Southeast Feature Archive

After 18 Months, Seniors Housing Operators More Adept at Handling COVID-19 Crisis, Says InterFace Panel

by John Nelson September 7, 2021

ATLANTA — Seniors housing operators have been grappling the past 18 months with how to maintain their properties and keep occupancy high while also protecting their staff and residents, who are the most vulnerable population for infections and death from the COVID-19 outbreak. With the rise of the Delta variant in recent weeks, owners and operators are having to make tough decisions to care for their residents, although now they have built some muscle memory on how to operate effectively amid the pandemic. “We are better at dealing with COVID-19 now than before,” said Joe Jasmon, CEO and managing partner of American Healthcare Management. Jasmon added that alleviating the fear of COVID-19 and the Delta variant is a big part of an operator’s job, and bringing residents into their social programs is a major point of emphasis, even if it can only be done virtually. “There’s been a huge insurgence of Zoom calls,” said Jasmon. “Before it was once in a blue moon, and it would be a son or daughter who lived in Belize or somewhere. Now the entire family and friends are calling in. We have to cultivate that activity and encourage it.” Jasmon’s comments came during the …

September 7, 2021

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive

Fitness Centers, Outdoor Spaces and Units All Becoming Larger, Say Seniors Housing Development Panelists

by Kristin Harlow August 25, 2021

ATLANTA — Driven by the desire of a healthy lifestyle, two areas that senior living developers are currently focusing on are the fitness center and outdoor spaces, according to Scott Gensler, vice president of business development with Erickson Senior Living. “Every time I look at a plan, the fitness center gets bigger and bigger and bigger,” said Gensler. “Then we open it, and it’s still not big enough.” Not only is the fitness center becoming larger, but it’s also becoming more of a prominent feature in Erickson’s continuing care retirement communities. Additionally, the outdoor spaces have gone from a secondary focus to a primary emphasis. As Gensler put it, having healthy residents is a win-win situation. Gensler’s comments came during “The Development Outlook” panel at the eighth annual InterFace Seniors Housing Southeast conference, which took place at Atlanta’s Westin Buckhead on Wednesday, Aug. 18 and drew 250 registrants. Joining Gensler on the panel were Michael Hartman, principal of Capitol Seniors Housing’s active adult platform; Alan Moise, chief investment officer of Thrive; and Janet Meyer, principal with BCT Design Group. David Kliewer, director with Grandbridge Real Estate Capital, moderated the discussion. Another development trend today is multi-function space, which increases efficiencies. …

August 25, 2021

Build-to-Rent Features Multifamily Single-Family Rental Southeast Feature Archive

No Place Like Home: SFR Market Grows in Southeast as In-Migration Soars

by Kristin Harlow August 17, 2021

By Sudha Reddy, Haven Realty Capital Single-family rentals have taken off in various areas across the country. But they’re boiling in the Southeast. The strength in the Southeast shouldn’t be a surprise as the region has enjoyed substantial employment and population growth over the past decade — well before COVID-19 hit last year. In 2018, the Southeast led other regions in net inflow, gaining around 959,000 new residents from different areas of the United States and around the globe, according to the U.S. Census Bureau. This strong growth showed up in cities and states throughout the region. Among states, Florida led the way, with 566,476 people moving from another state. Of the cities with a population of 50,000 or more, the Southeast had 10 of the top 15 fastest-growing large U.S. cities between 2010 and 2020, according to the U.S. Census Bureau. While the region was flourishing before COVID-19, the pandemic accelerated its population gains and spotlighted them. This migration has created a fertile climate for single-family rental builders and investors. Despite the intense interest, investors have been able to find many great opportunities in the region over the past year with even more properties coming in the pipeline. Moving …

August 17, 2021

Features Retail Southeast Feature Archive

Vaccines, Stimulus Checks are Giving US Retail Sector a ‘Shot in the Arm,’ Says NRF Chief Economist

by John Nelson June 3, 2021

The U.S. federal government is playing an active role in consumer spending with three stimulus packages passed in the past 12 months, which is helping support the economy during this pandemic-induced recession. Americans have received thousands of dollars from the government and are opting to spend their newfound discretionary income on more goods and services, not to mention savings and paying bills. “It helped a lot of individuals get by,” says Jack Kleinhenz, chief economist for the National Retail Federation (NRF), a trade organization for the retail industry. “It was also a good shot in the arm for holiday sales. We had a very good holiday season, a much stronger one than what we forecasted. It was up 8.3 percent year-over-year for November and December combined.” Similarly the widespread implementation of the COVID-19 vaccines manufactured by Pfizer, Moderna and Johnson & Johnson are helping boost in-store shopping for goods and services around the country as people become more confident in patronizing stores and restaurants. As of this writing, about 50.8 percent of all Americans have received at least one dose of one of the COVID-19 vaccines, according to the Centers for Disease Control and Prevention (CDC). The declining infection rates …

June 3, 2021

District of Columbia Features Southeast Southeast Feature Archive

Property Managers in D.C. Can Avoid Unwelcome Property Tax Surprises by Managing Liabilities

by John Nelson March 11, 2021

By Sydney Bardouil, Esq. After the tumult and disruptions of 2020, the last thing taxpayers need is another surprise. Our society craves predictability more than ever before, and commercial real estate owners want predictability in their property taxes. In the District of Columbia, commercial real estate owners keen to make their future expenses more predictable can start by familiarizing themselves with the full gamut of real property liabilities. In addition to the standard annual property tax, the District imposes a variety of charges on real estate that vary by the property’s location, use and payment history. Managing these real estate charges can help a taxpayer budget for upcoming expenses and minimize the risk of incurring unplanned costs. What follows is a primer to help taxpayers manage real property tax liabilities in the District. Start with the basics The DC Office of Tax and Revenue (OTR) recently launched MyTax.DC.gov, a new taxpayer website intended to streamline the tax assessment and billing processes. This single portal offers insight into taxes on individual income, businesses and real property, as well as fees administered by OTR. The site features self-service tools that enable taxpayers to review and pay property tax bills online, view assessment …

March 11, 2021

District of Columbia Features Southeast Southeast Feature Archive

NRF: US Retail Sales to Grow Between 6.5 and 8.2 Percent in 2021

by Julia Sanders March 1, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts that U.S. retail sales will grow anywhere from 6.5 percent to 8.2 percent this year, with a total of more than $4.3 trillion in sales. The NRF attributes the expected growth in retail sales to the effectiveness of the COVID-19 vaccines over the course of the year, which will lead to stores to be frequented en masse. Many Americans were homebound in 2020 and so in turn they shifted to a more e-commerce focus. Online sales grew by 21.9 percent last year to total $969.4 billion in sales. The NRF reported that overall retail sales grew 6.7 percent to $4.1 trillion last year. (The numbers exclude automobile dealers, gasoline stations and restaurants.) E-commerce is anticipated to grow even more in 2021, with the NRF predicting a 18 to 23 percent growth rate and for online sales to hover around $1.14 trillion to $1.19 trillion. Additionally, the Washington, D.C.-based trade group expects the economy to gain from 220,000 to 300,000 jobs each month this year. Overall, the NRF predicts GDP annualized growth of 4.5 to 5 percent, up from the 4.1 percent annualized growth in fourth-quarter 2020. NRF’s chief economist Jack Kleinhenz …

March 1, 2021

Features Hospitality Industrial Multifamily Office Retail Southeast Southeast Feature Archive

COVID-19 Takes Heavy Toll on Commercial Property Values

by John Nelson January 29, 2021

By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …

January 29, 2021

Brickhouse Walker Dunlop Multifamily Washington D.C.

Content Partner District of Columbia Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Spotlight on D.C.: Apartment Assets Resist Economic Turbulence

by Sarah Daniels January 28, 2021

The Washington, D.C. metropolitan area has been a perennial favorite for multifamily capital, particularly pension funds, life companies, family offices and other institutional investors and is often regarded as “recession-proof.” However, as we all know, 2020 was a year like no other. What impacts have COVID-19 and recent economic turmoil had on this market’s luster, and what do the prospects look like for investors, owners and operators in the long term? An Economy Buffered by Government and Technology The D.C. Metro’s response to the crisis has been one of the most robust, with local the economy currently 90 percent + open for business and no signs of a dip back into lockdown. From the initial shutdowns in March 2020 to the continued uncertainty of today, cities with heavy representation in retail, tourism and service sectors have experienced significant economic repercussions from COVID-19. In Washington, D.C., by contrast, having the federal government as the city’s largest employer has served as a major buffer. D.C. experienced a particularly acute government-mandated economic shutdown from March to May. While payroll performance in the District of Columbia’s leisure and hospitality sector declined nearly 60 percent from May 2019 to May 2020, jobs in this sector …

January 28, 2021

Affordable Housing Conference Coverage Features Multifamily Southeast Southeast Feature Archive

Southeast Enjoys Outsized Multifamily Demand Due to Stellar Job Growth, InterFace Panelists Concur

by John Nelson December 18, 2020

The pace at which global corporations are expanding in the Sun Belt is extraordinary. To name just a few companies generating headlines, Amazon is making a sizable investment at its HQ2 in Northern Virginia and new office tower at Nashville, a number of life sciences and pharmaceutical firms are opening in Raleigh-Durham, Microsoft recently executed a full-building lease and commitment of 1,500 jobs in Atlanta and Oracle and Tesla are relocating to Austin, Texas. Researchers believe this corporate migration is a direct contributor to the region’s multifamily demand. Adam Couch, market analyst of asset optimization at RealPage Inc., said that after experiencing a decade of job creation wiped out in March and April, the region is now leading the charge in the economic recovery, which directly benefits the apartment sector. “For the Southeast, after suffering big losses, we’re in recovery mode now,” said Couch. “Local markets are best performing in places like Salt Lake City, Texas, Denver and Atlanta, where [job growth] is only 2 to 3 percent below February levels. The comeback in [multifamily] leasing was concentrated in some of these Sun Belt areas.” Dallas-Fort Worth, Atlanta and Houston led the nation in terms of apartment demand in the …

December 18, 2020

Conference Coverage Features Retail Southeast Southeast Feature Archive

Lenders Bearish on Retail Sector Except for ‘Prime’ Assets, Says Expert Panel

by Alex Tostado November 20, 2020

Since the onset of the COVID-19 pandemic, retail and restaurant space has been severely impacted by government-mandated shutdowns. While some stay-at-home orders have been lifted, the sector has struggled to return to its pre-pandemic norms. As a result, lenders have shied away from retail, whether it be construction, refinancing or acquisition loans, according to an expert panel assembled by France Media, Inc. Retail has “lost a lot of favor” with lenders, said Pierce Mayson, managing principal of SRS Real Estate Partners, during a webinar panel titled “Southeast Retail Investment Outlook: Will Retail Investment Activity Bounce Back in 2021?” Southeast Real Estate Business and Shopping Center Business jointly hosted the webinar on Monday, Nov. 16. “There is still some money out there for retail, but it’s few and far between,” said Mayson. Joining Mayson on the panel were Fred Victor, vice president of capital markets and investment sales at Transwestern; Greg Matus, senior vice president of investment sales at Franklin Street; Jeff Enck, associate director of capital investments at Stan Johnson Co.; and moderator Craig Thompson, partner at accounting firm Carr Riggs & Ingram. One telltale sign that banks are bearish on the retail real estate sector is the fact that …

November 20, 2020

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