A real estate investor and developer, Vito Dragone oversees the real estate investing, construction, and management of properties purchased by Dragone Realty Investments (DRI). As president of the firm, Vito Dragone invests in multifamily buildings with 200 or more units.

DRI’s investment arm focuses on assets that will generate a return on its investment. DRI Investments focuses on creating partnerships with other institutional investors. By working with others in real estate, DRI benefits from the team’s experience, business relationships, and expertise.

The Verona at Naylor Metro illustrates DRI’s process for investing, renovating, and then generating returns on the investment. The apartment building was once dilapidated and closed down for several code violations.

Through its construction arm Dragone Construction, the firm renovated the building’s exterior, which was in serious disrepair. They renovated the interior to improve its building’s appearance and make the building safe and livable again. The project took two years to complete and cost $18.5 million to renovate.

The 219 one-, two-, and three-bedroom apartment building is completed and leased-up and has a steady occupancy at 95%. For more information on the services that DRI provides in investments like the Verona at Naylor apartments, please visit https://www.dragonerealty.com/services.

Vito Dragone is an established real estate expert in Washington, DC. He guides Dragone Realty Investments (DRI), which delivers investment, rehabilitation, and management solutions. Focused on identifying exceptional opportunities, Vito Dragone has overseen the sale of major completed multifamily projects such as Verona at Landover Hills.

In July 2022, DRI, in tandem with GMF Capital, successfully sold the 727-unit apartment complex to Dumas Collective’s acquisition division Dantes Community Partners and the Urban Investment Group (part of Goldman Sachs Asset Management). The Maryland property, constructed in 1966, comprises 25 four-story buildings on nearly 30 acres. In addition, DRI completed luxury unit upgrades on the units, including new cabinetry, countertops, and appliances.

With affordable housing a major issue nationwide, the property sold for $139,000,000, which included $105 million in structured financing, was the third transaction initiated by Dantes Partners’ NORE Fund I, LP. It is foundational to the One Million Black Women initiative, a $10 billion, 10-year Goldman Sachs investment strategy that seeks to narrow the opportunity gaps faced in the United States by women of color.

Vito Dragone, a professional focused on property rehabilitation and development in Washington, DC, leads Dragone Realty Investments as president and manages an extensive property portfolio. Vito Dragone pays close attention to multifamily real estate, particularly trends in the industry.

One recent trend making headway in multifamily housing is property technology, or proptech, which is the intersection of information technology tools and the real estate industry. One example of proptech is the Bluetooth-enabled smart home automation technology developed by SmartRent. The Arizona company’s platform synchs with a system that allows people to schedule tours of rental homes, verify identities, and unlock a smart lock using a device. This enables the safe, secure, and verified tour of spaces for rent without the presence of a real estate agent.

Once tenants move in, they can use the same system to control thermostats or lights remotely. Residents can also enable access to their apartment building for select visitors, including people delivering food. This type of proptech marks the beginning of technological impact in the multifamily property segment, with some users employing cloud-based platforms for activities such as building maintenance and energy-use management.

Managing a rental property requires a lot of work and careful decision-making, including determining which tenants to rent to. Fail to screen applicants, and it could lead to issues in terms of rent payments, tenant relationships, and security. As a landlord or property manager, it may not always be possible to know the kind of tenant someone is until after they move in. However, there are several steps you can take to reduce the risk of problematic tenants.

A good starting point for tenant screening is prescreening measures, such as creating a rental application form. The form should clearly outline the rules and expectations for residents of your property, while adhering to state laws and Fair Housing Act (FHA) regulations. This act forbids screening renters based on their familial status, sex, race, color, disability, religion, or national origin.

Also, brief prospective tenants on the process you use to screen applicants before giving them the application form. Some may decide not to proceed if they fall short of your requirements. Such occasions help spare you from expending time, energy, and resources on reviewing and responding to unsuitable applicants.

For tenants who submit an application, you will want to evaluate their probability of meeting their financial obligations to you on time. Use credit scores to assess their ability and reliability in this regard. The higher the credit score, the better because it means that the applicant has a good history of paying off debts and loans. You can obtain credit reports from any of the leading credit reporting agencies, which comprise Equifax, TransUnion, and Experian.

The credit report will not fully reveal potential problems associated with a given tenant, so conduct a comprehensive background check as well. This includes checking their criminal history. However, always consider the relevancy of any listed convictions and ensure FHA compliance when reviewing criminal records. For example, a nonviolent conviction from several years ago may have nothing to do with being a good tenant.

If you want to simplify this part of the screening process, research the numerous services and platforms available that provide insights into the financial history, credit rating, and criminal record of prospective tenants. For instance, TransUnion offers a dedicated tenant screening tool for landlords.

For employer and landlord references submitted by potential tenants, follow up with all contacts in order to validate the information supplied and confirm rental and employment background. Multifamily leasing professionals suggest speaking with as many previous landlords as possible when researching an applicant’s tenant history. To verify the employment status, contact their current employer. A prospect with a stable income is more likely able to afford the rent. Additionally, consider asking applicants for recent pay stubs or bank statements.

Unless their application or background check raises enough red flags to warrant rejection, conduct a final interview with potential tenants. During the interview, give them the opportunity to supply missing documents and clarify anything that concerns you. You might have questions about inconsistent employment or income history, for instance.