Operations

The Lyric at Norton in Prospect, Kentucky

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 …

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Pull quote from Tammy Estes

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 …

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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 …

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

— 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 …

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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.

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