Multifamily Blogs

How to Fix Bad Cell Phone Coverage for an Apartment Complex? Carrier Grade WiFi Calling for Apartment Buildings is Finally Here. “Can You Hear Me Now?” “Can You Hear Me Now?” It’s happened to everyone. You’re locked in, completely engrossed in conversation. All of a sudden a little static begins on the line. Then a bit more and before you know it, you have missed every other word. Eventually the call drops completely… You look at your phone to find that you have no service, 0 bars. Hopefully, it was just friendly banter and not something vitally important. God forbid that it was an important sales call or a hard-to-reach individual. We’ve all experienced bad cell coverage and while it’s a pain, hopefully it only happens once in a “blue moon”. We may expect it while driving through a rural landscape, but if it happens from home; it’s an entirely different frustration. If you’re an apartment owner with this scenario you can rest assured… your residents will quickly be finding a new place to live, costing you and your brand. Let’s face it, not all apartments have good cell coverage. These days this can be a major problem for apartment owners. Bad cell coverage can drive occupancy, loyalty, satisfaction and retention down fast. Residents do not put up with bad coverage; many will post negative online reviews which could damage your online reputation. Some may try to change cell providers; however, they are not usually happy to do so. WiFi Calling Replaces DAS – “Two Birds, On......

1.        Compressed cap rates in major markets; Large companies are now starting to compete in the secondary markets showing interest to explore investments outside of traditionally hot core.  As rents and sales prices at those core markets are reaching a plateau, investors seem willing to entertain slightly lower returns because of the reduced risk profile associated with not chasing top of the market rents or sales price.  This makes the middle market investors relationship with local Brokers and governments along with extensive market knowledge an advantage to this new competition.     2.       Development vs. purchasing value add properties; As construction costs rise faster than rent growth, redevelopment and rehabs ROI analysis plays a key role in determining value of acquisition.  Urban infill projects close to employment hubs and rapid public transit markets have faster rent growth, where the secondary or tertiary markets show better ROI with light renovations or rehab program.   3.       Value add opportunities are very diverse; From interiors to common areas, owners are getting creative.  From common area repurposing to creating four-bedroom student housing out of conventional two bedroom properties.  Dog washes, common area coffee bar lounges get repurposed from traditional clubhouses and utility closets.  More thought is put into bringing the luxury amenities to vintage properties.  Unused common areas turn into useful space for residents at a very low cost.    4.       Diversify Real Estate; A growing number of middle market owners are purchasing manufactured home parks, student housing, creating property management support software, single family homes......

When purchasing a multifamily property, you must earmark separate funds and time for a due diligence project. Professionals at residential due diligence management companies use a specialized multi family due diligence checklist based on their past experiences to ensure value for money for their client. This post discusses a multi family due diligence checklist, to explain the process and help potential investors understand the elements they must focus on when buying a multifamily property. Take a look. 1. Inspections to Detect Environmental Hazards  Environmental hazards lying around the property can be a substantial health risk to occupants and may also invite harsh penalties and troublesome litigations. To help their clients avoid this problem, providers perform a detailed environmental inspection that includes locating and reporting asbestos containing material, lead based paints, and PCB containing materials. The provider must also go through the property’s layout plan to locate underground fuel storage tanks, waste disposal units and dump sites, inspect them and include recommendations in their final report to minimize contamination risks.2. Inspections Centered on Inspecting the Exteriors   It is important for the provider to inspect the building’s exteriors to ensure the layout conforms with the building codes. The professional must look for hazards such as uneven sidewalks, faulty wiring, improper lighting, sharp and hazardous equipment lying around unattended, and malfunctioning doors, windows, and walkways. The provider must also check for and report inconsistencies such as damaged roofing, misplaced trash containers, and inadequate drainage. 3. Inspections to Check the Condition of Mechanical Equipment The pro......

What sustainable innovations not only save money, but also enhance resident, community, and employee engagement?  This NMHC panel discusses how sustainable innovation drives better environmental outcomes, but also financial outcomes for multifamily properties.  Watch the video below.

Instead of giving you my thoughts about this, I'd like to hear from you all.  What do you think about this mixed used development that used emoticons in the design?  Don't be shy - share your opinion below.

Source and more information.

At this point, property managers know the drill when it comes to millennials: they rent more than any other generation and high-tech amenities play a significant role in their decision of where to live during their apartment search.   While it is undeniably true that the younger generation of renters desires cutting-edge electronic features in their apartments, it is important that multifamily managers and developers avoid neglecting other important millennial lifestyle trends which have an impact on non-technological aspects of apartment design. At Trimark Properties, we specialize in selling Gainesville apartments to millennial student renters attending the University of Florida and have familiarity with the younger generation’s preferred choices of apartment design and amenities. Below are 4 recent movements in millennial living that have impacted features other than technological amenities in apartments. 1.) Millennials’ healthier lifestyles and participation in eco-friendly movements have led to more outdoor amenities. Millennials have been leaders of the pro-health, environmentally-friendly campaign, which has ultimately directed property developers to add more exterior amenities than in previous years. Millennials are increasingly valuing outdoor amenity space, spending 5% more of their time outdoors today than in 2015. They are also now frequently choosing to bike, walk, and ride the bus instead of driving cars. The average millennial drove 23% less in 2009 than in 2001, the biggest drop for any age group. Property developers targeting this audience have taken note of this trend, and they are now beginning to build properties close to central locations such as universities and major business are......

The key to success for multi family building investors is to adopt a strategy that helps them control operation costs, and take steps that add value to their business. To achieve this objective, many multifamily construction companies opt for green certification program, that helps investors minimize the tax burden and add value to their property. Green certification allows multifamily housing investors get returns on their multifamily rental construction and development projects. To help, the post discusses some factors you must consider when choosing a green certification program. Take a look. 1. Certification Cost  Most certification programs, with the exception of Energy Star, involve some amount of fee for the certification. The verifier or the rater involved in the process also charge some fees, which usually varies from $ 100 to $ 400 per unit or more depending on the number of units, the need for allied (testing and consulting) services, and the number of site inspections. You may also have to install extra HVAC units, and opt for advanced air purifying systems for your multi-family housing property, along with some paperwork that may add to the total certification cost. It is, therefore, advisable to do a little homework about the fees involved in the process of green certification.  2. Experienced Contractor   To meet certification requirements, you need to complete an extensive documentation process and may also need to bring several changes to your building’s layout. Opt for a program that most experts in your contractor’s team have already worked on, whi......

Construction of both multi-family and commercial facilities is a complex process. These projects demand a lot of cost and labor, which makes necessary for investors to hire a professional pre-construction planning services firm. The pre-construction planning services help you to lay a groundwork for a successful construction project. The process usually involves checking feasibility, identifying potential issues, defining the project scope, site planning, determining time and cost requirements, and project scheduling. The data gathered during the pre-construction process helps the project and the investors in many ways and some of those benefits are discussed in this blog post. Read on. 1. Helps Define a Clear Vision You embark on a new construction project with an idea or a vision, however, to make it a reality you need to share it with your contractor or anyone working on the project. The pre-construction process includes defining the scope, scheduling and planning, and all those things that will help you draw a clear picture for everyone to see and follow. 2. Helps Determine the Feasibility While an idea may be rated as good, it may still not be feasible. Based on the project scope, site constraints, and similar other factors a feasibility study and constructability analysis is done. The preconstruction process provides all the information that is required to determine the feasibility of your project. It helps examine the possibilities and alternatives of an idea. 3. Helps Estimate the Fund Requirement Pre-construction services also include estimating the cost requirements. This helps investors plan and......

When it comes to investing in residential real estate, investors have two options: single family and multifamily properties. Investing in a multifamily property is the preferred choice for real estate investors who are looking to make the most of their money, and those who are looking for a steady source of parallel income. There are several benefits of investing in multi-family residential units, which give you all the right reasons to put your money down. In this blog post, we discuss four such reasons to invest in multifamily housing units.  1. Increasing Demand One of the reasons for investing in multifamily housing business is increasing demand. As young adults are now more inclined than ever to live an independent life, multifamily housing units emerge as an obvious choice for most house hunters. In addition, given the economic volatility, an increasing number of people are now looking for affordable housing options without having to  compromise on the essential, which is another reason behind the increasing demand. 2. Flexible Finance Options Though the cost of acquiring a multi-family housing property is more than a single family unit, it is a lot easier to raise money for it. Securing a bank loan for multi-family properties is a lot easier because these properties generate a strong cash flow every month. Unlike single-family properties that become 100% vacant as soon as the tenant leaves, multifamily properties still have rent coming in even if some units stay vacant for a couple of months. 3. Easy to Invest......

Emergency Orders Can Have A Silver Lining for Property Owners and Developers CapasGroup Realty Advisors, in collaboration with zoning and land use attorney Drew Melville of Melville Law, PA is pleased to share the following discussion explaining how property owners can easily extend their real estate entitlements and permits.  To our surprise, many property owners are not aware of their statutory right to these extensions.  If you are a developer or own property with permits or other entitlements, please read this article and keep it on file for future reference.  For more details, please contact CapasGroup, Melville Law or your zoning attorney. Under certain circumstances, the Governor of Florida will issue an Executive Order “EO” declaring a state of emergency “SOE” for specific counties or even for the entire state.  In Florida, SOE declarations most commonly occur in advance of tropical storms or hurricanes but can be in response to other threats as well. Recent examples include SOE’s issued related to Lake Okeechobee discharge and even the Zika virus. To enable property owners in affected areas to focus on the emergency at hand, Florida Statutes makes certain entitlement and permit extensions available whenever a state of emergency is declared.  Property owners in affected areas can typically extend their entitlements for at least eight months, sometimes longer.  The process is relatively simple, inexpensive does not require an approval process.  Essentially, all property owners must do is notify the appropriate regulatory agencies of their intent to exercise their rights under the Section. How It Works Under Section 252.363, ......