News

By Keat Foong, Executive EditorThese are tough times, and they may get even tougher. Executives at several of the most time-tested apartment companies share strategies on a range of topics—from the importance of technology and customer service to finding hidden opportunities created by the downturn. Associated Estates Realty Corp. Jeffrey Friedman/President and CEOAssociated Estates Realty Corp. currently owns and/or manages 13,192 units located in high barrier-to-entry submarkets in nine states. The REIT, which is headquartered in Richmond Heights, Ohio, a suburb of Cleveland, has been in the apartment development and management business for more than 30 years. Associated Estates’ portfolio…

“Despite obstacles, basic multi-housing market fundamentals in San Diego have remained strong,” Grubb & Ellis reports. Area vacancies in September 2008 were at a miniscule 2.3 percent, down from 2.7 percent a year earlier (compared with a national average of 12 percent). Rental rates peak in the area at an average of $1,772 per month in the North County Coastal market, to an average of $1,074 in East San Diego.San Diego multifamily transactions have been concentrated around distressed or bank-owned properties, plus a few well-located sites. Recent deals include:• Bella Terra, 460 units, sold by RREEF to R&V Mgmt. for…

By Jim Truitt, Forest City Residential GroupFor a slideshow of images go to Mercantile PlaceHistoric preservation can revitalize a community’s economy and renew its downtown core, while preserving the social and cultural character of an area. Although adaptive reuse has its challenges—preserving and restoring artifacts, optimizing apartment space while maintaining the building’s structure and historic character, and reconfiguring the interiors within the building’s structural confines—many local governments and developers are committed to improving and reusing older, architecturally significant buildings that reflect a community’s legacy.Built in 1942, the 31-story Mercantile National Bank Building in downtown Dallas is a perfect example of…

By Lisa Iannucci, Contributing EditorGlobal warming has already directly impacted weather patterns and reduced fresh water resources. Studies show that submetered properties consume less water than those billing water as part of the rent charge. “Submetering, unlike utility rationing, gives the resident both personal control and incentive to save water,” says Scott Bolin, director of meters and networks for Velocity.By tracking actual per unit consumption, submetering helps property owners and investors accurately and fairly assign resident expenses. In addition to reducing overall utility consumption, it has the added benefit of pinpointing usage exceptions. “Prompt investigation and remedying of these exceptions…

By Erika Schnitzer, Associate EditorBuildings account for a large percentage of electricity and potable water consumption—72 percent and 14 percent, respectively. Both resources are not only crucial to the environment, but as Lenora Campos, Ph.D., manager of public relations at Toto USA, asserts, “Water is the new oil. It will be something over which the new conflicts will arise.” It is essential, then, to consider not only a building’s envelope but also residential appliance selection. Reports of people living without refrigerators in order to save on energy costs and help the environment have recently come to light. But unless you…

By Christopher Hosford, Contributing EditorThe automobile is like a member of the family. It needs a space of its own so that residents and property owners alike are happy. Luckily there are some nifty technological solutions that, if budget allows or local ordinances require, are likely to maintain that happiness quotient while solving a number of challenges.”When designing residential solutions, the biggest issue isn’t figuring how how to design this many one- or two-bedroom units,” says Chris Texter, principal with architectural and planning firm KTGY Group, in Irvine, CA. “The hard part is figuring out where to put the cars…

By Dave Clements, LassoAccording to some estimates, upwards of 100 million spam e-mail messages are sent per day. As that number continues to grow, so also does the effectiveness of spam filters in blocking unwanted mail. Users are also becoming increasingly skilled at deleting spam messages from their inboxes before they can even be read.When it comes to marketing multifamily projects on the Internet, e-mail is a valuable tool—and yet, the sheer quantity of unwanted spam makes it difficult for truly valuable e-mail marketing messages to reach their targets and make an impact. This means sales and marketing teams need…

By Dave ClementsAccording to some estimates, upwards of 100 million spam e-mail messages are sent per day. As that number continues to grow, so does the effectiveness of spam filters in blocking unwanted mail. Users are also becoming increasingly skilled at deleting spam messages from their inbox before they can even be read.When it comes to marketing multifamily projects on the Internet, e-mail is a valuable tool—and yet, the sheer quantity of unwanted spam makes it difficult for truly valuable e-mail marketing messages to reach their targets and make an impact. This means sales and marketing teams need to be…