Features

ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …

ATLANTA — It’s something that everybody wants: Increased cash flow. Multifamily operators gave a tutorial on the 20 best ways in which their firms are boosting net operating income (NOI) during France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place on Tuesday, Dec. 3 at The Whitley hotel in Atlanta’s Buckhead district. The full-day conference attracted nearly 400 multifamily professionals from across the Southeast. Ed Wolff, chief revenue officer for multifamily lease insurance firm LeaseLock Inc., moderated the operations discussion. The panelists included Sharon Hatfield, chief operating officer of CF Real Estate Services LLC; Lisa Taylor, senior managing director of client services at Greystar; and Marcie Williams, president of RKW Residential. The discussion was bifurcated between how these operators are driving NOI by increasing/creating revenue and minimizing expenses. Hatfield said that operators can experience the most immediate results by focusing on the revenue stream at the property level. “In today’s challenging environment, it’s better to try to approach the revenue side than it is expenses,” said Hatfield. “Revenue can impact the value of the asset so much.” The panelists’ best revenue-boosting methods ranged from the practical to the futuristic. Greystar’s Taylor said that her firm has partnered …

ATLANTA — Much of today’s new apartment projects feature a ground-floor retail component. But developers at France Media’s 10th annual InterFace Multifamily Southeast conference actually expressed concern about this type of development approach. “The overall retail market is just not what it once was,” said Richard Aaronson, CEO of Atlantic Residential. “A lot of municipalities are recognizing that ground-floor retail in a residential building is not ideal.” In other words, if there is difficulty leasing the retail space, a bunch of empty storefronts doesn’t bode well for the overall project. Aaronson said his company is implementing ground-floor retail on a limited basis and is instead incorporating first-floor apartments and community spaces. Aaronson spoke on a panel titled, “What Makes a Development Project Successful in Today’s Market?” Joining Aaronson on the panel was Harvey Wadsworth, managing director with Mill Creek Residential; Peter Joerss, director of acquisitions for PointOne Holdings; Jason Doornbos, executive managing director for Landmark Properties; and John Leonard, first vice president with Marcus & Millichap who served as moderator. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and welcomed 384 attendees. Complicating matters, however, is that some cities require new apartment developments to …