News
Seven Keys to Improving Resident Retention Rates
By John Ely, Signature WorldwideToo often, I see multifamily housing managers put all their efforts behind fancy sales and advertising promotions to bring in new tenants. New business is great—don’t get me wrong—but what if you were able to fill your entire complex without having to go to great lengths to pull in new residents? What if you were able to re-sign the majority, if not all, of your tenants with a proactive resident retention plan? What if this plan involved little cost to you? Do I have your attention yet?It’s a lot easier, and a lot less expensive, to…
TODAY’S DEALS: Marcus & Millichap Sells Denver Area Property for $22.85M, and Other Transactions
By Anuradha Kher, Online News EditorBoulder, Colo.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Uptown Broadway, a 116-unit apartment community in Boulder, Colo. for $22.85 million. This represents $226 per sq. ft. or $196,983 per unit, a record price for Boulder, and one of only five deals that have sold for more than $225 per sq. ft. in the Denver metro area during the last two years.Located at 4590 13th St., the 100,940-sq. ft. apartment community consists of 10 three-story buildings with 15 unique floor plans, including one- and two-bedroom units, townhomes and lofts, situated on…
Wind Crest’s Gas Cooktops
Wind Crest’s new line of “gas drop-in” cooktops are designed to preserve cabinet space, making them ideal for apartments and condos. The stainless steel finish cooktops are available in both a 30- and 36-in. width. The 30-in. five-burner model provides more than 63,000 BTUs of power and the 36-in. five-burner model provides more than 69,000 BTUs. All Wind Crest gas cooktops feature sealed brass burner ports for durability and more precise flame control when cooking. In addition, Wind Crest gas burners feature single-point electronic ignition and re-ignition systems. All five-burner models feature a dual center burner that provides heat outputs…
Luxury Rental Community Opens in North Phoenix Corridor
By Anuradha Kher, Online News EditorPhoenix–Trillium Residential LLC recently opened Trillium Pinnacle Peak, its newest rental project in Phoenix. Pinnacle Peak is a 724-unit Class A garden-style apartment community located on 30-acres at 24250 North 23rd Ave. “We anticipate high demand for this apartment community because of the market demand,” David Dewar, principal of Trillium Residential, tells MHN. “The infill market in Phoenix is very strong. The peripheral market is the ones that’s not doing too well and unfortunately the news is only focusing on that.”The area currently has 44,500 jobs and is expecting at least 32,000 additional jobs within…
RentPayment Residents Can Now Pay Rents by Phone
San Francisco–RentPayment, a division of YapStone, Inc., has launched Pay by Phone for rental residents. Through Fonality and the RentPayment Integrated Payment Platform, RentPayment users can now easily and quickly pay rent with the touch of a few buttons. The Pay by Phone option is available 24/7, works with any touch-tone phone and requires no Internet access. Fully secure unique user IDs and PIN numbers are given to each resident, says the company. This system will help residents avoid late fees and enable property managers to reduce the time and expense associated with traditional means of payment.“This is just another…
Case Study: Brownfield Redevelopment Brings Mixed-Use, Mixed-income Residences to Denver
Jim Johnson, AIA, founder and principal of JG Johnson Architects in Denver and a past chair of the Denver Partnership Housing Council, discusses his firm’s work on a new mixed-use, mixed-income, transit-oriented development in Denver. When completed, Alexan Broadway Station will be comprised of 479 units and 14,000 sq. ft. of retail space and public amenities.Name of Project: Alexan Broadway Station/The Reserve at GatesType of project: This is a 479-unit, market-rate (419 units) and affordable (60 units) rental apartment project. Also included is approximately 14,000 sq. ft. of retail space and public amenities, including the leasing center, clubroom, fitness center,…
Perspective: A New Vision for Seniors Housing
By Bob Koch, Principal, Fugleberg Koch ArchitectsAs the emerging population of baby boomers enter their pre-retirement and retirement years, they are bringing to the market a new variety of housing objectives, activity interests and product responses to consider. They are not the generation that preceded them. Their interests, lifestyle, financial capacities, and tastes are the result of a body of life experiences that differ dramatically from seniors in the earlier era.The New Group of SeniorsAs a group they arrive at mature years with a higher education, a healthier awareness, a worldlier vision, more discretionary income, and an appetite to pursue…
Housing Trust Fund Not Expected to Help Low-Income Housing Until 2010
By Anuradha Kher, Online News EditorWashington, D.C.–The national Housing Trust Fund is the first new federal rental housing production to specifically assist the lowest income households in the U.S. since 1974. Included in the Housing and Economic Recovery Act of 2008 that was signed into law a few weeks earlier, the fund is not expected help in construction of new affordable housing units until 2010.“The US Department of Housing and Urban Development (HUD) has 12 months to promulgate and allocate the funds, after which they have 60 days to allocate the funds to states,” Linda Couch, deputy director of the…
Mr. Bamboo Introduces VOC- and Formaldehyde-Free Bamboo Flooring
Mr. Bamboo Inc. has introduced its BamLoc, a 100 percent strand-woven, “click” bamboo floor. Designed to lock together, BamLock is reportedly easy to install on any type of subfloor.BamLoc is free of VOCs, uses a formaldehyde-free adhesive that conforms to the European E1 standards–more rigid than U.S. standards–during the lamination process, and is finished with a water-based ceramic sealer.BamLoc is available in two-, four- and six-ft. sections that are 5 1/8-in. wide and 7/16-in. thick. Mr. Bamboo offers the flooring in a natural (shown) or coffee color, in addition to four finishes. It was created to be as strong as…
Labor Pains
By Teresa O’Dea Hein, MHN Managing EditorDoesn’t it always seem ironic that yesterday’s Labor Day is when most of us — happily — tend to do the least amount of actual labor? It’s a great tradition, originated in 1882 when the Central Labor Union of New York City sought to create “a day off for the working citizens.” Labor Day became a federal holiday in 1894 in one of Congress’ better moves. However, labor issues in the property management industry remain challenging, with double-digit turnover. For 2007, the average employee turnover rate for on-site leasing agents was 29.3 percent, 20.45…