As any redevelopment professional knows, the challenge of turning an aging, crime-ridden, Section 8 property into a trendy, coveted, market-rate lifestyle community is no small task. It requires vision, planning, enthusiasm and fearless execution. But with the right attitude, aggressive mobility and perhaps a little luck, amazing transformations can become reality. In Oklahoma City, there’s one taking place right now at a 223-unit multifamily community formerly known as Park Place. Purchased by Haley Real Estate Group early this year, renamed Capitol on 28th and now undergoing a major facelift, the future is looking mighty bright for this previously run-down complex constructed in the late 1960s. With an ideal location near the state capitol and the University of Oklahoma Health Sciences Center, it is poised to become a sought after address for medical and government professionals. “It’s an ideal location for an urban contemporary community,” said Troy Arnold, regional vice president for DEI Communities, Haley’s property management arm. With that focus, DEI expects to spend $8 million on renovations and improvements. Not far from downtown, with easy access to public transportation and biking or walking proximity to two major employment centers, the potential of the location was evident. But an overhaul of the existing infrastructure, entailing major construction, was required. Yardi client DEI started an aggressive effort to change the tone at Park Place the day escrow closed on the $4.2 million sale. Crime at the property had been a major problem, with up to 900 calls to law enforcement from the address between late 2011 and 2012. DEI brought in 24-hour security by hiring off-duty police officers from the Oklahoma City police department. They also started limiting guest access only to those who were verified visitors of residents. Without wasting any time, the new...
Better Balance
With apartment living
There’s no arguing that work-life balance is a crucial issue for many Americans, as studies show that we are all working longer and harder than ever before. Yardi client Lincoln Property Company put together this infographic that shows how apartment living can help reduce stress levels. “Work life balance is definitely a hot topic both internally for our employees and externally for our customers. We were most excited about communicating the way apartment living can reduce stress and enhance work/life balance by having all of your maintenance handled for you and included in your rent as well as the amenities that are on-site, which can save our residents money and time,” said Jennifer Stacioka, Vice President – Marketing & Training for Lincoln Property Co. Lincoln, one of the largest property managers in the U.S., was founded in 1965. Today, the company manages 140,000 apartments units within its residential portfolio. We asked Stacioka what amenities residents seem to most appreciate when it comes to finding better work-life balance. “Fitness Centers to save residents time, since it is on-site, and money, since it is included in the rent. We also are finding the lounge areas are very popular for our residents – they are congregating there to work instead of going into an office. Having a business center/place to print and a conference room are great features too, so our residents can hold meetings at their building. Pet parks are another popular feature…residents can meet their neighbors and form a sense of community and not have to go far to exercise their pet.” An upswing in the popularity of apartment renting has broadened the appeal of the apartment lifestyle across demographic categories, Stacioka noted. “We are definitely seeing more renters by choice…wanting to be near the urban core or in walkable suburban areas close to shopping, dining, arts etc. We used to always think of renters as Gen Y, but are seeing a more diverse group of demographics for the reasons listed above as well as no hassle maintenance and the flexibility to move around if the need arises personally or professionally,” Stacioka said. Thanks to Lincoln Property Company for permission of reuse for the infographic below. Post this on your site (Embed...
Roosevelt Collection
McCaffery Interests
Chicago’s South Loop is about to change for the better. The Roosevelt Collection, a mixed-use residential and retail development owned by McCaffery Interests, will bring an exciting new shopping experience to Roosevelt Road in early 2013. It’s been a long journey for the Roosevelt Collection project, which was acquired by McCaffery, a leading development, retail leasing and property management firm, as a short sale in 2011. It was built by Centrum Properties in 2007, but the retail portion was never leased. Before leasing and moving retail tenants into the plaza area that will anchor the Roosevelt Collection’s public space, McCaffery completely revamped the area between the shops, which is also home to the ShowPlace ICON theatre, consistently ranked as one of the nation’s top movie houses. McCaffery tore down buildings that had previously been centered in the middle of the plaza, creating a more dynamic, open air space that feels like the perfect place to forge community connections. At a recent Institute of Real Estate Management (Chicago chapter) event, 140 IREM members enjoyed food and beverages in one of the ShowPlace’s private VIP lounges, where moviegoers can enjoy snacks and drinks while they watch the latest blockbuster film. A bar and restaurant are also contained within the theater. Then the group moved on to a tour of the Roosevelt Collection space, which includes green features like a living wall in the Roosevelt Lofts lobby, common gathering areas, creative landscaping, and 340,000 square feet of retail space. There is a 1,500 space parking garage on site that will be shared between the retail and residential property. Though retail tenants haven’t yet been announced, Yvonne A. Jones, CPM, CCIM, Managing Director of Asset and Property Management for McCaffery, told us that the project is nearing its...
Implementing Success
Colonial Properties Trust
A major new business software implementation can be a daunting process. When the team at Colonial Properties Trust decided to make the switch to Yardi Systems, they were looking for a partner who could deliver a platform that would meet their day-to-day needs and grow along with the company. Ray Thornton, senior vice president of information technology at Colonial Properties Trust, explained it this way: “We wanted a partner in a company that was committed to the industry, had significant industry experience, and had a vision for the technology in the industry that went beyond just standard property management.” Over the last three years, Colonial Properties Trust, a publicly-held REIT, has focused its efforts on residential property management, and as of the most recent quarter, managed a total of 116 multifamily properties totaling 34,959 units across the Sunbelt. The company also has a large commercial division, and wanted to move general ledger accounting, payables and procurement, and day-to-day residential and commercial property management tracking and reporting systems to a Yardi platform. After doing the research, asking plenty of questions and seeing the software demos, Colonial Properties Trust was ready to make the leap to Yardi, but the real test of this new business relationship would come during the Voyager implementation process. As Thornton puts it, “the proof was in the implementation pudding.” A successful working relationship between Yardi’s team and the Colonial Properties Trust staff, as well as third party vendors, made the process a smooth one. “Yardi has proven to us that they’re very client-focused and very success oriented,” Thornton remarked. “We’ve gone to them with a lot of crazy ideas and they very rarely have pushed back. They’ve said ‘maybe not,’ but they’ve never really said no.” Adopting a more flexible...
