Guest Blog

By Elam Hall, Crescent Communities Sustainability is a popular catchphrase. But what does it really mean? At Crescent Communities, sustainability drives everything we do. We define “sustainability” as a focus on the environment, community, health, happiness and economic viability. Every time we begin a project, we look for ways to preserve or maintain land spaces and natural resources, including maximizing trees saved. Ultimately, all of our properties have sustainable features. One such example is Crescent Alexander Village, a new, 320-unit multifamily community in our hometown of Charlotte, N.C., that is both NGBS Green Registered and on track for designation as…

By Morgan Stewart, Partner, Manly, Stewart & Finaldi In response to the recent article by Multi-Housing News Senior Editor Jessica Fiur, titled: “What Renters Want with Jessica Fiur: What Should Property Managers Do About Legal Marijuana,” we have developed this piece, which addresses some of the other complicated legal implications for the multifamily industry about this confusing and complex issue. The trend by states to legalize marijuana for medical and recreation purposes while federal law still classifies it as an illegal drug is leaving many businesses confused. Lack of congruity between state and federal laws regarding marijuana is a growing concern…

In many major North American cities, construction cranes have found a place back on the skyline as downtown core areas are seeing a rapid growth in development—especially the development of new high rise condos. With so much activity under way, the discussion among community leaders and real estate experts has centered on the impact that new construction is certain to have on local economies and urban infrastructures. As new residents arrive in downtown centers, the demand for additional businesses—from grocery stores and bank branches to restaurants and pharmacies—will surely grow, while at the same time the use of public transportation…

By Jake Reid, Senior Director, Franklin Street Much like the fruit for which Georgia is known, the multifamily market in Atlanta looks sweet for 2014. In 2013, we experienced a renewed investor interest in Atlanta’s multifamily market, fueled by an uptick in employment and an improving local economy. Between October 2012 and October 2013, 63,300 jobs were created, according to the Georgia Department of Labor. Highest rents ever Through new job creation and an increase in the quality of urban rentals, Atlanta experienced its highest rents ever in 2013. New urban product is being absorbed with higher rents and velocity…

By Matthew Heslin, Principal & CEO, Oak Coast Properties The apartment sector continues to perform. Despite high levels of activity and increased competition for acquisitions, opportunities still exist for savvy investors with appetite, insight and sound strategy. For players looking at both short- and long-term hold strategies, quality acquisitions may still be found in both suburban and urban markets across the country. Apartment buyers of existing product should focus on key variables when evaluating potential acquisitions, and these will apply across opportunities in both metropolitan and suburban locales. Properties located in sustainable growth-oriented markets will always offer investment benefits. A…

By Christopher Frye, Senior Manager, NEEA To get a sense of how residents in the Northwest use energy in their multifamily homes and how units are constructed across the region, Northwest Energy Efficiency Alliance (NEEA) recently studied residents’ habits based on a random and representative sample of 230 buildings and 552 units in the Northwest. The results of the study, “Residential Building Stock Assessment: Multifamily Characteristics and Energy Use,” will help guide the region’s utilities and energy efficiency organizations to identify opportunities for energy efficiency programs. The study will also help guide the development of efficiency resources to meet the…

By Eileen Fitzgerald, CEO, NeighborWorks America Developing affordable rental housing these days is a lot like putting together a puzzle—when the financing pieces are all in place, a thing of beauty results, but when there’s a piece missing for the puzzle—or in this case a piece missing from the finance package for rental housing—the project just doesn’t work. The result is fewer new affordable rental homes developed and more existing rental homes transitioning into market rate housing or being demolished. The bottom line: families who need affordable rental housing may have a lot harder time securing the homes that they…

By Morgan A. Stewart, partner, Manly, Stewart and Finaldi Since the construction of multifamily projects typically involves several parties, it is crucial to craft your contracts with the utmost care. Failure to do so could greatly increase your risk of contractual liability to third parties, particularly when those provisions known as flow down clauses are involved. It is common presumption that a multifamily developer who has signed an agreement with a general contractor is bound solely to the terms of the prime contract, unless expressly stated. And conversely, that subcontractors are only liable for the obligations set forth in the…