If the name Catherine Remak seems familiar to you, you aren’t alone. She has been the voice of the KLITE 101.7 morning show for 23 years. The show allows her to relish in her passion for light rock while promoting many of the great organizations that serve Santa Barbara residents. It was through the radio show that Remak discovered the Council on Alcoholism and Drug Abuse (CADA). The organization strives to prevent alcoholism and drug abuse through education and public awareness. With CADA, community members gain access to intervention services, treatment, and support. More than 15 years after serving as a volunteer with CADA, Remak accepted her role as Director of Corporate Development and Communications. She is passionate about the numerous programs offered through CADA and has a difficult time deciding which program initially sparked her interest in the organization. “All of them,” Remak laughs. “But I’m really fond of our youth services, especially our Daniel Bryant Youth and Family Center which treats area youth with drug and alcohol issues with services to their families. A terrific program called Teen Court also operates out of the Center. It’s got a great success rate, with 85 percent of teens not reoffending. I’m also a fan of CADA Youth Service Specialists, our trained counselors who are on school campuses dealing with kids in a preventative way.” It is vital to present kids with education and preventative tactics. If they grow into teens or adults struggling with addition, they face one daunting obstacle to their wellbeing– themselves. “It’s tough,” says Remak. “When they’re in the throes of addiction, they don’t think that they need any help. Sometimes it requires an intervention.” Yet when a third party is involved, the likelihood of success may decrease. Remak says, “We...

Moving to a cloud-based commercial property management and accounting platform typically sounds like a daunting transition. Kim Mann, CPA/property controller for Kansas City-based Block Real Estate Services LLC, makes it sound more like a walk in the park. “Going from self-hosted to hosted was the easiest conversion that I have ever done,” Mann said. “When you have change, people tend to get cranky about it. But I didn’t have any push back.” And when it came time to flip the switch to the Yardi cloud, the transition was fast and easy. “I simply sent out the new URL, gave everyone a half day off, and said, do not enter Yardi until tomorrow, and we went back live within 24 hours,” Mann said. Block Real Estate Services LLC converted to Voyager 7S in June of 2015, and Mann anticipated that the customizations and intricate property structure set-up would complicate the transition. That turned out not to be the case, an impressive feat considering that her team tracks 700 financial entities using Yardi software. Preparing for the change with extensive testing, Mann also enlisted 12 of the company’s Yardi users to become “champions of the change.” Testing took four weeks, with the entire conversion time frame lasted two months total. Both of the transitions – a cloud-based platform and use of the new Yardi Commercial Suite, have created enhanced efficiencies and time and cost savings for Block Real Estate Services LLC. “Going to the cloud freed up a massive server and saved us from having to buy another server, so we did not have to incur that expense. Our IT department loved that,” Mann said. Use of the Yardi Commercial Suite has changed the way Block Real Estate Services LLC processes invoices, and while the switch...

The fifth in Yardi’s series of thought leadership Think Tanks, held in association with Property Week, brought together retail centre owners and managers to discuss their experience and opinions on how to remain successful in a competitive retail environment. London’s retail scene is arguably the best in the world, with billions of pounds spent annually in the capital’s designer stores, boutiques and big-brand outlets. But as fashions in real estate strategy change, today’s retail landlords and property managers must move with the times to keep on attracting consumers. In a series of real estate think tanks, Yardi brought together a panel of retail experts to discuss the burning issues. Jace Tyrrell, deputy chief executive, New West End Company Jordan Jeffery, head of retail management, JLL Robin Dobson, director of retail development, Hammerson Clare Harris, head of group marketing & communications, Shaftesbury Chair: Claer Barrett, Financial Times CB: Let’s start by talking about online retail – have retailers and landlords passed ‘peak disruption’? RD: If you look back 10 years, the property industry was scared; now, I think we’ve come through the eclipse. The opportunity to create the best physical stores is complimentary to the drive to online. ICSC research showed that 90% of transactions still happen in a physical location – customers may have seen the product in a store, then ordered it at home or on a screen, or they might have ordered it at home and gone into the store to collect it. John Lewis recently reported that 50% of its in-store sales are coming from ‘click and collect’. As landlords, we create the platform for others to create the theatre. JJ: Everyone has had to adapt to online changes. Today’s consumers are much more informed and do a lot more research...

Organizations throughout Santa Barbara strive to make the community an even better place to live. Easy Lift is one such organization that has provided affordable transportation for seniors, children, and the disabled since 1979. Transportatio n is a vital yet often overlooked need in our community. Yet for 363 days each year, it is Easy Lift’s top priority. When it comes to the lifestyle of a public servant, few foresee their future in private transportation. Ernesto Paredes, Executive Director of Easy Lift, was no exception. In 1991, as a recent USC School of Gerontology graduate, Paredes accepted a job in the transportation industry. He figured that he could use the experience before moving on to the next opportunity. Paredes recalls, “I thought, ‘Transportation isn’t the sexiest field out there but I’ll start with that, get a couple of years of experience and then move on.’ I’m still figuring out where my ‘move on’ position is!” he laughs. “I’m inching up on 24 years with the organization. I love what I do and I love who I do it for.” For Paredes, the who and why of public service has always been more important than the how. “It’s not the tires and oil changes that fire me up about being a part of this organization, though that is part of what we do,” he says. “I really like improving [clients’] quality of life. People want to be independent for all long as they can. They have an alternative where they can look to our Dial-A-Ride program and be as independent as possible.” Dial-A-Ride is an Easy Lift service that provides transportation to seniors who are unable to take advantage of Santa Barbara Metropolitan Transit District services. Fares are only $3.50 one way, offering seniors with...

The Yardi Professional Services Group (PSG) is available to help clients get the most out of their new software as quickly as possible. PSG assists clients with project management, implementation services, needs analysis, data conversion, training and technical support. With the backing of PSG, clients can experience timely, seamless product implementation. JBG Companies is a management firm that supervises 24 million square feet of multifamily, retail, and hospitality assets. After using Yardi Voyager 6 for six years, JBG upgraded to Yardi Voyager 7S earlier this summer. Before conversion, PSG established a testing environment in which JBG managers could execute their daily protocols, edit menus and option settings. Adi Englander, Vice President of Financial Systems at JBG, explains how PSG supported her team during the tests. “We compiled everyone’s issues after each testing period and worked with Yardi to address and manage those processes,” begins Englander. “PSG originally sent a few process experts of their own to sit down with users and give them an overview of some of the changes that might affect their groups so that they knew what to look out for. [The users] were more prepared than just me telling them what I think those things may change.” PSG experts provided onsite, customized tutorials for personnel at JBG. Englander says, “We had the residential group sit with somebody from PSG, the management people, the construction guys, the commercial side, the lease admin– everyone sat with somebody from PSG for a few hours in the beginning.” The thorough testing and individualized attention made conversion a more efficient process for JBG. “We did not have a lot of problems in that area. I expected we’d have a lot of problems, that reports would just not run, but they continued to run,” Englander laughs....

Steve Moore endeavors to be an apartment owner who does much more than collect rents from his properties every month – and he wants other owners and investors to do the same. The Houston, Texas resident is a hands-on kind of guy who can not only fix an air conditioner or confront a problem resident, but has a determined vision for how to create change in some of Houston’s crime ridden neighborhoods. His company controller calls him the “MacGuyver of property management.” True to that label, Moore has some ideas that are daring and different. Villa Serena Communities, the company that he co-owns with two partners, manages over 5,000 multi-family units serving more than 12,000 Houston residents. One of those properties is Biscayne Apartments in Greenspoint, where Steve has lived on site for the last three years. We talked to him about his unique approach to providing a safe environment for residents. Why are you living in one of your communities, which is in a neighborhood known for high crime? Moore: Three years ago, we bought 2,600 units in one of the pockets of high crime in Houston. These units are right in the middle of the worst of it. I’m a widower, and I can do things that I couldn’t do if I had a wife. So I moved into Biscayne Apartments, which is the worst community we purchased. I said to my partners, if we’re willing to rent it to people, I should be willing to live in it. What has the experience been like? Moore: While I’ve lived there, I’ve had my car broken into, I’ve had my apartment broken into, and I’ve had a guy put a gun to my head and say give me your money. This is for...

Amy Allred started her career in high-rise property management and commercial real estate development, working on major projects in Seattle. When she decided to relocate and take life at a more moderate pace, a new role as Finance Director for the Walla Walla Washington Housing Authority was the perfect fit. While working in large-scale housing development and high-rise condos in Seattle, Amy realized she yearned for a career with more meaning. She wanted the chance to make a positive and tangible impact, so she decided to trade her fast-paced urban lifestyle for something a little more rural with a hometown vibe. “I was working in Seattle and I realized I wanted more of a small-town feel, so I moved to Walla Walla,” says Amy. “The city is located in southeast Washington wine country, and it’s a beautiful place, with a slow-paced lifestyle.” She was hired as the Walla Walla Housing Authority’s new Finance Director four years ago. The agency is a Yardi client. “This position is a perfect marriage for me,” Amy said. “It combines my desire to give back to the community with my skills in real estate development.” The Walla Walla Housing Authority’s property portfolio may only be a fraction of the inventory available in a city like Seattle, but with 84 public housing units, 407 tax credit and market units, and 978 vouchers, there is still lots to do. “We’re not a huge agency,” admits Amy, “but we’re fairly good sized based on our county population and we are continuing to add inventory to our housing block.” Expanded Functionality During her time at Walla Walla, Amy has helped the housing authority expand and evolve. A team of 39 includes clerical staff, accounting, compliance and IT, property managers and inspectors, development, and...

The Fall 2015 Yardi Advanced Solutions Conference, or YASC for short, was successfully held in Anaheim October 7-9, 2015. For the third consecutive year, the Fall 2015 YASC was hosted at the Hilton Anaheim, located in Orange County near the Anaheim Convention Center. YASC Anaheim drew 1,800 clients and 300 staff to Southern California for three days of advanced software training, product updates, learning, and networking. In addition to the 200+ courses, general sessions, and panels, guests enjoyed the YASC Gala on October 9. Attendees danced and sang along to 1930’s jazz-inspired Gala entertainment. The Hilton’s largest ballroom was transformed with lush topiaries, lamp posts, waterfalls, and the iconic sound and energy of New Orleans. We captured some of the evening’s festivities at the Gala photo booth. Enjoy a glimpse of the fun!...

As a senior fund accountant working on a major North American real estate investment fund, Ping Li Chen is constantly looking for ways to generate efficiency in bookkeeping and produce accurate, timely reports for Nicola Crosby’s investors. “We use Yardi for all kinds of transactions – roll ups, consolidations, foreign currency conversions, bank reconciliation, basically everything we do on a daily basis,” Chen told us at the recent YASC conference in Anaheim, Calif. Her favorite aspect of the Yardi Investment Management platform is its ease of use. Nicola Crosby Real Estate manages $1.5 billion in assets, so monthly reporting is no small task. “With the click of a button, I can do the roll up, and it consolidates the whole portfolio. I find that amazing. It eliminated all the Excel spreadsheets that we once used to manually enter data, which we don’t have to do anymore,” Chen said. Prior to Yardi Voyager 7S, Chen estimated that manually completing the roll-up would have taken an entire month. Now, the process is about 10 days long from start to finish. In the coming year, her company will take another big step toward process efficiency by training its third party property managers to work within their Voyager 7S system. This will eliminate the need for exporting their external Excel records into Yardi on a regular basis. “That will save us a lot of time in generating reports,” Chen noted. Another Yardi product used being implemented by the Nicola Crosby accounting staff is PAYScan. “We will cut all the checks via EFT, so no more paper checks. And the property managers can import all the invoices directly from the vendor, so the asset managers are able to approve the invoices, and then it’s an easy process. Once we...

For more than 60 years, Yardi client Braddock & Logan has been a trusted real estate developer in the San Francisco Bay Area. The diversified home builder and property management company hosts a portfolio of more than 33,000 new homes built and sold, over 3,000 apartments, and 300,000 square feet of retail and commercial facilities owned and managed. We had the chance to chat with Jim DeMartini, Corporate Controller for Braddock & Logan. In his nine years with the growing company, DeMartini has welcomed new software systems and employees. During the most recent transitions, Braddock & Logan relied on Yardi eLearning, an on-demand employee training module. “The platform allows our regional managers to train staff in disparate areas around the West Coast. It makes it unnecessary to travel out to those sites to conduct the training – they can do it right from our headquarters,” he shared. DeMartini expanded on his experiences with eLearning. How has Yardi eLearning assisted you in your daily job? DeMartini: One of the key benefits that we gained from eLearning was to make it more than just a “training website” by creating more of an employee reference tool.  Beyond the numerous training courses we offer, we also built out a comprehensive library of company-specific policies and procedures that can assist employees in their jobs on a daily basis.  And not just Voyager-related content, but reference materials associated with other aspects of our business, such as homebuilding systems and procedures, to general employee onboarding information.  We feel eLearning acts to supplement the employment-related information provided by our HRIS systems, which is not as easily customized and tailored to our company. How do you use eLearning at Braddock and Logan? DeMartini: Our property management business operates with a fair amount of...

Over the last eight years, Michael and Matthew Pestronk, CEO and President of Post Brothers Apartments, have created a unique brand of Class A apartments for the Philadelphia market. Their latest major project is no exception. Presidential City, a John McShain project built in the early 1950’s that Post Brothers acquired in 2012 for $51 million, needed a fresh start. Updates had never been made to the 1,038 apartment interiors, and as Michael Pestronk says, “it just had not had any love in a really long time.” Kitchens were three decades old, bathrooms dated a half-century back. The first of four apartment towers was delivered this fall and is completely occupied. The $210 million redevelopment project is a complete renovation and reimagining of Presidential City. Each tower will have a unique theme and character, and the former Pool Club is undergoing a transformation to a world class spa and health club. “We’re making something that’s truly world class,” Pestronk says. Read on for more insight on Presidential City. This is a huge project. Can you put the size and scale in context? Pestronk: This is the largest residential development in the city of Philadelphia. Not just in the city proper, but also in the surrounding region. It’s located at the intersection of two of the heaviest trafficked highways in the region. It’s also very physically prominent. John McShain was from Philadelphia and built most of the monuments in Washington, D.C. He originally had a master plan to do 48 towers with something like 20,000 Philadelphia apartments. He built the first four, and eventually sold off the rest of the land. What is the overview of the renovation plan? Pestronk: We are not just renovating, but completely redeveloping. The outside façade of the properties looks...

When it comes to the Washington, D.C. rental market, VP of Marketing Karen Kossow finds herself in a big pond with plenty of fish. As the one-woman marketing team at Community Realty Company (CRC), she is determined to grow with limited resources. She is overcoming her small fish status by working smarter, not harder. Step one, Kossow made sure that CRC offered what renters want most. “The funny piece is, other than the rent, the Millennials and the Boomers are looking for the same things,” Kossow observes. “They want the good locations, the walkable locations, the amenities, and the social aspect.” Community Realty Company properties are already in coveted locations such as Pennsylvania Avenue and Foggy Bottom. The next natural step was to begin the process of renovating the properties to reflect modern expectations. Properties are being renovated on turn, with upgrades like improved space allocation; granite, stainless and other upgraded finishes; and wi-fi accessibility throughout the building. The latter was no small feat since some structures were erected in the 1960s. Kossow then gave the renovated properties professional glamor shots. These images are accompanied by resident testimonial videos. Combined, the media efforts give prospects a taste of what CRC has to offer—but there was still more work to be done. Step three for the growing  business: getting the right tools in place. “I’m excited to get all of the software rolled out so we can go out and start pitching more business, showing everybody that we’re not the little teeny tiny company and that we can compete with the big boys in some areas,” says Kossow. To help level the playing field, Kossow uses Yardi RentCafe. “I am a one-woman marketing show who has also overseen much of the software roll out. Being able to tackle...

With a quickly expanding footprint, Yardi client Mill Creek Residential is one of the nation’s largest multifamily developers. Last year, the company ranked No. 2, behind Alliance Residential, in number of units delivered. 2015 has already been another strong year for Mill Creek, with delivery of 7,000 units anticipated – up from just over 5,000 in 2014. We recently had the chance to chat with Russell Tepper, Senior Managing Director for Mill Creek, who shared his insights on development trends and renter behavior patterns. Tell us about a few of the multifamily trendlines you’re seeing specifically in the markets you oversee – New York, New Jersey, Connecticut and Philadelphia? Tepper: One of the most significant trends we’re seeing is the importance placed on enhancing the quality-of-life experience for residents. Many of today’s renters are young professionals (a.k.a. the millennial) that expect a hotel-caliber level of service and amenity package. This means going beyond a nice fitness center. Yoga studios and spinning, indoor storage for bikes and cold food, pet spas, home office spaces, rooftop decks and deluxe clubrooms have become de-rigueur. Another trend we’re seeing is the “renter-by-choice.” Young professionals and empty nesters are not as interested in purchasing a home as they once were. The reasons for this vary, but, across the board, we’re seeing that people would prefer to avoid the hassles and long-term commitments associated with owning a home. Renting provides both the flexibility and premium living experiences they seek. Finally, in the New York metropolitan area, if there is a train station nearby, there is a high likelihood that a new multifamily community has opened or will open in the near future. And if that’s not the case, there is an even greater likelihood that a developer is in the...

LONDON – The burgeoning demand for rental property – particularly in London – means developers of build-to-rent schemes have a captive market, but everything else from valuation to finance and planning seems to be stacked against the sector significantly expanding. What do the pioneers of this form of development have to tell us about the state
of the UK housing market and housing policy, and how are they overcoming the odds to deliver profitable schemes? Panel participants: Claer Barrett, Financial Times – Chair Dominic Martin, Operations & Strategy –Westrock Neil Young, Chief Executive – Get Living London Ryan Prince, Chief Executive and Co-Founder– Realstar Living James Scott, Chief Operating Officer –The Collective CB: There has been a lot of noise about ‘build to rent’ as a policy, but correspondingly little development in the private rented sector (PRS). Why is it so challenging financially? RP: It is uneconomic for PRS developers to compete with housebuilders. By our estimates, they can pay 30% more for a site. Then there is the time it takes persuading the planners. When you actually do the math, taking planning, construction, leasing risk and time into account, returns can actually be pretty poor. Most new PRS schemes are either government-procured PRS, where land is marketed on the basis that it will be PRS instead of homes for sale, or part of large-scale regeneration projects. If you remove those specific circumstances, you have no real meaningful, scalable policy framework to have a PRS industry in the UK. I think it gets disproportionate headlines relative to its size. DM: We still do not have clarity for PRS in the planning process. The London mayor’s supplementary planning document is starting to go in our direction, but it is still only guidance. Local authorities can do...

The concept of home comes in many shapes and forms. For the senior residents of South Hills in Pittsburg, home arrived in the shape of a high school. A school was probably one of the last places that seniors thought they would spend their golden years, yet Yardi client Congregate Management Services and its development arm a.m. Rodriguez Associates saw an unparalleled opportunity in the vacant property. Account Manager Terri Zaegel recalls the conceptualization of the senior housing community. “The City actually came to Anthony Rodriguez and said, ‘We have this huge, beautiful building. We don’t want it torn down. We don’t want that space just vacant. Can you help us out?’ He developed it into housing for seniors.” Rodriguez, founder and chairman at Congregate Management Services, has gained a reputation throughout the region for his ability to transform vacant commercial and industrial properties into beautiful multifamily housing. His gift is helping small cities and towns breathe new life into some of their most challenging neighborhoods. The repurposing projects prevent economy-crippling urban decay. According to the Pittsburg Community Reinvestment Group (PCRG), a study in nearby Philadelphia reveals that houses within 150 feet of a vacant or abandoned property experienced an average net loss of $7,627 in value. Governments lose significant tax revenue on vacant properties as well, sometimes averaging as much as 83 percent of the owed balance. There is a strong correlation between vacant properties, an uptick in the cost of municipal services, and an increased crime rate. The PCRG report states that “41 percent of abandoned buildings could be entered without use of force; of these open buildings, 83 percent showed evidence of illegal use by prostitutes, drug dealers, property criminals, and others.” Arson and vandalism are among other crimes that plague neighborhoods with...

New York City’s strong multifamily market is creating some unusual trends and unprecedented opportunities for sellers to capitalize on their investments, says Michael Weiser, president of GFI Realty Services, Inc. In a recent interview, Weiser talked about the impact of rising prices for apartment properties, and the spillover effect on what were previously less-coveted assets and neighborhoods. Two potential winners: rent-stabilized building owners and Bronx landholders. Weiser joined GFI Realty in 1996 and has been president since 2011. He has a strong industry track record handling mortgage originations, as well as property acquisitions and dispositions. Today, Weiser manages the day to day operations of GFI’s Investment Sales & Financing division. What’s your take on the current state of the NYC rental market? Weiser: Around South Slope, Ditmas Park, Windsor Terrace, even Crown Heights in South Brooklyn you’re starting to see two-bedroom rents jump so high that $2400 a month is a bargain. Landlords can get $2500 to $2700 a month, and that’s driving interest from investors. What trends are you seeing in the multifamily space right now? Weiser: We’re seeing more and more pockets of money that are willing to pay up for rent-stabilized housing. Everyone has been talking about this for a long time, and we’re now seeing individual transaction activity that supports that. Where is this taking place? Weiser: Parts of upper Manhattan, Brooklyn and Queens (though there’s little activity there). In the Bronx, though, we’re seeing a totally different type of activity. Why rent-stabilized housing? Hasn’t it typically been considered a challenge to recoup investment value? Weiser: When you’re a developer you pay $200/sf for land, and then you need to build. If you can buy a rent-stabilized building for under $300 a square foot, it seems like you are getting...

Debra Nutter, CEO of the Massachusetts based The Caleb Group, wants not just to house affordable residents, but to change their lives for the better. As a result, Nutter’s non-profit housing organization is encouraging HUD to expand its support for life skills programming to private non-profits, in addition to public housing authorities. The effort is in the early stages, but Nutter believes that The Caleb Group, a Yardi client, has good chance to move it forward. “HUD is providing us with (assistance for) rental income, but not allowing residents of privately run developments to access this same money for social services,” Nutter said. “It bothered me that they were not allowing residents of privately run developments to access this same money.” One of the main areas of concern with residents of Caleb Group properties is their inability to save money and plan for the future. Nutter describes residents who get stuck in a cycle of poverty – even to the extent that they might leave or turn down a higher paying job in order to keep their rent subsidies. “Can’t figure out how to jump off that cliff, so they get to the edge of it and then just walk away again,” Nutter said. Breaking the routine takes more than self-motivation, and outside coaching can make a big difference. A recently completed Caleb Group pilot program, run by a contractor called Compass Working Capital, focused on the value of saving, the importance of a plan to resolve personal financial crises, and personalized coaching to put that plan in motion. Sandra Suarez, Operations Manager at Compass who manages the partnership program, provided insight into how such personalized attention and programming can help. “For the families we work with in this partnership program, it’s a daily...

If you work in the real estate business, chances are that at some point, someone has tried to tell you that your job is “all kinds of boring.” But most times, they sure are wrong. Not long ago we read a blog post published by one of our clients, Phoenix-based Gary Shaw of Arcadia Management Group. It was the kind of story that reminded us just how not boring the real estate business can be. Gary relayed the tale of what happened when a commercial tenant of his company became delinquent on the rent for their retail space. As a result of the missing rent, Arcadia Management Group essentially “locked out” the tenant, which typically results in a fast remittance of the funds owed. This wasn’t just any retail store, though. It was a high-end tropical salt water fish store, and taking care of the inventory was no small task We’ll let Gary tell you what happened next in his own words: “We were certain the tenant would be able to come up with the capital to cure the default and take back his store. “The real world, unfortunately, doesn’t always follow the ideal scenario. The store owner was truly at an impasse and did not have the capital to cure the default. He made it clear that he was walking away from the fishy business for good. “We pleaded with the owner to continue running the aquarium equipment while we made plans to liquidate – ‘If nothing else, do it for the fish!’ Our pleas went unanswered, and our calls were never returned. Nemo, Dory and all of their friends’ lives were now in our hands. Overnight, we went from property managers to fish store operators and underwater ecosystem caretakers.” Thankfully, this story...