Is it Time for a Fresh Start?

May 2, 2013

Savvy management and capital dollars revive troubled assets.

This month’s MHN Magazine wasn’t scheduled to be a themed issue, but the topic of renovation and adaptive reuse turned out to be a common thread that runs throughout much of the content. This coincidence reflects a larger trend being seen in the multifamily sector and beyond. Perhaps your company already took its cues from the hospitality sector, which typically refurbishes its properties when the economy is sluggish in order to be positioned for success when things turn around. Or maybe your operations and marketing folks are gearing up for some important physical and branding upgrades needed to gain an edge in the marketplace. Curb appeal is an obvious place to start, as well as lobbies. But, “corridors are the natural extension of the lobby and can be as important in representing the image and quality of the property,” according to lighting designer Maureen Moran. Uniform lighting levels are associated with offices and institutional spaces. Moran notes that creating contrast is an effective way to upgrade corridor spaces with light. In this month’s marketing feature, Diana Pittro, executive vice president of RMK Management Corp. in Chicago, suggests renaming the property if the current name is associated with an outdated apartment community. MHN’s May Trends feature looks at the impact of redevelopment on the student housing market. Professional management and capital dollars will go a long way toward meeting the expectations of the target student population. In fact, after careful repositioning and redevelopment, Class C and D product that’s conveniently located will be fully capable of yielding a long-term value proposition. It’s this equation that keeps many multifamily developers enthusiastic about adapting existing commercial structures such as office buildings or historic mills into apartments. Don’t miss Development & Design and Executive Insight if there’s an adaptive reuse project on your team’s horizon. And if you have a noteworthy renovation project MHN’s 2013 Excellence Awards are now open for submissions!