November/December 2014 - Indiana Apartment Association

Transcription

November/December 2014
The Official Publication of the
Also INSide...
Award Winners • Legislative Update
Speaking Legally
TABLE of
Contents
Published bimonthly by the Indiana Apartment Association
November/December 2014
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The Official Publication of the
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The Indiana Apartment Association
9100 Keystone Crossing, Ste. 725 • Indianapolis, IN 46240
P: 317-816-8900 • F: 317-816-8911 • iaa@iaaonline.net • www.iaaonline.net
_________________________________________________________
OFFICERS
Chairman Jerry K. Collins, Flaherty & Collins Properties
Vice Chairman Sandy Carmin, Englert Management Corporation
Secretary Mark Juleen, J C Hart Company
Treasurer Chad Greiwe, Gene B. Glick Company
Past Chairman Adam Van Rooy, Van Rooy Properties
Committee
Sign-Up Notice
2014 Midwest Multifamily
Conference Recap
Also INSide...
From the IAA President....................................................................................................................................4
From the IAA Chairman of the Board.........................................................................................................5
PAC Contributors.................................................................................................................................................6
From the NAA Chairman.................................................................................................................................8
Leasing Consultant of the Year Q&A..........................................................................................................10
Legislative Update............................................................................................................................................13
Speaking Legally...............................................................................................................................................21
Around The State.............................................................................................................................................22
Member News...................................................................................................................................................24
Upcoming Events.............................................................................................................................................27
National Focus...................................................................................................................................................28
New Member Profiles.....................................................................................................................................30
Recent CAM Designates.................................................................................................................................32
Associate Member Update...........................................................................................................................32
Call for Submissions
January/February 2015
The January/February 2015 issue of INSites will feature RENOVATIONS.
We are seeking submissions of photos of successful renovations as
well as suggested editorial content. The deadline is January 10. Please
contact Jean at jean@iaaonline.net or 317-816-8900.
On the Cover:
IAA members were recognized during the Prodigy Awards Dinner at the 2014 Midwest
Multifamily Conference. We have recapped the two-day event starting on page 14.
direct BOARD members
Tamera Brandt, New Generation Management
Don Brunner, Denizen Management
Brian Cranor, Cityscape Residential LLC
John Ehrhardt, The Sterling Group
Randy Escue, Dominion Realty, Inc.
Nancy Flynn-Strater, The Sexton Companies
Nikki Gastineau, CFC, Inc.
Mike Gorman, Edward Rose & Sons
Cindy Green, HI Management
Jon Hicks, Andover Management Corp.
Alex Jackiw, Milhaus Management, LLC
Jennifer Kennedy, Wabash Landing
Cindy Koehler, Buckingham Management
Steve Lavery, Herman & Kittle Properties
Jeanne Milan, Samaritan Companies
Raquel Shamble, Boulevard North Townhomes
Tom Spencer, Meridian Management Corporation
George Tikijian, Tikijian Properties
Chuck Townsend, Sheehan Property Management
Mary Trujillo, Barrett & Stokely
Adam Van Rooy, Van Rooy Properties
Brenda Valle, Newlin-Johnson Co., Inc.
Margie Williamson, Pedcor Management
associate BOARD members
Lara Smith, Apartment Guide Consumer Source, Inc.
Chris Moore, APCO Supply
Thomas Rector, Rector Communications, Inc.
chapter staff members
Yvonne Avary • Executive Director, Apartment Owners and Managers Association of Terre Haute
Beth Wyatt • Executive Director, Apartment Association of Fort Wayne and Northeast Indiana
Amy Phillips • Executive Director, Apartment Association of Southern Indiana
Paula Carey • Executive Director, Northern Indiana Apartment Council
IAA Staff
INSites Publisher Lynne Petersen, CAE, President • lynne@iaaonline.net
INSites Editor Jean Lloyd • jean@iaaonline.net
Director of Government Affairs Gretchen White • gretchen@iaaonline.net
Director of Membership & Education Franny Upp • franny@iaaonline.net
Director of Events & Expositions Lauren O’Neill • lauren@iaaonline.net
Accounting & Education Assistant Kristie Fessler • kristie@iaaonline.net
Events & Exposition Assistant Meredith Galliher • meredith@iaaonline.net
Accounting Manager Mary Massey • mary@iaaonline.net
Front Desk Coordinator Cassandra Bingham • cassandra@iaaonline.net
POSTMASTER: Send address changes to: Indiana Apartment Association, 9100 Keystone Crossing, Ste. 725, Indianapolis, IN 46240, Phone (317) 816-8900, Fax (317) -8168911. Presorted standard at Indianapolis, IN. The views herein are those of the writers and advertisers and do not necessarily reflect those of the magazine’s management
or ownership. IAA welcomes stories, art and photo contributions. All such material must be accompanied by a self-addressed, stamped envelope or it will not be returned.
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INSites November/December 2014
www.iaaonline.net
from the
IAA
President
Thank You for another
Successful Year
As 2014 comes to a close I want to thank IAA Chairman Jerry
Collins for his leadership and commitment to the association
over the last two years. I also want to thank our 2014 Board
of Directors for their dedication and guidance. Looking back
on 2014, it is clear that their volunteer leadership combined
with that of our committee chairs and committee members
has led IAA to another successful year.
Lynne Petersen, CAE
IAA President
Financially, the association is strong and membership is
growing as we reached an all-time high this year representing,
more than 221,000 units. It is not only exciting to see
membership growth but also to be bringing in new members.
The Midwest Multifamily Conference in October benefitted
from increased participation from around the state of Indiana as
well as neighboring states. Attendees gave great feedback on the
number of speakers and the quality of speakers at the conference.
Through their feedback we learned that members appreciate the
tracks which provide focused education across the industry.
We also had a notable year in terms of legislation. IAA
successfully lobbied members of the General Assembly to take
action on municipal registration and inspection ordinances
after municipalities viewed them as a way to generate revenue
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from the industry. Registration fees are now limited to $5 per
property annually. We also reduced the number of duplicate
inspections required by helping pass legislation that allows
properties to opt-out of local inspection programs if certain
third-party inspection reports are submitted.
IAA added new programs this year including the three Power
Lunches and the Chili Cook-off. These popular events are
on the schedule again for 2015. Additionally, the Young
Professionals in Multifamily (YPM) is growing as a way
for members to promote IAA programs and events with
the younger members and get them interested in attending
classes, events and joining committees. The New Member/
New Employee orientation, held every quarter, achieves
a similar goal and has been a valuable way of kick starting
participation and making sure new members or new
employees feel engaged and ready to network to get the most
out of their membership.
We look forward to introducing more programs and
working with both veteran and new leaders in 2015. If you
have not already volunteered to serve on a committee, it is
not too late. Please visit iaaonline.net to learn more and get
involved with IAA.
www.iaaonline.net
from the
IAA
Chairman of
the Board
Thank You, Members!
I want to say thank you to our very generous members
who sponsor IAA events and advertise through IAA. It’s
not enough to just say thank you, so I want to explain why
I’m saying thank you. You are a key part of our industry
and we appreciate your support.
Every year when I walk onto the trade show floor at
the Midwest Multifamily Conference I’m impressed
with the wealth of expertise and the breadth of products
and services that our associate members bring to the
multifamily industry. These products and services keep
our apartments running and allow us to offer the best
service to our residents. We appreciate your knowledge,
your enthusiasm and your visibility in the industry.
It’s no secret that the multifamily industry is doing well
right now and everyone is busy. When members need a
product or service they may not even have to flip to the
IAA Directory if they’ve seen your business name every
time they turn around.
while sporting your “Proud IAA Member” logo. While the
market is hot right now and business is good, we know who
supports IAA and we want to continue to help promoting the
goods and services that you offer.
To make it easier for associate members to achieve their
goals and manage their business strategy, the board has
just approved new Business Partner Membership Levels.
The Associate, Partner, Executive, Signature and Premier
membership levels are designed for companies of all sizes
looking to increase exposure in the multifamily industry
and build on involvement with the Indiana Apartment
Association. For more information please visit iaaonline.net.
Jerry Collins
IAA Chairman of the Board
Thank you once more to all of our generous sponsors this
year. Support from associate members is not something
we take lightly and is very much appreciated by everyone
connected with IAA, especially the leadership of IAA.
IAA helps you stay connected and directly reach your
target audience. IAA helps build your brand image, create
consumer awareness, educate members and increase sales
www.iaaonline.net
November/December 2014 INSites
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The IMFHPAC is IAA’s nonpartisan political action committee that invests in candidates who are supportive
of industry issues and are pro-business legislators. These funds aid in the election of candidates whose
legislative voting records and/or positions on multifamily issues will enhance the business climate in the
state of Indiana.
CONTRIBUTOR LIST*
Platinum Investors ($1.50 per unit)
18 Capital Group
3 Point Property Management
Abbey Stombaugh
Arnel, Inc.
Banner Property Management, LLC
Bloomington Housing Authority
Brad Nash
Braden & Associates-Architonics, Inc.
Brookside Properties Inc.
Buckingham Management, LLC
Carnegie Companies
Carr Property Group
CDI, Inc.
Cedarview Management
Chronister Properties
Cityscape Residential, LLC
Coomer Seedling, LLC
Core Redevelopment LLC
Country Squire Apartments
Crestline Property Management
Dietz Property Group
Dominion Realty, Inc.
Edward Rose & Sons
Emmert Property Management
Englert Mgmt Corp.
Feichter, Realtors
Four Seasons Realty
Gene B. Glick Company, Inc.
Given & Spindler Companies
GlassRatner Management
GT Properties
Hawthorne Residential Partners
Heugel Realty, Inc.
Huber Properties
Hudgins & Co.
Indian Village Investments
Jehl Apartments LLC
J C Hart Company
JCap Management
John & Stacy Hayes
Joplin Apartments LLC
JRK Residential Group
Kramer Lumber Company
Lakeside Residences
LI Combs & Sons Management Co.
LRG, LLC
Madisonville-West Properties, Inc.
Maple Crest Realty Corp.
Mark II Management Corp.
Masterson Properties, LLC
Metro Real Estate
Miller Valentine Group
Neil A. Burd
Newlin-Johnson Co., Inc.
Novogroder Companies Inc
Oxford Gables
PAR Enterprises
Pearl Group Properties
Princeton Enterprises LLC
Realty & Mortgage Co.
Regor, LLC
Riverstone Residential
Robert Hoopingarner
Samaritan Companies
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Shaw Rentals
Sentry Management Services Inc
Sheehan Property Mgmt, Inc.
Tazian Properties
Teakwood Arms
Telzloff LLC
Ten South Management
TGM Associates L.P.
Tom Hoot Rentals
Trinity Property Consultants
Turtle Creek Management, Inc.
Urbahns Group an Indianapolis Co.
Van Rooy Properties
Westminster Management LLC
Williw Point
Wingate Companies
Zender Family Limited Partnership
Gold Investors ($1.00-$1.49 per unit)
Barrett & Stokely, Inc.
Becovic Management Group of Indiana
Birge & Held Asset Management, llc
Consolidated Property Management
Denizen Management
Flaherty & Collins Properties
GlassRatner Management
Hills Property Management
Mark III Mgmt. Corp.
PMR Companies
The Community Builders, Inc.
Wilkinson Asset Management
Silver Investors ($.50-$.99 per unit)
Andover Management Corp./ In Good Company
Friedman Management
James Management Group, LLC
Justus Rental Properties, Inc.
Ken Bonner
Magna Properties, Inc.
Pedcor Management Corporation
Regency Windsor Management Inc.
Bronze Investors (up to $.50 per unit)
June Palms Home Leasing LLC
Meridian Management Corp.
Montford Multifamily
NRP Management, LLC
Pedcor Homes Corp.
PMR Companies
RealAmerica Management, LLC
TWG Management
Weiss Entities
Booster Club (Associate Member Investors)
A2 Windows & Doors LLC
AC/C Tech
ACI, Inc.
Alert Canine Bed Bug Detection Agency
AmberLeaf Cabinetry
American Lung Association in Indiana
ap Inspections & environmental services
Apex Paving and Excavating, Inc.
Ardizzone Enterprises, Inc.
AT&T Connected Communities
Blakely’s
Bone Dry Roofing
Carpetbaggers, Inc.
Carter Lumber
CBRE
CCI Roofing, LLC
Clark Appliance
ComerNowling
CORT
CRG Residential
CSI Signs
Diamond Rentals
Drexel Interiors
Elbert Construction
ePremium Insurance
Falcon Carpet of Indiana, Inc.
Frye Electric, Inc.
Full Care of Indianapolis
Gold Seal Termite & Pest Control Co.
HFF
ICOR International
Indiana’s Finest Wrecker
Indiana Quadel Consulting
Indy Towing Service Inc d/b/a Pro Tow
Jahnke Painting, Inc.
Jetz Service Company, Inc.
Kermans Fine Flooring
Kinder Electric Co, Inc.
Last Chance Wrecker & Sales, Inc.
LeaseHawk
Lewis Chester Associates
Marsh, Inc.
Moen, Inc.
National Tenant Network - Indiana
NWP Services Corporation
PayLease
PHD Carpet & Janitorial Service, Inc.
P/R Mortgage & Investment Corp.
Property Tax Consultants LLC
Quantum Graphix, LLC
Renovia
Restor
Rite Rug Company
Roto Rooter Plumbing, Inc.
RSQ Fire Protection
ShowerStart
Sims-Lohman
Sullivan Commercial Supply
T.A. Kaiser Heating & Air, Inc.
The Brickman Group Ltd.
Thermo-Scan Water Leak Detection
Thompson Thrift Construction
Tikijian Associates
University Loft Company
Uzelac & Associates, Inc.
Van Rooy Restoration
VMintegrated
W&M Construction Services
Young Environmental Solutions, Inc.
*As of November 15, 2014
www.iaaonline.net
Connect with
NAA
Brad Williams
2014 Chairman
Don’t Miss Your Chance to Glimpse the
Future at the 2015 NAA Student Housing
Conference & Exposition
Ever wished you could divine the future? Well,
we can’t make any promises, but we can say
that your best opportunity to see the future
of the student housing market for the class of
2020 will be at the 2015 NAA Student Housing
Conference & Exposition, February 17-18,
2015, at the ARIA Resort in Las Vegas.
Register today at http://shce-naa.naahq.
org/registration-information and join us on
Wednesday for the Keynote Panel: Student
Housing Market Watch, led by developers,
investors, owners and architects who will dust
off their crystal balls and -prepare the tea leaves
for what promises to be an intriguing discussion
concerning their visions of student housing five
years on the horizon.
Join panelists William Lewittes, Director,
Kayne Anderson Real Estate Advisors;
Sean Studzinski, Principal, KSQ Architects,
PC; Susan Folckemer, CPM, Chief Development Officer, The Preiss
Company; Fred Pierce, CEO, Peirce Education Properties; and Taylor
Gunn, Research Analyst, Axiometrics Inc. as they prepare to you to meet
the challenges and opportunities of the evolving student housing market.
For a limited time, save $275 on the cost of registration. To sweeten the deal,
groups of five or more can save an additional $75 each by registering together.
High-caliber sessions, unparalleled networking opportunities and the
latest technology await you in Las Vegas. Visit http://shce-naa.naahq.org
to register, view the schedule and read the latest announcements.
Connect, Learn and Grow With the 2015 NAA Education Conference
& Exposition Game Changers
Game Changers: They’ve influenced the world and changed the way you
do business. Now they’re all gathered under one roof—the 2015 NAA
Education Conference & Exposition, June 24-27, 2015, in Las Vegas—to
share their experience, knowledge and revolutionary spirit.
winning photographer Platon, who brings his photos to life as he shares
with audiences the inspiring stories behind the photos.
The nation’s largest gathering of apartment industry advocates will
convene on March 17 – 18 in Washington, D.C. In keeping with the
theme, “One Industry. One Voice,” the Capitol Conference will provide
a full day of training to prepare advocates to represent the industry
effectively and speak with one voice – whether you’re a first timer or a
tested veteran. In addition to guest speakers, participants will be offered
more educational sessions than ever before so you can put into practice
what you’ve learned during Lobby Day on Capitol Hill.
The NAASpring Governance Meeting will precede the NAACapitol Conference
on March 15-16. Registration is now open at www.naahq.org/capitol.
Find Out How You Measure Up With NAA’s Survey of Operating
Income & Expenses and Individual Market Data
Just in time for budget season, results of the 26th annual NAA Survey of Operating
Income and Expenses in Rental Apartment Communities are now available.
Read the Executive Summary (www.naahq.org/sites/default/files/naadocuments/income-expenses-survey/2014-Income-Expenses-Summary.
pdf) and visit www.naahq.org/learn/income-and-expenses-survey/2014survey for a full survey report and individual market data.
The report presents data from garden and mid-rise/high-rise properties,
and is further segmented by individually metered and master-metered
utilities. Survey data is presented in three forms: Dollars per unit, dollars
per square foot of rentable area and as a percentage of gross potential
rent (GPR). The survey includes an executive summary, detailed data,
reports and charts about rental communities. A total of 3,698 properties
containing 966,296 units are represented in this year’s report. Data was
reported for 3,366 market-rent properties containing 906,562 units and
332 subsidized properties containing 59,734 units. Data for the 2014
survey is based on data for fiscal year 2013. To order your copy of the
survey, contact NAA’s David Edwards at davide@naahq.org.
Don’t miss a moment of wisdom from a suite of six world-class experts,
from Robin Chase, Founder and former CEO of Zipcar, Buzzcar and
GoLoco to Richard Karlgaard, Wall Street Journal Bestselling Author
and Publisher of Forbes Magazine.
Visit http://educonf.naahq.org/learn/game-changer-speakers to read all
about NAA’s Game Changers. Make the decision to Connect, Learn and
Grow by registering for multifamily housing’s largest, most important
event of the year: The 2015 NAA Education Conference & Exposition, at
http://educonf.naahq.org/attend/register.
Guess Who’s Coming to the 2015 NAA Capitol Conference?
Former NBC Meet the Press host David Gregory will provide a unique
rundown of the hot-button topics that will most affect 2016’s potential
presidential playing field as keynote speaker at the 2015 NAA Capitol
Conference. Gregory will be joined by kick-off speaker, the award-
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November/December 2014 INSites
9
MEMBER Q&A
Casey Johnson 2014 Leasing Consultant of the Year
Casey Johnson
How did you get started in the
multifamily industry?
I had a friend who really enjoyed it and
turned me on to the industry. With a very
competitive nature I thought this would
be the perfect avenue for me to take.
Also, choosing a new place to live has
always been exciting to me. I wanted to
be involved with the excitement others
experienced as well.
Tell us about your first job.
Though some may not consider this a “job,” I was a varsity diver
for Indiana University Collegiate Diving Team and trained more
than six hours every single day while tackling a full course load.
Being a dedicated collegiate athlete really allowed me to hone in on
my competitive characteristics. Diving for one of, if not the most
prestigious/successful programs in the country, I learned how to
work hard and provide results, POSITIVE results. This also taught
me how to not only use whatever cards I am dealt, but use them to
my advantage.
Have you had any specific mentors or role models in the industry?
The property manager (Lisa Watson) that I currently work under has
been one of the most insightful individuals I have ever worked with.
She has more knowledge for this industry than anyone I know. Her
professional skills and extensive knowledge has really given me an
upper hand in learning the ins and outs of the multifamily industry.
She really has given me everything I need to move forward with a
career in this industry. The best part is, there is always something else
to learn from her.
What had you accomplished at the property that made you most
proud last year?
Leasing up a rather large start-up property to 100 percent, especially
in a competitive college town was a feat in itself, but I think learning
so much in so little time and being able to apply everything learned
was the most exciting for me. The most challenging/rewarding
achievement was successfully leasing the property to nearly 100%
before we were even able to show people the actual property (because
it was being built).
What was your reaction to earning the award?
When I heard my name called as the recipient of the award, my mind
went blank...it was like I forgot my name. I was so excited to be the
recipient of such a great award. It really validates all the hard work
put in over the past year. I began to think of the people that nominated
me and helped me get to where I am in this industry today.
Tell us about some unique aspects of your property?
The Collegiate on Patterson (Now The Dillon after a management
change) is primarily student housing. We have a ton of great amenities
geared towards college students. We have a computer center, study
rooms, videogames, 24/7 fitness center, heated pool and hot tub,
private shuttles, and the list goes on. We have 635 total bed spaces on
the property. Our floor plans consist of 1 bedroom flats, 2 bedroom
townhomes, 4 bedroom townhomes, 5 bedroom townhomes, and
5 bedroom houses. The property also took home an award for best
design at the same Prodigy Awards dinner.
What advice do you have for other leasing consultants?
This is such a rewarding industry. If you put in the time, effort, and
hard work, you will show positive results. Being confident is another
characteristic needed for success in this industry. If you are not
confident in yourself, or in the property you are working with, there
will be nothing harder to operate/pitch to prospects. Sell yourself...
then selling your property will be much easier! Know your market,
your property, and your audience like the back of your hand. This
makes for seamless delivery of information, which in turn will give
off confidence/positive results. Last but not least HAVE FUN! As
cliché as it sounds, enjoying what you are doing is key. If you are
having a hard time coming into work because you are not enjoying it,
search for some innovative ways to restructure your work day. Make
a competition out of it...get your competitive nature going!
What was your first IAA event?
I attended a bus tour that went around to a lot of the properties in the
area. This is when my eyes were opened to how important it is to
know your market/competitors. It was fun and insightful to see how
everyone operated at their home offices. I also hosted a fair housing
event at our Clubhouse last month. Every time a get an email about
an event I try and RSVP. Continuing education is crucial in an everchanging industry.
What do you value most about the multifamily industry?
I value the interaction more than anything. Whether it is residents,
prospects, or my unrivaled coworkers, I learn something new every
day. That makes coming to work even more exciting. I also value how
every day is different. You never know what the next day will bring.
It is a challenge to be able to adapt to all of the different challenges
thrown in every day and that is what I enjoy.
10 INSites November/December 2014
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November/December 2014 INSites 11
Election Season Ends, Work to Begin
On Tuesday, November 4 voters headed to the polls to elect three
statewide offices, members of the General Assembly, judges, and
various municipal offices. While voter turnout was extremely
low, those who did vote overwhelmingly supported Republican
candidates for statewide and General Assembly offices. The
state Auditor, Treasurer and Secretary of State offices were all
awarded to female Republicans. Both the Indiana Senate and
House entered election season with Republican super majorities
and both chambers picked up additional seats. The Senate is now
controlled by 40 Republicans to just 10 Democrats and the House
Republicans now hold 71 of the 100 seats. Despite losses for
Democrats in both chambers, caucus members promise to work
together on issues where there is common ground and to serve as a
small but mighty voice on issues where there is disagreement. Two
members in the House have already announced their intentions
to resign their seats meaning that a caucus of precinct committee
persons in those districts will chose their successors in December.
With election season over, lawmakers have been sworn into office
and are shifting focus to the upcoming legislative session which is
scheduled to begin on Tuesday, January 6.
The upcoming long session must adjourn not later than April 29
and while the only real obligation is to adopt a biannual budget for
the state, hundreds of bills focusing on various other issues will
also be filed for consideration. Focus appears to be shifting away
from tax issues which have dominated recent legislative sessions
to that of education funding and specifically the school funding
formula. House Speaker Brian Bosma has said he does not
anticipate large-scale tax reform this session and instead focuses
the caucus agenda on education funding, the budget generally,
ethics and public safety.
that are charging an exorbitant fee for
registering the same units year after year.
IAA will work to ensure private property
owners are not forced into voluntary
government programs and will potentially
seek clarification on existing statutes
surrounding the review of local ordinances.
IAA staff have already been approached by
several legislators and groups interested in exploring a variety of
issues such as trespassing, liens on properties after residents fail to
pay utility bills and performance bonds. IAA staff will be on-hand
throughout the long session ensuring our membership’s voice is
heard and advocating on behalf of the industry. Filed bills will
not become public until after the start of the legislative session
and will be highlighted in the weekly legislative report. If you do
not receive this important report, please contact Gretchen White
(gretchen@iaaonline.net).
Legislative
Update
Also with the start of 2015 just around the corner it is important to
carefully check bills mailed to the properties. Aside from properties
in West Lafayette, Bloomington and Goshen, registration fees
should be reduced to $5 per property annually and those properties
in areas with inspection programs should submit qualified thirdparty inspection reports to avoid a governmental inspection
as well as fees associated with such programs. There have also
been several communities raising their storm water user fees and
sanitary district fees in recent months. Please contact IAA if there
is a new or drastically increased fee being billed to the property,
especially if there this is a per unit fee associated with apartments.
There are statutory obligations and parameters municipalities
must follow when creating or increasing utility fees.
From the multifamily standpoint, the City of Hammond claims
they are exempt from legislation adopted last session. This matter
is currently in court and depending on the judge’s decision there
may need to be some tweaks made to the state statute to ensure
their $80 per unit annual registration fee does not continue as
the legislative intent was to prevent programs like Hammonds
www.iaaonline.net
2014 convention recap
Members
Future Proof
Profitability
Although the Vegas theme lends itself to gambling, it’s clear that
IAA members are not gambling with their future. More than 1500
members from Indiana and beyond gathered to gain knowledge
and inspiration, network with other industry professionals, and
visit with more than 180 exhibitors on the trade show floor.
As Convention Chair, Cindy Green of HI Management worked
with a fantastic committee to promote the conference and
ensure that members found valuable programming to boost their
knowledge and expertise to improve their bottom line.
Focusing on education with speakers and seminars, the conference
allowed attendees to return to their properties with new ideas and
enhanced knowledge. With 27 breakout sessions, specific tracks
met individual needs for leasing, property management, regional
supervisors, senior housing maintenance, marketing, technology,
student housings. Fourteen national speakers rounded out the
opportunities to learn with their wide array of expertise.
The educational focus included tracks for Leasing, Property
Management, Regional Property Supervisors, Marketing and
Technology and programs specifically for Maintenance, Senior
Housing, Student Housing, and Affordable Housing.
Individuals continued to share ideas and resources from the
sessions, connect with other members and broaden the conference
discussion through Twitter using #iaacon14. Austin Philip, leasing
consultant with Overlook at Valley Ridge won an iPad mini
sponsored by One Call Now through the “Tweet & Win” contest.
Courtney Smith, marketing director with Barrett & Stokely, Inc.
won a Kindle sponsored by Apartments.com in the same contest.
Convention Chair, Cindy Green led the processional to the grand
opening of the trade show floor where more than local and national
vendors had more than 180 booths promoting the latest in services
and products for the multifamily industry.
Hourly door prizes donated by the exhibitors were given away
to the attendees enhancing the show even further. Daily prizes
of $250 were also given as well as a grand prize of $1,000 on
the second day of the show. The lucky daily prize winners were
Michele Glaze, Assistant Property Manager for Wentworth at
West Clay and Liz DeMao, Property Manger at Carriage House
Richmond. Julia Young, Property Manager for Flaherty & Collins
Properties won the Grand Prize.
The IAA Midwest Multifamily Conference concluded with the
Prodigy Awards Dinner recognizing industry-wide efforts and
accomplishments from the past year. Individual Awards are given
to the future leaders of the apartment industry. These Awards of
Excellence winners are featured on pages 16 and 17.
On Wednesday, keynote speaker, Scott Ginsberg inspired
members with his unique and energetic view of approachability
and the importance of face-to-face communications. The next
day, keynote speaker Curtis Zimmerman had audience emotions
on a roll as he inspired them to change perspective and reach their
full potential. “For one week,” Zimmerman said, “When someone
asks how you are, reply with ‘Livin’ the dream.”
In addition to the individual awards, 34 Prodigy awards were
presented to the management companies/communities for their
outstanding efforts within their company. These winners are listed
on page 18.
As Conference Chair, Cindy Green of HI
Management welcomed members at the
opening session.
Buckingham Companies embraced the
Vegas theme.
Gavin Greene, Regional Property Manager
with Flaherty & Collins embraces the spirit
of the opening session.
Members of the Convention Committee
helped prepare prior to the conference.
Barret & Stockley team members were
ready for the opening session.
During MESH Carl Kuzdal, Maintenance
Supervisor of Presidential Estates won tickets
for a Colts game from Indy Pro Tow.
In addition to the two keynote, 25
educational sessions offered learning
opportunities for all areas.
More than 1500 members in the multifamily
industry visited the trade show floor.
The 2015 IAA Midwest Multifamily Conference is scheduled
for September 16-17. Be sure to mark your calendar and begin
making plans to attend in 2015.
www.iaaonline.net
#IAAcon14
Volunteer of the Year, Gavin Greene at the
Prodigy Awards Dinner.
Julia Young, Regional Property Manager
with Flaherty & Collins Properties was the
grand prize winner.
Leah Leor, of Aloft Circus Arts entertained
the Prodigy Awards Dinner crowd with a
silks performance.
IAA instructs more than 3,000 individuals
in educational seminars every year
including seminars at the Midwest
Multifamily Conference.
Liz DeMao, Property Manager at Carriage
House Richmond was one of the daily prize
winners.
The For Rent team exudes the energy of the
trade show floor.
The Sheehan Property Managment team
celebrated a Prodigy Award for Overal
Curb Appeal at The Masters.
Philip Austin, Leasing Consultant at Overlook
at Valley Ridge (@philupaustin) won the iPad
mini sponsored by @OneCallNow.
Ready for the Opening Session.
Courtney Smith, Marketing Director of
Barrett & Stokely, Inc. (@gingcourt) won
the Kindle sponsored by @apartmentscom.
The Flaherty & Collins team takes their
voting seriously.
Mayra Cortez and Jackie Alvarenga from
Flaherty & Collins.
www.iaaonline.net
Management Company of the Year
The Sterling Group
Gene B. Glick Spirit of Giving Award
Gene B. Glick Company
Management Company of the Year
J.C. Hart Company, Inc.
Joe Rhodes Memorial Award
Michael F. Petrie,
P/R Mortgage
& Investment Corp.
Mike has been called a
multifamily man. His personal
traits make him a unique leader.
Michael F. Petrie, Joe Rhodes Memorial
He is an entrepreneur, a smallAward.
businessman, a policy wonk, a
political junkie and a practical businessman with a very pronounced
work ethic. He is a 1979 graduate of Indiana University’s School
of Business with a major in finance. He received his MBA in 1983
from Indiana University. In 1999 he earned his Certified Mortgage
Banker Designation (CMB) and in 2004 received the Accredited
Mortgage Professional Designation (AMP).
Donald J. Williams Volunteer
of the Year Award
Gavin Greene, Flaherty & Collins
You can find Gavin contributing great ideas
on committees such as golf, convention
and fun and volunteering time as emcee
for many IAA events. If there’s a mic, he
is most likely on it. He has also dedicated
much of his time to the young professionals
Gavin Greene, Volunteer of
in multifamily group. Not only by getting
the Year Award.
the young crowd to the YPM events, but
by inspiring enthusiasm within the younger generation coming into
the multifamily industry. His energy and support he shows for the
association promotes other young professionals in multifamily to
do the same.
He achieved the dream of owning his own business in August
1990 when he created a firm to originate and service multifamily
rental and healthcare housing loans through agency programs. His
company has originated more than $6 billion in multifamily loans
and currently serves $3.5 billion loans.
Grace McFadden Manager of the Year
Alycen Williams, Edward Rose & Sons
Alycen epitomizes the ideal leader. She is
committed to training and mentoring her
staff and consistently delivers a high level
of customer service. There is nothing she
would ask of her team that she herself
would not do. Alycen is a true role model
for her team and her peers and is described
by both as an inspiration. She never loses
focus on the financial goals of her property
and is constantly thinking of ways to
improve her performance as well as that of
her team. She has tremendous pride in the
accuracy of her work, the satisfaction of her
residents, the success of her team and the
overall success of the company.
He currently serves on the on the boards of the Indiana Association
of Community and Economic Development, the Community
Investment Fund of Indiana, the Archdiocese of Indianapolis Catholic
Charities, Inc. and Progress House. He is also President of Affordable
Midwest Housing Corp, a 501-C-3 affordable housing provider.
Victoria Schuman, Individual
Vendor Member of the Year.
Individual Vendor Member of the Year
Victoria Schuman, Hays + Sons
Victoria goes above and beyond every task
she takes on. She provides an unmatched
level of customer service and completely
understands the importance of relationship
building with all members in our industry.
When called with an issue she is quick on
her feet, has a rapid response and finds
the best solution for the problem. She is
extremely motivated with a strong work
ethic and is personable and driven.
Alycen Williams, Grace
McFadden Manager
of the Year.
Casey Johnson, Leasing
Consultant of the Year.
Leasing Consultant of the Year
Casey Johnson - Trinitas Ventures
Casey provides exceptional service
whether at work or off the clock. He shines
with customer service skills that have no
boundaries and provides consistent results.
www.iaaonline.net
2014 Awards of Excellence
He also participates on IAA committees, helped planning for the
IAA property tour, maintains an accurate and in-depth knowledge of
all aspects of the market and community, oversees the social media
campaigns, assists in training, and develops on-going relationships
with area businesses and university contacts.
Chris Hankins, Maintenance
Technician of the Year.
Maintenance Technician of the Year
Chris Hankins - J C Hart Company, Inc.
Chris has the outstanding qualities
sought in a maintenance professional.
He continually increases his knowledge
through educational courses and he has a
great comprehension of HVAC, plumbing
and electrical. He understands what it takes
to be successful and to provide residents
with the best possible service. He also
continually reflects a positive attitude and
he truly cares about the residents.
Alberto Covarrubias Maintenance
Supervisor of the Year
Eric Kratochvil, In Good Company
From a professional standpoint it seems
there is nothing Eric cannot or will not
take on and it is virtually impossible to find
something he doesn’t know how to solve,
or something he hasn’t completed precisely.
When it comes to time management, he is
Eric Kratochvil, Alberto
very efficient. Eric’s attitude is positive and
Covarrubias Maintenance
Supervisor of the Year.
he understands his attitude trickles down to
the employees he oversees. There is rarely
a crisis and his preventative maintenance mentality has a positive
impact on his community.
Assistant Manager of the Year
Lesley Baumann, Van Rooy Properties
Lesley cares deeply about the community
and her residents. With Section 8 and
Section 42 record keeping always a
challenge, she makes compliance look
effortless and uncomplicated. Any task
can be given to her without hesitation and
she completes it with ease. She is always
Lesley Baumann, Assistant
willing to help out other properties when
Manager of the Year.
needed. Lesley is an asset to the company
and considered a great benefit for her
property. Every decision she makes regarding the property benefits
the residents.
Rick Stapp Regional Supervisor
of the Year
Alma Slash, Flaherty & Collins
What sets Alma apart is that she understands
it is not just about the numbers, the assets
and the occupancy rate. She cares deeply
that this industry is about people’s lives,
their homes and their community. She finds
ways to constantly improve conditions
Alma Slash, Rick Stapp
Regional Supervisor of the Year. to make all those things better. Alma’s
leadership has changed over many years of
management. She has worked incredibly
hard with two mayors, countless city leaders and city council
members and a number of non-profit organizations of Indianapolis
and the Far East side, to take back her community and make it a
safe haven for all.
www.iaaonline.net
2014 Prodigy Award Winners
Becovic Management Group
The Preserve at Willow Springs
Brochure, Less than 200 units
J.C. Hart Company
City Flats at Renwick
Floor Plans over 1100 sq ft, 1-10 years in age
Edward Rose & Sons
Latitudes
Overall Amenities, 11+ years in age
Axis
Brochure, More than 200 units
Van Rooy Properties
Buckingham & Balmoral
Floor Plans over 1100 sq ft, 11+ years in age
The Residences at Keystone
Color Advertisement, Less than 200 units
Edward Rose & Sons
Bella Vista
Floor Plans Under 800 sq ft, 1-10 years in age
Buckingham Management LLC
Ironworks at Keystone
Overall Community Marketing Program,
Less than 200 units
Axis
Color Advertisement, More than 200 units
StoneCreek Communities
Washington Quarters
Floor Plans Under 800 sq ft, 11+ years in age
Residences at CityWay
Community Corporate Suite Program
Milhaus Management
Artistry
Overall Community Marketing Program,
More than 200 units
J.C. Hart Company
Stonebridge
Overall Curb Appeal, 1-10 years in age
Sheehan Property Management
The Masters
Overall Curb Appeal, 11+ years in age
Milhaus Management
Artistry
Community Green Initiative Program
Gene B. Glick Co., Inc.
Arden Woods
Apartment Designed for the
Physically Challenged
Residences at CityWay
Community Online Marketing
Core Redevelopment
Stadium Lofts
Community Resident Retention Program
Carriage House of Muncie
Apartment Community Designed
for Project Based Rent Subsidy
Van Rooy Properties
Company-Wide Employee
Relations Program
Van Rooy Properties
Westminster
Renovated Units
Corporate Online Marketing
Olympus Properties
The Mercury
Decorated Model, Less than 200 units
NTS Development
Lake Clearwater
Decorated Model, More than 200 units
Overlook at Valley Ridge
Floor Plans 801-1100 sq ft, 1-10 years in age
J.C. Hart Company
North Haven of Carmel
Floor Plans 801-1100 sq ft, 11+ years in age
Vision 1505
Industry-Related Innovation
J.C. Hart Company
Union Street Flats at Grand Junction
Leasing/Clubhouse Office, 1-10 years in age
Edward Rose & Sons
Sundance
Leasing/Clubhouse Office, 11+ years in age
Archer’s Pointe
Maintenance Shop
Brockton
Renovated Common Area
Trinitas Ventures
The Collegiate on Patterson
for Student Housing
Mark III Management
Irvington Lofts
for Tax Credit Affordable housing
Monarch Management
Foxfire at Valley Lakes
Overall Amenities, 1-10 years in age
www.iaaonline.net
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Photos From the Trade Show Floor
Chukie Nwokorie, Brent Krieg, Joe
Gruszczynski and Alicia Kane McCracken
from Harding Group.
Brad Applegate and Jami Huffman of JETZ.
Convention Committee Chair, Cindy Green
presents OPC Services with thier award for Best
Overall Single Booth.
Cory Kovach, Jim Ziminski and Colby McCorkel
of Moen, Inc.
David Kantor of WastePoint.
David Wenz, Cuc Majors and Ron Woody of
Ardizzone Enterprises.
Elaine Westell of Bath Fitter accepts the
award for Most Creative Use of Product from
Convention Chair, Cindy Green.
Elia Levin of Gold Seal Termite & Pest Control.
Hays + Sons had some fun with the Vegas theme.
Mark Schmidt of Indiana’s Finest Wrecker took
the casino dealer role seriously.
James Mischell and John Gruen of Indy Coin
Laundry joined by Tessa Braun and Tami
Stertmeyer of Hills Property Management.
Jim Coffman and Lance Horine of Baumgartner
& Company Asphalt Services.
JR Knight, Kyle Leis, Brock Roberts, Cheryl
Hunt of eye4 group, one of many new members
who joined IAA in 2014.
Casey Corbett, Leah DelRosario and Randy
McKnight from Signature Supply.
L B Gray was recognized for their Best Use
of Theme.
Spencer Brown and Aaron Craige of
Pfister Faucets.
Meghann Vamvas, Devon Bagwell and Jake Holt
with First Call Claims.
Cindy Green presents Kim Lendway and Penny
Warner of Valet Waste with the award for Best
Overall Large Booth.
Pam Craig, Paul Fox, Patti Schmidt and Cyndi
King of Indy Pro Tow.
The busy trade show floor.
www.iaaonline.net
Rehabilitated Property:
Real Estate Tax Deductions You May Be Missing
As the torrid pace of the urban apartment building boom begins to
show signs of easing, another facet of the industry appears to be gaining
ground. This new trend involves the purchase of middlemarket or “Class B” suburban properties.1 As “older” assets,
such properties sometimes require varying degrees of
rehabilitation. However, the “value add” of the rehabilitation
often results in added value to a property’s real estate tax
assessment. Fortunately, the Indiana Code provides for
Multi-Family Rehabilitation Deductions in, primarily, two
statutes, Indiana Code Sections 6-1.1-12-18 and 6-1.1-1222.2 An application for rehabilitation deduction can be made
under either statute, but not both.
It can be difficult to determine if an increase in a
real estate tax assessment is due to rehabilitation
or other market factors. Per the
Indiana Code, when real property
is reassessed because it has been
rehabilitated, the assessing official
who makes the reassessment
must give the owner notice.
Unfortunately, this rarely happens.
One clue that an increase in assessment may be related
to a recent rehabilitation can be found by reviewing the
property record cards of the property from before and after
the renovations. If adjustments were made to the grade or
Indiana Code Section 6-1.1-12-18 applies exclusively Kathryn Merritt-Thrasher
condition of the property, this at least suggests an increase was
to rehabilitated residential property. To be eligible for a
due to the rehabilitation. Moreover, changes in the “effective
rehabilitation deduction under this Code Section, the preage” and obsolescence factors shown on the property record
renovation assessed value of the improvements for a property
cards from pre to post rehabilitation can be evidence of an
with three or more dwelling units (excluding any exemptions
assessment having been increased due to rehabilitation.
or deductions) must not have exceeded $18,720 per unit. If the
property meets this first test, it must then meet a second one.
Owners and managers of recently renovated multi-family
The property’s assessment must have increased as a result of
properties should closely monitor post rehabilitation
the “rehabilitation” (as opposed to, for example, county wide
assessments to ensure, if and when the assessment increases,
market factors). “Rehabilitation” includes significant repairs,
a timely rehabilitation deduction application is filed.
replacements, or improvements to an existing structure which
are intended to increase the livability, utility, safety or value of Megan Anthony
the property. If a property’s assessment increases because of
rehabilitation, the owner may deduct from the new assessed value, the lesser
of (1) the total increase in assessed value resulting from the rehabilitation, or
Facebook
(2) $18,720 per rehabilitated unit. This deduction can be taken annually for
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a five-year period. General reassessments and county reassessments which
IndianaApartmentAssociation
occur in this five-year period do not affect the amount of the deduction. If
notice of the increase in assessed value is not given to the property owner
before December 1st of a given year, the application may be filed up to thirty
Fan Page Members
days after the date such a notice is mailed to the property owner.
If the property meets all three criteria, the owner is entitled to a deduction
equal to 50% of the increase in the improvement’s assessment. However,
the annual maximum deduction that can be taken, for anything other than
a single family dwelling, is $300,000. Unlike the deductions available
under 61.1-12-18, deductions under this statue only apply to increases in
the property’s improvements, not the land. This deduction may be taken
annually for a five year period and general reassessments and county
reassessments which occur in this five-year period do not affect the amount
of the deduction. As with the 6-1.1-12-18 deduction, if notice of the increase
in assessed value is not given to the property owner before December 1st of
a given year, an application may be filed up to thirty days after the date such
a notice is mailed to the property owner.
Legally...
CONNECT WITH IAA
Indiana Code Section 6-1.1-12-22 is a broader statute which allows for
rehabilitation deductions for all real property (not just multi-family
communities) provided the improvements are at least 50 years old before
the date the application for deduction is filed. If the property meets the
age test, the property owner must have also paid at least $10,000 for the
rehabilitation. If this is the case, it must then, finally, be ascertained whether
the real property assessment increased directly because of the rehabilitation.
Again, “rehabilitation” includes significant repairs, replacements, or
improvements to an existing structure which are intended to increase the
livability, utility, safety or value of the property.
Speaking
945
Twitter
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Followers
1487
LinkedIn
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Indiana-Apartment-Association-3020589
Fan Page Members
537
he National Apartment Association, Units magazine, November 2014, Volume 38 Number 11 – Middle Market
T
Properties Take the Lead, p. 38.
2
Various rehabilitation deductions are also available for multi-family properties under Indiana Code Chapter 6-1.112.1; however, this article does not address these deductions.
1
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Around the
Apartment
Association
of Fort Wayne
2015-2016 AAFW Board
of Directors Announced
AAFW Members voted for their 2015- 2016
representatives on the Board of Directors at the Annual Meeting
October 14. At the October 23 Board of Directors Meeting,
our current Directors voted on the 2015 Executive Officers.
Congratulations to all our candidates on their nomination as well
as our reelected directors and elected 2015 Executive Officers:
State
Newly
Elected
Regular
Member Representative:
Jodie
Pearson,
Cambridge
Square, Gene B Glick Co.
(left to right) Chris Smith (Sears
Commercial), Jodie Pearson (Cambridge
Square) and Carole McConnell (Lake
Forest Village).
Regular
Member
Representative Re-Elected:
Carole McConnell, Lake Forest
Village, Jehl Properties, LLC
Associate Member Representative Re-elected:
Chris Smith, Sears Commercial Sales
2015 Executive Officers:
President: Tammy Brandt, New Generation Management
Vice-president: Carole McConnell, Lake Forest Village, Jehl
Properties, LLC
Secretary: Fred Gould, PGPM, INC.
Treasurer: S
herry Shaw, Montrose Square & Poplar Ridge,
Chronister Properties
Past President: C
indy Bane, Gene B. Glick Company
(Appointed Position)
(left to right) Jodie Pearson (Cambridge
Square) awarded 50-50 winnings to Kim
Becker (Island Club).
A special thank you goes out to
Miriam Larmore, Teakwood
Arms, who will be stepping off
the Board of Directors at the
end of 2014. Thank you for your
dedication of time and talent.
October Breakfast Connection
Wrap-Up
Dawn Cummings, METRO Executive Director, joined us as our
special guest to give AAFW members an update on the complaint
trends they are seeing, how their
officers handle the investigation
process, and how they can be
better prepared if a claim is filed.
Items donated by Members for Genesis
Outreach.
Members
also
brought
donations for Genesis Outreach,
one of the Community Outreach
Committees chosen charities for 2014. Hygiene items for their
program are always in high demand, so the Community Outreach
Committee decided to hold a drive to help them replenish
their stock. The Committee also holds 50/50 drawings at each
Breakfast Connection to help with their fundraising efforts. A
HUGE thank you to all members who participate in drives or
purchase 50/50 tickets!
AAFW’s Upcoming Summit Celebration!
Final Chance to complete a Summit Celebration Award
Nomination form!!!
The Summit Celebration is an annual awards banquet that honors
excellence in the multi-family housing industry in northeast
Indiana and dedication to the AAFW-NEI. Nominations are
received and then sent off to other Apartment Associations
that will judge each category and pick the winners. The awards
will then be presented at the Summit Celebration on Saturday,
February 21, 2015.
It’s not too late to nominate a coworker that does a fantastic job or
a vendor that has given you superb service. You can download the
nomination forms at www.aafw.org or call the office for a copy.
Nominations are FREE to submit and very easy to complete. All
nominees will be recognized at the Summit Celebration.
If you are interested in sponsoring the 2014 Summit Celebration,
please contact the AAFW office for more information.
Apartment Association
of Southern Indiana
Rental Registry
On November 17, 2014, the Evansville City Council voted to
approve Ordinance G-2014-29, which amends the existing rental
registration program to include a $5 per property annual fee and
will result in an online registration process handled by the Building
Commissioner’s office. The registration period will begin in March
and must be completed by May 10 each year. Details of the proposal
are as follows:
• Updates language to mirror state statute regarding the $5 per
property fee and the requirement that fees are held in a separate
fund;
• Changes the registration period to March 11-May 10;
• Control of the program is now given to the Building Commissioner’s
Office instead of the Clerk’s office;
• Limits the fee to $5 per property, up to a maximum of $100 per year;
• Adds a requirement that the registration requires the property tax
codes associated with each property; and
• Adds that a person who fraudulently files or falsely registers a
property to be subject to a $1000 fine per violation.
Reverse Trade Show
The Apartment Association of Southern Indiana (AASI) held its
Reverse Trade Show on November 20, 2014, at the Hilton Garden
Inn in Evansville. Nine associate members were given five minutes
to provide information regarding the products and services to each of
our Regular members of AASI who were in attendance. The vendors
www.iaaonline.net
included Action Pest Control,
Apartment
Finder/Maximum
Media,
Apartment
Guide,
GreenWay Waste & Recycling,
H.A. Lewis, HSC Pavement,
Jetz Service, PHN Solutions, and
Sherwin Williams. Thank you to The Apartment Association of Southern
Indiana (AASI) Reverse Trade Show.
our associate and regular members
who attended this year’s Reverse Trade Show; we look forward to
doing it again with you next year!
The NIAC Holiday Party and Charity
Fundraiser was held on December 9. This
year’s charity was “The Caring Place.” The
evening included music, food, prizes and
fun for all.
Holiday Party
AASI hosted its annual Holiday Party on December 10 at the
Acropolis Restaurant.
NIAC’s 2015 schedule of events is now posted on the website at
www.niacweb.org.
Northern Indiana
Apartment Council
Northern Indiana Apartment Council
Vendor Appreciation Night
www.iaaonline.net
NIAC
held
a
Vendor
Appreciation
Night
on
November 19. This evening is
a token of appreciation to the
vendor members that support the
organization throughout the year.
The Induction Ceremony to install the NIAC
Board of Directors will be held January
13. NIAC welcomes new board member,
Joseph Johnson from Trillium Properties.
Around the
State
Tippecanoe Apartment
Association
TAA wraps up the year with the Annual Holiday Luncheon at
The Trails Banquet Hall. As always, they will be collecting
toys to donate to Tippecanoe County Social Services. This year
will feature national speaker Randy Fox, and the 2015 Board of
Directors elections will be held. We are looking forward to an
exciting year packed with new educational opportunities for
both leasing and maintenance, and the continuation of our new
afterhour’s event – The Stir.
Bridgewater Apartments capitalizes on trend toward “renter’s by choice”
The Justus Family of Companies is proud to announce the grand opening of
The Bridgewater Apartments. The brand new $25 million luxury apartment
community is located within the larger Bridgewater master-planned community;
a 750-acre upscale residential golf course community in the Carmel/Westfield
area. Justus Family of Companies president Walt Justus stated, “The Bridgewater
apartments were specifically designed for today’s ‘renter by choice’ - those who
choose the convenience of renting over home buying. According to the recent
Indiana Apartment Market Overview presented by Tikijan Associates; many
people from Millennials (the estimated 80 million children of Baby Boomers) to
Boomers (over 70 million), are choosing to rent rather than buy based upon their desire for flexibility,
mobility, and freedom from the demands of home ownership.
Member
News
Bridgewater Apartment Homes
Tikijian Associates Completes Sale of
Bridgewater Clubhouse
Value Add Property on Indy’s Southwest Side
Tikijian Associates announces the sale of Decatur Woods
Apartments located in Indianapolis. Decatur Woods is a 180-unit garden style apartment community
on Indianapolis’ suburban southwest side. The property is located very close to the Indianapolis
International Airport and AmeriPlex. While the property was well maintained by the long term
Decatur Woods
previous owner, Chicago based JVM Realty, the acquisition of Decatur Woods represented a
significant value add opportunity for the buyer. The buyer, The Ardizzone Group, plans to rename the property Aspen Pointe and
has a multimillion dollar renovation planned.
Tikijian Associates Completes Sale of 152 Units in Indianapolis
Tikijian Associates announces the sale of a 152-unit apartment community located in Indianapolis,
Teal Run Apartments. Teal Run is a garden style apartment community located on Indianapolis’
suburban east side. The property is well maintained and had benefitted from stable, long term
ownership. The seller, Chicago based JVM Realty, had
owned Teal Run since 2001. The buyer was an Ohio-based
real estate investment company whose holdings include other
multifamily properties in Indiana and Ohio. The new owner
plans to make extensive renovations at Teal Run. Cincinnati
based Towne Properties will serve as manager for the new
owner.
Teal Run
Tikijian Associates Sells
208-Unit English Village
Apartments Located on
the Southeast Side of
Indianapolis
Tikijian Associates announces
English Village
the sale of English Village
Apartments, a 208-unit apartment community located in
Indianapolis. Built in 1987, English Village is located just inside
Interstate 465 about fifteen minutes southeast of the downtown
CBD. The community is in excellent physical condition and has
a history of high occupancy. Tikijian Associates represented
the seller, a privately held real estate investment firm based in
New York. The buyer was an affiliate of Birge & Held Asset
Management LLC, a growing Indianapolis-based private equity
and property management firm. Since its founding in 2008,
the company has acquired and now owns and manages over
$134,000,000 in multi-family assets across the country. The
buyer plans to continue a program initiated by the seller of
upgrading unit kitchens and baths and adding upscale flooring
and appliances. The improvements and ongoing operations will
be managed by Birge & Held Asset Management LLC.
www.iaaonline.net
www.iaaonline.net
january
13
22
Qualities of a Successful Leader
CFC/EPA Certification Testing
9 a.m. – Noon
8 a.m. – 3 p.m.
Indianapolis September 16-17, 2015
Save the Date!
Save the date for the 2015 Midwest
Multifamily Conference,
September 16-17, 2015.
The Gene B. Glick Company Scholarship at the
Indiana University Kelley School of Business
This scholarship is available to two undergraduate
students each year. Recipients must be admitted to
the Kelley School of Business and currently enrolled
in classes on either the Bloomington campus or at
Indiana University-Purdue University Indianapolis.
Selection will be based upon academic merit and
financial need.
Applications for the 2015-2016 scholarships are
available at bit.ly/1b6sUEW. Application materials
are due by January 31, 2015. Scholarship recipients
will be notified by April 30, 2015.
www.iaaonline.net
February
10
C A.M. A – Management of Residential Issues
9 a.m. – 3:30 p.m.
18
Maintenance Roundtables
9 a.m. – Noon
19-20National Apartment Leasing Professional Course 9 a.m. – 5 p.m.
24 C A.M. B – Legal Responsibilities 9 a.m. – 3:30 p.m.
25 Bowling for Rebuilding Lives 1:30 p.m. - 4:00p.m.
March
4 New Member Orientation 3:30 p.m. – 5 p.m.
12 Maintenance Mania Kickoff 4 p.m. – 7 p.m.
17 C A.M. C – Human Resource Management 9 a.m. – 3:30 p.m.
19-20 National Apartment Leasing Professional Course 9 a.m. – 5 p.m.
31 C A.M. D – Fair Housing 9 a.m. – 3:30 p.m.
Save the Dates!
Upcoming
Events
Sign up online to
register for all
The 2015 Power Lunch series is a great opportunity for
networking and building business connections. Watch for
details on the educational and motivational presentations
that will accompany each Power Lunch in 2015.
events and
classes at
events.iaaonline.net
Wednesday, April 8
Tuesday, August 11
Thursday, November 12
How Much Did Fund Pay for Suburban Chicago
Apartments?
Digested From “Fund Pays $56 Million for Suburban
Apartments”
Crain’s Chicago Business (11/14/14) Gallun, Alby
The Canyon Multifamily Impact Fund has paid $56
million for two apartment communities in Chicago’s
western suburbs. The deal comes nearly a year after the
fund acquired another pair of apartment communities
near the Windy City. The latest transaction includes
the 346-unit Eagle Creek in Westmont and the nearby
Preserve at Carol Stream. The fund, a joint venture
between Los Angeles-based Canyon Capital Realty Advisors and the community
development arm of Citigroup, specializes in investing in affordable -- or workforce
-- housing. In 2013, it bought a 662-unit property in Rolling Meadows and a 331-unit
high-rise on Chicago’s South Side. With regards to this latest deal, Canyon Capital
managing director Gerald Goldman states, “Canyon Capital Realty will focus on
enhancing both properties through physical upgrades and the implementation of
community services, focusing on education and healthcare that will enhance the
quality of life for its residents.” Area apartment values have increased over the last
several years amid aggressive bidding by investors, spurred on by such factors as
low interest rates, high occupancies, and rising rents. - See more at: http://www.
naahq.org/read/industry-insider/11-18-2014#sthash.0NkAskJV.dpuf
National
Focus
Why San Diego Apts. Are Good for Investors, Bad for Residents
Digested From “San Diego Apartments Good for Investors, Hard on Renters”
San Diego Daily Transcript (11/14/14) Biberman, Thor Kamban
The CoStar Group reports that San Diego ranks as one of the strongest apartment
sectors in the country in terms of investments, along with still-high rents and declining
vacancies. In its third quarter survey of more than 10,500 area communities with at
least five apartments, CoStar found 5,784 unit vacancies. That translates to just a 2.7
percent vacancy rate. “San Diego’s is very low compared to the rest of the U.S.,”
states Tom Rudowicz, a CoStar sales director. Except for a slight uptick earlier in
2014, the county’s vacancy rate has been moving downward since about 5.6 percent
in the summer of 2009. Asking rents at the end of the quarter in San Diego averaged
$1,035 a month for a studio apartment; $1,205 per month for a one-bedroom rental
unit; $1,492 for a two-bedroom unit; and, finally, $1,782 per month for a threebedroom apartment. CoStar tracked 293 apartment communities changing hands
since Jan. 1, accounting for a sales volume of $1.28 billion -- figures that exclude
bulk or portfolio sales. Additionally, capitalization rates have continued to decline as
apartment demand exceeds supply. While REITs, along with institutional and major
private equity firms, receive most of the focus, CoStar researchers state that roughly
90 percent of apartment transactions with five or more rental units in San Diego
involve individuals. Private equity firms represent the next largest group with 5
percent of the total, followed by public REITs (about 3 percent). Locally based R&V
Management Co. acquired the most apartment communities in San Diego County
as of Sept. 30. - See more at: http://www.naahq.org/read/industry-insider/11-182014#sthash.0NkAskJV.dpuf
Crescent’s Mega-Multifamily Sale Includes Apts in What Three States?
Digested From “Crescent’s $700M Multi-Family Portfolio Sale Includes Three New
Triangle Apartment Communities”
Commercial Property Executive (11/13/14) Pop, Adriana
Crescent Communities has agreed to sell a portfolio of nine new apartment
communities in three states -- Florida, Georgia, and North Carolina -- for a total of
around $700 million. Three of these sites are located in North Carolina’s RaleighDurham Triangle region and are valued at around $250,000 per unit. The buyer is
an unnamed private institutional investor that is also purchasing Crescent Dilworth
in Charlotte and Crescent Howell Mill and Crescent Terminus in Atlanta. The buyer
of the remaining three properties included in the portfolio sale is a fund advised by
UBS Global Asset Management. Upon closing within the next year to 18 months,
the entire sales agreement will rank as the biggest transaction to date of an apartment
portfolio within Crescent’s markets in the Sunbelt and Mid-Atlantic regions. Brian
Natwick, president of the Crescent Communities Multifamily Group, remarks, “This
portfolio was more than four years in the making and entailed thoughtful, deliberate
selections of location and design for each community. As demonstrated by this very
successful transaction, investors recognize that our strategic investments in creating
superior multifamily properties can provide significant long-term capital growth
opportunities.” - See more at: http://www.naahq.org/read/industry-insider/11-182014#sthash.0NkAskJV.dpuf
Apartment Vacancy Reduction Crucial for Housing Cost Savings
Digested From “With Rents Rising, Vacancy Reduction Crucial for Housing Cost
Savings”
Staffing Industry Analysts (11/12/14)
Reis Inc.’s report on the apartment sector was a case of good news and bad news
for frequent users of temporary housing. The good news was the U.S. apartmentvacancy rate inched up from 4.1 percent to 4.2 percent in the third quarter -- the first
time this rate has climbed since 2009. Reis senior economist Ryan Severino expects
the vacancy rate to continue drifting upward at a slow rate as supply increases, but
will not top the 5 percent mark through at least 2018. Indeed, more apartments will
be completed this year than have been since 1999. So, what’s the bad news? Despite
the increased vacancies, rents are still on the rise particularly in such desirable real
estate markets as San Francisco and Seattle. Reis researchers attribute this situation
to the fact that new rental units are being priced higher than average and that rental
rates are currently at all-time highs. In this environment, one of the most effective
ways healthcare staffing agencies and other users of temporary housing can reduce
their housing costs is by cutting their unexpected vacancy expenses. - See more
at: http://www.naahq.org/read/industry-insider/11-18-2014#sthash.0NkAskJV.dpuf
In What Major U.S. Downtown Is Allison Davis Planning New Apt. Tower?
Digested From “Allison Davis Plans Downtown Apartment Tower”
Crain’s Chicago Business (11/12/14) Maidenberg, Micah
Developer Allison Davis is looking to gain a foothold in downtown Chicago’s
apartment sector with his first high-rise proposal in years. Davis is banking that the
rental housing market there will not cool off anytime soon. He is leading a venture
to erect a 30-story apartment tower that will boast 225 rental units on Chicago
Avenue between Cambridge and Cleveland avenues. This area of the Windy City
has recently attracted a myriad of developers, who are betting the neighborhood
is poised to transform from one dominated by public housing -- now mostly
demolished -- into an extension of River North. The question for Davis and his many
rivals is how long the rental apartment boom will last amid a supply surge expected
to deliver a record 3,700 units in 2015 and as many as 5,000 the following year.
More than 430 apartments are in various stages of planning and development mere
steps from Davis’ proposed tower. “There seems to be an awful lot of apartment
buildings going up,” states Peter Holsten, president of Chicago-based Holsten Real
Estate Development Corp. “At some point, we’ll probably reach the saturation point.
I just don’t know when that is.” - See more at: http://www.naahq.org/read/industryinsider/11-18-2014#sthash.0NkAskJV.dpuf
When Housing for the Poor Is Remodeled as Luxury Apts
Digested From “What Happens When Housing for the Poor Is Remodeled as
Luxury Studios”
Washington Post (11/12/14) Badger, Emily
In a number of major cities, the shrinking pool of affordable housing is due more and
more to a peculiar trend. Young professionals are moving in to occupy the same, very
small units -- some as small as 250 square feet -- recently home to households living
on less than $1,000 a month. What were once deteriorating structures have been
remodeled and rebranded as “vintage.” The debate over these buildings captures a
larger tension that is simultaneously playing out in parts of Chicago, Los Angeles,
New York, and the District of Columbia. The new owners and residents moving in
bring higher tax dollars, capital to revive the old buildings, and generate a market
momentum that draws even more young professionals. Such benefits have come at
a cost, however. Chicago, for example, is scrambling to save what amounts to 6,000
remaining “single room occupancy” (or SRO) units, a tiny fraction of what once
existed in the city as a type of last-resort housing stock for the poor. City council
members passed an ordinance last week aimed at safeguarding the buildings and
their residents. Buidling developers and owners, though, contend that the new law
will unfairly expect a few owners to take responsibility for Chicago’s shortage of
affordable housing -- a problem far beyond their control. And in an unfortunate
twist of geography, many of the remaining SROs in the Windy City happen to be
located in lakefront neighborhoods on the North Side that are now highly coveted.
Since 2011, developers have bought more than 2,000 low-income units there for
conversion into high-end rental apartments. The properties may be crumbling on
the inside, but are often beautiful from the street boasting art deco details. Housing
advocates are concerned that as the poor are displaced, they will likely move to the
south and west sides of Chicago where the city’s poverty is heavily concentrated.
“That only further segregates an already segregated city,” says Mary Tarullo, a
housing organizer with ONE Northside. - See more at: http://www.naahq.org/read/
industry-insider/11-18-2014#sthash.0NkAskJV.dpuf
www.iaaonline.net
10 Quick and Easy Ways to Winterize Your
Property This Season
Digested From “10 Quick and Easy Ways to
Winterize Your Property This Season”
Property Management Insider (11/11/14)
Blackwell, Tim
National
Ed Wolff, president of Leasing Desk Insurance,
says apartment communities can minimize the
potential for damage from frozen pipes and fire by
taking some a series of 10 precautions when cold
temperatures hit. One, caulk and weather-strip all
windows and doors. Next, caulk all cracks and
holes in exterior walls and foundation walls near water pipes. Third, be sure to
shut off and cover outdoor water faucets. Fourth, allow indoor faucets to drip
lukewarm water. The fifth rule of thumb is to open up bathroom and kitchen
cabinets to allow heat to radiate around pipes. A sixth tip entails wrapping exposed
outdoor pipes in insulated sleeves. Seventh, owners and managers should set
thermostats in empty apartments to temperatures no less than 55 degrees. Next
drain water systems in all unused areas. That’s followed by management staff
informing residents to never use their ovens to heat their rental units. Finally,
the tenth rule of thumb is to advise residents to switch off portable heaters when
leaving a room or going to sleep for the night. - See more at: http://www.naahq.
org/read/industry-insider/11-18-2014#sthash.0NkAskJV.dpuf
Focus
How to Evict 5 Pests That Love Your Property in Wintertime
Digested From “How to Evict 5 Pests That Love Your Facility in Wintertime”
Buildings (11/01/14)
Building owners and managers must be on the lookout for five winter pests.
The first is the box elder bug. Such pests feed on the little “whirlybird” seeds
that are released from box elder and maple trees in the fall. When colder
temperatures hit, they like to find a nice warm spot to hunker down for the
winter. Box elder bugs are only a half inch long, so finding a way into most
buildings is pretty easy. Look for them just inside the exterior walls of your
building, on the warm sunnier side. Then, to stop these pests, all exterior cracks
and crevices must be sealed. In addition, exterior doors must be sealed tightly
on all sides. Cluster flies are the second winter pest to guard against. They tend
to cluster in large numbers and come inside when winter arrives. To combat
them, air handling and exchange units must be maintained with proper filters
that prevent these pests from entering the airflow. Additionally, filters must be
properly fitted within the unit to prevent bypassing. Asian multi-colored lady
beetles are a potential third pest problem. They are often found in buildings
during the winter, moving in groups, and releasing a smelly, yellowish liquid
that can stain wall and ceiling coverings. Entrances must be fitted with brushes,
gaskets, air curtains or other devices as appropriate to ensure that such insects
cannot crawl or fly into the building.
A fourth pest to fight off now that it’s cold is the brown marmorated stink bug.
Such pests when disturbed release a strong, foul order to the point where the
surrounding area can be rendered unusable. The article’s author urges that all
exterior doors and windows be kept closed or properly screened when open.
In addition, the most effective means of removing these pests is by vacuuming
occupied areas. Finally, be on the lookout for common house mice. Removal
typically requires an effective trapping program. - See more at: http://www.
naahq.org/read/industry-insider/11-18-2014#sthash.0NkAskJV.dpuf
Win a Gift Card from IAA!
What is one thing you learned from reading
this issue of INSites?
Post your answer to the IAA Facebook page
and you’ll be entered in a drawing to win a
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IndianaApartmentAssociation
NEW MEMBER PROFILES
Mr. Appliance of Greater Indianapolis
Mr. Appliance of Greater Indianapolis provides expert appliance repair,
commercial dryer vent cleaning and is a local dealer for the pureWash
eco friendly laundry system. Our commercial dryer vent cleaning
utilizes the most recent technology and equipment to thoroughly clean
the dryer vent. We will clean from outside the unit allowing optimum
scheduling and convenience to the tenant and value to the owner. We can
also clean from the inside if necessary utilizing HEPA filtered vacuums.
All employees are background checked, trained and in full uniform. We
will service the greater Indianapolis market and cities within a two hour
drive. Upon site inspection, we can provide a quote and scheduling that
best meets the customer’s need. Being an appliance servicer, we can
provide additional services and insight that complements our dryer vent
cleaning service. We are happy to be a part of the Indiana Apartment
Association and look forward to working with members in the future.
Please call 317-357-8000 to schedule a site assessment and quote and we
will be happy to do everything we can to lower utility bills, reduce dryer
failures, improve safety and make the resident a loyal, “cheerleader”
tenant for your community. Thank You.
Eye 4 Group
Eye 4 Group is a creative venture focusing on providing visual solutions
for our customers. Specializing in Signage, Branding, Marketing,
Fabrication, Project Management and Design, we have a combined over
35 years of industry experience. Our presence in the multi-family housing
industry is to provide industry partners with a one-stop shop for all of
their signage needs. We do it all, from preliminary construction signage to
project management including research and permitting. We also provide
branding and marketing services and of course temporary and permanent
interior and exterior signage. Our experienced project management staff
will work with you to understand your needs and devise a sign package
match your specific requirements. Our goal is to remove the hassle of
piecing together the puzzle that is multi-family signage. One puzzle, one
piece, Eye 4 Group. If you would like a quote or more information please
contact us at: sales@eye4group.com or via phone (317) 804-4080.
To refer a vendor to IAA, please contact
Director of Membership & Education
Franny Upp at 317-816-8900 or franny@iaaonline.net.
2014 IAA Sponsors
_____________________ platinum _____________________
_______________________ gold _______________________
_______________________ silver _______________________
www.iaaonline.net
www.iaaonline.net
Congratulations to the Most
Recent 2014 CAM Designates
Certfied Apartment Manager (CAM)
The onsite manager is a vital link between apartment
residents and the community owners and investors. Those
who have earned the CAM designation can increase their
community’s Net Operating Income, improve financial
management skills, improve the ability to report financial
performance and improve management of the onsite team.
2014 CAM Designate DeMisha Bowen.
Nicole Allison & DeMisha Bowen
Associate Member Update
IAA values the membership of Associate Members and welcomes several new
members who provide products, services and expertise to the multifamily industry.
New Members
A Cut Above the Best Lawn Care
ATI Energy Group, LLC
Apartment List
Central Indiana Asphalt & Concrete, LLC
Citizens Security & Investigation
Cote Property Restoration
Devols Custom Iron
Enfront, Inc.
Eye 4 Group
Fabric Care Center
First Person
Green Acres Landscape & Design
Dropped Members
All 4 U Construction
Direct Fitness Solutions
RentAptsOnline.Com
RentSentinel & RentSocial
ResidentCheck, Inc.
John P. Whelan Agency
Molanda Company
Mr. Appliance of Greater Indianapolis
OPC Services (Okolona Pest Control)
Rent Paid, LLC
Stone Center of Indiana
Taft Law
Tag Exteriors
Total Roofing & Construction
The Container Store
ThyssenKrupp Elevator
GREAT
service
smart
pricing
call ray’s
today.
State – LLC
Wisconsin Energy Conservation
Vigo Car & Credit
Dropped members have chosen not to renew their IAA membership. If you are
currently doing business with these companies, please encourage them to renew their
IAA membership.
www.iaaonline.net

November/December 2014 - Indiana Apartment Association

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