Draft:The Connor Group
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 | |
| Formerly | Connor, Murphy and Berman |
|---|---|
| Company type | Private |
| Industry | Real estate investment |
| Founded | 1991 in Dayton, Ohio[1] |
| Founder | Larry Connor |
| Headquarters | |
| Total assets | $5 billion[2] (2024) |
Number of employees | 430[3] (2024) |
| Website | connorgp |
The Connor Group is an American real estate investing company headquartered in Miamisburg, Ohio.[4] As of 2024[update], the company managed apartment buildings in 12 states worth $5 billion.[2] Its nonprofit arm, Kids & Community Partners, established the Greater Dayton School.[5]
History
[edit]The company was founded by Larry Connor in 1991[6] as Connor, Murphy and Berman,[7] later Connor & Murphy.[8] Connor recruited two partners and one investor, who provided $400,000, to found the company.[2][9] Connor bought out his partners in 2003, although partner Jim Murphy remained with the company.[10]
The company invested heavily in new apartment complexes in the late 1990s.[8] It established a practice of inspecting properties prior to putting them under contract[11] in order to close sales more quickly.[8][6] By 2002, the company owned properties in Dayton, Indianapolis and Cincinnati.[8] It officially changed its name to The Connor Group in 2004.[10]
In 2008, the company expanded to additional regions, employed 325 people and owned more than 13,000 units worth more than $1 billion.[6] Following the 2007–2008 financial crisis, the company again invested heavily in new properties while prices were low, and repeated the strategy between 2020 and 2022 during the COVID-19 pandemic.[2][12]
In 2011, Connor and Pat Dorsey founded First Billing Services, which the Connor Group sold to Paya, Inc. in January 2019.[13] The Connor Group's total holdings hit $2 billion in value across 11 markets by 2017, with 400 employees.[14] In 2020, Larry Connor gave $1.6 million in bonuses to employees earning less than $150,000.[15] It completed nearly $3 billion in transactions in 2021[16] and exceeded $3 billion in 2022.[17]
From 1991 to 2024, the Connor Group's investments generated a 30.4% annual rate of return.[2][18]
Operations
[edit]The Connor Group sells properties it acquires after an average of five and a half years, shorter than the 10-year standard of publicly traded real estate investment trusts. As of April 2024[update], the company managed 51 apartment buildings worth $5 billion across 12 states.[2]
Through its partnership program, established in 2002,[19] top employees at the company are eligible for a partnership stake. In 2024, 66 partners shared a 7 percent stake in the firm, with the remainder owned by Connor and his family.[2] The company focuses its hiring on people from outside the commercial real estate industry.[18]
Kids & Community Partners
[edit]The Connor Group has a nonprofit arm, Kids & Community Partners, established in 2007.[20] The nonprofit runs the Greater Dayton School, a private school focused on students who are qualified for Medicaid[21] or are below 130 percent of the federal poverty line. The school began operating in August 2022[22] and opened its $45 million campus, designed by Moody Nolan,[23] in March 2024.[21] The school operates from 8 a.m. until 5 p.m.[24] and provides wraparound services, including an onsite health clinic.[5] As of December 2023, the company had pledged $152 million toward the school's construction and operations.[22]
Kids & Community Partners has also supported disaster relief following hurricanes;[25] victims of the 2019 Dayton shooting;[26] and Bottom Line, a nonprofit serving first-generation college students and applicants.[27] In 2020, the firm pledged $5 million to Dayton Children's Hospital to expand its mental and behavioral healthcare offerings.[28]
References
[edit]- ^ Larsen, Dave (13 October 2014). "Connor names new head of operations". Dayton Daily News. Retrieved 23 December 2024.
- ^ a b c d e f g Tognini, Giacomo (17 April 2024). "Meet The Skydiving Billionaire With Sky-High Returns". Forbes. Retrieved 22 December 2024.
- ^ "The Connor Group". The Business Journals. Retrieved 17 January 2025.
- ^ Gnau, Thomas (5 December 2023). "Miami Twp.'s Connor Group makes Inc. magazine 'Best in Business' list". Dayton Daily News. Retrieved 22 December 2024.
- ^ a b Scott, Greg (22 November 2023). "The Greater Dayton School boasts world-class feel". Dayton Business Journal. Retrieved 23 December 2024.
- ^ a b c Demeropolis, Tom (30 June 2008). "Connor Group sees growth". Dayton Business Journal. Retrieved 22 December 2024.
- ^ Archdeacon, Tom (7 October 2017). "Local adventurist spearheads UD Arena project". Dayton Daily News. Retrieved 22 December 2024.
- ^ a b c d Thompson, Julie (13 May 2002). "Apartment investors prepare for buying spree". Dayton Business Journal. Retrieved 22 December 2024.
- ^ McClory, Eileen (8 December 2023). "See why Larry Connor says Dayton has 'huge advantages'". Dayton Daily News. Retrieved 23 December 2024.
- ^ a b "Connor and Murphy changes name". Dayton Business Journal. 9 August 2004. Retrieved 23 December 2024.
- ^ Thompson, Julie (16 April 2001). "Apartment developer ready to roll". Dayton Business Journal. Retrieved 23 December 2024.
- ^ Wiltermuth, Joy (10 January 2024). "This landlord is seeing apartment rents increase amid a U.S. construction boom". MarketWatch. Retrieved 23 December 2024.
- ^ Gnau, Thomas (8 January 2019). "Connor Group sells company for $57.5M". Dayton Daily News. Retrieved 22 December 2024.
- ^ Gnau, Thomas (24 February 2017). "Explosive growth: Dayton-area company now has $2B in assets". Dayton Daily News. Retrieved 22 December 2024.
- ^ Setty, Ganesh (1 May 2020). "A real estate CEO made $1.6 million in the stock market. Then he gave the money to his employees". CNN. Retrieved 22 December 2024.
- ^ Gnau, Thomas (27 January 2022). "Miami Twp.'s Connor Group notches nearly $3B in 2021 transactions". Dayton Daily News. Retrieved 22 December 2024.
- ^ Jarrell, Zachary (11 August 2023). "One of Dayton's top companies continues adding to its portfolio". Dayton Business Journal. Retrieved 17 January 2025.
- ^ a b Coen, Andrew (4 November 2024). "Investor Larry Connor Isn't Afraid of Heights — No, You Don't Understand". Commercial Observer. Retrieved 23 December 2024.
- ^ Peralta, Paola (16 February 2024). "Why this founder lets employees own part of his company". Employee Benefit News. Retrieved 23 December 2024.
- ^ Bova, Dennis (14 November 2022). "The Connor Group's nonprofit arm creates new spinoffs". Dayton Business Journal. Retrieved 17 January 2025.
- ^ a b McClory, Eileen (13 March 2024). "'It's the learning in the building that matters': New school opens downtown". Dayton Daily News. Retrieved 22 December 2024.
- ^ a b Donaldson, Ali (December 2023). "This Founder Built a School to Fight Poverty in His Community". Inc. Retrieved 22 December 2024.
- ^ Gnau, Thomas (15 January 2024). "Dayton-area construction projects worth watching in 2024". Dayton Daily News. Retrieved 23 December 2024.
- ^ McClory, Eileen (18 February 2024). "Greater Dayton School to offer wellness center for student health visits". Dayton Daily News. Retrieved 23 December 2024.
- ^ Gnau, Thomas (12 September 2019). "Dayton-area company loans airplane to help Ohio relief group reach the Bahamas". Dayton Daily News. Retrieved 23 December 2024.
- ^ Gnau, Thomas (9 August 2019). "Connor Group donates 1st $100K to new fund for Dayton shooting victims". Dayton Daily News. Retrieved 23 December 2024.
- ^ McClory, Eileen (11 December 2023). "Nonprofit aims to help first-generation students get into, graduate from college". Dayton Daily News. Retrieved 23 December 2024.
- ^ Fisher, Jacob (14 October 2020). "The Connor Group pledges $5M to support thousands of Dayton Children's patients, families". Dayton Business Journal. Retrieved 23 December 2024.