Operations

Nathan Wilcox, Principal Architect, The Beck Group

Four Trends to Watch in Multifamily Design

by Channing Hamilton September 17, 2024

Four significant cultural shifts are driving the evolution of multifamily design. Today, developers and architects must create spaces that serve the remote work trend, meet the demand for wellness amenities, keep up with changing sustainability and technology standards and create communities that socially engage their residents. How Hybrid Work Schedules Have Changed Design The shift to remote and hybrid work has profoundly influenced design offerings and space planning at an unprecedented pace in multifamily developments. Before the shift to full-time or partial work from home, the average size of most …

September 17, 2024

Stella at Five Points in Huntsville, Alabama

Alabama Development Features Leasing & Marketing Operations Southeast

Huntsville is a City of Opportunity for Community Building

by Channing Hamilton September 16, 2024

Huntsville is a land of opportunity for new projects. The “Rocket City” is the most aggressive market in the nation for apartment development, according to data from RealPage. The city claimed that title in 2022 and has maintained it ever since. Developers completed roughly 5,900 units in the first quarter of 2024, according to RealPage. This expanded supply by 15.9 percent. Another 9,895 units are currently under construction, with 6,900 of those apartments slated to deliver by the end of the first quarter of 2025. RealPage estimates the city will …

September 16, 2024

Speakers on the design panel at the InterFace Houston Multifamily conference.

Conference Coverage Development Features Operations Texas

InterFace Panel: When It Comes to Amenities in Today’s Multifamily Market, Sometimes Less Is More

by Channing Hamilton August 16, 2024

HOUSTON — Within the world of multifamily development, the “amenities arms race” has become a well-documented trend over the past decade, a contest to curate and deliver the most appealing combination of entertainment and wellness features and activities to woo prospective renters. In many instances, this approach was successful, and developers succeeded in capturing the hearts and wallets of renters who sought an “everything under one roof” approach to renting. The fervent movement to deliver more extensive and impressive amenity packages also worked for much of the last decade because …

August 16, 2024

Finance News Northeast Operations Southeast Virginia Washington, D.C.

Fannie Mae, Freddie Mac to Tighten Commercial Real Estate Lending Rules

by Channing Hamilton August 14, 2024

WASHINGTON, D.C. AND MCLEAN, VA. — Mortgage financing firms Fannie Mae and Freddie Mac plan to impose stricter rules for commercial property lenders and brokers, according to a report from the Wall Street Journal. The new guidelines are part of an emerging regulatory crackdown on fraud. Federal prosecutors and investigators have been increasingly pursuing fraudulent mortgage schemes since 2022. The rules may come into effect later this summer. Under the new rules, lenders would have to “independently verify” the financial information of potential borrowers and verify their source of funds …

August 14, 2024

Jonathan Treble, Founder and CEO of WithMe Inc.

Industry Voices Midwest Northeast Operations Southeast Technology Texas Western

Amenities Anchor Communities, Foster Live-Work-Play Environment

by Channing Hamilton August 2, 2024

— By Jonathan Treble, Founder and CEO of WithMe Inc. In today’s multifamily landscape, amenities play a pivotal role that goes beyond attracting and retaining prospective residents. The right amenity package can enhance residents’ daily experience, nurture a thriving sense of community and ultimately increase the asset’s overall value. By thoughtfully outfitting an asset with the right amenities, property owners and operators can cater to today’s renters’ live-work-play and remote-work lifestyles. Modern Renters Desire “Third Spaces” Post-pandemic, the traditional boundaries between home, office and social spaces have blurred. Remote and …

August 2, 2024

Industry Voices Midwest Northeast Operations Southeast Texas Western

Property Managers Need a Holistic Approach to Prop Tech to Streamline Operations

by Channing Hamilton July 12, 2024

— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home. This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …

July 12, 2024

Affordable Housing Development Features Finance Operations

Will New Tax Abatement Program Targeting NYC Be a Game-Changer for Affordable Housing Developers?

by Channing Hamilton May 7, 2024

NEW YORK CITY — The New York state legislature has approved a new tax break program as part of the recently passed 2024-2025 budget to address the dearth of housing supply in and around Manhattan. Lawmakers say the program could increase affordable housing development throughout New York City, but some New York City residents are skeptical the program will do much to address the issue. 485-x was introduced as part of the New York state legislature’s budget for fiscal year 2025, which runs from April 1, 2024, to March 31, …

May 7, 2024

News Northeast Operations Washington, D.C.

Biden Administration Plans Rent Control Cap for LIHTC Properties

by Channing Hamilton April 1, 2024

WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29. “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …

April 1, 2024

Courtney Wilson Multifamily NOI TheGuarantors quote

Affordable Housing Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Technology Western

Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures

by Sarah Daniels March 25, 2024

Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …

March 25, 2024

Company News Illinois Midwest News Operations

Peak Realty Rebrands as Cross Street After Expanding to Denver

by Channing Hamilton March 15, 2024

CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.

March 15, 2024

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