
In the 1960's, major land parcels were acquired for residential and commercial development in Philadelphia, Bucks County, and southern New Jersey. The company entered into a joint venture with Reynolds Metals Co. to develop the largest urban renewal project in the country (comprised of 5,000 homes and apartments, two shopping centers, and a business park). In addition, Korman developed the Neshaminy Mall in Bucks County, as well as the Plaza, a 28-story apartment tower in Center City, Philadelphia, for its own portfolio. Korman also assembled sizable tracts of land in Pennsylvania (Center City Philadelphia, Montgomery, Bucks, and Delaware Counties) and in New Jersey. These tracts, in part, provided sites for three major PUD developments containing over 10,000 homes and 6,000 apartments. Ultimately, Korman served as third-party manager for over 2,000 of these apartments.
In the 1950's, large scale residential & commercial development continued in Philadelphia and Montgomery County, PA.
In the 1940's, Hyman Korman, Inc. continued residential and commercial development in Northeast Philadelphia. The Kormans purchased Frankford Supply Co., which became the major building material supplier in the Delaware Valley. Lansdale Brick Co was acquired during this period.
In the 1930's, the company added apartments and shopping centers to its home building business.
In the 1920's, he began acquiring additional farms and subsequently incorporated to build homes in larger developments.
In 1919, Hyman Korman acquired the Hamilton Farm in Northeast Philadelphia for residential development.