Management Today - Spring 2012 - (Page 190)
“We never forget how important the home and community are to those that live there.” -Jim Warmington Jr., president and CEO
Being True Blue Partners
> T H E WA R M I N G TO N G RO U P
THE PRESIDENT OF THE WARMINGTON GROUP STRIVES DO THE RIGHT THING FOR THE FIRM’S PARTNERS, LENDERS AND HOMEBUYERS.
BY A L A N D O R I C H
// The Warmington Group has a history in construction going back more than 85 years, and it continues to focus on building quality homes.
building and managing apartments. “This broad knowledge has proved invaluable in obtaining underwriting and designing the site and architecture for each new deal,” Warmington says. Looking Out for Others Jim Warmington Jr. began working for the group’s Southern California division in 1989 while he attended classes at Stanford University. After graduating four years later, he began working full-time at the company as a superintendent. Warmington says one of the key factors in the group’s success is its dedication to strong ethics and doing the right thing. “We strive to [build] communities
-----------------------------------------------[ P R O F I L E ] The Warmington Group www.homesbywarmington.com 2011 revenues: $59 million+ Headquarters: Costa Mesa, Calif. Employees: 150 Specialty: Homebuilding --------------------------------------------------------------
which provide good ﬁnancial returns for ourselves and our ﬁnancial partners, while carefully accounting for the risks in today’s market,“ he says. “Plus, we never forget how important the home and community are to those that live there.” For instance, “In 2005, we started slowing our land purchases as the market was clearly slowing,” he recalls. “We felt that it was not in our interest, nor our partners’ and lenders’, to be overly aggressive on purchases at that time, even though we would have beneﬁted ﬁnancially from the extra work,” he explains. “During the subsequent years of the downturn, we built out thousands of homes and focused exceedingly hard on getting our banks paid off and our equity partners out as clean as possible, even though our company would lose money.” The Warmington Group structured deals so that its banks got out sooner and whole, even if the group itself suffered additional losses. “Because of our focus of looking out for the best interests of our partners and lenders, we have been able
With its family ownership, The Warmington Group enjoys many advantages over other homebuilders, President and CEO Jim Warmington Jr. says. Along with having the ability to make decisions quickly, “The family’s reputation has also allowed us to get access to many sellers and opportunities,” he says. The Costa Mesa, Calif.-based ﬁrm has a history in construction going back more than 85 years, Warmington says. The Warmington Group began as a custom homebuilder in Los Angeles and constructed estate homes for many celebrities, including actors Claudette Colbert, Henry Fonda, Tyrone Power and Douglas Fairbanks Jr. By the 1930s, that ﬁrst Warmington company earned a reputation as a “builder to the stars” and had constructed homes in Beverly Hills, Bel Air and Westwood, Calif. Since then, the companies have built more than 40,000 single- and multifamily homes in California and Nevada. In addition, The Warmington Group has many years of experience in both
MANAGEMENTTODAY-MAGAZINE.COM SPRING 2012
Table of Contents for the Digital Edition of Management Today - Spring 2012
Management Today - Spring 2012
Millionaire Mega Toys
Mid-America Real Estate Group
The HT Group
Cotter Bros. Corp.
4 Guys Fire Trucks
Metalcraft of Mayville
US Pole Inc.
ADA Environmental Solutions
NewMark Merrill Companies
Rose Pest Solutions
Marquis Alliance Energy Group
Chatters Canada Ltd.
Metro Paper Industries
Special Section: Aviation
Honolulu International Airport
Edwards Jet Center
Special Section: Peru Focus
Zip-Pak South America
La Viga S.A.
Special Section: Top Home Builders
Ole South Properties
The Warmington Group
Special Section: Most Promising Companies
Salient Federal Solutions
Management Today - Spring 2012