Capodagli Property Company

Issue V19 I 1&2


Where others fear to tread

With more than 50 years of experience, Capodagli Property Company continues to shake up the real estate sector with its series of high-quality, affordable property developments

Capodagli Property Company is a firm with a mission. Founded in 1970, the full-service real estate development, construction, and property management company has made a name for itself as a specialist in the creation of multi-family and mixed-use real estate projects. Defined by its ability ‘to envision thriving communities on barren parcels’, today Capodagli plays a major role in the redevelopment of cities throughout the State of New Jersey and surrounding locations.

In 2020, Capodagli celebrated 50 years since its founding. It’s a milestone that’s provided George Capodagli, the company’s President and Founder, with an opportunity to reflect on the company’s growth and evolution throughout that time. “We’ve been blessed,” he admits. “We’ve gone through the best of times and the worst of times. Although the company has grown steadily, it has accomplished more now than ever. It goes to show that if you plant the first seeds, however many years down the line, the fruits of your labor will eventually begin to show.”

Capodagli’s success rides upon its commitment to honesty and integrity across its developments. “Our premise is: give us an opportunity to serve, and we’ll show you what we can do,” George says. “We don’t take a job on the basis of ‘How can we work this? How can we get more?’ We don’t come back to the client with extras, and we’ve never gone looking to the bank for additional support.”

In early 2021 Meridia Living, the property management side of the company began its third-party property management services for a number of external developers. “We’re not just managing the assets we own, but we’re working with investors to manage their multifamily and commercial properties as well,” explains Florencia Mansilla, Capodagli Marketing Director. “We manage a various number of properties in the Northeast area.”

Operating via its Meridia Living subsidiary, Capodagli recently finalized the construction of luxury apartments in Rahway, New Jersey, known as Meridia Brownstones. “Meridia Brownstones is one of our first residences to include an indoor-outdoor saltwater pool among its amenities,” Florencia notes. “It also has a golf simulator room, game room, social room, and a variety of other amenities that help deliver a sense of community that fits neatly with the theme and goal behind Capodagli’s broader developments.”

In order to meet its own high standards with regards to quality and efficiency, recent years have seen Capodagli move an increasing number of its services in-house. “We’ve assumed responsibility for tasks including site excavation and clean-up,” George explains. “Although we’ve previously hired some good people to do those tasks, we find that they generally don’t share our sense of urgency. Instead, we’re relying upon our own employees, training and promoting them from within, and thereby ensuring that we have complete quality control over our projects.”

The importance of quality speaks for itself, but its pursuit is of particular relevance to Capodagli’s unique business model. “It’s essential for us that our properties are built to the very highest standards of integrity. Likewise, it follows that we place a heavy emphasis on quality monitoring, with the correct programs and people in place to realize our expectations.”

This mention of ‘people’ is a pertinent one. Within an unforgiving industry, driven by ever-increasing profit margins, Capodagli is keen to stress that its own priority rests firmly with its staff, whose contributions continue to drive the company’s success. “There’s something lacking in this world right now,” George insists. “For many of us, it can feel as though there’s no sense of future. In the major industries, companies can fire thousands of employees in a single stroke. Our people, I believe, don’t have that feeling. Of those with us today, many have been part of the company for a number of years. They see that they’re part of something they can grow with, to which they can contribute, and it’s that sense of belonging that’s really stimulated the expansion of our company over the last few years. We’ve hired a lot of new people across all our divisions, and we’re continuing to attract great talent.”

For Capodagli’s staff, an added benefit is the comfort that comes with knowing that their efforts are directed towards a worthy cause. “They’re part of something far more substantial than making money,” George goes on. “If we sold our pipeline, our products, we could put a tremendous amount of money into the company’s hands. But that’s not what we’re dedicated to — instead, we’re committed to building a company that serves people in our communities, in our buildings, and within Capodagli itself.”

Remarkably, the company’s recent success has come despite the chaos and disruption that followed the arrival of Covid-19. “Across our complete portfolio of buildings in the year 2021, over 97 percent of our units were rented,” George says. “But more importantly, collections were 98.6 percent. Those figures go to show that demand for our products remains high. We’re offering people the chance to get brand-new, prime-location apartments.”

With its sights now firmly set on making the next 50 years a success, Capodaglihopes to remain true to the principles that have guided it thus far. “We’re like the Statue of Liberty,” George concludes. “Give us your tired, your weak, your huddled masses. Having grown up in the inner city, I’m very familiar with underserved people. I know what it’s like, and it doesn’t frighten me. My own intention is to keep showing up every day, to keep doing what I do, and to do it as best I can. My family, my wife, and I are dedicated to growing our brand and our people, and we reinvest everything we have back into the company. Within New Jersey, we’re pretty well-recognized; I believe wholeheartedly that if we can keep getting the message out, soon we’ll begin venturing into new towns, and to other states, where we can start to help an even greater number of overlooked communities.”

Capodagli Property Company
www.capodagli.com
Services: Real-estate development and property management


Capodagli Property Company