Property Management Preparedness Sep27

Property Management Preparedness

Imagine it: your property, November 1st, 2021. Your team is scheduled to turn six units when you get a numbing report. Your trusted suppliers are out of stock on carpet and semi-gloss paint for trim. You scramble to find a new supplier, but the cost is 14% higher and expedited shipping costs are extreme. It’s not an unlikely scenario, and you can potentially avoid it. More than 80% of the world’s goods are transported by sea. The latest records indicate that sea freight charges have increased by 547% over their seasonal average. The result on land will be more out-of-stock items and higher costs on everyday goods for your property. Property managers would be wise to plan ahead on items that they need most. International cargo shipping rates and times increase The average price of a 40-foot shipping container has quadrupled from this time last year and there was a surge of more than 53% in July, reports the Wall Street Journal. Congested ports are one of the leading problems. In the first five months of 2021, Sea-Intelligence ApS of Denmark reported record-breaking delays. Nearly 700 ships were more than a week late to their destinations along the West Coast. For comparison, there were 1,535 late arrivals throughout all of 2012-2020. This summer, a daily average of 30 containers wait in queue outside of the Ports of Los Angeles. Other factors include a shortage in containers, skeleton crews at docks, labor shortages at manufacturers and rising demand as retailers reopen in the West. When might delays plateau? Analysts foresee serious delays at least until after the Lunar New Year of 2022, mid-February at the earliest. Most Chinese factories shut down for the holiday, halting production and shipping. This may afford a few days where in-progress shipments continue while manufacturing pauses (temporarily easing the influx of ships to ports). But once workers return, they’ll have to play catch up. The delays will continue, at least for a while. How do shipping delays impact property owners? Brian Bourke, chief growth officer at Seko Logistics based in Itasca, Ill. recommends placing large trans-Pacific orders at least two months in advance of normally anticipated dates. “Global trade right now is the hottest restaurant in town,” he said. “If you want to get a reservation, you need to plan it out two months in advance.” As a result, property managers can expect shipping delays and higher prices on imported goods. Though the shipping backlog has been growing for months, price increases were nominal and less frequent. Companies lock in contractual rates with container lines. Yet as their annual contracts end, new contracted rates will reflect higher shipping costs which will, in turn, be passed to consumers. HSBC Holdings Plc estimates that a 205% increase in freight costs translates to about a 2% price increase for European producers. (The cost increase is currently closer to 550%.) Canadian businesses are passing price increases as high as 20% on to consumers for bulky items like appliances. Estimates on U.S. consumer price increases vary, but the consensus is that prices will rise.   Some goods simply won’t be available, large and small items alike. From the coffee stocked in the leasing office to furniture for furnished units, “temporarily out-of-stock” will become common on supplier websites. In these cases, freight costs can compose more than 60% of product cost, become cost prohibitive for suppliers. Property manager game plan A few tips can help property managers navigate the turbulent waters ahead. Plan ahead. Use reporting tools in your maintenance operations software to understand your fall and winter trends for supplies. Transparency into maintenance operations facilitates better foresight and planning. Review what you’ve spent on supplies in previous falls and winters. This may give you a baseline of what to expect. Take a moment to research available data on price increases and shipping delays in your market. That information will allow...

Yardi EHR

With COVID-19 vaccines readily available across the nation — and with vaccine mandates becoming more common — senior living providers have an important job to do. They’re tasked with helping residents receive vaccinations, offering resources and lending support. But how can providers manage the process? Monitor symptoms? Track vaccination statuses? It’s all possible thanks to the latest upgrades in Yardi’s electronic health record solution. Tracking vaccinations with Yardi EHR Yardi EHR is a full-service solution that helps providers deliver the best resident care. And with the ongoing pandemic, the newest functionality in managing resident vaccinations may be most helpful for today’s providers. With the system’s latest infection surveillance and immunization dashboard, providers and senior care staff can document essential information relating to COVID-19 and other diseases. More specifically, staff can … Document if a resident has received, declined or missed COVID-19 vaccination appointmentsCollectively schedule vaccination appointments and track follow up assessments for community-wide vaccine clinicsBulk chart vaccine administration during clinicsLog information on a resident’s side effects post-vaccineIdentify residents who show symptoms consistent with COVID-19Send alerts to the dashboard when COVID-19 symptoms are documentedRecord when residents receive booster shots for their COVID-19 vaccineAdd indicators for other infectious diseases — all populated to the dashboard in real-time Best of all, the assessments are built-in and easy to navigate. Each assessment incorporates Centers for Disease Control and Prevention (CDC) guidelines for administering COVID-19 vaccines. If you’re an existing Yardi EHR client, adding the infection surveillance and immunization dashboard couldn’t be easier. The implementation and training process is quick — and efficient. This is especially beneficial for providers today, given the roll out of COVID-19 booster shots is around the corner. Senior living providers are navigating the pandemic day by day. And while there are many challenges, managing...

Video Resumes Sep14

Video Resumes

Have you noticed the newest ways to recruit talent online? LinkedIn and TikTok have both launched video resumes that change the face of talent recruitment. Video resumes on TikTok and LinkedIn TikTok Resumes is currently in the pilot stage, but it is already gaining attention from major employers. The platform permits users to apply for job openings via a three-minute video resume. Major brands such as Target, Shopify and Chipotle have already begun to accept applications. The TikTok feature comes on the heels of LinkedIn video integration. Employers create a job posting that they can supplement with a Video Intro. Then employers can invite qualified applicants to submit a Video Intro that answers up to two interview questions. These invitation-only videos expedite the hiring process by decreasing scheduled, live interviews. LinkedIn reports that employers and candidates enjoy Video Intro. They find it so helpful that 70% of job posters reuse the features in subsequent job postings. About 80% of candidates opt for video responses. Real estate professionals buy in Real estate firms are investing in video postings and resumes. Downtown Apartment Co., a Chicago-based brokerage company, uses TikTok to modernize and diversify its recruiting practices. “We just posted our first TikTok hiring video in which our agents and leaders share their thoughts about why DAC is a great place to work. We’ve already seen success using TikTok, so we’re definitely interested in seeing how TikTok Resumes will work and how we might use it to enhance our recruiting efforts,” said Ben Creamer, co-founder & managing broker at DAC. Read the full story on TikTok resumes on Multi-Housing News. Why post job openings and accept video resumes via social media? Posting a job opening on social media meets applicants where they spend much of their...

September Marks

Alzheimer’s is a devastating form of dementia currently affecting millions of people worldwide. But despite being universally known, the disease can be misunderstood and met with stigma.   With that, in an effort to raise global awareness, people are coming together for World Alzheimer’s Month. Led by Alzheimer’s Disease International (ADI), the month-long campaign takes place during September each year. ADI’s goal is to provide impactful information and challenge persisting misconceptions. This September marks the 10th year of the global awareness campaign. September 21 also signifies World Alzheimer’s Day, in which ADI launches their annual report to help educate the public.    Raising awareness To drive the awareness campaign all month long, ADI works with associations across 120 countries. They aim to support people living with dementia, along with their dedicated caregivers and related organizations. The campaign calls for dementia to be the global health priority it needs to be. And this year’s theme, “Know Dementia, Know Alzheimer’s” focuses on the power of knowledge. The theme is present in ADI’s World Alzheimer’s Report for 2021, which stresses the importance of understanding warning signs and getting a timely diagnosis. The report also raises challenging questions for healthcare systems, governments, care managers and researchers — including powerful testimonies from those living with the disease.   Getting involved ADI is sharing creative ways to get involved in this year’s campaign. Given the ongoing pandemic, most are virtual, but still a fantastic opportunity to join the conversation. You can … Engage with ADI on social media, as well as national Alzheimer’s associationsShare your own thoughts, advice and experience with Alzheimer’s in online communitiesSpread the message by using ADI’s official hashtags, including #KnowDementia, #KnowAlzheimers and #WorldAlzMonthShow support by attending a virtual event, such as an online memory walk or...

Livable Communities Act Sep13

Livable Communities Act...

The Livable Communities Act of 2021 aims to develop transit alongside affordable housing, creating more efficient and equitable access to major job hubs and neighborhoods. The act attempts to tackle two contentious issued for Americans. The Livable Communities Act of 2021 The first step is to create an Office of Sustainable Communities within the Department of Housing and Urban Development (HUD). The division would “promote interagency coordination on the development of affordable housing, transit systems, and other community needs.” The Office of Sustainable Communities would have its own credit facility. From there, regional development grants would be available through the Comprehensive Planning Grant Program. Eligible recipients would demonstrate partnerships between local governments, city planning, and Indian Tribes (where applicable) and other community members to create “sustainable, affordable housing with access to transit.” In addition to sustainability, the Act includes a clause to prioritize health-conscious housing and reduce housing-related health hazards. The Act reserves 25% of funding for high-poverty communities. Such areas are greatly affected by long waitlists for affordable housing as well as a lower quality of living and a high concentration of health concerns. Sen. Bob Menendez (D-N.J.) introduced the legislation supported by Sens. Catherine Cortez Masto (D-Nev.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore.), Jack Reed (D-R.I.), Kirsten Gillibrand (D-N.Y.), Alex Padilla (D-Calif.), and Richard Blumenthal (D-Conn.). Menendez says, “Our communities are stronger when hardworking families can afford to live close to where they work. As the nation faces an affordable housing crisis, we don’t want to see teachers, first responders, grocery store clerks, restaurant staff, and other essential workers be priced out of the neighborhood.” He continues, “Creating ‘livable communities’ is all about connecting workers to good-paying jobs through expanded affordable housing options and access to good public transportation by inextricably and...

High Aspirations Sep10

High Aspirations

Canadian residential property manager QuadReal Property Group uses Yardi software as a single connected solution for managing multiple business operations, including utility expense management, procurement, deal pipeline management, budgeting and construction management. QuadReal recently moved to bolster its team’s professional development by adopting another solution – Yardi Aspire, which the company brands internally as Excelerate. Aspire centralized QuadReal’s training initiatives in everything from Yardi software and leadership to new-hire orientation and supervision management skills. “Prior to Aspire, people learned on the job or through ad hoc means. We’re using Aspire to bring a much more structured approach to it,” says Dean Holmes, senior vice president of residential operations for QuadReal. “There’s a significant amount of content pre-prepared within Aspire so we don’t have to start from scratch and create it all ourselves. It’s user friendly, adaptable to QuadReal’s branding and has been well accepted.” QuadReal measures its success with Aspire by proficiency that the workforce has achieved, especially in using Yardi software, the company’s principal Aspire focus so far. “We track our business performance and overall proficiency with systems and processes on a continual basis and have gotten rave reviews from our field and corporate teams on the quality of the content and the ease of use of Aspire. We’re getting a ton of mileage out of it and it’s our platform of choice for all our training,” Holmes says. Aspire assumes even greater importance in the aftermath of the pandemic. “We were decentralized even before COVID and it’s going to continue to be challenging to get everybody in the same room when it’s over,” Holmes notes. “We’ll do things in person when we can but Aspire will continue to be our primary platform for delivering training and content across our company. It’s an...

National Assisted Living Week...

The senior living industry has faced unprecedented challenges this year. And while the ongoing pandemic changed the way assisted living staff provides care, these individuals have remained dedicated to residents and their families. They’ve continued to provide the highest quality care without fail. To honor these heroes — individuals who reside, work and volunteer in assisted living communities across the country — the National Center for Assisted Living (NCAL) leads a nationwide celebration each year. Known as National Assisted Living Week (NALW), the 2021 celebration will take place from September 12-18. Each year’s celebration has a theme, too. NCAL has deemed “Compassion, Community, Caring” as the 2021 theme given the endurance and resilience of staff members during the pandemic.   About National Assisted Living Week Established by NCAL back in 1995, NALW provides a unique opportunity for residents, their loved ones, staff, volunteers and local communities to celebrate senior living staff. The annual observance encourages assisted living communities to host a variety of events to honor the individuals they serve, while educating the public about long term care. This year’s celebration The NALW theme for 2021 — Compassion, Community, Caring — represents the resilience of assisted living heroes. The pandemic has created some of the most trying situations we’ve ever known, but these individuals stayed strong. This year’s NALW is the perfect opportunity to show thanks. And while NCAL encourages assisted living providers to modify events with COVID-19 safety protocols in mind, they’re still advocating that communities come together. They’re offering inspiration through their annual planning guide, a free online packet with ideas for how to recognize staff, honor residents and commemorate NALW in a safe and meaningful way. Here’s a few ideas outlined by NCAL: Engage residents in creative art projects to promote...

Veteran Celebrates 100th Year...

It’s not every day one celebrates their 100th birthday. For Pacifica Senior Living resident Theodore Albertus Mertz, a World War II veteran, his 100th year was commemorated in style.   Pacifica Senior Living is a dynamic organization with communities across the U.S. Utilizing Yardi solutions in senior living since 2009, Pacifica provides personalized care services in independent living, assisted living, memory care, skilled nursing, namaste therapy hospice and more. Pacifica honored Theodore with a 100-year birthday celebration at their Vacaville community. Best of all, the celebration is highlighted in this summer edition of Vacaville Magazine. The feature covers Theodore’s life story, his honorable war service and the Pacifica-led birthday extravaganza. We’re pleased to share a highlight here on The Balance Sheet. Pacifica honors veteran resident In early June, Theodore was honored with a gathering of local citizens, the Vacaville Fire Department, Travis Air Force Base and more. Over 200 vehicles passed by Pacifica Vacaville in commemoration of Theodore’s 100th birthday — and war service. Visitors also showed their appreciation with special gifts and heartfelt tributes. “We are so proud that this inspiring World War II Veteran and Centenarian is part of our community,” shared Pacifica on LinkedIn. The special gathering was made possible by Pacifica Community Relations Director Rosa Gracida, who noted Theodore’s upcoming birthday when he became a resident. She crafted the idea for a 100-car parade to memorialize his 100 years and to no surprise, local agencies were honored to join. “This is a milestone,” said Gracida in Vacaville Magazine. “I just feel so blessed — this is part of our story, our freedom. My heart just feels so full. He deserves all the respect.” Theodore’s Navy career began in 1941 where he was stationed in the Philippines. From inspecting and repairing...

NIC Occupancy Insights...

While senior living providers have faced occupancy challenges throughout the pandemic, according to the latest survey from the National Investment Center for Seniors Housing & Care (NIC), demand for senior housing is on the rise. In surveying providers from July 12 to August 8 of this year — deemed the Wave 31 survey — NIC found an acceleration of move-ins across the senior living industry. And with increased demand for senior housing and care, providers need the right tools to stay ahead of the curve. They need a comprehensive solution to market their communities, streamline care, boost resident satisfaction and more. Occupancy insights in senior living NIC Executive Surveys aim to provide transparency in the senior living industry. The Wave 31 survey — gathering responses from senior housing and skilled nursing providers within 70 small, medium and large organizations — shed light on summer occupancy levels. And according to NIC’s findings, resident demand is the driving force behind increased move-ins. Here’s an overview of NIC’s other key discoveries: Between roughly 55% and 60% of respondents said the pace of move-ins has accelerated in the past 30 daysFewer nursing care organizations reported accelerated move-ins, compared to previous surveysIncreased resident demand was cited by nine out of ten respondents as a reason for accelerated move-insBetween approximately 50% and 70% of organizations reported an occupancy increase, with the memory care segment showing the most improvement61% of organizations anticipate their occupancy will rebound to pre-pandemic levels sometime in 2022100% of respondents said their organizations are experiencing staffing shortagesAmong organizations with multiple properties, 80% have staffing shortages in more than half of their propertiesFour out of five respondents indicated that attracting community and caregiving staff — and staff turnover — were the biggest challenges facing their organizations today. Roughly...

Access Expert Insight

Through the 2021 Changemakers series, a collaboration between Yardi and Senior Housing News (SHN), a group of dynamic trailblazers have been recognized for their unique strategies in senior living. We’ve learned how these leaders evoke change, navigate industry obstacles and ultimately, how they’re shaping the future of senior living. In-depth interviews were conducted with each of them and delivered in batches by SHN this year.     The interview series has now concluded, but SHN is releasing a special resource to mark the occasion. Explore this brand-new Changemakers ebook to access bonus excerpts from each leader’s interview — packed with unshared insights, fresh pieces of advice and more.   In celebrating the ebook release, we’re proud to highlight three Yardi clients from this year’s Changemakers class. From pushing through unforeseen challenges and developing innovative strategies along the way, these industry pioneers have stories you don’t want to miss. Their creative perspectives are accessible in the ebook now. Keep reading to learn from: Les Strech of Thrive Senior LivingBen Burke of Anthology Senior LivingFee Stubblefield of The Springs LivingAdam Kaplan of Solera Senior Living Yardi is pleased to sponsor the Changemakers series for a third year and join SHN to spotlight exceptional leadership across senior living. We hope the interviews — and bonus insights from the ebook — inspire you to drive change in your own organizations. Visit SHN to download the ebook. To learn how Yardi clients thrive with our single connected solution, explore the Senior Living Suite product...

Creative Affordable Housing Aug30

Creative Affordable Housing

Pennrose expands with the opening of three affordable housing developments including an innovative LGTBQ senior housing project. LGBTQ senior housing Yardi client Pennrose partnered with Cincinnati-based Northsiders Engaged in Sustainable Transformation to create John Arthur Flats. This community will be the city’s first LGBTQ-friendly affordable senior housing community. John Arthur Flats groundbreaking ceremony. Image courtesy Pennrose. John Arthur Flats is comprised of 57 affordable units across a single three-story building. Floorplan options include studio, one- and two-bedroom options. The site is opening for seniors earning between 30% and 60% of the average median income (AMI). Community amenities include laundry facilities, a fitness center, outdoor communal space as well as the indoor Maureen Wood Community Room. Additional features include walkable access to the Northside business district, shops, restaurants and the McKie Recreations Center. Pennrose Management Co. has also teamed up with the Council on Aging of Southwestern Ohio, Churches Active in Northside and the health-centered nonprofit Caracole to offer supportive services for residents. Both names emblazoned through the community uplift LGTBQ contributions to society. John Arthur, the namesake of the community, was a Cincinnati native and co-plaintiff in the landmark court case that legalized same-sex marriages in the United States. The Maureen Wood building is named in honor of a local shop owner who also worked to empower single women and mothers through home improvement classes. “Today marks the first step in transforming a formerly vacant, underutilized site into a vibrant community asset,” said Timothy I. Henkel, principal and senior vice president at Pennrose in a press release. “LGBTQ older adults experience higher rates of poverty and housing discrimination, and innovative housing solutions like John Arthur Flats create an inclusive, safe and welcoming environment for seniors to age in place comfortably. We hope this development serves as an example in neighborhoods throughout Ohio and the country.”   The community broke ground in August 2021 is scheduled for completion in summer 2022. Eastern Woods village offers housing for every generation John Arthur Flats comes on the heels of the grand opening of two other projects. Eastern Woods Senior in Findlay, Ohio and Northside Village in Schenectady, N.Y. Eastern Woods Senior is a LEED Silver-standard building that honors universal design principals for people of all ability levels. The community offers 44 apartments ranging from one- to six-bedroom floorplans. The units are spread through a single three-story building that includes conveniences such as laundry facilities, communal space, storage facilities and a fitness center. Eastern Woods grand opening. Image courtesy Pennrose. Eligible residents earn less than 60% of the area median income. Additionally, five units are designated for Section 811 participants, residents with disabilities who also meet the income standards. Eastern Woods Senior is part of the larger 120-acre mixed-use Eastern Woods campus. Senior special-use buildings include the Eastern Woods Senior as well as the nearby Birchaven Village. The latter is a continuum of care retirement community. Residents of Eastern Woods will have access to Birchaven Village services including heath services and on-site programs. The Eastern Woods campus is truly housing for all generations. It includes the market-rate Apartments at Eastern Woods and Birchaven Estates at Eastern Woods, a neighborhood of single-family homes. “We’re proud to partner with Blanchard Valley Health System to execute their strategic vision of creating high-quality, affordable housing for seniors in an amenity-rich environment,” said Henkel. “The integration of healthcare and housing has proven to be impactful for overall health and wellbeing, and we are excited to welcome residents into their brand-new homes in a walkable, mixed-use environment.” Northside Village presents two phases of quality affordable housing On the east coast, the Northside Village community brings more affordable housing to Schenectady. During phase one, Pennrose rehabilitates 25 apartments on Van Vranken Avenue. (Residents of the current community will have first selection when the renovated units are complete.) In phase two, the organization expands to include 64 new construction units. Prospects...

Yardi at Apartmentalize Aug26

Yardi at Apartmentalize

Chicago has reopened, and Apartmentalize powered by NAA will be there at McCormick Place from Aug. 31-Sept. 2 to bring forward-thinking multifamily operators from across the country and leading solution providers together. Yardi will return as a proud top tier partner, presenter and exhibitor. Read on for everything you need to know about this year’s event.  See our innovative proptech Don’t miss the chance to connect with Yardi in person at Apartmentalize 2021. Come to booth #1001 to see our latest protech innovations. We’re excited to show you how our single connected solution will help you visualize performance, reduce expenses, automate interactions and enhance operations to increase your NOI. We will be featuring: REACH by RentCafe: Improve marketing ROI with advanced digital marketing services including SEO, PPC, social media, reputation management and performance analytics. RentCafe: Drive leases and improve retention for higher rental revenue with self-guided tours, a chatbot and smart home services. Yardi Elevate Suite: Combine deep operational data, market intelligence, revenue forecasting and prescriptive analytics to optimize asset performance and increase NOI. Introducing Yardi Breeze Premier: Our intuitive and powerful property management software is making its industry debut at the show. Boost performance with an easy-to-use, all-in-one marketing, management and accounting system. Reserve a private demo to see any or all of our proptech innovations that will take your business forward. Learn with us Yardi leaders will be participating in four educational sessions to share insights on hot industry topics and trends. Take advantage of these opportunities to deepen your industry knowledge and improve your operational strategies. Meet Gen Z: Understanding the Next Generation of Renters | Aug. 31, noon-12:45 p.m. Join Esther Bonardi, vice president at Yardi, as she leads a panel on Gen Z renter preferences with Garin Hamburger, senior director of national property marketing at Cushman & Wakefield, and Brooke Atsalis, marketing and training manager at The Management Group, LLC. Over 40,000 survey responses will help you get to know Gen Z through the data. Review shifting search trends, examine touring preferences and discover five tech must-haves. Learn how to adapt your property marketing strategy and shape your future success as we prepare to welcome a new generation home. Emerging Issues: Inflation and Its Effect on the Industry | Aug. 31, 1:15-2 p.m. NAA’s AVP of research, Paula Munger, joins industry experts, Jeff Adler of Yardi Matrix and Jay Parsons of RealPage, to discuss price trends, their impact on the economy and the industry, and what we can expect for the remainder of another very strange year. How will it affect the industry and how much sleep should you be losing over it? How Universities’ COVID-19 Decisions Impact the Student Housing Industry | Sept. 1, 3:45-4:30 p.m. Join Jeff Adler and Chris Nebenzahl of Yardi Matrix for a discussion on fall 2021 pre-leasing and how it compares to prior years. They’ll discuss rent growth in a post-COVID world, new development of purpose-built student housing, how universities have handled the pandemic from operational and housing perspectives and future plans for the industry. Myth Busting: Case Studies Debunking Affordable Housing Online Application Process | Sept. 1, 3:45-4:30 p.m. Geared towards affordable housing operators, Yardi vice president Christopher Voss joins Dawn Ford of Smart Apartment Solutions and Smart Moves, Phyllis Garcia of Ovation and Shay Dugan of TM Associates as they talk about the need for conducting business online and the perceived barriers considered unique to the affordable housing market. Pick up tools and possible solutions, such as low cost/no cost and easily accessible platforms that smash the myths that technology cannot exist in the application processes. See the complete Apartmentalize schedule for more information. Can’t make it this year? Not attending Apartmentalize 2021 but want to learn more about our solutions? Check out the Yardi Multifamily Suite, join a webinar or contact us with any...

Dominium Expansion Aug25

Dominium Expansion

Minnesota will soon have more affordable housing options. Plymouth-based developer an Yardi client Dominium selected a 5.2-acre parcel in Roseville for its newest affordable project. The market is ripe for new development, with recent average vacancy rates hovering around 2.2%. A local average rate of 5% is typical in a balanced market. The Harbor at Twin Lakes will be a senior affordable housing community. It will offer 277 units including 131 one-bedroom units, 116 two-bedroom and 30 three-bedroom units. The units are divided between five floors within a single building. Photo courtesy Dominium The rent-restricted neighborhood will accommodate residents aged 55 and over who earn 50% of the area median income or below. Exploring the neighborhood near The Harbor at Twin Lakes The Harbor at Twin Lakes will be a walkable community with access to shopping and dining. The community includes seven commercial properties, surface and underground parking. Just eight miles from Minneapolis and 10 miles from downtown Saint Paul, the community is conveniently located near several local attractions. The Harbor parcel, located at 2730 Herschel St., is part of the larger Twin Lakes Station redevelopment. It rests adjacent to Oasis at Twin Lakes, an affordable housing community with 228 units. The units are divided between two low-rise buildings. Construction on the $74 million Oasis project began in July 2020. It is scheduled for completion in 2022. “Dominium is very excited to announce this new development as it will provide much-needed high-quality affordable housing in the Twin Cities metro,” said Dominium Vice President and Project Partner Ryan Lunderby. Financing The City of Roseville has provided a $35 million bond for the development of The Harbor. Tax-exempt financing, once offered by Greystone, is now managed by Freddie Mac. The property is also funded in part...

Visit Yardi

For many of us, in person events bring a sense of enlightenment and inspiration. Plus, they provide a chance to connect with others. And with shutdowns across the span of COVID-19, events have gone virtual. Now, as more people get vaccinated and the world emerges from the pandemic’s challenges, many associations are welcoming attendees back in person. This holds true in the senior living industry. Professionals are once again tasked with choosing which events to attend, aiming for those that are educational and prioritizing attendees’ health and safety. We’re pleased to offer an event that meets said criteria: The Argentum Senior Living Executive Conference & Expo, set to take place September 13-15 in Phoenix, Arizona. Argentum 2021: Better Senior Living Together This year, Argentum invites you to partake in the ultimate networking opportunity. With over 2,500 attendees from 750 different companies, you’ll have the chance to connect with transformative executives, gain fresh perspectives and discuss solutions for today’s senior living challenges. By joining like-minded leaders across the industry, you’ll take home ideas to enhance your own operations — and enrich the lives of your residents. And the health and safety of all attendees is a priority for Argentum. According to the association’s website, “Argentum has committed to instituting a variety of measures aimed at protecting your health and safety. Specific event details around the measures below will be updated on a regular basis and communicated to all attendees, exhibitors, vendors, and speakers.” You can read more about their health and safety commitments here. Ready to network, learn and explore? Yardi is sponsoring the registration and we invite you to come meet our team, learn about our pioneering software solutions and attend our speaking session on business intelligence.   Attend our session: Driving Performance with...

Suburban Demand Aug24

Suburban Demand

Investors have set their sights on suburban and tertiary markets. Lenders are responding favorably to the trend. While banks will continue to keep one foot planted in major metros, many are following their trusted relationships to less familiar terrain outside of city limits. Sleepy secondary markets are waking up The shift began as a trend prompted by the pandemic but has continued at a steady clip through the highs and lows of COVID-19. This is particularly true in cities where major employers have transitioned to remote and hybrid models. Many white collar industries such as technology, consulting and legal have adapted more flexible work conditions. With zero or fewer days required for office attendance, employees have been exploring their housing options. Blake Hering, principal with Gantry Inc explains, “As these remote operating models adopted by many office users have taken root and grown following last year’s social distancing mandates, a generational shift valuing the lower cost of living, higher quality of life, and larger footprint domiciles available in secondary markets has clearly fueled the beginning of a new, robust cycle for regional markets outside the MSA domain.” Employees are venturing further from their workplace hubs to secondary and tertiary markets where their money likely goes farther: lesser-known markets may offer more square footage for their money and more outdoor space, housing trends that were revitalized during the pandemic. Lending follows the leader The migration is particularly evident in MSA markets such as Seattle, Wash., and Portland, Ore.  in the Pacific Northwest. Investors are following demand to smaller markets such as Bend, Salem and Tacoma. “This shift is now rewarding experienced sponsors in what have become prioritized markets by offering access to a host of new lending sources that once only reserved their allocations for operators...

Digital Habits

A majority of online seniors — seniors segmented by their tech adoption and utilization — spend at least six hours a day online and own an average of five digital devices. That’s according to data collected by Google and research firm Known, who partnered to analyze seniors’ digital habits in 2020. Digging deep into their online behaviors, the research shows that a majority of online seniors are digital enthusiasts. What does that mean for senior living providers? For one, it sheds light on the need for digital marketing strategies to attract new residents. With a large group of seniors active online — for six hours a day, in fact — providers have an opportunity to showcase their communities in the digital world. But not any digital marketing tools will attract prospects. Providers need leading-edge services with a wide reach, equipped with tools like SEO and pay-per-click advertising (PPC), to stand out from the crowd. Looking at the findings from the Google and Known research below, senior living leaders may see why investing in effective digital marketing services is crucial. Digital habits of today’s seniors Most of us recognize that younger generations are active online. And while it may be less obvious to some, seniors are too.   Pulling a statistic from the Pew Research Center, Google and Known explain that “80% of Americans 55 and over are online, and today’s 65-year-olds have spent much of their adult lives experiencing advances in technology firsthand: They were only 36 when the first internet browser was introduced in 1992 and 42 when Google was founded in 1998.” Analyzing the digital habits of both boomers and seniors, their research sought to understand how — and why — these age groups navigate the online world. Here’s what they found...

Senior Living Ebook

As pandemic restrictions loosen, senior living providers face new challenges. They need the right tools to streamline workflows, empower staff and provide quality care — while still prioritizing safety. Luckily, a recent online roundtable gathered experts to guide providers through it all. Sponsored by Yardi, the McKnight’s Senior Living Executive Power Panel assembled Yardi Director of Healthcare Solutions Fil Southerland, along with two other industry executives, to discuss tactics for navigating the current landscape. But in case you missed it, their discussions are highlighted in a brand new ebook — available for you to explore. Today’s industry experts offer fresh insights   Given the ongoing pressures of the pandemic, McKnight’s recognized the need for expert insight in senior living. Their online roundtable covered a range of topics — with discussions centered on the latest industry obstacles. How can providers approach today’s challenges? How can they prepare for the future of senior living? Each executive aimed to answer these questions and bring something insightful to the table. The ebook captures their expert opinions, pieces of advice and more. At a glance, you’ll learn: How to improve staffing levels & retentionThe importance of digital workflowsToday’s best infection control practicesAnd more! About panelist Fil Southerland Fil Southerland has been involved with the LTPAC industry for over 15 years, and currently serves as Director of Healthcare Solutions at Yardi, where he leads initiatives in electronic healthcare records and interoperability. Prior to his time at Yardi, Fil served as Founder and CTO of ALMSA, Inc., a nationally recognized cloud-based electronic health provider in the Assisted Living industry. With expertise in Health Information Technology, digital privacy and LTPAC policy and interoperability initiatives, Fil is passionate about using technology to improve outcomes for residents and care providers. Explore the ebook to start...

Materials Volatility Aug19

Materials Volatility

Why have housing prices risen so dramatically lately? The answer begins with a huge uptick in demand driven by rising housing starts – seasonally adjusted single family housing starts in December 2020 hit their highest level since 2006 – along with low mortgage interest rates. An equally crucial factor is the rising cost of materials used to build and renovate homes. Structural steel, copper wire and other metal items – prices for all these products have risen substantially because of new housing, locked-down homeowners with time and money to spare for renovations, shut-down factories and lumber mills and tariffs. A sharp upturn in copper prices is “adding tens of thousands of dollars to a half-a-million-dollar” commercial project, according to Ben Goldberg of Petaluma, Calif.-based Simply Solar California. Perhaps the most volatile element is the market for lumber, used for framing, roofs, decks and fencing. In June, lumber costs were up 340% from 2020 levels before dropping dramatically a few weeks later, as sawmills ramped up production and imports increased. By early July, although still well above pre-pandemic levels, prices per board feet of lumber had dropped to 49% of its all-time high on May 28. Prices for other wood products were up 500% from pre-pandemic levels by mid-July, while the cost of steel mill products, up by about 70% in the first few months of 2021, remains high. The National Assn. of Home Builders, an industry advocacy group, estimated in May that the lumber price spike added nearly $12,000 to the market value of an average newly built multifamily home. Some wood products executives see the recent demand surge as a return to normal rather than abnormally high. Housing starts averaged 1.5 million units per year from 1960 through 2010 but lagged far below...

Changemakers Series

As an expert who’s redefining the future of senior living, it’s no surprise that Ben Burke has earned a place in this year’s Changemaker class. Recognized by Senior Housing News (SHN) in a special interview series — proudly sponsored by Yardi — Ben embodies what it means to be a senior living leader.   About Ben Burke Yardi client Ben Burke is the president of Anthology Senior Living, a platform that develops, acquires and operates communities as an affiliate of CA Ventures. With extensive experience in the industry, Ben has brought unique, strong ideas to Anthology — including the initiative to create high quality communities at an attainable price point. Under Ben’s leadership, Anthology is leveraging smart and economical design, technology and operational flexibility to stay ahead of the curve. Through the Changemakers series, Ben shares the fresh ideas he’s put into action at Anthology. He delves into the advantages of being vertically integrated, the importance of putting residents first and more. Here’s a highlight from the SHN interview: Can you speak to the ability to develop better products by being vertically integrated? The advantages from the new development side are endless. The heads of our development team, investment team and acquisition team sit at a table every single Monday with the heads of our operations and asset management teams. We talk about every single deal in detail. Then, once a month, we have what we call a “Super Thursday Meeting,” and we go through everything that links operations and development. Whether that’s design, construction timelines, or some of the areas like sales trailers and pre-opening and signage, we talk in detail about all these topics. FF&E [furniture, fixtures and equipment] is a huge area. The business is so nuanced from both an operational...

New Semester, New Trends Aug17

New Semester, New Trends...

Multi-Housing News interviewed Yardi client DTN Management Co. chief operating officer Colin Cronin. Together, they explored trends in student housing and how operators are preparing for the new semester. Snapshot of the Lansing market Cronin reports that the student housing sector in East Lansing remains strong.  Enrollment at Michigan State University has increased year-over-year thanks to its appeal with U.S. and international students seeking education at a research-based Big 10 university. “There is uncertainty as to how the supply and demand for student housing will be affected in the near term,” says Cronin. He continues, “We experienced a surge of new renters at the end of the leasing season, when the university closed the dorms for fall 2020. Overall, 2020 turned out to be a great year for off-campus housing at Michigan State University.” DTN meets the changing needs of its clients Pandemic protocols encouraged DTN site staff to implement multiple ways of interacting amongst themselves, with residents and prospects. Cronin explains, “All our leasing, maintenance and resident services were configured to work with each individual customer in a manner in which they were comfortable working with our staff throughout the ever-changing pandemic.” To meet the needs of prospects, DTN adapted virtual tours. This option offered many advantages. During quarantine, prospects could still access video tours even when the offices were closed. When staff returned to the offices with limited capacity for guests, virtual tours provided a live experience for prospects from the comfort and convenience of their homes. Cronin says, “We also leveraged our web presence by enhancing our online experience to better serve remote users. On top of these changes, we focused on both paid search and social media to gain additional market share online.” Paid search options include pay-per-click ads with flexible budgets and...