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places an old model that used manual processing and spreadsheets, which is error-prone, says Tao.Creating a bridge between the various software packages is Multifamily Information and Transaction Standards (MITS). Some of the newest MITS have been especially valuable to apartment companies for their help in linking the companies’ systems to their Internet Listing Services (ILS). “For example, we all use ILS to market and advertise our properties. Every time pricing, availability or even pictures change, we change this data once in the property management system and all of our ILS listings are updated via the MITS feed,” says Reeves. “Really,…
What’s Next
r jobs. They themselves may know people who have lost jobs. So we’re working to keep the morale of our associates up, to help them work smart and hard. We want them to know that if they hit all the items on price, product, promotions and passion, they’re doing the best they can.How is Riverstone coping with an extremely price-sensitive rental market?We know that if there is a $100 difference in rent between a current apartment and another one, a resident will move. So, in addition to giving the best customer service we can, we have to make sure our…
Full Speed Ahead
a key concern for developers interested in TOD. He says it’s easier for a developer to gain public financing to develop a green field, due to the zoning and land use concerns that must be addressed in TODs. “In a lot of cases, TIFs and local improvement districts are necessary to make TODs work,” he says.Such disparate considerations as parking garages, security and ventilation force developers to plan more thoughtfully in TODs than they would elsewhere, Kaiser adds. For instance, parking garages must be designed and situated to allow for the greater degree of shared parking TODs require. Due to…
Money Matters
By Christopher Hosford, Contributing EditorEffective resident payment technologies do more than just get money in the door. Providing residents with efficient, flexible ways to pay their rent can be an excellent customer-service, as well as a resident-retention and new-customer acquisition, tool.Today, there are some intriguing new innovations in rent-payment technology that can make the process even more useful to both communities and their residents.”Having a multimedia approach to payment is critical to the success of rent-payment programs,” says Mike Radice, president and CEO of NWP Services, a leader in utility cost recovery and a player in the rent-billing arena. “It…
Turning Over Units
By Erika Schnitzer, Associate EditorWith summer about to officially begin, the peak season for apartment turnover is here. With rising vacancies, it is tempting to turn over apartments as fast and inexpensively as possible, but it is equally as important not to sacrifice quality in this market. First, walk through the apartment with the present resident before he moves out, notes Lisa Trosien, multifamily speaker, trainer and consultant. It will not only “alert you to any significant repairs that need to be made,” but will also “prep that outgoing resident for any charges they may incur,” which is critical to…
Market Forecast: Northwest
By Erika Schnitzer, Associate EditorAccording to the Urban Land Institute (ULI)’s “Emerging Trends in Real Estate,” the top two most promising markets for 2009 were Seattle and San Francisco. Now, midway through the year, these markets are facing their own set of problems—though industry experts do maintain that they have the potential for a strong recovery.The Northwest’s increasing unemployment rate, compounded by big run-ups in rent over the past several years, as well as the huge supply expansion, has hurt the region considerably during this economic downturn.The major cities in the region—San Francisco, Seattle and Portland—are “contracting at an annual…
TODAY’S DEALS: NorthMarq Capital Arranges $5.5M Mortgage for 50-Unit Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorSanta Ana, Calif.–NorthMarq Capital has arranged a $5.5 million first mortgage for Siena Pointe-Trento Apartments, a 50-unit, 52,080 sq. ft. multifamily property, located in Santa Ana, Calif. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. This was a full leverage loan with a fixed interest rate of 5.54 percent.Arbor Closes $3,442,500 Fannie Mae DUS LoanGreenville, N.C.–Arbor Commercial Funding LLC recently completed funding of a $3,442,500 loan under the Fannie Mae DUS Loan…
Enterprise to Use $95M Recovery Act Allocation as Catalyst for Green Development, Job Creation
Columbia, Md.–Through its subsidiary, ESIC New Markets Partners LP, Enterprise Community Investment Inc. received $95 million in New Markets Tax Credit (NMTC) from the U.S. Treasury Department’s Community Development Financial Institutions Fund. Enterprise is one of 32 Community Development Entities (CDEs) receiving an allocation of the $1.5 billion in NMTC awards as part of the American Recovery and Reinvestment Act of 2009. This new allocation brings Enterprise’s total NMTC awards to $610 million, $515 million of which has previously been invested in low-income communities nationwide.Enterprise will dedicate its allocation to the creation of the Enterprise Green Communities New Markets Tax…
75 Wall Street Unveils Rent-To-Own Program
By Anuradha Kher, Online News EditorNew York–75 Wall Street, a 346-unit condominium project in Manhattan’s Financial District is now offering a Rent-To-Own Program, which allows buyers to rent at 75 Wall Street and apply a year’s rent toward the purchase price of the unit.178 units sold at this property were sold prior to the launch of this program two weeks ago. “Under this new plan, there are already 15 deals pending,” Larry Kruysman, sales director at 75 Wall Street, tells MHN. “The market has of course slowed down, but the biggest problem is that people are finding it very hard…
Developers of Low-Income LEED ND Community Break Ground on Phase Two
By Erika Schnitzer, Associate EditorSavannah, Ga.—The developers of Sustainable Fellwood, a new mixed-use, mixed-income LEED (Leadership in Energy and Environmental Design) for Neighborhood Development community, recently held a ribbon-cutting ceremony for its first phase, consisting of 110 units, and broke ground on phase two, which will encompass an additional 110 units.Master planner Melaver Inc. worked in partnership with the Housing Authority of Savannah, Parallel Housing Inc., Progressive Redevelopment Inc., Vanguard Developers and CHSA (Community Housing Services Agency) Development Inc. In addition to its LEED certification, Sustainable Fellwood is also registered for Southface Energy Institute’s EarthCraft Coastal Communities.Green features include cellulose…