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Company Profile

The success of DEL Development Corporation in turning around non performing apartment communities is born out of its combination of Asset Management and on site Property Management experience.  The Company’s ability to breakdown dysfunctional systems to their component parts, and then indentify and execute on the critical steps required to put businesses on the path to recovery, is the foundation of its successful track record.

Since its founding in 1992, DEL Development has successfully turned around over fifty properties totaling more than 6,000 units.  Its experience in hands on Property Management allows DEL to quickly assess the effectiveness of on site operations and implement programs that will have immediate impact on performance.  Training programs ranging from how to effectively manage customer interactions whether on the phone or face to face, or how to effectively control utility expenses on house and vacant meters, bring years of expertise to on site teams in a format that is easily implemented and focus driven.  A guiding principle of DEL’s approach on site has been to develop pragmatic solutions to issues faced day to day in real life situations.

The common sense Management style that DEL is able to deliver to on site operations is augmented by its exceptional accounting team.  With over 60 years of combined experience in accounting and an average tenure at DEL of over 8 years, the team is uniquely positioned to train new personnel, guide teams efficiently through unique situations and carefully monitor and audit on site operations.  These audits enable senior management to ensure that what the property management systems reflect, corresponds to what is seen when information is examined more closely.  The consistent review and refocus of management systems and strategies allow for a quicker, more efficient response to the constantly changing environment in which our industry operates.

With our seventy five million dollars of construction experience ranging from new construction, renovations or emergency repairs, DEL’s construction management background adds flexibility in developing, repositioning or preserving assets no matter the scale or nature of the project.  This exposure has allowed DEL’s assets to cost effectively navigate improvements that are made to the properties while insuring the quality delivery of the construction project.

These varied experiences, combined with the extensive asset management and financial experience of senior management has allowed the firm to not just create value on the underlying assets, but to position it in a manner that is most advantages to the ownership structure. 

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Meet Our Management Team

We are proud of the long tenure of so many team members!  Everyone at our home office has served for at least five years, some for over ten years!

On site many of the team, approximately 25%, have over three years, several over five years and one who has been with us since we opened our doors.

Congratulations to the 2023 Distinguished Service Award Recipients! DEL has recognized the following top leaders.

Maintenance: Villas of East Cobb Apartments
Oscar Ramirez

Area Manager
Steven Phillips

D.E.L. Development - Accounts Payable Manager
Lorena Rodrigues

  • Donald Lippman, President

    DEL Development Corporation was established by Donald Lippman in 1992 and has been actively involved in real estate acquisition, investment, development and property management. Since 1992 DEL has been involved in the acquisition of over 30 properties and currently directs the property management of over 3400 apartment units. Prior to establishing DEL, Donald was the Director of Multifamily Asset Management for a west coast capital management firm where he was involved in numerous apartment acquisitions, directed several renovations and developed a specialty in real estate turnarounds.

  • Betsy Dearing, Controller

    Betsy is responsible for every aspect of the accounting and administration for each managed property as well as the smooth running of the Corporate Office. Betsy joined the DEL team in 2002 after relocating from Connecticut. Prior to that she worked in property management accounting, administration, and property management software for nearly 15 years. In 2004 she received the DEL Outstanding Leadership Award and in 2012 she recieved a DEL Distinguished Service Award.

  • Sandra A. Zuniga, Area Manager

    Sandra joined the DEL team in 1998 as an Assistant Manager. She has been the Property Manager at several of DEL's managed sites and now serves as an Area Manager for several residential properties in the DEL portfolio. Prior to joining the DEL team, Sandra had five years of experience onsite, starting as a Leasing Agent and working up to Assistant Manager. She is a five time recipient of the DEL Distinguished Service Award.

  • Steven Phillips, Area Manager

    Steven joined the DEL team in 2017 as a Leasing Agent.  He quickly learned the ropes and with his dedication to excellent customer service and attention to detail moved up to Assistant Manager and then to Property Manager. He relocated several times to fill key roles and is now an Area Manager for several residential properties.

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Featured Property: The Reserve At Lakeshore

The Reserve at Lakeshore is a 240 unit apartment community located in Chattanooga, TN that was constructed in several stages from the 1950's to 1978. It is located on 23 acres that over look Lake Chickamauga and affords over 75% of the apartment homes outstanding waterfront views. The property was purchased based on its income and expenses that were in place at the time of acquisition. Management believed that due to prior ownership allowing the asset to fall into disrepair and not effectively controlling expenses, there was a significant opportunity to create value through renovating and repositioning the asset. 

Upon acquisition, a new onsite management team was installed and renovations to the community commenced. The exterior was completely repainted, all damaged stucco was repaired, all wood that was damaged or deteriorated was replaced as were several roofs. Other improvements included the complete renovation of a large commercial building on the site that houses the community offices, fitness center, business center, laundry facilities and a restaurant space that is leased to a competent operator. 

Landscaping improvements included the removal and trimming of vegetation that had grown over the years to obstruct many of the waterfront views. Additionally, over 90% of the base planting at the buildings was removed and new landscaping was installed. Mail boxes that were in disrepair were removed from each breezeway and replace by a new central mail kiosk. The pool area was completely redone to include rebuilding of the circulatory system to eliminate a major long term water leak, replastering of the pool, new water line tiles, coping stones and the installation of a new gazebo. 

Interior improvements are an ongoing project that continues to this day. Initially, all apartments had their outdated wallpaper removed and were retextured, repainted, light fixtures replaced, cabinets refinished and counters, vinyl and appliances replaced as needed. Continuing improvements have included the replacement of carpet and the installation of ceramic tile floors. 

These improvements to the physical asset were matched by the high quality of customer services delivered by its experienced and dedicated onsite team. Whereas the previous ownership self managed the property with the assistance of family members and long term contractor relationships, the professional management installed after acquisition brought a fresh approach to quality control, cost management and customer service. Although many of the existing residents were unable to afford the new rent structure, the effective marketing campaign attracted residents who could. 

When the property was purchased, the prior year NOI was $542,284.  The renovation was completed in two years and at the end of year three, the NOI was $1,003,102.  Income had risen 83% and expenses dropped from 66% of gross income to 48%.
Thirty Two months after acquisition, the property was refinanced. The partnership borrowed $9,700,000 and returned 100% of the initial equity investment.  To date the property continues to perform well above its initial expectations and enjoys the reputation as one of the finest apartment communities in Chattanooga. For more information on this community, please visit the property's website at
Commercial Properties

D.E.L. Development Corp. identifies opportunities to acquire and manage office buildings through its exposure to the various markets it operates in.  In situations where the firm's ability to analyze and reduce operating expenses enables it to create value in a stable office market, those opportunities have been pursued. Leasing is typically handled by commercial brokerage firms.
Mixed Use Properties

Mixed use opportunities come to the attention of D.E.L. through its exposure to multifamily housing markets.  Where properties have a relatively small amount of retail or office space with a larger apartment community, D.E.L. maximizes value by improving apartment operations and hiring appropriate specialists to lease the commercial space.

Special discounts may be applicable at select communities for the following;

Military Personnel and Veterans



Fire Fighters

Police Officers

First Responders

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What Residents Are Saying