Every year, The Bozzuto Group recognizes its top property management performers with a late winter gala that’s more like the Academy Awards than a rote corporate get-together. This year, the event truly reached superstar status when #BMA2014 – the Twitter hashtag for the event – trended on the social network while it was taking place. For those unfamiliar with social media parlance, “trending” on Twitter means that a hashtag is being used frequently enough that it is recognized network-wide as being a pervasive happening with mass appeal. If you log onto Twitter, you’ll see the constantly changing “Trends” section just below “Who to follow.” #BMA2014 trended organically, meaning Bozzuto did not pay for its placement on the list. It’s possible – maybe even likely – that this is the first time in history a multifamily real estate awards event has garnered this kind of social media traction. So we went to the source of the company’s Twitter strategy, Digital Media Strategist Alex Middel, to find out more. Here’s what he shared: Tell me about your Twitter strategy for Bozzuto and how it enhances your brand. Middel: Social media is a major part of our marketing strategy. You could say that our Twitter strategy is very much guided by some of The Bozzuto Group’s guiding principles and goals; building great communities. Part of that comes from making sure that we invest the time to interact with our fans and followers and help them in any way that we can. Whether that’s by answering customer service requests, providing more information about leasing at one of our communities, sharing news about Bozzuto, or showcasing the fun and innovative things we’re doing at Bozzuto and our communities, it’s all there for our followers to see.   How have...

Denholtz Associates’ success as a commercial property developer, investor and manager comes in part from regularly adopting new technology to meet emerging business needs. Most recently, the company enhanced its mobile capabilities, business continuity, tenant services and invoice processing—all with Yardi solutions. Denholtz upgraded its Yardi Voyager® property management and accounting platform to 7S, the newest, fully mobile version of Yardi Voyager. The Software-as-a-Service (SaaS) option allows Denholtz to determine when to apply upgrades, new releases and plug-ins. “One of the most attractive features of our upgraded Voyager system is mobile capability that lets us communicate in real time with our staff about work orders and other activities. We can easily monitor what the staff is working on, and their activities are automatically recorded in Voyager. It’s a powerful product in terms of efficiency and tenant service with functionality we didn’t previously have,” said Steve Cassidy (right), president of Denholtz Associates. Superstorm Sandy, which battered the U.S. East Coast in October 2012, underscored the importance of business continuity for the New Jersey firm. “Sandy disrupted our business for 14 days. We couldn’t communicate with tenants, cut checks or process payments. With Voyager SaaS in place, if something similar happened again we would suffer less disruption and financial loss because we could work remotely and know our business data was securely backed up offsite,” Cassidy said. He added, “Voyager SaaS also improves time management for our staff. They spent a lot of time on self-hosting activities, and now it’s more efficient and less costly to use our software without having to also maintain it.” Denholtz uses another new Yardi product, COMMERCIALCafé™, to offer tenants the convenience of online access to statements, maintenance requests, and other services from their desktops or mobile devices. “We can easily...

The talents of Jacob Fisher of Pennrose Properties are getting noticed. Fisher recently received Philadelphia Business Journal’s “40 Under 40” distinction. The honor recognizes his business success, community involvement, leadership ability, and influence. “It’s not surprising that Jacob was selected for this terrific award,” says Mark H. Dambly, president of Pennrose Properties, a Yardi client. “From day one, we were impressed by his willingness to take on any challenge and his desire to give back to the community. Jacob exemplifies Pennrose’s commitment to develop communities and homes, not just construct buildings.” Fisher serves as the Senior Developer for Woodrow Wilson Commons, a new community of townhomes and apartments in Long Branch, New Jersey, being developed in partnership with the Long Branch Housing Authority. Generally, constructing a community in flood-prone lowlands is not the best idea. Fisher and his team tackled the topographical challenge with skill and creativity. Woodrow Wilson Commons rests on a 14-acre site that is the low point for nearly 35 acres. This places a heavy burden on storm water infrastructure. To naturally accommodate the flow of water, Fisher’s team constructed a retention basin spanning more than an acre. The community also received a rain garden, the more aesthetic cousin of the retention basin, complete with beautiful water-loving plants. These natural water conduits pace drainage and direct much of the excess water downward rather than pooling near the surface. “It’s a green and forward thinking way to manage storm water on the site,” says Fisher. “We also raised the finished floor levels of all of the buildings above any of the flood elevation, so that in the event that there are catastrophic rains, we have designed the site to keep the units dry.” Over a year of research and planning was needed...

Student housing is undergoing a total transformation. That drab, boring dorm room you once bunked in? It’s probably being bulldozed as we speak. In its place will be something closer to the amenity-filled new developments that are springing up to feed the desires of Millennial renters, who are getting their ideas about what makes ideal apartment living in the same place they’re getting their higher education – at college. MHN spoke with JoAnn Blaylock, Senior Vice President at Grand Campus Living, a division of Lincoln Property Company. Blaylock has been a leader in the private student housing industry as it has transformed into a vibrant and trend-setting sector of multifamily, and she shared her thoughts on the ongoing evolution. MHN: What are the newest housing features or amenities that you’re adding to student communities today that might not have been common in the past? Blaylock: Students today – Millennials – have very busy schedules, and are accustomed to having things at their fingertips, at any time.  Therefore, amenities that offer 24/7 access allow for the students to maintain their active daily lives without ever having to leave the community.   Fitness centers with on demand fitness classes, TRX workout systems, well programmed interactive study and multipurpose rooms with Smart TVs are just some of the amenities that fulfill the students’ physical and academic needs.  College students are also a very socially active group, making large gathering places, such as H2O decks, infinity pools, and outdoor/club lounge spaces very popular with today’s student, while resident events hosted in the spaces help build a necessary sense of community. MHN: Many of your student properties are in the south and southwest. Do you identify any regional trend lines in the way student housing is developed? Blaylock: The trend...

Yardi client BRG Apartments is the largest owner and operator of rental communities in the region with more than 6,800 apartment homes in 40 communities throughout Cincinnati, Columbus, Dayton, and Northern Kentucky. The company takes pride in its Midwestern heritage. From the corporate office down to its smallest property, BRG instills the values of hospitality and philanthropy through community service. Jennifer Illanz, Training and Marketing Manager at BRG, believes that community service is integrated into the company’s mission statement. “Volunteerism is important because it helps express our mission statement, ‘and we care,’” she says. “Being locally owned and managed creates a sense of community within the community; we’re setting up in these neighborhoods and we want to show that we don’t just care about the properties, we care about the surrounding communities.” The culture of volunteerism benefits charity recipients as well as BRG employees. “[BRG employees] gain a sense of pride,” explains Illanz. “They see that it’s not just a job that they’re going to everyday. Volunteering with BRG makes them feel like they’re part of a family that is giving back to the community. It’s definitely a positive thing.” BRG begins the philanthropy from within, rallying support amongst its ranks for pressing social issues. In past years, BRG participated in the March of Dimes March for Babies Walk and raised over $20,000. This year, BRG chose to participate in a local event, Walk Ahead for a Brain Tumor Cure. Illanz says, “Three people within our corporate office have been personally affected by a brain tumor. Throughout the preparation for this walk we found out that even more employees were affected. We had over 50 people attend the walk and we raised over $8,000. The walk was a huge success.” BRG also sponsors local...

Bentall Kennedy will soon celebrate 110 years in real estate.  The organization is distinguished by a century of achievement and uninterrupted financial performance. Building on a solid foundation of integrity and professionalism, the organization has emerged as one of North America’s leading providers of integrated real estate services. Charles Bentall joined Dominion Construction in 1911, and grew the Vancouver-based construction company, which has since evolved to become the largest Canadian-based real estate advisory and services organization. In 2010, Bentall successfully partnered with Kennedy Associates in the US and integrated the two firms to become North America’s largest private real estate investment advisor offering an array of real estate development and management services to clients throughout North America.  Bentall Kennedy is among the most sustainable real estate companies in North America, and has been ranked among the top three in the Americas and global leaders by GRESB, the Global Real Estate and Sustainability Benchmark. It is also the recipient of the Energy Star Partner of the Year for the fifth year in a row. For Bentall Kennedy, success is the result of nurturing the company’s most valuable assets: employees. 93% of employees confirm that Bentall Kennedy is a socially and environmentally responsible company. The company has taken great lengths to assess employee engagement and satisfaction. Bentall Kennedy used a third-party human resources consultant to create a custom employee engagement survey. Survey results were used to spearhead employee-based initiatives focusing on improved communication between senior management and their teams, and growth opportunities for junior employees. The survey also revealed one of the company’s greatest strengths, a unified approach to company culture. Communication To improve communication, Bentall Kennedy added quarterly conference calls and focus groups led by senior management to its repertoire of communication and engagement tools.  ...

When it comes to making a splash with corporate philanthropic efforts, Midwestern luxury multifamily owner, developer and manager  Village Green is jumping into the pool feet first. That’s not an analogy, either. Their property managers and associates  at 160 properties in 13 states literally jump into swimming pools to help raise funds for worthwhile local charities. Splash Day, marking the first day of “open pool” season, has been a company institution since 1991 and has raised over $500,000 for local Ronald McDonald House Charities in each of Village Green’s seven regions And that’s just one effort of many they make to support non-profits and  organizations of many kinds. While the history of Village Green dates all the way back to 1919, current CEO Jonathan Holtzman is credited with providing strong leadership. “Jon Holtzman is really into giving back to the communities that we serve,” said Jacqueline Trost, Director of Public Relations for Village Green. “He has spearheaded the initiatives with national organizations we donate to, and there is regional and hyper-local coordination as well.” Village Green has more than 1,250 associates who operate out of seven main regions: Detroit, Chicago, St. Louis, Minneapolis, Dallas, Cincinnati and Indianapolis. Last year, it delivered some exciting news – each employee would annually be allotted 8 hours of paid time to contribute to a charity or volunteer effort of their choosing. That’s just one day out of the year per person, but it can make a huge impact – if every associate takes advantage of the program, Village Green is giving back 10,000 man hours – or 250 full work weeks of donated time. Employees served the hungry at the local rescue missions and soup kitchens, adopted families in need during the holidays, packed food  at various food...

Moss & Company has improved resident screening, energy billing and management, and resident services at its multifamily rental properties with products from the Yardi Multifamily Suite™ that are integrated with the entire Yardi Voyager® leasing cycle. Moss & Company adopted Yardi Resident Screening™, an online resident screening system, to replace a paper-based screening system.  “We place resident information into Voyager more efficiently, as we no longer have a third party involved in the screening or paperwork floating around.  Resident Screening gives us confidence that we’re maintaining confidential information, and the quick return of information on prospects saves us the extra step of reentering the information in Voyager,” said Henriette Saffron, vice president and chief financial officer for Moss & Company. Yardi Payment Processing™ sharply reduced the time Moss & Company spent processing rent payments by converting paper checks into electronic payments in Yardi Voyager.  “Payment Processing has saved us a tremendous amount of work,” Saffron said.  “We process up to 12,000 resident rent checks each month, and the old-fashioned way of endorsing them and taking them to the bank and making copies has been eliminated.  The funds download to the bank immediately and are available the next day.  Our residents are very receptive to this payment method and it’s a huge selling point with potential clients whose properties we want to manage.  There’s also instantaneous, automatic posting to the resident ledger, saving time as well as eliminating human error from incorrect input.  It’s an amazing advantage for us.” Moss & Company has gained additional improvements in revenue collection and process efficiency since rolling out Yardi Energy Solutions™, an automated utility billing and energy management solution, in 2013.  Yardi Energy Solutions includes submetering and ratio utility billing systems, vacant cost recovery, cost and consumption analytics,...

Stuart Tanz has a proven track record of producing impressive results for public investors in shopping center real estate. In 1997, as CEO, Tanz led Pan Pacific Retail Properties in its initial public offering.  In just under a decade’s time, Tanz and team grew the company from approximately $447 million in shopping centers, at its IPO, to over $4 billion in 2006 when the company was sold, generating a total return for IPO investors of over 600%. At his current company, Yardi client Retail Opportunity Investments Corp. (NASDAQ: ROIC), CEO Tanz and his team are well on their way again to producing impressive results.  Starting from scratch in 2009, focusing on grocery and drugstore-anchored shopping centers in coveted West Coast markets, ROIC has already amassed a portfolio of shopping centers totaling $1.4 billion today.  Looking ahead, Tanz and team hope to double the size of the company over the next three years. In a recent interview with CPE, Tanz shared his insights on the landscape for retail shopping centers, his operating philosophy, and more. CPE: What brought you out of retirement? Tanz: After the success we had at building Pan Pacific into the largest shopping center REIT on the West Coast, I was approached by the board of ROIC about transforming the company into a shopping center REIT.  At the time, ROIC did not own any real estate, but they did have roughly $400 million in cash to invest.  Needless to say, I was excited about the opportunity to build another successful REIT.  When we started at ROIC in 2009, th ere were a large number of undercapitalized shopping center owners in our core markets, as a result of the recession, with very few bonafide buyers in the marketplace.  We saw this as an...

First Pointe Management Group (FPMG), also known as Brymarc Management Company and a subsidiary of The Ezralow Company, has relied on property management and accounting software from Yardi® for 18 years, utilizing a Windows®-based platform before eventually moving to browser-based Yardi Voyager®.  The continuous growth of their residential portfolio prompted another reevaluation, according to Vida Bautista, assistant controller for The Ezralow Company. “We wanted our onsite people to have the best software along with online services for our residents, so we started looking for new solutions to perform various ancillary operations,” Bautista said.  As a result, FPMG adopted several new products that improve internal operations and resident services by integrating with Yardi Voyager. Seeking detailed insight into its marketing processes, FPMG added Yardi PopCard™ to Yardi Voyager.  “Before PopCard, information from paper guest cards sometimes weren’t entered into our platform, and we wondered why our traffic wasn’t as high as we expected,” Bautista said.  “We looked for a product that could solve that issue while tracking the source of every prospect.  With PopCard, we can track our advertising sources, which is great because that helps us make decisions about where to spend money for advertising.  It has been a great tool for monitoring our traffic, determining which advertising sources work for us, and getting us more leases.” Another product built into Yardi Voyager is Yardi Energy Solutions™, an automated utility billing and energy management solution that converges utility charges with online rent payments, providing convenience both for FPMG and its residents.  “There’s no separate billing for the residents so it’s easy for them to see their charges, and it’s easy for us to see the revenue coming in.  We can also see utility revenues that we’re not able to collect, which helps our decision-making,...

St. Louis isn’t known as a hipster haven. But the city’s developers are gradually embracing the concept of walkable urban neighborhoods. The reinvention of a portion of the city’s downtown, into what’s now known as the MX District, leads the way. MX stands for Mercantile Exchange, hearkening back to the days when downtown St. Louis was a commercial center. Yardi client Mills Properties was one of the first new developments to open its doors in the MX District when The Laurel apartments began leasing and welcoming residents in fall 2011. The Laurel, a mixed-use property with food and shopping on the ground floor, has attracted young professionals working in the biotechnology and medical fields, as well as students attending nearby colleges and universities. A popular local pizza joint, deli, wine bar and a restaurant serving Asian fusion cuisine are a major draw for residents, who enjoy a 10 percent discount on all purchases. The company has a second mixed-use project in progress that will feature a Whole Foods gourmet grocery on the ground level, and 177 apartments above. City Walk on Euclid will be located in the Central West End, and the Whole Foods will be St. Louis’ third such store. The Central West End has been a popular residential neighborhood since the 1904 World’s Fair, and City Walk residents will enjoy walkable access to a variety of restaurants and other amenities on Euclid. Mills Properties marketing manager Melissa DeCicco anticipates that the market’s widespread popularity will make walk-up leasing of the City Walk apartments as convenient as popping into Whole Foods for an easy deli-counter dinner. “I think we’ll have quite a few people right at the start of lease up who will want to be there because of the location, and Whole...

Kevin Thompson, Senior Vice President of Marketing for Greensboro, N.C.-based Bell Partners,  a Yardi client, has been known to say that when it comes to multifamily, residents literally “live in our box of Tide.” It’s an intriguing analogy from the experienced consumer product marketing executive, whose diversified experience includes stints at AvalonBay Communities, Iams, Fruit of the Loom and Promus Hotel Cos. At Bell, Thompson has pushed for creative marketing approaches that get realistic about how to connect with residents, and takes the time to listen to their feedback and concerns. While an apartment residence might not typically be thought of as a tactile product, the Tide analogy melds the residents’ living experience with the marketing of a successful multifamily brand. “Our consumers actually live in our product (the apartment home), as thus live in our brand, too,” Thompson explained.    “And because our customers do live in our box of Tide, any flaws or inconsistencies in delivering the brand and service promise are magnified.  Conversely, any positive experiences are also memorialized.  We need to be constantly aware of the intimate connection between our products and our consumers.  Only with this realization do we get the right sense of the importance of our brands.” MHN:  Bell recently introduced a new marketing campaign centered around the concept of “Hassle Free Living.” Tell us what you did differently and how it worked? Thompson:  Well, we wanted to get beyond the usual providing superior customer service mantra, so we started thinking about a residential living environment that would be characterized by the elimination of problems and issues before they happen.  Ergo, Hassle-Free Living®.  We began with a series of resident focus groups, to hear what our existing customers had to say about the concept.  The most interesting aspect...

Over the past five months, more than 500 Yardi Voyager® clients—with the number growing daily—have adopted the browser-agnostic, mobile-enabled Yardi Voyager® 7S, the latest, most advanced version of Yardi’s core software-as-a-service (SaaS) real estate management platform. Yardi Voyager 7S is compatible with all major Internet browsers, offering real estate investment and property management clients access to Yardi Voyager 7S from any mobile device.  Users of Yardi Voyager 7S also can add new products such as Yardi Leasing Pad™, RentCafe™, Yardi Orion™ Business Intelligence and a host of other ancillary and front office products and services that together create a full business platform. “I like the improved search functionality and the fact that we can access information instantly, without having to open new screens.  Also, as mobile access begins playing a larger role in our business, Voyager 7S will easily accommodate the mobile applications of new products that we’ll soon deploy, such as Yardi PAYscan™,” said Sandra Johnson, property accountant for real estate developer and manager Lake Washington Partners. Voyager 7S is deployed as software-as-a-service with three options: SaaS, in which updates are automatically applied; SaaS Select, in which the client determines when to apply updates; and Private Cloud, in which clients have their own dedicated network. “I am very satisfied with Voyager 7S.  I believe the new format is a significant improvement in screen layout, accounting functionality and user-friendliness,” said Robert B. Sher Jr., president of Sher Properties Inc.  “Our conversion to Voyager 7S went very smoothly, and the SaaS hosting is virtually indistinguishable from working on a local server.” All new clients who licensed Yardi Voyager after July 1, 2013 implemented Voyager 7S, and Yardi continues to work with existing Yardi Voyager clients to establish migration timetables. “As Yardi continues in our fourth...

Michael Johnson is a veteran of the affordable housing industry. In 33 years at ALCO Management, he’s held “just about every job from Accounting Manager to CFO to COO to CAO,” he told me at Yardi’s Fall Advanced Solutions Conference in Anaheim, Calif. But Michael loves his work, and in his current position as Chief Administrative Officer, he has the opportunity to help chart ALCO’s path to long term growth through strategic planning. Not that that’s easy. “It’s a huge challenge,” he admitted “Some days I can’t figure out where we should be tomorrow, much less think about five years from now and how technology is going to change.” But with a positive attitude and the willingness to seek the right tools to help his staff succeed, Johnson has thus far been gifted an anticipating the future. ALCO’s culture empowers property managers, site personnel and support staff to serve others and  celebrate teamwork.  The company places a property management team on every site – not always the practice in the affordable arena – to make sure residents get the best possible service. Michael provided further insight on trends in technology and his role at ALCO: What’s the current focus for ALCO Management? We’re focused on growing our company slowly. We’re continuing to grow in the tax credit arena. We manage both conventional and affordable properties; however, the majority of our properties are affordable properties.. Right now, the way to grow in affordable housing is mainly with tax credits. We’re also doing more management of public housing units. We’re finding public housing authorities are starting to contract that out more, or there are mixed use deals where some of the units are public housing units. We’re finding a growing trend in doing more public housing...

Multifamily real estate development and management firm Simpson Housing LLLP® has streamlined its employee training by making Yardi eLearning™ the gateway to hundreds of company-sponsored online training classes. Simpson Housing uses Yardi eLearning to deliver webinars, in-person classes and on-demand self-study courses on various aspects of property management directly to employees. “We present about 400 classes at our property sites every year, and eLearning makes it very easy for the trainers to register attendees, track attendance and completion, and distribute course material beforehand,” said Cindy Sheahan, national trainer for Simpson Housing.  “We also use it to create specialized tracks that give management, maintenance employees, consultants and others the advanced knowledge they need to progress in their careers.” Yardi eLearning, which is accessible from any Web browser and mobile device, includes assessment tools, certification, post-training follow-up, and retraining activities.  Its multimedia format allows for a variety of content including HTML, documents, images, videos and podcasts. Yardi eLearning’s automated notification feature reduces manual labor for Simpson Housing’s training staff.  “Calling every person who’s attending every class would be too much for the staff, so it’s very helpful that every participant receives an Outlook calendar appointment for each class,” Sheahan said.  “There’s also a signup sheet function that helps the trainers determine how much material to bring when we visit the communities. “In addition to our own courses, we used eLearning to present a number of Yardi-designed modules to the entire company after we selected Yardi Voyager® as our property management and accounting platform in 2012.  Our employees become familiar with the dashboards, terms and everything else in Voyager, and this gave them a step up on the system even before the trainers arrived at the offices for advanced training.” “Having an organization’s entire training program in...

Detroit refuses to settle for the status of a has-been city. Tough economic times have certainly taken a toll. But rather than losing hope, city leaders are seizing the opportunity to recreate The Motor City as a metropolitan hub valued for its cultural offerings. Yardi client Bedrock is leading the way in the resurgence of one of America’s most iconic cities. Dan Mullen, Vice President of Development at Bedrock, has never doubted that Detroit was worth the fight. “It’s an amazing opportunity to be in Detroit,” he says. “An urban location provides this indescribable energy: being surrounded by industry, historic architecture, a place where everything is walkable, where you can work and play. As a company, having the opportunity to purchase and redevelop historic buildings and impact the outcome of one of the great American cities is something that we take pride in.” Bedrock leverages its position as the real estate services branch of Quicken Loans to purchase and redevelop properties in the downtown district. Bedrock works with affiliate companies to then “tie the thread,” or work together in the redevelopment process to ensure that local companies reap the benefits of the city’s growth. It’s truly a team effort that aims to pull everyone forward together. Mullen values the collaborative process, “We work closely with the city, Detroit Economic Growth Corporation, other developers and local businesses. We’re all one big team to help revitalize all of downtown Detroit. Bedrock definitely plays a role in [the resurgence] but we also have a lot of amazing partners.” The partnerships have helped Bedrock develop 8 million square feet of commercial space. But that’s only the tip of the iceberg. Demand for quality office space is rising downtown. Bedrock has responded by purchasing historic buildings, giving them a...

Condo conversions can be risky business. That’s the lesson learned in Chicago over the last four years, where many efforts to transition apartment properties into for-sale condominium units flopped – and in some cases even reverted back to apartments once again. Chicago, the nation’s third largest condo market, saw median sales prices plummet when the economy crashed. The Case-Shiller Home Price Index reports that the Chicago condo index is now back to July 2002 levels, having fallen a total of 22.5% from its peak in September 2007. Steven Maher, Managing Broker and Director of Investment Sales for Kinzie Real Estate Group, has had a close-up look at the Windy City’s winners and losers in sales and leasing for more than two decades.  He specializes in urban infill development, particularly in the construction and adaptive reuse of mid and high rise condominiums, multi-family housing, resort properties, and condo conversions. After taking a close look at trends in Chicago adaptive reuse development, Maher shared his expertise with us. MHN: Condos, especially in urban markets, were one of the development types that really suffered when the economy spiraled. Many of them found new homes as apartment communities, rather than the owner-occupied use originally intended. Where was this type of reuse most common and was it successful? Maher: We have seen “fractured Condominium” projects all over the City as well as in the suburbs find temporary shelter as apartments. In some cases, especially when less than 25% of the units were sold, the properties were actually de-converted from condo ownership back to a single PIN and will likely remain as rental apartment buildings for the foreseeable future. In my opinion, this strategy has been most successful with condominium conversions that really should not have been converted in the...

Being tied to one city has never been In-Rel Properties’ CEO Mukang Cho’s M.O. Born in South Korea, he lived in eight countries while growing up due to the career of his father, Key-sung Cho, a diplomat who served as the South Korean ambassador to Guatemala, Peru and Argentina.  The family’s immersion into Latin America was so thorough that Mukang Cho’s first language wasn’t Korean – it was Spanish. Since coming to the U.S. to attend Cornell University followed by Harvard Law, he’s translated an interest in architecture, passion for business and his top shelf legal education into a successful real estate career. Cho joined the privately held In-Rel Properties in 2010, and has been instrumental in doubling the commercial firm’s portfolio, primarily through the acquisition of distressed assets. “With the broader real estate and capital markets improving, we are seeing fewer acquisition opportunities that come with a significant pricing dislocation, but they do exist,” Cho noted. The narrowing window for such opportunities is due mainly to strengthening retail and office markets around the country, including in Florida, where In-Rel is based. Founded by Charles Stein and Dennis Udwin in 1985, In-Rel now manages 6 million square feet of office and retail property in seven states. Cho explains that the company focuses not on markets, but on individual assets, when making purchasing decisions. “We really start with the asset itself, and try to create a thesis that this is an asset we want to own and operate. Once we make that determination, at the asset level, then we get comfortable with the submarket and market that the property is in. Unlike a lot of companies that take more of a top down approach, first identifying where they want to be, we take the inverse...

Alexis Vance wants to get inside the minds of the Millennials. So the vice president of marketing for Yardi client Alliance Residential Co. and her team completed an in-depth demographic analysis that revealed not just facts, but helpful nuance, about the country’s newest powerful renting and spending cohort. With a nationwide portfolio that touches 24 major metro markets, Vance knows that going beyond the surface to understand Millennials, who seem to appear in every other news story on demographics these days. While there is some definitional discrepancy about the exact range of the Millennials’ birth years, they are essentially in their early 20s to mid-30s today. Many moved back in with their parents during or after college due to a tough job market, but as the economy has improved, they are expected to account for formation of up to 3 million new households. They’re an important new consumer base for apartment owners and managers, and some of their unique behavior patterns—including reliance on technology and social media to accomplish almost any task—have made them the subject of focused marketing studies like Vance’s. “I do believe our industry needs to do its homework to truly understand this complex demographic. We need to shift marketing and communication habits significantly in order to effectively market to and resonate with this highly media-savvy generation,” Vance said. MHN: Could you define: experiential marketing, social responsibility and incentive to share as they are relevant to the multifamily leasing and living experience? Vance: Experiential marketing goes beyond a basic tagline, brand or event. The effort is comprehensive and engages the prospect in a way that allows them to participate with the brand. Because this demographic is skeptical of traditional advertising channels, experiential marketing is an excellent way to create conversation and develop rapport through...

At the heart of most talented marketing professionals is a creative and artistic sensibility. It’s something that Tarragon Property Services’ Jane Griffith was able to express in spades with her recent work on best-selling author and leadership trainer Ken Blanchard’s “Whale Done My Wonderful One!” The original iteration of Blanchard’s “Whale Done!: The Power of Positive Relationships” came out in 2002, and described the experience of trainers working with killer whales at Sea World to exemplify the immense power of positive reinforcement as a management, parenting and leadership skill. Recently, Griffith had the chance to illustrate a version of the book that focuses on children and their parents. What started as a storyboard project turned into a publication agreement with publisher Harper Collins. “It’s a mama whale and a baby whale, and the message is positive reinforcement as opposed to training by fear. It’s for adults as well as children, and teaches adults: You don’t have to yell at your child. Tell them they’re doing a good job. Catch them doing something right.” Despite already having a demanding full time job and busy life, Griffith made the time to complete the project. “I worked at nights, on weekends and whenever I could get the time. It ended up being really fun, and that was something on my bucket list that I never thought I’d get to do,” she said. In her day job, Griffith is Marketing Manager for the Seattle-based Tarragon Property Services, a division of Investco. She has extensive multifamily experience, having previously served as national Marketing Director for Pinnacle. “We have a long and extensive history of building our own properties and managing our own properties,” Griffith said of Tarragon. The Seattle-area multifamily market has been booming as of late, and one...

Yardi client Housing York, Inc (HYI) is The Regional Municipality of York’s non-profit housing corporation and the seventh largest housing provider in Ontario. This year, HYI added Mackenzie Green to its portfolio of sustainable housing. Located in Richmond Hill, one of the fastest growing communities in Canada, Mackenzie Green has demonstrated a complete approach to human and environmental wellness. Sustainability Mackenzie Green awaits Canada Green Building Council LEED® Silver certification, meeting strict criteria for resource efficiency, sustainable material selection, and innovative design. The site’s energy efficiency begins from the core. Mackenzie Green’s insulated envelope facilitates 30 percent energy savings. To further increase cooling efficiency, designers chose white dolomite marble to cover most the roof. The stone’s reflective properties disperse the sun’s rays rather than absorbing them. Mackenzie Green’s windows also contribute to the envelope’s overall efficiency. Double-paned, low-e windows were filled with argon gas. The gas reflects outside heat and simultaneously stabilizes indoor temperatures. This composition helps units maintain comfortable living conditions while decreasing strain on interior heating and cooling systems. The well-sealed, insulated envelope does not entail that tenants are breathing stale, captured air. Efficient HVAC systems work in conjunction with heat recovery ventilator (HRV) systems into regulate the indoor air quality of each residence. HRV systems recycle room air in a manner that circulates it with air entering from the outside. HRV then cools or warms the air depending on the desired interior temperatures. The result is fresh air for tenants without compromising the building’s thermal integrity. Though Richmond Hill has access to Lake Ontario, fresh water isn’t taken for granted. Low flow fixtures and toilets reduce water waste by 45 percent. Randall Profitt, Manager Operations at Housing York Inc. South, says Housing York hasn’t stopped there in its effort to keep...

While biking down The Strand in Orange County, Kyle Kazan blends in with other fitness seekers and nature lovers. With his broad smile and down-to-earth demeanor, one couldn’t easily tell the years of graveyard shifts and pavement pounding that it took to build his company from the ground up. That company is now a Yardi client and a recipient of  The Apartment Association of California Southern Cities’ Property Management Company of the Year. Kazan’s hard work is paying off and with every mile that he puts behind him, he draws closer to a more promising and exciting future. Before starting Beach Front Property Management, CEO Kazan served five years as a gangs and drugs identification and eradication specialist for local law enforcement. The police force is not a common segue to a career in property management, but it is one that has served Kazan well. While many companies can’t handle the crime that creeps into neighborhoods, Kazan is able to take a hands-on approach. “I’ll actually leave my office, jump in the car, and go talk to the gangsters. I speak English. I speak Spanish. I read ‘gang,’” he laughs. “I’m quite capable of looking at tags in the area to figure out who’s hot and what’s going on.” Kazan’s local research helps him to zero-in on troublesome tenants. “I’m very good at talking people out and stabilizing the building. It helps that I can talk the talk and walk the walk; it bridges the divide, the delta, between law enforcement and property management since I’ve done both.” Bridging that divide has helped Beach Front Property Management turn mediocre properties in profitable successes. Another benefit to his background in law enforcement: Kazan isn’t afraid to take calculated risks. When economic downturn hit southern California in...

Steve Schutz would have come to the Fall 2013 Yardi Advanced Solutions Conference (YASC) no matter what – as a 12-year user of Yardi products, he recognizes the value of the event to educate and inform him about developments and solutions for the software he uses daily. “I do everything from training, document writing, help desk, troubleshooting, setting up properties, setting up menus, just about anything and everything,” said the Yardi Director for Trade Street Residential, an East Coast multifamily management firm. A free entry to the conference (valued at $995), $500 VISA gift card and VIP seating at the conference gala event managed to put a smile on his face and new baseball jersey in his closet. Steve’s name was drawn at random from hundreds of entry forms. Oh, and he learned a few cool things about the new Voyager 7S, too. Trade Street will upgrade to the new Voyager version in November. In addition to its device and browser agnosticism, two things that piqued Steve’s interest in 7S are its search capabilities – it features global and predictive search – and overall look. “The search functions are great. As the help desk person, I often get the phone call: ‘Where can I find this report?’ And now, users can type a key word in there and find it themselves,” he said. A veteran of five YASC events, his favorite parts of the conference include networking and the opportunity to work through trouble spots in the lab. “I’ve learned a lot, just being in the lab,” he noted. Schutz is based in Florida. He’s worked in residential, commercial, affordable and military property management for the last 12 years. That new baseball jersey, though, wasn’t for a Chicago Cubs player – he probably already...