Shrewd apartment owners understand that the greater financial value in an apartment transaction can be had during the acquisition—not the exit. Industry veteran Ian Mattingly, President of LumaCorp in Dallas, speaks from experience. He is part of a management team that carries more than 90 years of investor experience when it comes to applying due diligence. LumaCorp owns 24 communities that include over 6,000 total units. It has made 45 acquisitions in the past 32 years. Mattingly is one of three panelists who will speak about how to avoid “nasty surprises” during the process at a session at MAXIMIZE: 2016 Multifamily Asset Management Conference at Loews Coronado in the San Diego area Oct. 17-19. “When we begin our talks with new investors, we like to tell them that we have a lot of experience in making mistakes,” Mattingly says. “We tell them not to expect everything that happens when buying and selling apartments to work out perfectly. We have made our fair amount of mistakes. But what we also tell them is that we won’t make the same mistake twice.” Mattingly, whose firm focuses on Class B and C properties in Texas, will share knowledge about the process that is applicable to any apartment market. Among his focus will be re-inspections, city and county governments, building codes, fire codes, lease addenda, repairs and resident audits. “We specialize in markets where the bulk of the apartment product was built in the 1980s.” Mattingly says. “So we’ve been buying ‘80s-vintage properties for over 20 years. Of course, those properties are a lot older now than they were 20 years ago.” Inspections. Mattingly says it’s easy to overlook issue with city codes and inspections during due diligence. “You’ll find that as some of these buildings get older,...

In 2004, Yardi opened its doors in Glen Head, Oyster Bay, New York as part of the BJ Murray acquisition. The team of 16 employees set out to define a course for the fledgling office. “We faced the challenge of merging functionality, converting client platforms and creating a shared culture,” recalls Richard Malpica, Vice President and General Manager, Eastern US, Sales at Yardi. “I don’t know if there was an official strategy for [merging cultures]. I think we made it clear, from a Yardi perspective, that the company was committed to integrating the group and growing together,” says Malpica. “It was really a matter of understanding people’s skills and desires and plugging them into our framework. They can create a new trajectory for a long-term career with the company.” Over a span of several years, the New York office steadily found its way. Employees discovered new applications for their talents and practical ways of supporting one another along the journey. In addition to merging corporate cultures, Yardi found itself adapting to the New York culture. The market proved to be rich with opportunity but difficult to conquer. The Yardi team strived to form relationships in a market where loyalties are strong and tough to penetrate. “New York clients are the most demanding but they’re also extremely loyal. Once you get through the difficulties, the relationships are very, very strong,” Malpica says. John Caputo agrees. The Senior Server Administrator at Yardi has worked in New York since 1996. In his experience, brand loyalties have always been a challenge for growing companies in the metropolitan area. “[New York companies] have strong connections to our clients. It’s true of Yardi and other companies around here because it is such a competitive workplace. They really have a fierce...

“Hunt Companies is always giving back,” says Crisha Kamphorst, a business solutions manager for Hunt Companies Inc., referring to her employer’s devotion to employees, residents and communities.  Hunt Companies is a Yardi® client that manages more than 32,000 housing units across the U.S. as one of the military’s privatized housing partners. That dedication is rooted in El Paso, Texas, Hunt Companies’ headquarters since 1947.  The Hunt Family Foundation, founded in 1987, has made grants and commitments of $52 million to 548 organizations.  Organizations that have received funding include the University Medical Center Children’s Hospital, Texas Tech Medical Center’s School of Nursing, the University of Texas at El Paso, the El Paso Museum of Art and the El Paso Zoo. Deep Commitment Just as the scope of Hunt Companies’ business extends far beyond El Paso, so does the company’s commitment to residents and their special circumstances.  “From the moment a military family sends us an application to the moment they move out of our house, they’re part of our lives.  We’re part of their support network, we’re part of their group,” says Kamphorst, who as the wife of a retired U.S. Navy chief is quite familiar with the rigors of military life. “As a family-owned company, Hunt is not only committed to employees, it’s also committed to its mission,” adds Dennis McDonald, Kamphorst’s fellow business solutions manager at Hunt Companies.  “In military housing, that boils down to providing the best possible housing for our military members and giving them the support they deserve.  It’s something we take very seriously.” A major event for services members—and for Hunt Companies—is a permanent change of station (PCS), which can uproot a family by redeploying somebody from Germany to Hawaii, from Hawaii to Maine, or from California to Washington...

Jay Shobe, Vice President, Technology at Yardi, has spent his entire life around technology. He grew up using an early incarnation of a PC that ran on a Burroughs operating system, connected to ARPANET (pre-internet) via an acoustic coupler (pre-modem).  “So yeah, I go back a ways,” he says casually. Tech is in his blood. It’s with this full breadth of knowledge and experience that Shobe proudly transitioned into his role with Yardi Cloud Services nearly two years ago. “I was in development for 20 years before I transferred to Cloud Services,” begins Shobe. “This group is dedicated to making sure that the vast environment—12 data centers across the world, 5,000 clients in the cloud and millions of people connecting on a daily basis—and all the different data that we keep in that environment is safe, secure, and performing properly.” The dedication of Shobe and his team is what makes Yardi Cloud Services one of the most trusted and relied upon cloud service providers in the industry. Cloud services play a vital role in the growth and viability of Yardi as more businesses transition to remote networks. The cloud allows clients to transfer IT infrastructure, support services, and data security into the capable hands of specialists. This transition is an integral part of today’s corporate growth strategies: when combined with big data, reports indicate that businesses experience 53 percent greater growth than their self-hosted peers. Client data is stored in a cost-effective and scalable software management solution that is secured offsite under the care of Shobe and the Cloud Services team. They are the unsung heroes of many growing enterprises. “The cloud today is viewed similar to electricity or plumbing; you expect that it’s going to be working. You don’t say a little thanks...

Veritas Investments might be small in some ways, but it stands tall in creative customer service. San Francisco-based Veritas specializes in owning and managing classic, character-rich apartment buildings with 20 to 30 units, as well as their ground-floor retail sections.  With limited space at its properties, Veritas employs imaginative ways to grab attention in a keenly competitive marketplace.  “We don’t have onsite fitness centers or business centers or dog wash stations that some larger properties have,” says Justin Sato, chief operating officer for Veritas, a Yardi client.  “So we use a number of partnerships and amenities to market our units in ways that aren’t traditional and which are eco-friendly.” “Today’s renter has a very on-demand driven mindset and concern for the environment,” he added.  “In the era of Uber and order food online, they expect everything to be moments away through their mobile phones.  And being ‘green’ is a core value to many.  We stay attuned to that demand with our partnerships and promotion of cool, tech-savvy amenities.” SF’s Largest Solar Energy User Sustainability-minded rental prospects can find kinship with Veritas’ status as the largest deployer of solar-generated electricity among multifamily property owners in San Francisco.  “For people to whom that’s a big factor in their leasing decision, we can differentiate our properties with the fact that we power about 20 of our 200 buildings through solar electricity.  We’ve made an effort to install solar panels on our roofs whenever possible to supplement our electricity needs—and to market the fact that even Victorian apartments can reduce their carbon footprint,” Sato says. Veritas’ solar energy system includes channeling electricity generated on the roof to battery packs in the basement parking stalls that can charge electric vehicles.  Unused energy can be fed back to the power...

For the Shelter Group’s LaTonya Lawson-Jones, Yardi’s suite of products provides enhanced operational efficiency and a personalized customer experience. “Time is money.” It’s an old saying, but for LaTonya Lawson-Jones, effective time management is key to a robust bottom line. As Business Systems Manager for the Shelter Group, LaTonya helps oversee a robust portfolio of 50 affordable housing properties, including 35 senior housing communities. LaTonya supervises a team tasked with tracking expenditures and providing support for a variety of electronic medication administration ad electronic health records applications. Multiple Tasks, One Solution With a roster of multifamily and senior living communities valued at $2 billion, the Shelter Group’s affordable and senior living properties cover a vast swath of the eastern seaboard, including New York, New Jersey, Pennsylvania, Maryland and Virginia. In order to coordinate its multi-state operations, the Shelter Group relies on a whole host of Yardi products. “On the affordable side we use Yardi for our entire workload, from the prospect to resident screening to move in,” explains LaTonya. “On the senior housing side, we also use Yardi for marketing and in the business office for billing, managing services, and for all of our reporting needs.” With Yardi Voyager Affordable Housing doing a majority of the heavy lifting, LaTonya is eager to incorporate CRM, EHR, and EMR. “We are looking forward to using these products,” admits LaTonya. “We are working towards getting all of our employees on eLearning, and I found out that will be out soon, so I’m excited. We really can’t wait for the implementation to start.” No More Paperwork Most business managers agree the invoice process can be time-consuming and fraught with error. Submittals and approvals create lag, and hours are wasted tracking expenses and waiting for the right signature. Three...

LONDON – Industrial property has emerged as one of the strongest performing asset classes this year, apparently brushing off the threat of Brexit as consumers shop – or rather, click – until they drop. The rise of e-commerce means tenant demand is robust, with record rents being achieved in tightly-constrained urban areas where logistics space is competing with residential. However, occupiers are having to invest heavily in technology. In a continuing series of think tanks, Yardi brought together a panel of experts to discuss these issues in the European real estate market. Panelists: Claer Barrett, Financial Times – Chair Alan Holland, Business Unit Director, Greater London – Segro Richard Croft, Chief Executive – M7 Real Estate Mark Bowden, Partner – Caisson Investment Management Michael Williams, Investment Manager – M&G Real Estate Kevin Mofid, Research Director – Savills CB: The good news is that we’re seeing healthy yields and rental growth on industrial space, particularly in the Greater London area – but is this mainly because so much of it has vanished in the past decade? AH: The pressure on land for industrial and urban logistics is immense, particularly in areas of population concentration where developers like Segro are competing with house builders. According to the GLA, around 700 ha of industrial land has been lost in Greater London as places like Nine Elms, Old Oak Common and the Olympic Park ha ve become residential areas. That’s the equivalent of seven times the size of Regent’s Park – it’s gone and it won’t be replaced. KM: Since 2009, Savills research shows the supply of existing warehousing stock has decreased by 70 per cent. But at the same time, take-up has risen from a long-running average of 18m sq ft per year to 22m sq ft in the...

I just got back from last week’s National Apartment Association Education Conference in San Francisco. It was really well attended with almost 10,000 people at the exposition, trade show and classes. I was amazed at all of the exhibits and t-shirt wearing professionals professing their love for Apple products. At least until a really big security guard (by San Francisco standards) politely tapped my shoulder and asked to see my badge. After explaining I was looking for the NAA meeting, he smiled and explained there are two sections of the Moscone convention center, and I was clearly in the wrong one. I must admit, I was offended. To be told I wasn’t nerdy enough to be at an Apple convention wasn’t how I wanted to start my day. I didn’t even get to buy a nerdy t-shirt, or try the apple-sickle dessert specialty. I left feeling that I had been thrown out of better places and after two light cycles (you really have to pay attention in San Francisco) I made it across the street into the correct part of Moscone Center. A building I renamed ‘the sequel.’ I had been to a number of NAA meetings before, but this one was special. It featured some events I had never seen, the first of which was the Alcatraz fun run. Immediately after checking in and seeing just one session, several thousand (could be a few hundred, hard to tell) got out of their seats, jammed the escalator and walked resolutely toward the Alcatraz pick up point. The proof was in the plethora of photo embossed t-shirts with their faces adorned as if escaping from Al Capone’s, both an Italian restaurant and night club but also a prison cell of some distinction. Having been to...

After nearly 20 years as a Yardi employee, Becky Sanvictores has a deep perspective on how we can best serve the many types of clients who use Yardi software daily. “We earn trusted relationships with our clients by focusing on their needs. Our goal is always to establish a positive environment where Yardi employees can work with clients to implement innovative solutions,” said Sanvictores, who serves as a vice president in Yardi’s Client Services Division, with a focus on the multifamily product suite. “We never rest in enhancing and broadening the solution to help our clients grow and gain efficiency. We work to be partners in their strategy to be successful and grow their business.” In the late 1990’s, Sanvictores started at Yardi as an account manager.  Her job during college was at her alma mater, the University of Nebraska, where she worked on preventative maintenance, focusing on building systems. She is a renaissance woman: a published poet, she loves hands on projects and grew up dismantling engines in the garage with her dad. Like most long-time employees, her journey at Yardi has taken many paths. They have all touched on customer support, about which she is passionate. As a company, Yardi places a focus on supporting its clients of all sizes around the globe. “We are committed to excellent service – understanding and being responsive to our clients’ diverse needs,” Sanvictores said. One of the changes she has observed at Yardi in her time at the company is the development of multiple ways that clients can connect with support resources. In addition to traditional in-person trainings, there are now a full deck of digital and on-demand options. “We provide innovative and quality training to our clients. We have multiple options – on-line training...

For Mitchel Sloan, the effects of Alzheimer’s disease hits close to home. Currently the Vice President of Development and Communications with the Alzheimer’s Association California Central Chapter, Sloan began as a young man who watched his uncle battle vascular dementia. Rather than feeling defeated by the disease, Sloan felt empowered to help. He encouraged his aunt to make use of local resources. “I immediately referred my aunt to the local Alzheimer’s office in their area. I informed her that she is not alone and that our professional care specialists can assist her and our family with the help that she and my uncle need as they embark on this journey.” The first step in anyone’s journey is to understand the disease. Dementia is a general term for a decline in mental ability that is severe enough to interfere with daily life. Alzheimer’s is the most common type of dementia. It accounts for about 60 to 80 percent of cases. Since 2012, Sloan and the organization have tirelessly worked to fulfill the vision of a world without Alzheimer’s. By connecting researchers to funding, Sloan and his team hope to eradicate Alzheimer’s through treatment and prevention. The organization faces formidable odds. Every 66 seconds, someone in the U.S. develops Alzheimer’s disease. Dementias are the sixth leading cause of death in the U.S. with one in three seniors dying of the disease every year. Since 1982, the Alzheimer’s Association has invested more than $350 million in funds for research. In fiscal year 2015, individuals, families, companies, and communities across the nation contributed total revenues of $321 million to support the mission. Creative fundraising efforts have sparked community awareness and involvement in their cause. The most popular event is the annual Walk to End Alzheimer’s. It is currently...

Kevin Yardi admits that his path to employment at Yardi Systems was probably a bit different than most. As the son of Yardi founder Anant Yardi, he spent a good portion of his childhood summer vacations around the then-fledgling company. “My first stint at Yardi was when I was 6 years old, and that was in the shipping department on Reddick Street in Santa Barbara. I have fond memories of the MLS books we used to print. That was a big part of our business in the late 1980s,” says Kevin. His older brother, Jason, is also a Yardi employee. As Kevin grew up, the company was growing, too. During his high school years, he completed a summer internship in the marketing department. His duties were to call clients and gauge potential interest in a customized website created for their business. “Sixteen years later we have a successful product in RentCafe and the Yardi Marketing Suite, but I can take zero credit for it,” he joked. “What’s truly interesting to me is that Anant (Yardi) was thinking about things like client websites so long ago.” Though he had always envisioned joining the family business as part of his future, Kevin did not come straight back to Santa Barbara after graduating from Colby College in Waterville, Maine.  Instead, he forged his own path as a Washington, D.C.-based technology consultant, working first for IBM and then for Deloitte. “I was a functional consultant, implementing accounting systems for Fortune 500 companies. For ten years, I was on a plane every Monday morning and home again on Thursday night,” Kevin says. “It was an experience I wouldn’t trade for the world.” In 2013, Kevin decided that the time was right for him to leave the East Coast and...

Three years ago, Yardi caught up with Amy Williams, Director of Education and Community Engagement at Santa Barbara Youth Symphony. The program has grown a lot since then, reaching even more of the city’s youth with interdisciplinary art and the fun of a kid-centered community. “We’ve seen a huge increase in participation,” says Williams. “Three years ago, we reached 4,500 students and this year we’re anticipating 5,300. Concerts for Young People has 2,800 students now. That filled up in record time. We’re offering the same things but we’re seeing a huge shift of kids wanting to play great music and make new friends.” The friendships and sense of community draw most students through the doors, and keep them coming back year after year. Williams recalls one particularly heartwarming encounter: “This year, one of my high school students was excited, noisily coming into rehearsal. I said, ‘You’re very excited to be here.’ And he says, ‘Well, Amy, I belong here.’ I feel that’s the heart of it. We are where students feel they belong. The demographic in Santa Barbara has all sorts of languages, all sorts of backgrounds, but when they walk into classes and workshops they feel like they belong, by teachers and their peers. I feel very strongly about that and I’m very proud of the program.” While the kids are playing music and building their community, they are also preparing for their academic and professional futures. The benefits of music on adolescents have been well document in scholarly journals for decades. Nothing has changed, and that’s a good thing. “Music students develop 21st century skill sets that employers are looking for: teamwork, creative thinking, making connections between subject areas, and critical thinking,” says Williams. The skill sets do not develop overnight. Students...

The growing Yardi teams in Pune, Maharashtra, India have a heart for service. Their compassionate spirit is demonstrated in and out of the office. In Pune, their largest outreach initiative is the Yardi Vasti Vikas Prakalp (YVVP). The Yardi team began in 2006, providing funding support to 17 local Non-Governmental Organizations (NGOs) and Community Based Organizations (CBOs).  In 2014, the YVVP program focused on direct efforts in 10 urban communities near Pune. Together, the organizations work toward creating a brighter future for some of India’s most underserved neighborhoods. Bharati Kotwal, Head of Corporate Social Responsibility (CSR) at Yardi in Pune has been part of the program since its inception. Her passion for the community goes beyond her career with Yardi. For the past 15 years, Kotwal has volunteered to support the social and political empowerment of women and children. Kotwal observes, “[Underprivileged groups] lack opportunities and basic facilities like housing, sanitation, and access to quality education and health services.” Kotwal continues, “The community outreach programs like YVVP are important to me because the wellbeing of urban poor communities is connected closely with wellbeing of society as a whole.” Through YVVP, Kotwal and her team concentrate on several necessities including accessible education, improved hygiene and sanitation practices, and enhanced employment opportunities. Sanitation In Yamuna Nagar and Sangamwadi wards, many households lacked awareness of safe waste disposal practices or access to sanitary waste disposal receptacles. Improper waste disposal created unnecessary health risks. As a result, Yardi partnered with local NGO Shelter Associates to construct 250 individual toilets in the community. In another impoverished area, the need exceeded the supply of individual toilets. Many people living in urban, poor communities of Pune do not have access to individual toilets and are dependent on Community Toilet Blocks (CTB). To...

When it comes to education, establishing a strong foundation is integral for success. Since 1971, the Isla Vista Youth Projects (IVYP) Children’s Center has provided affordable childcare and enrichment to children between the ages of three months and six years of age. By forming a strong foundation in social skills and how to learn, children are better prepared for lifelong success. Establishing good foundations for youth is the root of IVYP’s county-wide educational program, THRIVE. The program provides academic, social, and emotional support for children before they enter kindergarten. Children are then ready to meet schools’ increasingly rigorous demands before their first day of school. IVYP is also able to address students who need additional care and services before those issues affect their academic success. Throughout the year, THRIVE assesses each student using 12 indicators of preparedness. If a child falters, the team intervenes. Tyler Speier, Operations Manager at IVYP, explains, “We have partnerships with several organizations including CALM and the Department of Education. So at the beginning of the program, if we have a child who seems like they’re not going to be ready, we immediately start an intervention. Usually, it’s a social-emotional indicator where they are behind. We bring in a therapist and they work with the child using play therapy or other options. The goal is to work with the child throughout the year to bring them up to par.” In the rare case that the child is still unprepared by the end of the program, THRIVE notifies the kindergarten teacher. The teacher can then coordinate counseling, tutoring, and additional services through the school district. The child’s needs are actively being addressed before the first assignment is ever assessed. IVYP continues supporting the child after they begin Kindergarten, offering an After...

Though we are few compared to some populations on Earth, humans can have an incredible impact on the health and wellbeing of the plant. Our actions can facilitate Earth’s natural cycle of decomposition and growth. Unfortunately, that’s not what we’re doing. Rather than supporting the planet’s natural methods for breaking down materials and reusing their components, much of our trash is not biodegradable. The trash will uselessly sit in landfills forever. Instead of breaking down and refueling the next generation of life and growth, the trash emits toxins, damages ecosystems, and takes up valuable space. Explore Ecology is working to stop this cycle. By combining environmental education with art, the Santa Barbara-based nonprofit organization has found creative ways to foster awareness and stewardship among people of all ages—starting with scraps. Art from Scrap, an Explore Ecology program, facilitates environmental awareness and waste reduction through art. The program integrates retail and public programming to fulfill its mission. Jill Cloutier, Director of Public Relations and Outreach, explains, “The Creative Reuse Store is one of Explore Ecology’s most popular programs. The retail store accepts unwanted materials from businesses and corporations. The store then sells those materials to the community to be reused, repurposed and, most importantly, kept out of landfills.” The Creative Reuse store is popular with art teachers, artists, and DIY crafters of all ages. Shopper can find everything from fabric, beads, paper, glass products, wood, and all sorts of little odds and ends. “It’s the perfect place for getting the supplies that you need for a Halloween costume, an art project, or even a parade float,” says Cloutier. Revenue from the store is used to fund Explore Ecology’s low-cost art classes, environmental education programs, and the upstairs Eco-Art Gallery. On the surface, the art classes...

Mary Olsen has become an expert at living in the moment. As the General Manager at KCLU, the public news station licensed by California Lutheran University and a National Public Radio (NPR) affiliate, Olsen must remain attentive and flexible. “When you’re in the news business, you’re constantly in the moment. It doesn’t matter what you have scheduled for production. When news breaks, everything else goes out the window,” Olsen laughs. “It’s all about that moment. Olsen’s desire to live in the moment is what has kept her in the world of independent radio. After leaving a lucrative position in the television industry, she dove into her role with the fledgling radio station in 1994. She traded her office for an abandoned classroom of the lobby of the freshmen dormitory. She hasn’t looked back. “I just love public radio and I’m a lifetime listener. I think local news is so important,” Olsen says. “With what’s going on in the world today—healthcare, education, the Middle East—you can’t cover that in a 30- to 60-second sound bite like the popular news channels. Public radio is committed to really telling the stories internationally, nationally, and in the local communities.” Local news has grown increasingly scarce. A handful of conglomerates now control the majority of new sources throughout the United States. Independent media fills a void that national media overlooks. “At KCLU, sure, we carry the international news programs but we’re deeply committed to local feature stories and breaking news. We have feet on the street every day, and when there is a mudslide, or the earth is shaking. That’s what we’re covering. When there is a fire burning on the hillside, the community should not be hearing Kanye West’s latest single on the air. When they listen to a radio station, they...

John Pendergast first learned the importance of persistence and attention to detail as a musician. The avid guitarist plays music from a wide range of genres, honing in on the nuance within each piece. “There is a great attention to detail in playing music and different instruments,” explains Pendergast, Senior Vice President, CSD at Yardi. “There is so much detail in how to intonate and emphasize particular notes in a sequence with the right timing. You have to practice often to get it right, but you always keep learning.” “Both of those things are very relevant at Yardi. The need to do things over and over again until you get good at them is a key piece. There is also great importance in exercising attention to detail and making sure that we do the right things for our clients. ” As the needs of clients change, Yardi software and services develop accordingly. Pendergast and his team take the time to understand the details of the user experience. The team then creates and supports software that makes the user experience practical and seamless. Transaction processing through Yardi is one such example. The expectations of today’s renters and tenants are vastly different than just a few years ago, triggering a focus on online and mobile payments. To meet these demands, Yardi created a robust suite of payment processing options for clients: Yardi Online Payments™, Walk-in Payment System (WIPS®), Yardi CHECKscan™, and RentCafe® TextPay™ integrate with Yardi Voyager® and Genesis 2 to streamline rent collection, cut operational costs, and reduce processing errors. Residents can conveniently pay rent online, via text, or at participating retailers. Clients can also quickly bulk scan and digitize rent payments made with checks and money orders. Services are available for residential and commercial clients. Pendergast says:...