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...

At the Caleb Group, a home is much more than just a place to rest at night. The affordable housing provider, based in Swampscott, Mass., aims to improve the lives of its residents. With a strong foundation of community service created by founders Joan and Warren Sawyer, the Caleb Group has been doing good works for more than two decades. The company, a Yardi client, was recently recognized in its hometown paper, The Daily Item, with a write-up that tells the touching story of how the Sawyers, motivated by faith and a desire to help out their community, founded the company in 1992. Their original vision of service and support for residents remains strong today. “Housing itself isn’t enough. Residents and their communities flourish when they are supported by the kinds of programs and resources that Caleb’s Service Coordinators and Community Opportunity Centers provide,” the company’s website explains. Programs for residents access to services and resources that foster “community engagement, financial stability, health and family support, and youth programming.” More than 4,000 residents in 21 communities benefit. Literacy, financial counseling, continuing education and work experience are among the offered programs. The good works don’t end there. The company also provides support to Abbott House, which houses formerly homeless families in Dorchester, Mass, and an international home for domestic violence victims in San Juan del Sur, Nicaragua. Family values are strong within the company leadership. The Sawyer’s daughter, Debra S. Nutter, is President and CEO. She was a founder of the company. Her parents still serve on its Board of Directors. Yardi salutes the Caleb Group for its exceptional community service. Read more about how the company has helped residents change their lives for the...

“I am a simple and ordinary person, who values the values of life,” says data entry specialist Syed Zulfiqar Ali Shah. Born in Pakistan, Ali moved to Cluj-Napoca in 2008 after falling in love and marrying a Romanian woman. He joined the Yardi Romania family in 2011 as a neighborhood researcher, but switched along the way. Nowadays he divides his time between Yardi, his family and a myriad of community outreach and volunteer activities that range from migrant outreach programs to donation drives for sick children. As part of his daily activities at Yardi, Ali deals with product data maintenance, manages databases for online commerce, platforms and print catalogs. His favorite part about working for Yardi? A professional, but friendly atmosphere, a mindset that seems to be the motto of Yardi employees worldwide. “We come from home in a good mood and return in the same mood,” Ali says, a smile on his face. That of course, has to do with his zen approach to life. Ali is known among his colleagues as someone who always has a piece of good advice or a ready joke at hand. Usually both. “To be honest, it wouldn’t be possible for me to continue all the human rights related activities and volunteering at my current level without Yardi. The friendly and relaxed working atmosphere allows me to contribute to migrant communities in Cluj-Napoca. It’s all based on humanity,’ he adds.  “Yardi’s culture is a culture of humanity that appreciates and promotes volunteering and social outreach activities.” A graduate of literature and arts studies, his education and the basis of creativity helps him in his day to day activities at work. When he leaves the office however, Ali seems to grow to larger than life proportions, working tirelessly...

When Michael Newman and Eugene Golub began their first commercial real estate deal in Poland, one of the first things they learned was that there was no Polish word that directly translated to “developer.” “The office market there was occupied by state owned companies in state owned buildings. No first class or modern office space really existed,” Newman recalled of their first trip to the city in 1989. But that was about to quickly change, and GOLUB was the first U.S. developer to begin building in the Polish capital city of Warsaw, breaking ground on its first building there in 1991. Today, their Polish arm is Golub-GetHouse (GGH). The fall of the Berlin Wall in November 1989 charted a course for the gradual opening of Eastern Europe and enhanced economic opening for domestic and foreign companies alike. Berlin also played a role in Golub’s journey to Warsaw. While working on another project with a Berlin-based company in 1989, Poland was pitched to them as a potential opportunity. “At first, we were hesitate to go behind what was then the Iron Curtain,” Newman recalled. “But hesitation gave way when we realized it was a historic opportunity.” Read on for more insight from our conversation with Michael Newman: What were the early challenges as you began working in Warsaw? Newman: What we had to explain was that they were more used to “contractors” – the norm was state-owned buildings owned by state-owned companies. There wasn’t really a concept of privately owned land and buildings. There was some funny nuance to explaining that a developer wasn’t a builder, but that the developer puts all the pieces of the private transaction together. For our first project, our development team acted as the general contractor and hired subs directly,...

Yardi client SilverCrest Properties is a growing senior housing specialist with a heart the size of Texas. At its properties in Minnesota and The Lone Star state, the company strives to make the golden years some of the most enjoyable and rewarding years of residents’ lives. One initiative, Honor Flight, has become a definitive moment for countless seniors and staff. As part of its senior services, SilverCrest partners with Honor Flight to offer life-changing travel experiences. Honor Flight is a non-profit that acknowledges America’s veterans by providing no-cost transportation to the nation’s war memorials in Washington, D.C. Neal Frisch, Director of Finance at SilverCrest, has experienced the Honor Flight as a guardian. “Honor Flight is amazing,” he reflects. “It’s something that we like to do. We’ve contributed to probably a dozen different flights.” For Honor Flight, SilverCrest veterans and their staff guardians depart for D.C. before sunrise. They embark on a tour to the World War II Memorial, the Vietnam War Memorial, and the Korean War Memorial. “Many of them have never been to D.C. before. They’ve never seen the memorials,” says Frisch. “There is a big push, health wise, to get them all up to D.C. so that they can see their memorial.” Each veteran responds differently to the monuments erected in their honor, making the experience unique for guardians no matter how many times they attend. “One of my coworkers took a veteran who told him stories that he’d never told anybody else, not his kids, not his grandchildren. They sat at the Iwo Jima memorial and he cried and told stories for 45 minutes,” says Frisch. After reviewing the memorials, Veterans return to their SilverCrest communities on the same day. The return is a joyous celebration. Frisch recalls, “There was one...

For a short list of reasons, which are relatively uninteresting, I’ve recently become obsessed with the HGTV show House Hunters International (and its parent program, House Hunters). A couple of years ago, it was revealed that the elimination process featured on the House Hunters program is somewhat contrived – participants apparently have often already selected their property before they become part of the show. That doesn’t bother me too much, because the episodes that I find most interesting are those in which the participants are looking for a home to rent, not buy. Often living temporarily outside of the U.S., the reactions of Americans to rentals in different countries is telling, and brought me to these realizations about our collective renters’ mentality, circa 2015. We are spoiled with inexpensive modern appliances. The kitchen seems to be the focal point of most apartment searches, especially for the female half of the prospect party. (Most of these shows feature a heterosexual couple, usually married, with a few exceptions.) Certainly, it’s nice to have a stainless steel oven or fridge, and no one can ever argue that a dishwasher isn’t an object of great convenience. But if the appliances function without burning the place down and allow you to cook food, are they really a deal breaker if they’re not new? In the case of many renters, apparently the answer is yes. Being in the city center is apparently overvalued. More often than not, the renters presented start out their rental wish list with the desire to be close to whatever attraction has brought them overseas in the first place (typically a job, educational opportunity, arts & culture or a beachside life). But when it comes down to maxing out their budget for other items on the...

Many couples would deem themselves successes to have raised five children. Bill and Cindy Gallaher not only did that, but also founded and built senior community developer/builder Oakmont Senior Living in Santa Rosa, Calif. For good measure, they also founded an international adoption agency. Married for more than 41 years, the Gallahers brought two daughters into the world and adopted three other children. Along the way, they’ve built more than 40 senior communities, including assisted living, independent living and continuing care retirement communities. But they have no intention of resting on their laurels. Currently under construction on four sites, they expect to begin construction on as many as a half dozen additional locations this year. Last year, Oakmont Senior Living captured the 2014 MultiHousing News Excellence Award, Best New Development: 55+ for its Fountain Grove Lodge in Santa Rosa, Calif. The development is the nation’s first independent senior community for lesbian, gay, bisexual and transgender individuals, with the option of continuing care services. The prospect of working with a partner didn’t appeal to the Gallahers, but the idea of building for the LGBT community did because they felt it would fill an important social need. The initial project undertaken in 1978 by Bill and Cindy Gallaher was a small spec house in Davis, Calif. Cindy’s contribution was choosing the finish material, and helping with some construction tasks. Bill handled the rest of the project himself, from drawing the plans to the finish work, Cindy recalls. “From that small beginning to the current day, we have worked as a team in all our development and construction projects,” she said. “I believe our success, both as a couple and as partners in business, has been rooted in a division of labor, and in the deep respect...