New Jersey's SureDeposit Carves Out SW US Region

SCOTTSDALE, AZ-The Madison, NJ-based SureDeposit is rolling into Arizona, New Mexico, Southern California and Nevada. To lead the expansion, the firm has hired the executive vice president of the New Jersey Apartment Association and president of the National Apartment Association’s executive council.

Nathan Slovin, who will be based in Scottsdale, assumes the role of marketing director for SureDeposit’s newly carved Southwest region. An attorney by profession, he held the New Jersey post for eight years. Prior to that, he was property manager and general counsel at a management company with a portfolio of more than 3,000 units.

SureDeposit sells surety bonds to the multifamily sector for security deposits. The firm’s portfolio contains contracts for 400,000 apartments.

SureDeposit executives believe the current softness in apartment markets like Scottsdale will make their product attractive to Southwestern property owners lobbying for new tenants. “Owners must vie more aggressively for prospective residents, which is where the SureDeposit program becomes more pivotal,” said Peter Kaliades, SureDeposit president. “It is easy to see how an apartment unit advertised with no requirement for a security deposit would draw more interest from prospective residents and ultimately help owners maintain healthier occupancy levels.