Operations

A 3D render of Ltd. Med Center, a contemporary-style community in Houston.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton April 24, 2023

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

April 24, 2023

Company News Development Florida News Operations Southeast

Merrimac Selects Altman to Manage $90 Million Broward County Project

by Lynn Peisner April 20, 2023

PLANTATION, FLA. — Merrimac Ventures has selected the Altman Management Co. (AMC), a division of The Altman Cos., to manage Leena Plantation in Plantation. The 306-unit property is under development by Fort Lauderdale-based Merrimac and is scheduled to open this summer. Leena Plantation is comprised of one- to three-bedroom units. The $90 million project broke ground in 2021 and consists of two six-story buildings. Amenities include a club room, pool, covered terrace, barbecue grilling stations, two exterior courtyards, a fitness center, a coworking and business center with private offices and …

April 20, 2023

Company News Illinois Leasing & Marketing Midwest News Operations

RMK Selected to Manage Fieldpointe of Schaumburg

by Lynn Peisner April 12, 2023

SCHAUMBURG, ILL. — RMK Management Corp. has been named property manager of Fieldpointe of Schaumburg, a 396-unit community in Schaumburg, Ill., a northwest suburb of Chicago. Fieldpointe comprises 12 three-story buildings and features studio, one- and two-bedroom layouts measuring 548 to 948 square feet. Rents range from $1,382 to $1,950. The property is pet-friendly and offers a pool, covered or garage parking, bike storage and package services. Capital improvement projects are scheduled at Fieldpointe in the coming months, including a roof replacement and cosmetic updates to shared corridors. Chicago-based …

April 12, 2023

A 3D render of Altra Kendall, a white multifamily community behind a pond with a fountain.

Company News Florida Georgia News Operations Southeast

Altman, RAM Partners Form Property Management Partnership

by Channing Hamilton March 28, 2023

FORT LAUDERDALE, FLA. — Altman Management Co. (AMC), a subsidiary of Fort Lauderdale-based The Altman Cos., has formed a partnership with RAM Partners. RAM Partners is a full-service third-party residential property management company based in Atlanta. RAM Partners will provide support to AMC’s property marketing, training, business systems and revenue management teams, as well as the firm’s ancillary services department. AMC will continue to handle resident-facing functions such as leasing and property management. AMC currently manages more than 27,000 units across 105 communities.

March 28, 2023

Orchard at Hilltop, a three-building multifamily building atop a hill.

Features Operations Southeast Virginia

NAA Survey Respondents Overwhelmingly Say Rent Control Policies Affect Investment, Development Plans

by Channing Hamilton March 28, 2023

ARLINGTON, VA. — More than 70 percent of housing providers say that rent control policies impact their investment and development plans, according to a newly released survey from the National Apartment Association (NAA). In addition, two-thirds of respondents say they would not consider investing in markets with strict rent control policies. The survey — which examined the consequences of rent control policies in cities across America — was conducted by NDP Analytics and commissioned by NAA. From December 2022 to February 2023, NDP conducted 24 interviews with housing providers and developers …

March 28, 2023

The Lyric at Norton in Prospect, Kentucky

Company News News Operations Southeast

Capital Square Launches Property Management Group

by Lynn Peisner March 20, 2023

RICHMOND, VA. — Capital Square has launched a management division called Capital Square Living. The wholly owned subsidiary will oversee all management functions of the portfolio of 55 assets that the Richmond-based firm either owns and/or has developed. The properties comprise about 14,000 units across the Southeast and Texas. Capital Square Living will begin the phased onboarding of communities in April, providing services that include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident-retention functions. “By internalizing property management, the same management team will …

March 20, 2023

Industry Voices Operations Technology

Property Owners Providing the Latest Wi-Fi Technology Will Attract and Keep Residents

by Lynn Peisner March 13, 2023

The boundaries between work and personal time are becoming increasingly blurred. But, as Thomas Edison once said, “Time is really the only capital that any human has and the only thing he can’t afford to lose.” Apartment owners and operators need to provide environments that support the way their tenants choose to spend their time living and working today. The concept of work-life balance has taken on new meaning because of the constant connectivity provided by mobile devices, laptops, streaming services, voice assistants, gaming and video calls — all combined …

March 13, 2023

New Jersey News Northeast Operations

The Monocle Group Selects Greystar for Management of 210 Main

by Kari Lloyd February 20, 2023

HACKENSACK, N.J. — The Monocle Group has selected Greystar Real Estate Partners LLC, as property manager of 210 Main, a two-building, 126-unit property in downtown Hackensack. Formerly a historic bank building and one of Hackensack’s first architectural landmarks, 210 Main was converted to apartments in 2021. The community consists of the 11-story, 89-unit building at 210 Main St. and the interconnected four-story, 37-unit building at 214 Main St. Amenities include a 24-hour fitness center, concierge, outdoor lounge with barbecue grills and fire pits, rentable event lounge, community laundry room and …

February 20, 2023

Parkside Terrace, a two story brick multifamily building with white balconies overlooking a small green lawn and hedges.

Industry Voices Operations

How Proptech Is Proving to Be a Game-Changer in Class B and C Multifamily Market

by Channing Hamilton February 6, 2023

— By Sylvia Crawford, Senior Director of Marketing Strategy and Planning, Arize — Nationwide, the average apartment rent increased by 14 percent last year, and by as much as 40 percent in cities like Austin and Miami, according to The Washington Post. Renters with low- and moderate-income levels are struggling, as the demand for accessible housing is growing faster than inflation. For years, proptech has primarily been leveraged in luxury homes and high-rises, as only Class A property owners could justify investing in these devices. Meanwhile, Class C properties have traditionally shied away from implementing …

February 6, 2023

Illinois Midwest News Operations

Peak Properties to Assume Management Duties at 10-Unit Vintage Building in Chicago’s Logan Square

by Kari Lloyd February 6, 2023

CHICAGO — Peak Properties LLC will take on management duties for the 10-unit property at 2919-2921 N. Whipple in Chicago’s Logan Square neighborhood. An unnamed local investor acquired the property for $2 million as part of a 1031 exchange in November 2022. Built in 1927, the vintage building features 10 one-bedroom units all with updated bathrooms, kitchens with stainless steel appliances. Key elements of the property were addressed after the building was purchased, including the roof, windows, boiler and electrical service.

February 6, 2023

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