REBusinessOnline

Midwest Apartment Demand Isn’t Dropping Anytime Soon, Says JVM Realty CEO

Apartment rents in Detroit are now the fastest rising in the United States among the nation’s largest cities, growing at an annual rate of 5.3 percent as of May 2018, according to Yardi Matrix and RENTCafé. Across the Midwest, the apartment market remains very strong with high demand and therefore increasing rents. Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, spoke with REBusinessOnline to discuss the state of the market, including the pace of investment sales. JVM …

Retail Conversation Is All About ‘Rightsizing,’ Says Lee & Associates Principal

LAS VEGAS — At RECon, the world’s largest retail real estate trade show held last week in Las Vegas, REBusinessOnline sat down with veteran Chicago broker Rick Scardino of Lee & Associates. A principal with the Chicago office, Scardino spearheads the retail division at Lee & Associates of Illinois. Discussion topics ranged from backfilling vacant space to local, independent grocers and the movement of online retailers embracing brick-and-mortar locations. What follows is an …

It’s Not Too Late to Invest in Detroit, Say Entrepreneurs Dan Gilbert, Chris Ilitch

DETROIT — At the conclusion of his speech at the Urban Land Institute (ULI) Spring Meeting in Detroit, billionaire businessman Dan Gilbert gave conference goers one piece of advice. “Get in on some of these investments in Detroit,” he said. “It’s not too late.” The event, held May 1-3 at the Cobo Center, drew 4,200 attendees from the real estate industry. It was the first ULI event in Detroit in 40 years. Gilbert, founder and chairman of Quicken Loans Inc., spoke at the …

CBRE: U.S. Apartment Sector Gets Boost from Comprehensive Tax Reform

LOS ANGELES — The sweeping tax reform bill signed into law in late 2017 by President Donald Trump is expected to benefit the U.S. multifamily investment market, according to a new report from CBRE. The report states that under the Tax Cuts and Jobs Act, the tax benefits of renting over buying a home will increase in 29 of the 35 largest U.S. markets. That number is up from 15 markets before the tax reform. The new tax law increases the standard deduction from $12,700 to $24,000 for a …

Six Critical Things to Get Right in an Office Renovation

PLAINFIELD, ILL. — Buoyed by a strengthening economy, more companies have the resources to invest in office redesigns. That is good news — a well-designed office renovation can transform an existing workspace into a dynamic, energy-efficient nerve center for staff. If properly carried out by a skilled contractor, an office renovation can optimize employee productivity and craft an effective work environment. [caption id="attachment_201442" align="alignright" width="100"] Zara Johnson, …

Aided by Tax Credits, Adaptive Reuse Pays Off for Developers

Transforming older, historic buildings into apartment rental units opens myriad opportunities for developers beyond simply saving a neighborhood building. The process enables them to create unique floor plans and hip spaces that resonate with many of today’s renters and lease up quickly. These adaptive reuse projects are often costlier than new construction and fraught with challenges, but the consensus among developers is that the reward is worth the risk. “It’s economic …

Grandview Yard Takes the LEED on Neighborhood Design in Columbus, Ohio

COLUMBUS, OHIO — In spring 2009, the United States Green Building Council formally launched a new program with the vision of fundamentally changing how the country evaluated green design and development, LEED for Neighborhood Development (LEED-ND). The launch of the LEED-ND program coincided with the first phase of Columbus, Ohio-based Nationwide Realty Investors’ Grandview Yard development: a $700 million, 1.2 million-square-foot, master-planned mixed-use neighborhood located in the …

Forecast Survey: What’s Your Take on Real Estate in 2018?

France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide …

Jay Madary: Supply, Demand in Check for Midwest Apartment Market

The following is a Q&A with Jay Madary, president and CEO of Oak Brook, Ill.-based JVM Realty, regarding the state of the multifamily market in the Midwest. JVM owns and operates Class A and B apartment communities in Midwest markets such as Cleveland, Indianapolis, Kansas City and suburban Chicago. Madary was also quoted in the March issue of Heartland Real Estate Business in an article discussing apartment amenities and property management trends. Heartland Real Estate Business: …

Renovation of Older Apartment Buildings in Suburbs is a Win-Win Strategy

Strong renter demand for affordable apartments in affluent suburbs easily outstrips the available inventory of such properties. This supply and demand imbalance creates a big gap in the market that renovated older buildings can fill. These undervalued multifamily buildings also provide a healthy investment opportunity. Cranes dot the skylines of many American cities today, and much of the development is new luxury multifamily communities. For the last 10 years, the majority of the new …

Content Partners