Last month, The Laramar Group announced a major acquisition in Southern California. With the purchase of Los Angeles-based JB Partners Group, the company assumed management of 7,000 new third-party owned units, adding 77 properties and 170 employees with the merger. It’s the latest significant uptick in what has been a steady several years of national growth in inventory  for the Chicago-based firm. CEO Jeff Elowe, who was recently named Entrepreneur of the Year by Ernst & Young for the Mountain Desert Region, took the time to speak about the company’s strategy and give us his take on the multifamily industry now. Elowe has worked in multifamily since 1989, and has charted the course for Yardi client Laramar as the firm  invested $3 billion in real estate, primarily multifamily and retail assets. MHN: The Laramar Group came out of the economic downturn in a strong position as a third-party manager and owner. How has the last year been? Are you still seeing growth, and in what asset sectors and markets specifically? Elowe: We used the downturn as an opportunity to grow, especially our third-party management business. We grew by two and half times. We really took on a lot of meaty assignments that led to a more institutional third-party management business. We’re in 26 markets, so we expanded from about 15 to 26 markets, with a distinct focus on major market, such as Los Angeles, where we now manage  in excess of 8,000 units. It’s a very big target market for us, and we acquired a property management firm there. We really grew on a national basis and established Laramar as a highly recognized, go-to property manager for institutions, lenders, and servicers. MHN: Denver has been an especially strong multifamily market as of late, and...

Every year, local chapters of United Way host Day of Caring festivals throughout the nation. These celebrations promote the value of volunteerism while shining light on community service programs, civic agencies, and human-interest organizations. Saturday, September 28th marked Santa Barbara’s 22nd annual United Way Day of Caring. Yardi employees joined forces with more than 1,000 local volunteers of various ages to support 60 nonprofits. To kick off the festivities, attendees were treated to breakfast at Ben Page Youth Center. The meal was followed by a pep rally including a marching band, dancers, cheerleaders, and morale-boosting speeches by local leadership. K-lite emcees Catherine Remak and Gary Fruin, as well as elected official First District Supervisor Salud Carbajal spoke at the event. After the pep rally, attendees switched into high gear. Yardi team members focused their efforts on Home Play Learning kits. These packages were invented by the United Way Neighborhood Parent Education Project to help give pre-school age children a jump start on learning. Multimedia tools including story books, craft supplies, and games to develop memory and cognitive skills were combined into handy packages. Each kit also came with a bilingual letter with tips for parents that will guide them in fun ways to use the kits, helping to stimulate children’s learning at home. The packages will be delivered to local low-income families who are enrolled in United Way’s Best Parenting Practices Program. Other Day of Caring activities allowed volunteers to share their strengths while helping the community in a variety of ways. Some volunteers gathered for a beautification project at Casa Esperanza homeless shelter, improving landscaping on the grounds. Another group of volunteers got down and dirty as well, creating adobe bricks to be used by the Santa Barbara Trust for Historic Preservation (image,...

He was a member of the Greatest Generation who exemplified its values so wholly that Tom Brokaw featured him in the definitive book by the same name. His success in real estate development changed and improved the state of Indiana post-World War II, but that success never went to his head. He and his beloved wife, Marilyn, gave away several fortunes to improve the lives of others and make their state a better place. Yardi would like to recognize and honor the legacy of Eugene Biccard Glick, who passed away in Indiana at age 92 earlier this month. Glick leaves behind not only his family and apartment management company, Gene B. Glick Co., but a legacy of community service and philanthropy. According to his official obituary, he and Marilyn established the Eugene & Marilyn Glick Family Foundation, one of the largest private foundations in the state, in 1982. They funded the Glick Eye Institute at the Indiana University School of Medicine, the Indianapolis Cultural Trail, the Indiana Authors Award, and projects in arts, education, public health, and aid organizations throughout the state. The pair also established The Glick Fund of the Central Indiana Community Foundation and The Glick Fund of the Jewish Federation of Greater Indianapolis (JFGI). One of Gene’s favorite philanthropic projects was the Pro-100 mentoring program, administered by the Children’s Bureau. Created by Glick in 1981, Pro-100 offers paid summer internships for disadvantaged youth. As his business thrived, he gave even more back in return. “Gene Glick was an entrepreneur in the truest sense of the word,” said David Barrett, President and CEO of the Gene B. Glick Company.  “He started with very little and built a successful company that is respected throughout our industry.  He was an inspiration to many of...

Mercy Housing has found the key ingredients to a successful affordable housing community. Trendsetting design, effective public programing, and soulful community involvement have been combined to create award-winning communities that are residents’ pride. For more than 30 years, Yardi client Mercy Housing has offered program-enriched affordable housing for families, seniors, veterans, those with special needs, and the medically underserved. The organization is one of America’s largest affordable housing firms with over 260 communities across 43 states.  To date, nearly 150,000 people benefit from the organization’s efforts. Though its operations are vast, Mercy Housing has managed to keep its focus on what matters most: providing families with homes that they can be proud of in a nurturing environment. Design Mercy Housing is stylish. The organization has stepped away from the block-style developments of the past. Rather, recent developments ride the latest trends in sustainability and style. Many of Mercy Housing’s properties have achieved LEED and other environmental certifications. Recent projects represent a new wave of determination towards affordable living that is sustainable, beautiful, and long-lasting. Savannah Gardens, located in the city’s historic district, is a prime example of Mercy Housing’s approach to affordable developments. The organization redeveloped a dilapidated 44 acre site to present the city with economical, eco-friendly housing. This smoke-free community provides residents with a healthy living option that has easy access to a large central park, health center, popular shops, and a variety of events and services. By meeting rigorous standards for energy efficiency and sustainability, Savannah Gardens received the EarthCraft Coastal Community seal. 10th & Mission Family Housing of San Francisco received the Overall Winner of the Affordable Housing Finance Reader’s Choice Award upon its completion in 2010. With units of up to four bedrooms, it is an ideal choice for...

Many first read about Ashish Dhamnekar in the July issue of the Yardi newsletter. Ashish teamed up with fellow Yardi employee Nilesh Shinde to help drought victims in the village of Ashathi. Their initiative began with an assessment tour, followed by volunteer and staff recruitment. At the project’s culmination, the village received drinking water twice a day, each day, for nearly two months. Yardi’s contributions totaled ₹29,000 rupees; Ashish and his teammate visited the village each week to ensure that the villagers received the full benefit of the deliveries. When Ashish isn’t exploring outreach options in his community, he works as part of Yardi’s  License and Build Team in Pune where he handles license cases and custom CPR builds.  “It’s just me and Kunal Sonawane,” Ashish explains. “We assist each other to accomplish daily tasks. In his absence I have to manage the entire load and vice versa. We always try to maintain cheerful environment.” Even after six years with the company, Ashish feels a fresh sense of enthusiasm and dedication around the office, particularly when it comes to philanthropy. “Employees are really very enthusiastic and responsive by all means,” says the young technician. “Yardi culture is always supportive for social causes and general socio-awareness programs like blood donation camps, stress management workshops, sports activities and so on.” In addition to Yardi’s emphasis on community, Ashish also appreciates the company’s efforts to foster growth. “The organization supports learning and development on the job and of course it rewards hard work too. I enjoy the work that I do!” Learn more about Ashish: In your free time, what are a few of your favorite activities? Frankly speaking, we hardly get free time at work.  On weekends, we spend quality time with friends and go for...

If you are joining us for our upcoming Yardi Advanced Solutions Conference in Anaheim, Calif., from Oct. 9-11, you can look forward to an experience that will be packed with value. From the course sessions, which are tailored to your corporate needs, to the chance to troubleshoot Yardi issues one-on-one in the computer lab, to networking and learning from your peers, there’s something for everyone at our bi-annual conference. Held for the first time this year in Anaheim, our entire conference team looks forward to meeting you and engaging productively to help you better use our software and systems. At the conclusion of each conference (events are held annually on the East Coast in the spring and on the West Coast in the fall), attendees are asked to review the speakers and teachers who led their classes. Thanks to their invaluable feedback, we were able to seek out some of the top Yardi experts who you may encounter at YASC. Thanks to their insight and contributions, we’re able to share a quick primer on some of the recommendations they have for you during your time at YASC, and we hope you’ll have a chance to check out their classes!   Dwayne Jordan Class everyone should take: “Tenant Ledgers is probably a good one. Everyone is going to have tenant ledgers, regardless of the market they are in. That’s a good class to help them troubleshoot some of those basic issues that everybody has.” What he’s teaching in October: Advanced recoveries, advanced lease administration, reporting and other features, retail calculations and reporting. (Commercial.) Why he’s a strong teacher: “I interact with clients as much as I can, stay upbeat and keep them on a good pace so they can ask questions and don’t feel uncomfortable...

Billy Pettit, senior vice president of Seattle’s Pillar Properties, has been named 2013 Rising Star of the Year by a major multi-family trade publication, Multifamily Executive. Pettit’s aggressive rebranding of Pillar’s marketing strategy and strong leadership of the company, a division of R.D. Merrill Co., helped earn him the award. A passionate and creative visionary who was recruited to join the company by his father, President Bill Pettit, he embraces a hands-on approach to development and technology and is eager to try new things. Back in December, Pettit gave us great insight into his approach and willingness to try out new technologies in an exclusive interview. Here  is an excerpt: Pillar’s five apartment communities implemented Yardi Voyager earlier this year, as well as mobile applications for inspections, maintenance, invoice approval and resident services. Yardi Leasing Pad allows on-site leasing agents to be able to sign prospects anytime, anywhere. Pillar leasing staff members tested Leasing Pad at two properties. One, The Lyric on Capitol Hill, is a brand new community undergoing the lease-up process.   “Our mobile vision is empowering our team members so that they don’t have to sit behind a desk any longer. They can take care of just about anything they need to do at any location throughout our buildings, whether it’s the leasing staff, the maintenance staff, or me as a manager,” Pettit explained.   In practice, Leasing Pad meant that with an iPad as the only necessary tool, agents could execute a lease in the apartment unit the prospect selected, on the rooftop deck with beautiful views of the Seattle skyline and Mt. Rainier, or even down the street.   “They were beyond excited about the ability to meet with the prospect at a local coffee shop, or meet with...

A North Carolina native who puts faith and family first, Matthew Scott’s colleagues on the Raleigh Payment Processing Implementation Team say his energy and enthusiasm is tremendous. Though he has been with Yardi less than a year, Matthew has already developed a real passion for the company, its products, and the customers he interacts with on a daily basis. “I love my team, the customer interaction, and helping people,” he said. “I feel like we really do make an impact within the company, and that’s the part I really enjoy.” Until earlier this year, Matthew thought that he’d spend his entire career at Blue Cross Blue Shield of North Carolina, where he was employed as an account manager. He enjoyed his work assisting insurance agents with the details of their policies and responding to customer requests. But then a good friend invited him to check out his new employer, Yardi Systems, at a career fair held by Yardi’s Raleigh office. Such events are held regularly to attract qualified new candidates for open positions. Though he wasn’t even really looking for a new job, Matthew found himself drawn to the leadership, company culture and potential mentorship and growth opportunities that revealed themselves as he went through the interview process. He didn’t know much about the real estate industry at first, but has quickly learned lots about many verticals that Yardi serves and the incredible variety of technology products that address just about every business services need. “We’ve done a great job of letting people know that Yardi will be your one stop for all real estate technology solutions. Clients are very dependent on our software,” Matthew observed. His friendly and personable approach to customer support comes through as he works with clients to diagnose any...

John Crossman has taken a career in commercial real estate to exceptionally contributive heights. Not content to focus solely on the success of the company he helms, the 42-year-old Floridian takes the time to speak to college students, volunteer and fundraise for non-profit and social justice causes, and all the while maintaining a focus on faith and family. In one of the online videos in which he is featured, Crossman explains his philosophy: “Some people have a perspective that if you’re a leader, you’re a king. You put a crown on, and people serve you. I remind myself that in my leadership, I’m a servant. Staying focused on serving my clients and serving my employees, serving the industry and serving Florida State, that’s my lot in life.” It sounds like a full plate, but Crossman has an impressive legacy to maintain. His father, the late Rev. Kenneth C. Crossman, was a Civil Rights leader influenced by Martin Luther King Jr. Growing up in a home where education and service were strong values was a major influence on Crossman, who has brought those principled practices into his real estate business. “There are lots of reasons to do it, but I feel morally obligated. If we weren’t helping out in the area of education within our industry, we’d really be doing something wrong,” he said in a recent interview. Yardi client Crossman & Company, co-owned by John and Scott Crossman, is a major retail leasing, management, development, and marketing firm in the Southeast, with over 20 million square feet of inventory in Florida, Georgia, Alabama, South Carolina, North Carolina and Tennessee. Since leaving Trammell Crow in 2006 to partner with Scott, Crossman has focused much energy on educating the real estate leaders, both of the present...

It’s a time of transition for the Unity Shoppe, the food and clothing clearinghouse for people in need in greater Santa Barbara. In the process of moving to a new building on Sola Street, the loss of their longtime facility on Victoria (adjacent to the Victoria Hall) has been a setback. But with a clearly delineated path to recovery, it is clear that the well-known non-profit will quickly recover, aided by help from its community of friends. Barbara Tellefson, Director of Operations for the 97-year-old program, has a way of telling the Unity Shoppe story that sounds like she is talking about her own family. And in fact, Tellefson’s strong passion for the work accomplished by Unity Shoppe is rooted in her own life, growing up in the U.S. as the daughter of German immigrants. Her family didn’t have much, and her parents did not want to ask for assistance. The situation is the same for many of the families Unity Shoppe serves. With 11,000 families who make 71,000 visits to the Unity Shoppe warehouse each year, the charity helps with basic day-to-day needs like food and clothing, while helping clients keep their dignity intact. While they are receiving aid, the parents – usually mothers –  who “shop” for free groceries and clothes at the Shoppe are able to remain providers for their children. A total of 24,000 local residents benefit from Unity Shoppe services annually. “We’re letting them come choose the things they need. That makes them look good in front of their children. Their children see them shopping, like a normal mother,” Tellefson explained. Tellefson explains how important it is to meet clients on their own terms; “Giving isn’t doing what I want to do. Giving is doing what a family needs...

Though Philadelphia is a major city, on the whole, many apartment developers haven’t sought out to construct new buildings in the area. However, Yardi client LCOR, a real estate development, management and investment company, is looking to expand their pipeline in the area, which they consider to have unique attributes. “I think this is an important time in Philadelphia real estate. There’s a lot of activity, but it’s a market that has seen moderate but steady growth over the years,” Donald Tracy, vice president, LCOR, says. According to Tracy, a reason that the market in Philadelphia is growing is because the population of young professionals is growing.  “So many of the college students that come here for their education stay here,” he says. “There’s an opportunity to provide quality housing for that group in an institutionally financed way that perhaps was a slow process in the past few years, but has grown over the last two years. There is a significant pipeline in the next few years that will continue to grow.” Though LCOR sees a lot of advantages in developing in Philadelphia, they are aware of some challenges. “I think there is somewhere in the neighborhood of 3,000 units in the pipeline to be delivered over the next several years, and while there’s fairly robust demand for that pipeline, you have to be careful to deliver the right product in extraordinary locations and create a product that meets demand,” Tracy says. “The other component of it is that when the economy gets better, the demographics get better and there’s more of a shift towards development in the region, I think there’s a fairly direct correlation in construction pricing. I think we need to continue to monitor that very closely to make sure the...

Dallas – Riverstone Residential is no stranger to the ranks of the nation’s largest multifamily management firms. With 174,838 units around the country, the last year and a half has been a period of steady growth for the privately-held company. As the largest 100 percent third-party apartment manager in the U.S., Riverstone’s recent growth is based on the development and expansion decisions of its clients. CEO Walt Smith took the time to tell us about what’s trending from the company’s point of view. MHN: It’s been a strong couple of years for the multifamily industry. How has Riverstone expanded as America experiences a renting renaissance? Smith: We’re focused on maximizing as many opportunities as possible, including working on strategies to appeal to members of Gen Y as they form new households, and finding ways to attract Boomer residents as they begin to downsize and realize the benefits of the flexible renter lifestyle. We’ve also dedicated more resources to analyzing local market data for the benefit of our clients. Retaining our current residents is incredibly important, and we’ve been identifying ways to expand our services so that we build value, convenience, and technological innovations to create memorable resident experiences. Finally, we’ve focused on implementing technological platforms to improve our company-wide efficiency and effectiveness as service providers. MHN: What have been the most notable aspects of Riverstone growth over the past 18 months? Smith: Although we’ve enjoyed substantial increases in our management contracts across diverse property types and markets nationwide, we’ve definitely observed some specific growth trends in the assets entrusted to our care over the past 18 months. We’ve seen a 60% increase in our management of high-rise assets as well as a 25% increase in lofts. We’ve experienced substantial growth in our Northeast region,...

With nearly a decade of experience in information technology, Raymond Major has some very good advice for all of us. “Rebooting your computer fixes the problem 80 percent of the time,” chuckled Major, an IT specialist for Yardi who was originally part of the Yardi CLASSIC team. It’s simple but great advice from an IT veteran. Since CLASSIC’s parent company was acquired, Major has had the opportunity to work for Yardi in a variety of roles. “Within the company I have gone from Help Desk administration, to IT server administration, to ASP datacenter administration, and now I am now focused on Network administration,” Major said. He’s now part of the team that maintains Yardi’s Corporate and ASP networks. The effort involves roughly 100 staff members, spread across the globe at various Yardi offices, who oversee activity between 29 offices and 12 data centers. Such work requires solid communication and teamwork, which is especially important when working in different time zones, on different projects, but all within the same network structure. “Everyone’s actions traverse the network. Whether you’re setting up a new Voyager website, troubleshooting a database upload/download or simply performing a Windows update,” Major noted. Amid the complexity that networking can entail, Major’s philosophy is to keep it simple. “Technology can have complex branches to it, but it’s all still a simple machine with simple working parts. So if you can go back to the simplest form of the problem, then you’ll likely find your solution there, and a whole lot quicker,” he said. One of his favorite parts of his job is interacting with the other members of the IT and ASP teams, no matter what their physical locations. “You build camaraderie, as technical professionals, as you are hammering through problems. As a...

Right after college, Kris Panks could be spotted in a local car commercial but she knew acting was not her calling. “Oh Gosh,” she sighs.  “I think I’m standing near a car, excited, saying ‘I found it!’ I have the tape on VHS somewhere…but I’m no actress.” After receiving her degree in Marketing Sales Management, Kris worked with a software company that created products for civil engineers, land surveyors, and photogrammetrists. She sought a change in pace, taking on a series of independent consulting jobs. One of them was with CLASSIC Real Estate Systems. CLASSIC was very successful, specializing in fully integrated software for property management and accounting. Yardi acquired CLASSIC in 2006.  After working part-time for a while, Kris joined the Yardi team full-time, becoming the Marketing Campaign specialist for affordable housing, public housing and senior housing with Yardi in 2011. “The most challenging aspect of my job is staying current with what’s going on in my industries, “says Kris. There is certainly a lot to keep track of, as Kris balances everything from product marketing  and  rollout to ads, website management, press releases, email campaigns, and beyond.  Last year, Beacon Affordable and Beacon Public Housing Authority hit the market. The products were greeted with applause, giving Kris and her team the green light to promote the software more aggressively. She is also working to rebrand ALMSA, a transition that is slated to take a year. The web-based resident health care management system integrates with Voyager and provides a very powerful solution for the senior living industry. “There is a lot going on and sometimes I’m buried in my day-to-day duties,” Kris says. “Fortunately, I do have many talented people I can reach out to.” Kris fits well into her fast-paced roll. “I...

Meredith Hoffman once commented on her Facebook page: “I’m trying to save the world, one walk at a time.” With an impressive commitment to fundraising for a cure for breast cancer, Meredith has walked thousands of miles while training and helped her teammates raise more than $100,000 to support the Susan G. Komen for the Cure organization. This month, she’ll participate in her sixth straight 3-day, 60 mile Komen walk event in Boston, Ma. As Director of Human Resources for Yardi client The Sembler Company, Meredith’s passion for philanthropy also shows through in the workplace. Sembler, a privately-held commercial real estate firm, enthusiastically encourages its employees to give back whenever possible, and the company has four opportunities to participate in volunteer day-style activities. Supported organizations for 2013, chosen by a committee of employees, include Habitat for Humanity, a local food bank, the Salvation Army, and Ronald McDonald House. Other non-profits that have received assistance and volunteers hours from Sembler include the Walk to End Alzheimer’s Disease, Junior Diabetes’ Research Foundation, and the SPCA, among others. A group from Sembler endeavors to walk in as many local charity events as they can fit into their schedules. “It’s something we’ve been doing for as long as I am aware of,” Meredith said. “Even when we’re not actively going out to complete a project we’re sponsoring tables at lunches and breakfasts for benefits and participating in other community events.” With strong local ties to its home city of St. Petersburg, Florida, Sembler has been a major developer of local shopping centers. Its owners and board of directors are all active in non-profits and causes that are important to them. The company is celebrating its 50 year anniversary in 2013. “We understand that it is imperative to give...

Philadelphia-based development company Pennrose recently hired former HUD Deputy Chief of Staff Lopa Kolluri as their vice president of operations. In this position, Kolluri plans to bridge the relationships between government and private stakeholders, particularly in terms of affordable housing. According to Kolluri, budgets and resources are being tightened, and because of this there is uncertainty regarding the low income tax credit program. Bridging these affordable housing gaps is a priority for Kolluri, who plans to have Pennrose work to make a positive impact in these affordable communities. Despite the challenges facing affordable housing development, Kolluri insists that there is innovation and creativity in the federal sector, which is spurring the creation of programs such as the rental assistance demonstration program and the ability for public housing authorities to convert public housing units to a Section 8 platform. Additionally, Kolluri lauds the formation of Choice, a neighborhood-based community development program, which is also focused on the development of affordable housing and other aspects of community development. Overall, after working in the government and private sectors, Kolluri is excited to bring her talents and expertise to Pennrose. Read the entire interview at...