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...
Mercy Housing
Affordable housing with a heart
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...
A Rising Star
Pettit Recognized by MFE
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...
John Crossman
Crossman & Company
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...
Walt Smith
Riverstone Residential
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,...
The Brick Companies
Conserving Nature, Creating Community
The Brick Companies (TBC) upholds a longstanding history in the DC area. What began as a brick and terra cotta pipe manufacturer has turned into a staple in commercial, residential and recreational real estate management. As the company continues to grow, responsible development and community involvement serve as pillars for a promising future. Promoting Healthy Communities Shelly Ford is the Head People Person and Chief Responsibility Officer of The Brick Companies, a Yardi client. “We are passionate about our Good Works,” Ford says. “We’re committed to giving back to the communities in which our businesses operate.” There are many ways that TBC reaches out to its communities. In addition to providing grants to like-minded charitable organizations, the company also provides a matching gift program for its employees. Employees’ cash donations and volunteer hours are able to make a larger impact. The Brick Companies continually develops sustainable practices as a way of protecting and supporting local communities. As of July 2013, TBC’s Maryland properties, including six commercial office buildings, two golf clubs and two marinas are powered 100% by “Clean Steps” WindPower from Washington Gas and Energy Services. The purchase of approximately 11.5 million kWh of wind power will help reduce greenhouse gases and is equivalent to taking more than 1568 cars off the road for one full year. The offsets helped the company reach its 12×12 goal. “Last year we finished up our 12×12 program where we were committed to reducing our energy usage across our entire portfolio by 12 percent by 2012—that was accomplished,” cheers Ford. Alternative energy also powers the company’s unique property, Queenstown Harbor Golf Course. “We’ve installed a solar electric system at Queenstown Harbor Golf Course that produces 70 percent of the electric usage at our clubhouse and cart barn. 800 ground-mount panels generate 230 megawatt hours of electricity annually. That’s the equivalent of 159 metric tons of carbon dioxide a year avoided,” says Ford. Green efforts at Queenstown Harbor have not gone unnoticed. The golf course received the Environmental Leadership in Golf Award this year. Both Atlantic Marinas have also been recognized by the Maryland Clean Marina program. TBC also focuses on waste reduction, minimizing the amount of trash that fills local landfills. “We’re encouraging ourselves, our tenants, and our employees to participate in the 50/50 program in which we will aspire to have over 50 percent of our trash recycled,” Ford says. Ford wants to look at the dumpster outside of the headquarters building and see that more than half of the office waste is in the recycle bin. The idea spread beyond the headquarters, appealing to employees who want to do their part for the environment outside of the office. Integrating sustainable practices into the office culture has proved easy enough for the company. Many employees participate because the environmental challenges are fun and rewarding. The headquarter’s green roof, for example, is a spot that encourages spirited competition. Many contests are lighthearted; “Some of the events are strictly for fun like our bubble blowing contest or the putting competitions on the miniature green,” says Ford. Other competitions serve a broader purpose. “We have a competition going right now where we have earth boxes on our patio. Employees have planted their own vegetables. At the end of the season, everyone who grew vegetables will cook a dish for the rest of the employees using the vegetables that they’ve grown in the earth boxes. Then we choose a winner. It gets pretty competitive,” says Ford. In addition to fostering a community atmosphere within the office, the cook-off serves to remind employees of the possibilities of urban gardening and the pride that can come from supporting local markets. No one is complaining about the home-cooked lunches, either. “Last year’s tomato growing contest was a lot of fun,” says Ford. Tomatoes were judged based on size, sweetness, and overall taste. All tomato growers then prepared a...
Meredith Hoffman
The Sembler Company
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...
Kolluri Joins Pennrose...
Former HUD Deputy
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...
R.W. Selby & Co.
Modern living, people who care
For Yardi client R. W. Selby & Company, Inc., 37 years of providing the highest quality experience for residents and exceptional opportunity for investors is a tradition on which to build. With over 3,500 units located at thirty-one properties, the company has become well established in the Southern California multifamily marketplace and more recently has become a prominent player in the Class A and B Las Vegas market. “While our emphasis on prime multifamily properties in class ‘A’ locations throughout Southern California and Nevada has been the basis for our reputation for over four decades, our successful multifamily construction experience has enabled us to expand our franchise to include the renovation of A, B and C properties in quality suburban neighborhoods with strong growth potential,” said Christopher Greenspan, Director of Asset Management. “We are active in all phases of multifamily real estate, including the identification, acquisition, construction, renovation, management, and disposition of properties.“ Greenspan recently took the time to answer a few questions about R. W. Selby & Company, and its current projects and initiatives. TBS: How would you describe your investment philosophy? Greenspan: Our executive leadership has a combined 90 years of multifamily experience working together. The executive leadership of R. W. Selby & Company, Inc. has long maintained consistent and conservative acquisition behavior. This consistency is a result of an exhaustive process of locating and selecting superior investments, in high barrier to entry markets with proven demand drivers, most often on a principal-to-principal basis, and adding value to those investments by repositioning, rehabilitating and re-branding the assets. We further enhance value through the efficient operation of the assets in a fiscally responsible manner, based on its strong operational controls, and ultimately return superior investment results to its Investors through the successful refinance or sale of our projects. TBS: What are some of the outstanding features of your apartment communities? Greenspan: Our in-house construction team specializes in cosmetic renovation, tailoring all upgrades and rehabilitation with our tenants in mind. As a result, our apartment homes undergo significant improvements, often including upgraded common areas, revitalizing fitness centers, re-plastering and resurfacing pools and spas, as well as performing in-unit upgrades. The end result culminates in a property and units that provide the level of comfort and luxury that our tenants have come to expect. Burton Way Luxury Apartments is just one of the properties where we saw incredible potential, both structural and operational. The fitness-center now rivals some of Los Angeles’ premier sports clubs. The kitchens and bathrooms now reflect the modernity and style you would expect to find in Los Angeles’ swankiest hotels. Every one of our apartment communities boasts luxury amenities, but Burton Way is exceptional down to the very last detail. TBS: Many of your communities are located in the greater Los Angeles area. What current multifamily market trends are you observing there currently and how is the company responding to those trends? Greenspan: New supply has been delivered to the market at a very tepid pace, while demand for quality units in Southern California remains at an all-time high. Specifically, with increasing amounts of the local population being either removed from, or choosing to delay joining, the home-ownership ranks, we are experiencing one of the largest renter pools in the history of Los Angeles. Furthermore, as it becomes more difficult for individuals and families to qualify for home loans, those desiring to become homeowners are instead being forced to rent apartments. Finally, many Southern Californians are finding the relative flexibility and affordability of renting an apartment as being a desirable alternative to home ownership. Viewing the Los Angeles multifamily market from a long term perspective, the demographic trends favor the multifamily market as an increasing number of young people are choosing to delay marriage and household formation. The trend of continued education is another factor influencing the multifamily market. Furthermore, it is our belief that an...
Project for Pride in Living
Affordable Innovation in the Twin Cities
You may think you know what affordable housing looks like. Until you’ve taken a look at the amazing variety of projects developed by Twin Cities non-profit Project for Pride in Living, you may be wrong. PPL, serving lower-income families and individuals in Minneapolis and St. Paul for over four decades, has an impressive array of social services programming (we’ll feature these efforts in a forthcoming article) and affordable housing options that have improved lives for thousands of Minnesotans. With a current portfolio of 1,056 affordable housing units, since 1972 PPL has developed or renovated 2,000 housing units during its history. And great projects just keep on coming. Recently we had the opportunity to speak with Chris Wilson, PPL’s Director of Housing and Development, about some of the interesting work that is in the development pipeline for PPL right now. Here are brief snapshots of each of the three projects he shared. Project 1: Rising Cedar, supported living facility, in partnership with Touchstone Mental Health Touchstone Mental Health’s clients are suffering with serious mental illnesses, including schizophrenia, bipolar disorder, and severe depression. The Rising Cedar facility will be a supportive residential environment for 40 individuals, and also house Touchstone Mental Health’s offices and a public Health and Wellness Center focused on the treatment of mental illness. But Rising Cedar will be more than just a multi-use facility. “The project we’re doing is an attempt to marry the latest findings in neuroscience with housing and what we are able to do with the build environment,” Wilson said. Before design of the structure began, Touchstone conducted extensive research into healing environments, and what kind of permanent indoor physical spaces might best benefit their clients. During the design process, potential future residents gave feedback to the PPL team about what features would or would not work for them. Resulting features incorporated into the Rising Cedar design include natural light in every room of the project, even meeting rooms and hallways, constant access to natural surroundings through large windows, and spaces that can be transitioned from open-to-confined to meet residents’ health needs. “They can adjust their environment to suit what they need at that moment,” Wilson said. Rising Cedar is located in Seward, with easy access to the city’s light rail. Its’ Health and Wellness Center services will include psychiatric care, acupuncture, massage therapy, recreation space and other resources. Project 2: Hamline Station, transit-oriented, potentially car free workforce housing The harsh Midwestern winters might lead you to assume otherwise, but Minneapolis/St. Paul ranks as the city as the most bike-able city in the nation, according to Bike Score. Cycling’s prevalence here for commuters, coupled with the expansion of the city’s light rail system between downtown Minneapolis and downtown St. Paul, are leading to new opportunities to live a carless life in the Twin Cities. The Hamline Station project will include 108 units of workforce and family housing in two buildings along University Ave, very close to the Hamline Station. “You could pretty reasonably not have a car and live there, if you take the light rail to work. You could work in either downtown, too, because it’s about halfway in between,” Wilson said. Adding to the potential for a car-free life, the project will feature a bicycle maintenance station and convenient bicycle storage in the underground parking area, there will be an HOURCAR car share vehicle stationed on site, and there is convenient walkable access to shopping, parks and schools. The neighborhood receives a 91 ranking from Walk Score, which equates to a “walkers’ paradise,” according to its standards. The hope is to break ground on the new units in spring 2014. Project 3: Hawthorne EcoVillage, redevelopment with an environmental edge The Hawthorne EcoVillage is a long-term, ongoing project for PPL, partnering with the City of Minneapolis, the Family Housing Fund, the Hawthorne Neighborhood Council, Hennepin County, the Northside Home Fund, and Twin Cities...
Serving in Chicago
Urban Innovations
With a unique mixed portfolio and a passion for giving back to the community, Howard R. Conant Jr.’s Urban Innovations (UI) stands out in Chicago. The property management and construction services firm, established 35 years ago, manages 750,000 square feet of commercial property and 3,700 senior affordable housing units. UI’s construction division manages both affordable and commercial construction projects as well as third party projects. Since its origins as a founding developer of Chicago’s River North neighborhood, Urban Innovations has placed an emphasis on contributing to the greater Chicago community. This legacy of service is influenced by Mr. Conant’s personal history and business philosophy. He commented: “We live in a world where businesses wield tremendous power. From homelessness to education to healthcare to crime prevention to sustainability, addressing critical problems will require more resources than nonprofits and government can provide. We will solve these problems only when for-profit businesses make solving these problems a business enterprise. At Urban Innovations, we believe that doing good things for the community is very smart business.” Mr. Conant’s philosophy is demonstrated by the work he performs in the community. He currently serves on the boards of the Lawson House YMCA, Archeworks and Writers Theater, is an active supporter of Human Rights Watch, and participates in mission work with his church. He’s especially passionate about affordable housing and works alongside Urban Innovation employees during the company’s annual service days. Mr. Conant learned and embraced service and giving back to the community at an early age. Mr. Conant’s parents, Howard Sr. and Doris, incorporated advocacy and civic service into their own lives, and were noted supporters of Dr. Martin Luther King’s fight for civil rights in the 1960s. When Dr. King marched in Alabama, young Howard missed school to participate with his mother. He describes the day as a pivotal moment in his life. “That instilled a lifelong commitment, for him, of giving back,” explained Jo Anne Gottfried, Vice President, Marketing, for Urban Innovations. Howard Conant Sr. passed away in 2011. Doris Conant continues her work as a Chicago philanthropist through the Conant Family Foundation. Her passion for fighting back against poverty and homelessness, especially among mothers and children, was a major motivator behind Urban Innovations’ development work in River North. “She recognized that this was an area of town that needed to be rejuvenated. That was a conscious decision on her part,” Ms. Gottfried said. Fast forward 35 years, and River North is no longer a dangerous part of town behind the Chicago Merchandise Mart. Instead, it’s a vital and coveted walkable urban neighborhood, with restaurants, bars, art galleries, loft and apartment living, as well as commercial buildings. The bulk of Urban Innovations’ commercial portfolio is located within this area, and the company maintains an active role in the River North Business Association, which promotes local businesses and sponsors events. Demonstrating UI’s commitment to service, each year, Urban Innovations participates in numerous community service opportunities that bring together their Chicago-based employee team. “This is a group of people that is really willing to pitch in. There is no job too big or too small for anybody on our team,” Ms. Gottfried said. Through the Chicago Cares Business Shares Project, Urban Innovations completes an annual project that involves manual labor on behalf of a school or other public service facility. With the participation of employees from the company’s construction division, real renovation work can be completed even in just one day. And, there’s a job for everyone, whether it is building a planter box, painting a fence or participating in less strenuous tasks. “They do a really good job of keeping everybody involved. The upside for the company is the president standing next to the building engineer using the same paint bucket. That’s an opportunity you just don’t get all the time, and a conversation you don’t have all the time. It’s a good equalizer,”...
Presbyterian Senior Living
Award winning caregivers
Presbyterian Senior Living communities were named among the Top Nursing Homes by U.S. News and World Report. Take a look inside of this award-winning nonprofit and into the future of senior housing. Yardi client Presbyterian Senior Living traces its roots back to the humble town of Newville, Penn. It began in 1927 with the donation of a 91-acre field and farmhouse, later known as the Parker House. Nine women became Presbyterian Senior Living’s first tenants. 86 years later, the not-for-profit organization has blossomed into one of the nation’s most respected senior housing authorities. With headquarters in Dillsburg, Penn, the organization has spread to 35 locations throughout the mid-Atlantic and east coast regions, touching the lives of over 5,500 seniors. Chrissi Gerbig, Assistant Controller for Affordable Housing, recalls the driving force behind the nonprofit. “The mission of Presbyterian Senior Living is to offer Christian understanding, compassion and a sense of belonging to promote wholeness of body, mind and spirit,” Chrissi says. “One of the things that make Presbyterian Senior Living different than other senior care providers is that no resident has ever been asked to leave our network of care because he or she outlived available resources. In 2012, the caring support of our contributors enabled us to provide over $25 million in benevolent support.” Presbyterian Senior Living’s top tier care is what makes the organization stand out among others in the industry. Their facilities have received CARF-CCAC Five-Year Accreditation, affiliation with AAHSA’s Quality First Initiative, and CMS Five-Star Ratings. Throughout the region, seniors have access to affordable housing, independent living, personal care, assisted living, skilled nursing and rehabilitation, adult day services, and at-home services. Reaching such heights starts with a fire from within. The organization encourages an attitude of philanthropy: employees have contributed more than $90,000 to charities and logged more than 141,000 hours towards community outreach programs. This caring environment fosters further good works among residents. Those who are able also participate in community service, offering their time to volunteer in schools, venture forth on missions trips, and help those recovering from natural disasters. Maintaining high standards has proven to be hard work but the staff of Presbyterian Senior Living is committed to achieving excellence. The team stays organized and in sync using Yardi Voyager, the industry leading web-based, management system for their HUD properties and LIHTC properties. Chrissi is excited to introduce Yardi software to some newly-acquired properties over the next few months. “We are in the process of converting seven properties by May first. At those sites prior to the conversion, all of the compliance functions were processed using spreadsheets or another system that was not fully-integrated with the financial system,” Chrissi explains. “We are excited to implement a system that fully integrates the compliance, affordable, and financial functions for the properties. It will increase efficiency and allow for consistent reporting to upper management, as well as to other outside agencies, investors, etc.” Yardi Voyager’s basic functionalities are being implemented with enthusiasm but the organization’s staff knows that there is more to the program beyond the surface. To reap the greatest benefits from Yardi software, Presbyterian Senior Living has four representatives attending the Yardi Advanced Solutions Conference (YASC), which concludes today in Washington, DC. Past conferences have helped the team familiarize themselves with Yardi tools and they are eager to learn more, such as the ins and outs of ad hoc reporting, custom analytics, compliance reporting, lease workflows, correcting tenant ledgers, submitting vouchers, and streamlining financial statements across all of the Presbyterian Senior Living’s affordable properties. Valerie Fishel, Compliance Manager, is attending YASC again this year. “This year, I’m taking many of the HUD classes since I will be responsible for learning the compliance for two HUD properties,” she says. “Last year, I really liked the tax credit best practices—that’s a really great class. I learned so much and I was able to share that information...
Green + Luxury
Post Bros. in Philadelphia
Across all sectors of the real estate marketplace, Yardi clients are innovators when it comes to development, management, operations and producing returns on investment. In Philadelphia, Yardi client Post Brothers is defining a new niche in multifamily living with units that are both eco-friendly and targeted to the renter who appreciates luxury and high quality of life. “The Goldtex Lofts can best be described as a new breed of Eco-Chic apartments. Not only are these luxury units on the cutting edge of design with the highest-end amenities, they were built with the most advanced environmental features available, creating a new standard for green development in Philadelphia and beyond,” Post Brothers CEO Mike Pestronk told Multi-Housing News’ Jessica Fiur. You can find the full interview with Pestronk about the project, including details on the design and environmentally-conscious aspects of the project, on Multi-Housing...
L&B Realty Advisors...
Reaching Greater Heights
L&B Realty Advisors has been named one of Dallas Morning News’ Top 100 Places to Work for the second consecutive year. The company received accolades for its stellar work environment and nurturing relationship with clients. The success of Yardi client L&B starts from within. The company’s culture statement reads, “There is a FORCE that drives L&B. It is the connection of our people, their careers and our clients.” That FORCE—flexible, ownership, relevance, connected, empowered—unites teammates to create an atmosphere that is professional, innovative, effective and fun; the FORCE reference naturally led employees to select Yoda as their mascot. Those who uphold the FORCE host a miniature version of the Star Wars sage on their desk for a few weeks. It’s a simple way to keep the FORCE alive among employees each day. Employees’ balanced approach to business and interpersonal skills has served them well thus far. Since 1965, L&B Realty Advisors has provided real estate and asset management services to institutional and private investors. Services assist clients with the acquisition, management, and disposition of assets as well as pension plans, public and private wealth funds, endowments, and foundations for investors. L&B prides itself on longstanding client relationships, many of which average 17 years with returns that exceed benchmark forecasts. Currently, the company manages more than $5.4 billion on behalf of its clients. One successful project, a series of new developments at Tyson Corner Center in Washington, D.C., is an L&B real estate holding with a promising future. The project consists of mixed-use facilities that furnish the neighborhood with over three million square feet of combined hotel, retail and residential space. The site has been propelled into the spotlight by the adjacent mall, which holds anchor tenants such as Nordstrom, Lord & Taylor, Macy’s, L.L....
The Wooten Company
Integrity and Imagination
Not too many apartment renters can say they’ve seen the Budweiser Clydesdales pull up to their apartment building. But that happened to residents of a property managed by Yardi client The Wooten Company in Springfield, Missouri not too long ago. The stocky iconic horses were in town to deliver a case of beer to a lucky contest winner and Wooten Company resident. The event turned into a property-wide block party for residents and Wooten Company staff. The company invited everyone out to see the beautiful Clydesdales and enjoy hot dogs, cake and sodas. It was a great opportunity for connecting a community, a day when one residents’ good luck turned into a special experience for his neighbors. With over 4200 apartments in the Springfield, Missouri metro area, The Wooten Company is the city’s market leader when it comes to multifamily housing. In its 35th year, that hasn’t stopped the firm from continuing to seek creative ways to better serve its residents – and even have some fun while doing so. The Clydesdale visit is just one great example. “We invited all our employees, company-wide, to come down and see them as well,” said Senior Property Manager Patrick Pearson. Wooten Co. employees participate in the FISH Philosophy of team building, which aims to develop strong connections between team members and leadership skills. With ingenuity inspired by company founder, the late C. Tal Wooten Jr., and continued by company director Karen Cowan, The Wooten Co. manages properties of all classes and serves renters of all kinds, including seniors and students. “Mr. Wooten was a very high-spirited, loved people kind of guy,” said Accounting Director Laurie Hopkins. “We’ve been lucky enough to retain that spirit through the years.” Springfield is a Midwestern city with plenty of old-fashioned Middle America charm, and maintaining strong local community ties is an important part of The Wooten Co.’s business philosophy. The company makes a concentrated effort to use the products and services of other local companies whenever possible. They also have strong connections with their residents, many of whom are long-term renters with the company. During a recent fundraising partnership with Missouri State University, Cowan called on a local celebrity – and longtime Wooten Company resident, Retired Harlem Globetrotter Manny Oliver, to help. Manny, a Springfield native who has lived in a Wooten Co. property for many years drew the winning name for one year of free rent. Donors to a fundraising campaign for MSU were entered to win one year of free rent at one of the company’s properties for every $3 they donated to the MSU Foundation. “He’s traveled all over the world, but has had an apartment with us the past 20 years,” explained Pearson. “We’ve known a lot of our residents for a very long time. Everyone knows Manny, clear up to the director of our company. Karen called and asked him to do this with us, and he was happy to do so.” To serve residents in a very practical way, the company has implemented creative strategies. Among them is a rental payment plan option that allows residents to pay their rent with three payments over the course of a month, rather than in one lump sum. “A huge amount of the people that live in Springfield work in the restaurant industry, and that causes a weekly paycheck. We had to come up with a way that allowed weekly-pay individuals to meet rental deadlines,” explained Pearson. The program, in place for three years, has been widely adopted. Up to 30 percent of the company’s residents are taking advantage of the payment plan option. With such a diverse inventory of properties, it’s not uncommon for Wooten residents to move from one to another during the course of their tenancy, Pearson said. “We’ve had residents from our lead properties that move to our Class C’s, just to take advantage of the affordability. It’s...
45 Years Strong
Manhattan Valley Dev. Corp.
The Manhattan Valley Development Corporation will mark 45 years of providing affordable housing in Manhattan at the end of 2013. As part of the celebration of this milestone anniversary, Yardi client MVDC will award the first Leah Schneider scholarship in honor of the organization’s former director who passed away in 2001. Since 1968, MVDC has maintained a focus on one vital goal: providing and maintaining affordable, safe housing in Manhattan’s upper Westside. Over the years, MVDC rehabilitated and developed more than 1200 housing units, including affordable ownership projects that were sold to residents at below-market prices. Today, MVDC oversees 784 apartments in 47 buildings, serving around 3,000 residents. The ongoing challenge of maintaining affordable housing in New York City, one of the nation’s priciest apartment markets, and serving an aging resident population are two priorities for MVDC Executive Director Lucille McEwen. “There are market forces and gentrification and pressure to create more high-end living in this immediate area, but we’ve always maintained affordable housing and that’s our real focus,” said McEwen (left), an attorney who has a passion for affordable housing and is also a lifelong Manhattan resident. “We are reaching out to other like-minded individuals and organizations to see what we can do collectively.” “One of the things we’re trying to figure out is: How do we get more housing that’s targeted towards low-income seniors? That’s a great need in the community. They can’t afford to move, and they can’t afford these new construction co-ops and condos that are going up. They need the accessibility ramps to get into buildings, and elevators, and other things that help when you have limited mobility.” Many of MVDC’s residents have been living in their apartments for years, even decades. McEwen knows of one man who has...
Eric Matulka
DEI Communities
Eric Matulka has a simple yet solid foundation from which to build technology strategy and policy: He believes that good technology should make life easier. From that baseline, when he chooses vendors and platforms for DEI Communities, he’s looking for solutions that are time and efficiency savers for all users. Matulka, Vice President of Information Technology for Yardi client DEI Communities in Omaha, Nebraska, applies business acumen and a wealth of IT experience to his role. He’s a dedicated student of social media, experimenting with social engagement services on an in-depth personal level to determine how they can bring value to DEI Communities’ residents and employees. “We want to be able to tell our story, and allow people to learn more about our apartment communities. We want to be able to say to people – this is how to find us, this is how to communicate with us, and if you have more questions, here’s a variety of ways to find out more about us,” said Matulka. When he assesses new software offerings, he looks first at how they might improve life for residents. Next on the checklist is how the product being considered could improve things for employees. “I also seek ways to make life easier for our staff. If we can make it easier for them to do their job, whether it is communicating with residents, or doing some of the back-end tasks, or working with the corporate office, banks, vendors, that’s an exciting development,” he said. An expert on social media and online engagement, Matulka has watched how different types of multifamily communities are using social media services. He’s concluded that there is no “one size fits all” solution when it comes to the relationship between social media and the apartment...
Focus Green
Earth Day all year at Alliance
Today, April 22, is Earth Day. Alliance Residential Company is among the Yardi multifamily clients that will mark the occasion: A tree will be planted at almost every Alliance community this week, except those that are in exceptionally urban environments or have special circumstances. “The goal is to plant a tree at the majority of our Alliance communities,” said Kelly Vickers, Alliance’s National Director of Sustainability. “Trees do so much for the environment: filtering air pollution, reducing soil erosion, creating shade, helping recycle water.” Alliance’s facility directors, who oversee 257 apartment communities across 13 states, worked with the companies’ regional landscaping vendors to coordinate the selection of appropriate local native trees, which will find new homes in the ground at each community site. The properties that can’t plant trees are helping out in a different way, such as supporting the Nature Conservancy’s “Plant a Billion Trees” campaign, which is working to preserve Brazil’s Atlantic Forest, an endangered tropical forest, and entails planting a billion trees by 2015. Each $1 donated equals one tree planted, and Alliance communities are encouraging their residents to support the cause. Broadening awareness about the benefits of sustainable living is just one aspect of Alliance’s Focus Green campaign, which was formally launched in 2012. Earth Day comes and goes in a flash. With Focus Green, Vickers and Alliance have developed a set of comprehensive principles to help guide the company toward a greener future. This year, the program will expand into action items that touch development, operations, training and administration. “The program has two overarching goals. The first is to reduce the consumption of energy and natural resources at our communities and our offices. The second is to educate, promote and support our associates’, residents’ and owners’ participation in more...
CBRE Cares
Supporting shelters
Delivering a birthday cake to a child celebrating their special day at a homeless shelter seems like a simple act of goodwill. For the CBRE real estate professionals who make time for such volunteerism regularly, it is much more. “By the time I got to my truck I was crying and extremely shaken. I made that little boy’s day and let me tell you it was the most rewarding experience I have EVER had,” said Cathy Carone, a CBRE employee from Illinois. “It seems like such a small charity project, but they were so appreciative. Suddenly the time we take to pick up and deliver those cakes seemed like a whole lot more — we are touching individuals who really need a little joy in their lives,” said Jeanne Olcott, who works for CBRE in Arizona. Making a big difference in large and small ways is a hallmark of the CBRE Cares program, a nationally recognized effort by the commercial real estate firm that encompasses much more than just birthday cake delivery. Over the last three years, CBRE has rapidly grown its corporate philanthropy efforts nationwide with a new housing-focused effort. To date, over 4,000 employee volunteers have participated, contributing over 27,000 hours of service. And that’s just the beginning. “We wanted to give back to the community in a very real way,” said Kathleen Thompson, Director of the CBRE Foundation. Focusing attention on the communities where their people work and live made great sense for one of the world’s largest full service real estate companies. CBRE has approximately 160 offices in the U.S. and around 20,000 employees in the Americas. Designing a charity outreach effort that could effectively harness the hearts and hands of so many was no easy task. Employee energy is at the heart of the program, and giving back financially is also encouraged through CBRE’s Community Outreach program. Offices that raise funds for philanthropic causes – both from internal employee donations and external community effort – receive a partial match of their monies from the company. Then they decide as an office what local organizations they’d like to benefit with 75 percent of the funds raised. The other 25 percent is used for company-wide donations to causes like shelter housing and the environment. Investing Sweat Equity With this multi-faceted approach, the CBRE contributes both financially and through sweat equity to shelter services around the country. Employee participation in an annual volunteer work-service day, part of CBRE’s Shelter Program, has recently taken off. CBRE office teams, comprised of everyone from C-level executives to administrative staff, have completed 70 remodeling and building projects for underserved and at-risk populations since 2010. September and October are the company’s designated “Build Months,” and employees can use a paid day out of the office to participate in a local project. Shelter Program projects are coordinated in conjunction with two partner agencies – Rebuilding Together and HomeAid. Rebuilding Together completes renovations and repairs for low-income homeowners, often disabled adults, who are unable to afford to hire someone to help with maintenance needs. HomeAid builds facilities to help homeless Americans. One CBRE office, in Atlanta, completed builddays for both non-profits this year. “We knew that people were giving back to the community in their offices, that they were volunteering, but that they wanted to do more. We wanted to give them the opportunity to give more as a group with their colleagues, and have specific days where they could go out and give back to their community as colleagues together,” Thompson said. Calvin W. Frese Jr., CBRE CEO – Americas, wanted to create a day of service for CBRE employees and helped conceptualize much of the Shelter Program vision. Along with other executives, he’s worked alongside CBRE employees on Build Day projects. Recently, 280 CBRE volunteers spent the day refurbishing the Mt. Calvary Youth Center and Food Pantry on Chicago’s South Side. Vendors...
Corporate Empathy
Aegis Living
At Aegis Living, corporate values are much more than pleasant words that conjure positive thoughts. The philosophy for Dwayne Clark’s Washington-based residential senior living company is rooted in poignant personal history, and creates a culture focused on happy employees and helping people. “There’s a type of person that wants to work at Aegis and fits the criteria we look for in our employees. They’re passionate about what they do, and they understand empathy,” said Jennifer Hall, Director of Marketing for Aegis Living. Empathy is at the heart of the Aegis experience. Company founder Clark absorbed its importance during his childhood. Raised by a single mother who worked hard to support herself and her son, Clark has written a book about his mom, My Mother, My Son, and speaks frequently of the lessons his upbringing contributed to his life and work. At the heart of those experiences is a story that motivated the start of Aegis Living’s Potato Soup Foundation, an internal non-profit benefiting employees going through crises or emergencies, in 2005. When Clark was a teenager, there came a time when his mother simply didn’t have the money to put food on the table. So she ‘borrowed’ a bag of potatoes from her workplace, brought them home and made them into soup, which she and Dwayne ate for a week. It was a week he never forgot, but it wasn’t the monotony of potato soup that made the biggest impact. Clark’s mother, Colleen Clark, urged him never to forget what the experience felt like. She told him: “And when you have employees, don’t ever forgot to be there for your employees and they will always be there for you.” In practice, the concept has expanded to Aegis employees who support each other just as...
Building Community
The Marquette Companies
For the founders of The Marquette Companies, building a successful community is about much more than construction followed by profitable management. It’s not just about building a place for people to live, but a place where residents can engage with their neighbors, participate in healthy activities, and learn and grow together. That’s the foundation of the model of the Institute for Community (IFC), which began in 1996 and provides on-site programming and true opportunity for connection that’s available to thousands of Marquette residents. “Our mission is building quality relationships where people live and work through the power of genuine community,” said Mike Vickery, Executive Director of the IFC. “The founders (of Marquette) had built beautiful places, and they really wanted to build places where people lived beautifully as well.” In practice, that meant putting together a place and a program that would foster social interaction, community connection, and enhance residents’ lives and well-being. The IFC Friendship Centre in the Romeoville, Ill. HighPoint community brings in 8,000 to 10,000 people per month, many of them children, for sports, classes, activities and other programming. The Friendship Center is a 27,000 square foot facility that’s available free of charge to community residents and also open to non-residents, who can use it for a fee. With a staff of just four full-time employees, 125 volunteers contribute weekly to help everything run smoothly. An annual Marquette Charity Golf Tournament raises around $100,000 each year for scholarships for low-income HighPoint youth. Vendors and equity partners get involved as sponsors and donors, and Marquette properties around the country pitch in as well. The scholarships ensure everyone is included in the activities and opportunities. Income from memberships and programming, as well as outside grant funding, covers the rest of the center’s operating...
Serving Seniors
Bloom Senior Living
There is both a touching family story and a caring resident focus in practice at the senior living residences operated by Yardi client Bloom Senior Living (f/k/a Bloomfield Senior Living), which operates senior care communities in Indiana, Ohio and South Carolina. Bloom’s parent company, Kandu Capital, LLC also owns independent senior residences in Southern California and Arizona, and has acquisitions pending in the Southeast. In the rapidly growing market for residential memory care services, the Bloom model is both personal and heartfelt. The approach may stem from the company’s history. Founder Richard Tischler, a hard-working family man who still comes to the office five days a week at age 98, built a nursing home business with the support of his late wife Ruth, who in her later life suffered from Alzheimer’s disease. Her illness, and the experience of finding a suitable living facility to meet her needs, had an immediate impact on the Bloom approach to care. With Richard’s two sons-in-law (Howard M. Dubin and Mitchell A. Kantor) and three grandsons (Bradley E. Dubin, Scott M. Kantor and Tony Kantor) involved in growing and efficiently operating the family’s seniors housing portfolio, the company strives for the highest quality care and a top-flight customer service experience. They want families and residents to find the type of residential experience, exceptional care and resulting peace of mind that they sought when Ruth Tischler became ill. She and Richard are considered the company’s “Chief Inspiration Officers,” a fitting title. “We went through the process of looking for (a care community) for her and seeing what was out there while we were doing our own search. We looked at it not just from the perspective of being an operator, but from being a family member. We stood in those...
Megan McCoy
Riverstone
Riverstone manages a portfolio of more than 700 communities and 170,000 apartment homes for leading institutions, pension funds, developers, and other major owners, with a combined asset value topping $17 billion. Located in more than 265 cities in 28 states across the nation, assets under management include high-rise, mid-rise, and garden-style communities. Recently, we had the chance to last Megan McCoy, Vice President of Management Systems at Riverstone, a few questions. Thanks for chatting with us, Megan! What attributes about the Riverstone residential experience help the company stand out? Riverstone Residential Group is the nation’s largest 100% third-party multifamily management firm. Our exclusive emphasis on third-party management means that we compete for clients, not with clients. As such, all aspects of our business model are client centered, and our dedicated client services group works to develop tailored solutions that meet clients’ unique needs, goals, and expectations. Our national strength, local expertise, proven processes, and technology-enabled systems allow us to successfully manage a wide variety of asset types, including conventional, affordable, receivership, student housing, military housing, senior housing, stabilized, lease-up, mixed-use, and newly constructed communities. Bolstered by an array of supportive core services and value-added ancillary services, Riverstone combines the strength, efficiencies, resources, and operational expertise of a national organization with outstanding local market knowledge. Our local experts work to proactively gather data allowing us to respond to changing conditions and drive optimum property performance in each and every market. Seamless transitions to Riverstone management help to prime communities for performance success. To that end, our dedicated property transitions group coordinates a precise management onboarding strategy that minimizes operational disruption and maximizes long-term performance for each new Riverstone community. Through its comprehensive oversight of all transition activities, the group ensures that best practices and...
RedPeak is Red Hot
Focused on the Front Range
Millennial renters want to live in urban neighborhoods with personality, ideally ones that are walkable, bikeable, and have shopping, service and entertainment amenities within a few blocks. Their desire for apartments in hip and up-and-coming city sectors is influencing multifamily development trends around the nation. An intensely local focus can be part of a great business plan as well as a way to meet consumer demand, and such an approach is serving Denver-based RedPeak Properties exceptionally well as the company grows in the city’s most popular neighborhoods. Not only is RedPeak solely focused on offering exceptional apartment experiences in the Denver area, but they are targeting the red-hot market for walkable urban neighborhoods, which are all the rage with young Colorado apartment renters. Apartment occupancy in Denver is at an 11-year high, and the city is a national leader in rent growth. Yardi client RedPeak celebrated its 10 year anniversary in 2012, and the company’s 15 multifamily properties will be joined by two new developments built from the ground up, as well as a renovation of a historic Denver hotel, in the next 12-24 months. To help meet the Denver demand for urban housing with fun things to do nearby, currently under construction in uptown Denver is RedPeak’s One City Block project (rendering, left), a mixed-use community with 302 apartment units that will encompass an entire city block. Sidewalk level retail encompasses 9,800 square feet, with tenants yet to be announced, but the commercial leases are in high demand. Residents will enjoy views of the city and the Rocky Mountains from one of four uniquely themed rooftop decks, and the project is being constructed according to Silver LEED certification standards. A second mixed-use project with 150 apartments, Highland Square, is planned for the popular...
Josh Bradshaw
BlackRock
Josh Bradshaw has a concise and articulate philosophy on technology, and it’s based primarily on his experience as a Yardi Database Administrator for BlackRock, the world’s largest asset manager. A longtime Yardi user, member of a commercial focus group that contributes heavily to the Global Solutions development process, and instigator of productive collaborations between Yardi users around the world, Bradshaw is a savvy technologist who understands that the potential for software to improve business processes is only limited by our imaginations. But he believes equally that simplicity is the key to great product design. “Yardi software is designed to make our lives easier. It’s not going to make you have less work to do, but it is going to make it so that we can accomplish more, we can do our work better and faster, and we can be more innovative and connected. We can walk around with an iPad or an iPhone and show apartments. Maybe in the future we’ll have some augmented reality with Yardi – wouldn’t that be fascinating?” Bradshaw asked during a recent interview. In other words, he’s passionately future-focused and constantly pushing for better products, which is what has made him a useful contributor to the Global Solutions teams’ client collaborative development process. During focus group meetings conducted at the bi-annual Yardi Advanced Solutions Conferences, Bradshaw and his peers are invited to share their ideas for improving the commercial product suite. One year, his idea was something he called “the fifth grade math report.” “For our commercial recoveries, we needed a report that would clearly show how all the calculations were being done for all of the tenants,” Bradshaw explained. During the focus group meeting, he described the report as needing to use terms, equations and summaries that someone in grade school would understand – a big challenge given the complexity involved in commercial recoveries. “I was not ashamed to say I just need something very simple,” he said, thinking also of other end users who needed to understand the information. In a few short months, Yardi developers turned around a release with an analytical report that accomplished his request. The report was just one example of a suggestion Bradshaw contributed that led to development action and product improvement – the ultimate goal of any collaborative feedback Yardi receives from clients. Collaboration is also the theme of online groups he’s facilitated with fellow Yardi clients. Starting with the San Francisco Bay Area Yardi Users Group when he was working at Spieker Companies, an owner-operated property management firm, Bradshaw saw the benefits of asking other Yardi users for help and reciprocating that help. Since moving to BlackRock, he’s established another online group that focuses on Yardi’s commercial product. “I needed the ability to phone a friend, and so that’s what I was doing,” he said of his Spieker days. “And when I came into the commercial end of things, I also wanted that ability. This is international, we have people all over the world, who are high level administrators who contribute development input.” Bradshaw is globally focused in his personal life as well. He and his family recently relocated to Melbourne, Australia, where they will live while he attends an MBA program at the Melbourne Business School. He received his undergraduate degree at San Jose State in California, and chose the high-quality Australian program due to the diverse global experience it offers. Reeling off a list of countries that his classmates hail from that sounded like the roll call list at the United Nations, he explained: “One of my objectives was to be positioned to work globally anywhere in the world, even if it’s back in the U.S., even if I start my own little company. You can go to school in the U.S., and take a class on international business, or you can come to Australia and skip the class.” Though he’s not sure...