Q&A: Going Green in Senior Living
Steve Leone, AIA, LEED AP, is a principal and director of sustainable design at Cubellis. He recently spoke at the American Association of Homes and Services for the Aging’s (AAHSA) 2008 annual meeting & exposition, held in Philadelphia, at a session entitled Green Communities: A Growing Trend in Senior Living. MHN Associate Editor Erika Schnitzer talks to Leone about the trend of greening senior living and how it affects the development and operations of these communities, as well as how aging providers in Japan, Germany and Switzerland are incorporating green design and sustainable approaches.
EDITOR’S NOTE: Happy Accidents
Do you remember “The Accidental Tourist,” an Academy Award-nominated film based on the novel of the same name by Anne Tyler? It prompts me to propose a sequel, “The Accidental Property Manager.”
IREM’s New President Shares 2009 Goals, Reinforces Green Commitment
Pamela W. Monroe, CPM brings over 25 years of professional property management experience to her new role as president of the Institute of Real Estate Management (IREM) . Currently, she is also senior vice president of Community Realty Management Inc., Pleasantville, N.J., which she joined in 2002. Monroe tells MHN Managing Editor Teresa O'Dea Hein that since beginning her career in Mobile, Ala., she has overseen all types of multifamily housing in areas as diverse as the Southeast, Texas, Oklahoma, New Jersey, Pennsylvania, Maryland, Virginia and the Virgin Islands. This detail-oriented management executive sees the wide-ranging value of "green" initiatives and also cites a lifetime mentor's advice "that real estate management is all about dollars and cents. A nickel saved here and a dollar there can have a major impact on the bottom line."
EDITOR’S NOTE: The Apartment Sales Market Slows Down
The apartment investment sales market since the financial market crisis occurred in mid-September has “freezed up” as apartment buyers and sellers face deep uncertainty over the future of the nation’s—indeed, the global—economic condition.
PERSPECTIVE: Why Budget for Bad Debt?
As budget season approaches, apartment owners and managers are once again budgeting for bad debt - those monies unrecovered by collections after a resident has damaged a unit or skipped out on rent. According to just-released data from the National Apartment Association (“2008 Survey of Operating Income & Expenses in Rental Apartment Properties’), owners and property managers of market rate properties lost on average $70 per unit last year to bad debt.
INSIDE THE DEAL: Redevelopment of Expiring LIHTC Property Preserves 500+ Affordable Apartments
Brooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period.
Q&A with David Gross: The Biggest Challenge to Green Development Is Fear of the Unknown
David E. Gross, AIA, is a founding partner of GF55 Partners, a New York-based architecture firm that is currently working on projects in Florida, New Jersey and New York. He talks to MHN Associate Editor Erika Schnitzer about the most difficult roadblocks in green design, what it takes to be green, and how the state of the economy has affected the markets in which he works.
CAMME Awards Honor Multifamily Innovation
Chicago--The 16th annual Chicagoland Apartment Marketing and Management Excellence (CAMME) Awards were recently presented at the Chicago Hilton and Towers. The CAMME Awards are given by the Chicagoland Apartment Association (CAA), in conjunction with the Chicago Tribune and Apartments.com, to single out superior contributions and exemplary achievements in the area's multifamily housing industry.
EDITOR'S NOTE: Embracing Change
While the election results are still coming in as I write this editor's note, the idea of change does give us a lot to think about, whoever wins. When you really analyze it, it is inspiring how the world's biggest nation peacefully transitions the power of leadership in an election. In contrast, some property management executives tightly clench the reins of leadership, stifling innovation and creativity.
EDITOR’S NOTE: Getting the Banks to Lend
You can bring a horse to water but you cannot make it drink. That appears to be the situation with regards to banks that are in the $700 billion program to receive capital injections from the federal government. There are discussions in the press about banks' planning to hoard the cash, for acquisitions or other opportunities down the road, rather than make more loans.
Editor's Note: Scary Times?
Being scared is socially acceptable this week, with Halloween creeping up fast. But with job losses and fewer households being formed and tighter credit, even multi-housing executives are wise to be nervous.
Property Management Leader Alex Jackiw Talks Current Events, Future Goals and More
Alexandra (Alex) Jackiw, CPM, CAPS, is executive vice president of Buckingham Companies, AMO, an Indianapolis-based full-service real estate management, development and construction company. She is also president of Buckingham Management LLC, Buckingham’s property management subsidiary, where she oversees a diverse portfolio of conventional, market-rate and tax credit multi-family assets in Indiana, Illinois, Ohio, Kentucky, Michigan and Tennessee. This portfolio totals more than 16,000 units as well as over 300,000 square feet of commercial space. Given all of Jackiw’s property management expertise, MHN Managing Editor Teresa O’Dea Hein polled her on some of the hot topics of the day.
Development & Design: Boutique Housing
The trend is here to stay, but not all developers are able to master the subtleties required for a successful project. Boutique housing is highly stylized and individual. It needs to be well received by the target market and also be inviting to a wider base of consumers. By understanding the history of boutique housing, developers can make the best design—and therefore business—decisions.
EDITOR'S NOTE: Relative Calm in the Midst of Turmoil
It was certainly hair-raising to watch the stock market in the past week. By Friday, the Dow Jones industrial average had fallen from 9,955.50 on Monday to 8,451.19 points—a drop that was reportedly even worse percentage-wise than the 17 percent plunge in the week ending July 22, 1933.
EDITOR'S NOTE: Risk Management
Chances are, when you're in Las Vegas--like I am now, at a conference, I swear!--risk seems like a good thing. Slot machines promise the chance of an easy pay-out (but not for me so far). However, in the real world, risk has a more worrisome meaning, especially these days.
INSIDE THE DEAL: Sale Takes Place Amid Already-Tight Credit Conditions
San Carlos, Calif.—Although it closed before the financial crisis further worsened in September, the investment sale of the 42-unit Laurel Theatre Apartments brokered by Marcus & Millichap Real Estate Investment Services was already taking place in an environment of scarcer credit.
Seven Steps to Cleaning Green
Adopting green practices is becoming an essential step to retaining residents, improving operating costs and ensuring the long-term financial stability of a property. This article will demystify the process of implementing a green cleaning program by offering seven useful tips for sustainable facility maintenance.
Case Study: Iconic Dallas Building the Centerpiece of Forest City's Mercantile Block Redevelopment
Jim Truitt, vice president, Forest City Residential Group, and Gary Pitts, AIA, design studio partner, BGO Architects, discuss the Mercantile Building ("The Merc"), the first phase of Dallas' four-building, 1.1 million-sq.-ft. Mercantile Block redevelopment. Once the tallest building west of the Mississippi River and the only skyscraper to be completed during World War II, the Mercantile Building—home to the Mercantile National Bank—the new site will also include retail space, a parking garage and a new 16-story residential tower, called The Element.
Case Study: StarPoint Properties’ Makeover of LA’s Emerald Terrace Took Guts and Submarket Savvy
Emerald Terrace, located in the Koreatown neighborhood of downtown Los Angeles, was an asset that hadn't been maximized by the previous owner. Here's how StarPoint Properties set about implementing its ambitious repositioning plan over a 19-month period.
EDITOR'S NOTE: Storm Surges
The fallout from natural and man-made storms continues to swirl around us. Between the hurricanes and the continuing upheavals in the financial world, these truly are unsettled times. While I’d planned on writing about a different topic, yesterday’s historic plunge on Wall Street compelled me--and perhaps you, too?--to explore safe harbors and lifelines.
Create an Upbeat, Can-Do Workforce and Dazzle Residents
The real challenge of "relationship management" is the relationships. Managers, in addition to making sure the work gets done, need to be concerned with the performance of the most important link in the customer connection--people. Here are 11 useful tips for developing a more upbeat, solution-oriented staff.
Property Management: Retaining Residents by Building a Sense of Community
The top amenity desired by residents isn’t a granite counter-top, six-panel doors and crown molding. It’s a sense of community that cuts across luxury, A, B and C-grade properties
PROPERTY MANAGEMENT: Are You Leveraging The True Value of Internet Listing Services?
Jeff Smedley of CallSource makes the case for implementing an effective lead management system
EDITOR'S NOTE: In the Shadow of the Financial Crisis
Phew! What a week! Our very own event Multi-Housing World 2008 Conference and Exhibition was held in Denver last week. Within less than a week—a week—prior to the conference starting, the following happened: The government took over Fannie Mae and Freddie Mac, Lehman Brothers collapsed, and the sale of Merrill Lynch was announced. And on the day the conference began, on Wednesday, the newspapers were filled with reports of the government bailout of insurance giant AIG. The next day, the stock market plunged. And by the end of our three-day educational and networking get-together, the Administration had gotten together with members of Congress to announce what is now its proposed $700 billion financial securities purchase plan.
Multi-Housing New TV Launches Today
In our ongoing efforts to expand the Multi-Housing News digital products, MHN TV will launch on our Web site today. In the first segment, six industry people weigh in on the bailout of Fannie Mae, Freddie Mac and AIG.
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