The Effect of Engaged Workforce on Leasing Process
By Michelle A. Marten, Project Manager, Kingsley AssociatesDo satisfied employees align themselves with company goals, take ownership of their work, and deliver a high level of service? On the surface, the answer would appear to be an obvious “yes.” In reality, however, just knowing how satisfied employees are does not provide the most accurate representation of their commitment and job ownership. The concept of employee engagement moves beyond “satisfaction” to understand what directly impacts individual and company performance. “Engagement,” then, is a composite of various employee perceptions that collectively indicate high performance, commitment and loyalty.The Value of EngagementIn the multifamily…
Five-Star Condo, Hotel Development to Open in Dominican Republic in 2010
By Rachel Block, ReporterSamana Bay, DOMINICAN REPUBLIC– Angsana Samana, a five-star condo and hotel development is on its way at Samana Bay, located in the northeastern region of the Dominican Republic. Nexus is concerned with conserving the natural environment of Samana and is partnering with Banyan Tree Holdings Limited, a developer, designer, and operator of hotels, resorts, spas, and retail galleries around the world, for the first time. Angsana Samana Bay has a resort and spa with over 200 suites and 450 residences. The residences range from low-rise buildings close to the marina to large condominiums inland. The residences also…
National Index Shows Less Risk Among Renters
By Erika Schnitzer, Associate EditorRockville, Md.–According to First Advantage SafeRent Inc.’s first quarter Multifamily Applicant Risk (MAR) Index, the risk of leasers not fulfilling their payment obligations has decreased slightly as compared to the end of last year.The MAR Index measures trends of both national and regional applicant quality scores. An Index value of 100 denotes that market conditions are equal to the national mean for the base period of 2004. A value greater than 100 reflects conditions with a reduced average risk of default on payment.“Property owners can use this to understand how their experiences compare to the market…
DEAL OF THE DAY: 24-Unit Rental Community Sold for $3.15M
By Anuradha Kher, Online News EditorTeaneck, N.J.–Gebroe-Hammer Associates recently negotiated the sale of 171-183 Ft. Lee Rd., a 24-unit garden apartment complex in Teaneck, N.J., for $3.15 million.Located between Beech and Woodbine streets near Amman Park, the two-story, four-building complex features eight one-bedroom and 16 two-bedroom apartments. The brick-façade property is 99 percent occupied and sold for $130,000 per unit. “Teaneck is the second most populous municipality in Bergen County, the most populous county in the state of New Jersey,” says Greg Pine, vice president of Gebroe-Hammer, who represented the seller and procured the buyer. The buyer plans to renovate…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorRenee Morales Becomes Group Coordinator of Keystone Pacific Irvine, Calif.–Keystone Pacific Property Management Inc., an Irvine, Calif.-based property management firm, has promoted Renee Morales (pictured) from community association manger to group coordinator.Morales will be based in Irvine, where she will serve as a mentor to her team, ensure team cohesion and handle the needs of the clients and homeowners associations.Morales is currently pursuing the California Community Association Manager (CCAM) certification through the California Association of Community Managers (CACM).Guardian Promoted Two, Hires New Portfolio Manager Portland, Ore.–Guardian Management LLC has promoted Amanda Clark (pictured) to portfolio…
42-Unit Affordable Housing Community in Barrio Logan Redevelopment Project Area Set to Open
By Anuradha Kher, Online News EditorSan Diego–Gateway Apartments, a 42-unit affordable housing complex located in the Barrio Logan Redevelopment Project Area near downtown San Diego, will open on June 5.San Diego Mayor Jerry Sanders, City Councilmember Ben Hueso, and representatives of the city’s redevelopment agency are expected to attend the opening.Situated at 1605 Logan Ave. and 16th St., the community features four stories built over a two-level underground garage as well as a separate community building with a clubhouse, computer learning center with free Internet access, and other amenities.Gateway, developed by nonprofit developer Las Palmas Foundation, offers 17 two-bedroom as…
San Francisco Environmentally Friendly Building Code’s Cost Questioned
San Francisco–San Francisco’s strict green building codes could reduce the city’s economic output by up to $700 million a year, according to a recent city report.The city’s new standards–which require new commercial and high-rise residential buildings to decrease their impact on the environment in ways such as using on-site renewable power generation and sustainable building materials–would be the strictest of any U.S. city if accepted, the San Francisco Chronicle said.San Francisco’s Office of Economic Analysis released a report recently that said the new codes would cut greenhouse gases by a significant amount; but the report also found that the higher…
Slow U.K. Housing Market Gives Rental Market A Boost
London–Lower property sales are increasing the U.K. rental market, according to the London-based Royal Institution of Chartered Surveyors (RICS).Demand for rental properties grew at its fastest pace since July 2007 due to reduced home sales, BBC News reported Friday.The result: Higher rents. However, because homes are selling slowly, the number of houses put up for rent also increased, RICS said, which could prompt rents to eventually decline.
Eurozone Economic Growth Slows to 2003 Level
Edinburgh–Eurozone economic growth has decreased to its slowest pace since 2003, showcasing the European Central Bank’s problems as oil prices drive inflation higher, according to a recent survey by the Edinburgh-headquartered Royal Bank of Scotland and NTC Economics.In May, economic activity in the 15-country region grew only moderately, and jobs increased at the slowest rate since 2006, the Financial Times reported FridayIncreased oil prices, a stronger euro and the reduced U.S. economy have weighed on growth.“The euro area private sector will have ground to a halt by mid-year,” said Jacques Cailloux of Royal Bank of Scotland.At 3.3 percent in April,…
NAR: Home Sales Decreased in April, Housing Supply Increased
Chicago–Existing homes sales slowed in April and the housing inventory grew, according to a Chicago-based National Association of Realtors report released Friday.The NAR said homeowner sales fell in April to an annual pace of 4.89 million, a 1 percent drop from the revised March reading of 4.94 million, CNNMoney.com reports.The existing home sales rate–which includes single-family, townhomes, condominiums and co-ops–is 17.5 percent less than the 5.93 million units sold in April of last year.The supply of available, for-sale homes increased 10.5 percent to 4.55 million at the end of April–an 11.2-month supply of homes at the current sales pace. In…