When NOVO Properties was founded 22 years ago in a basement apartment on Capitol Hill, the mission was simple but powerful.
“NOVO is actually Latin for renew or revive,” says Greg Selfridge, a Managing Partner of NOVO Properties. “That was really the philosophy that drove our business.”
What began as a hands-on effort to acquire buildings in Washington, D.C. that were in serious need of extra attention, and restore them to their former glory, has grown into a company that has stood the test of time in one of the most complex regulatory markets in the country.
In this conversation, Greg reflects on NOVO’s origins, the values that have sustained its growth, and why partnering with Collective represents the next chapter in the company’s evolution.
From Capitol Hill Basement to 22 Years of Growth
NOVO’s story is rooted in revitalization.
“Twenty-two years ago, we bought under-managed, poorly maintained buildings in and around Washington, D.C., renovated them, and brought them back to their former glory,” Greg explains.
The company’s name wasn’t branding, it was a strategy. By focusing on operational improvement, thoughtful renovation, and long-term stewardship, NOVO built a reputation for disciplined execution and sustainable growth in a competitive market.
Today, NOVO operates across the Washington, DC metropolitan area, as well as Chicago, continuing that original mission: improve assets, serve residents well, and build long-term value.
Operating in One of the Most Complex Regulatory Environments
Washington, D.C. is not an easy market.
Greg’s experience serving on the D.C. Zoning Commission earlier in his career gave him a front-row seat to how public policy and real estate intersect.
“D.C. is a very complex regulatory environment,” he says. “By being highly attuned to the changing regulatory landscape, it allows us to understand and anticipate impactful public policy changes. As multifamily housing becomes increasingly regulated across the U.S., NOVO’s familiarity with government processes and evolving regulatory landscape gives the team an advantage, not in cutting corners, but in anticipating change.
That forward-looking approach enables NOVO to:
- Stay compliant in a shifting environment
- Engage constructively with public stakeholders
- Identify opportunities before they become widely recognized challenges
In a heavily regulated market, being proactive is not optional.
Integrity as an Operating Philosophy
While regulatory expertise shapes NOVO’s strategy, its day-to-day operations are grounded in something simpler: fairness.
“I always like to say what’s good for our tenants is good for NOVO,” Greg shares.
That philosophy shows up in the way NOVO interacts with:
- Residents
- Employees and long-term associates
- Government officials
- Property owners
The company’s longevity speaks to the effectiveness of that approach. Many team members have been with NOVO for 10, 15 or even 22 years.
“A lot of it starts with the people that are the bedrock of our company,” Greg says. “When we take care of our people and treat them well, that trickles down to the resident experience.”
For NOVO, integrity isn’t a marketing message. It’s a retention strategy, a hiring philosophy, and a pillar for growth.
Why NOVO Partnered with Collective Residential
When evaluating a partnership with Collective Residential, Greg saw alignment on two fronts: people and technology.
“We loved that Collective was technology-forward,” he says. “Property management is a very people-intensive business, but we need to integrate technology where it’s appropriate to enhance the resident experience and allow growth.”
That balance was key.
Collective’s emphasis on:
- Leveraging best-in-class technology
- Scaling infrastructure intelligently
- Supporting portfolio companies collaboratively
- Preserving the importance of people
Resonated deeply with NOVO’s operating philosophy.
“I really appreciated the collaboration that occurs with Collective and the portfolio companies that make up Collective Residential,” Greg adds. “The ability to sit with peers who have similar experiences but different perspectives is very valuable.”
For a mid-sized operator, access to shared infrastructure and scalable resources can be transformative, especially in markets like D.C.
Building the Next Chapter in Washington, D.C.
Looking ahead, Greg sees NOVO’s partnership with Collective as an opportunity to strengthen its foundation while accelerating growth.
“I think we’ll be able to improve our technology, leveraging the newest and best tools to enhance the resident experience and grow property NOI,” he says.
Beyond technology, Collective Residential brings:
- Operational infrastructure
- Capital resources
- A scalable platform
- Strategic expertise for middle-market operators
“We’d like to grow the Collective platform here in the Washington, D.C. area,” Greg shares. “We think it’s right for a company such as Collective to bring best-in-class operational expertise to middle-market managers.”
For NOVO, the next phase isn’t about changing its identity. It’s about reinforcing what has worked for 22 years and enhancing it with modern systems, shared expertise, and a stronger platform.
A Shared Vision: Renew, Revive, and Scale
NOVO was built on the renewal of buildings, of neighborhoods, and of operational standards.
With Collective Residential, that original mission continues. Supported by technology, collaboration, and scalable infrastructure.
In a market defined by complexity and constant change, NOVO’s long-standing philosophy still holds true:
What’s good for residents is good for the business.
And with the right platform behind it, that philosophy can scale.
Interested in learning more about how Collective partners with founder-led property management companies?
Interested in learning more about how Collective partners with founder-led property management companies?
Connect with us to explore how technology, collaboration, and operational excellence can support your next chapter.
If you’re ready to learn more about how Collective could partner with your property management company, let’s talk.
Visit www.collectiveresidential.com or email ksikaria@collectiveresidential.com to learn more about how Collective combines technology and people-first principles for long-term success.
