FAIRFIELD, N.J. — Lewis Zlotnick of Woodmont Properties will transition into the position of Executive Vice President of the company’s Florida division. Zlotnick will oversee Woodmont’s strategic expansion throughout Florida, where Woodmont has invested in about 4 million square feet of industrial development. He will continue to serve on the company’s Executive Leadership Committee, the Investment Committee and the independent Board of Advisors. Additionally, Woodmont Properties has promoted Daniel Miller to the role of Chief Operating Officer, where he will assume the responsibilities of Zlotnick. Miller will oversee Woodmont’s strategy, …
ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held …
SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …
HOUSTON — Allied Orion Group has named David Nargang as president of the company’s property management division. In this position, Nargang will oversee the daily operations of the firm’s property management portfolio, which comprises more than 35,000 units across the nation. He will also supervise the property management team. Prior to joining Allied Orion Group, Nargang also served as president at McCormack Baron Management, where he oversaw the management of more than 23,000 multifamily units across 26 states. He has held senior positions at various organizations such as NRP Group, …
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Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften
Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …
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Tech-Driven Renters Insurance Model Ramps Up Efficiency, Reduces Risk
The failure of residents to meet coverage requirements or letting policies lapse can cost owners and operators significantly, according to TheGuarantors, a fintech company serving the multifamily industry. For some operators, this can mean up to hundreds of thousands of dollars in liability costs. It can be months before operators become aware that residents have changed or canceled their policy. Property technology (proptech) innovations have helped digitize every facet of the leasing, management, maintenance, rent collection and revenue management processes. However, most proptech improvements have traditionally been renter focused, rather …
Multifamily & Affordable Housing Business: How did each jurisdiction define the moratoriums in California? Did it vary? Ring: The eviction moratoriums began in California during the outbreak period of COVID-19. The immediate response from state and local governments was to prevent landlords from evicting non-paying residents via an ‘emergency order’ declaration. Each jurisdiction settled on their own methodology and created a near-impossible set of rules for landlords who operate in multiple cities. Often, a county had a set of rules, the city had a set of rules, and the state …
— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …
— By Revital Gadish, CEO, Qira — More than a third of Americans rent their homes, according to the U.S. Census Bureau. As such, the political landscape is evolving to fit their needs. An influx of new laws and proposed legislation has ensued, aimed at increasing transparency and fairness and avoiding financial hardship for tenants. Much of the ensuing legislation is focused on security deposits. The strictest of the bills bans security deposits entirely, while others are capping the amount landlords can charge as a security deposit. So far, Texas, …
INDIANAPOLIS — Milhaus, an Indianapolis-based national multifamily developer, has selected Andrejs Kancs to the newly created position of vice president of financial and asset management. In this role, Kancs will monitor project performance on behalf of investors and lenders, initiate measures to rectify concerns and analyze market and project data to prevent underperformance. Kancs most recently served as a director with Scannell Properties. Prior to this, he worked at Milhaus from 2017 to 2022, where he rose to the position of director of finance. Kancs earned his bachelor’s degree in …