Southeast Feature Archive

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Developers, Investors Reveal Favorite Southeast Markets

by John Nelson December 18, 2019

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 …

December 18, 2019

InterFace Multifamily Southeast Operations Panel

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Operators Detail Top 20 Ways to Boost NOI

by John Nelson December 12, 2019

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 …

December 12, 2019

Development Features Georgia Multifamily Southeast Southeast Feature Archive

InterFace Design Panel: Multifamily’s Luxury Standards are Shifting Away from Amenities to Unit Interiors, Services

by Alex Tostado December 11, 2019

ATLANTA — Multifamily developers’ definition of luxury is constantly changing, causing general contractors and architects to plan for the unforeseen and possibly change up designs when it comes to unit finishes, community amenities, parking structures or retail space within the communities they help build and design. “A big component of luxury now is creating an environment for community and location within the social hub of the market,” said B.J. Laterveer, principal at Alpharetta, Ga.-based Dwell Design Studios. “The amenity spaces got so big and cavernous, but now they are rightsizing.” Laterveer’s comments came during a panel titled “Developing Apartment Buildings for Today, but with an Eye on Tomorrow: An Architectural, Design & Construction Update,” at the 10th annual InterFace Multifamily Southeast conference hosted by France Media. Joining Laterveer on the panel were Paul Bertozzi, president and CEO at Live Oak Contracting; Ben Hudgins, principal at Brock Hudgins Architects; JoAnn McInnis, vice president at Carlyn & Co. Interiors & Design; Royce Elliott, chief operating officer at Juneau Construction; and moderator Nick Olaya, director of asset management at Alliance Residential. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and attracted 384 attendees. Laterveer said developers are planning …

December 11, 2019

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Retail, Office Trends Influence Apartment Development Strategies, Says InterFace Panel

by Kristin Harlow December 5, 2019

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 …

December 5, 2019

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Memory Care is Down But Not Out, Say Investors

by John Nelson September 12, 2019

ATLANTA — Seniors housing investors are pumping the brakes on acquiring memory care facilities as the property type’s fundamentals and high turnover have proven to be worrisome. That’s according to an investment panel during the annual InterFace Seniors Housing Southeast conference. Held on Wednesday, Aug. 28 at the InterContinental Buckhead Atlanta, the one-day conference attracted more than 430 seniors housing professionals from all over the Southeast. Memory care is a subsector of seniors housing real estate for seniors suffering from Alzheimer’s disease or other forms of dementia. According to the National Investment Center for Seniors Housing & Care (NIC), memory care is often located within assisted living facilities but also exists in standalone settings. Memory care residents are typically separated from assisted living residents in a secured area with specialized programming. The panelists said that memory care was a hot product type in the recent past but that the sector’s current distress is a direct result of overzealous developers. “Memory care was low hanging fruit for developers but now it has become overbuilt and has fallen out of favor,” said the panel’s moderator Adam Heavenrich, managing director of Heavenrich & Co., a seniors housing investment brokerage firm based in Chicago. …

September 12, 2019

Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Independent Living Struggles to Keep Up With Active Adult, Say Conference Panelists

by Alex Patton September 11, 2019

ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …

September 11, 2019

Conference Coverage Development Features Georgia Mixed-Use Southeast Southeast Feature Archive

Community Involvement is Necessary for Successful Mixed-Use Projects, Says InterFace Panel

by John Nelson August 26, 2019

It’s not just a good idea for real estate developers to engage the surrounding community as part of their due diligence: It’s essential. While on stage at the close of the InterFace Southeast Mixed-Use conference, some of the Southeast’s most prolific mixed-use developers and owners say community involvement can be the difference between success and failure. “Nowadays, if you want a successful mixed-use project, you have to get in deep with the community and all the stakeholders — whether it’s adjacent landowners, homeowners associations, NPUs [neighborhood planning units] or local architecture committees,” said Jeff Garrison, development partner at S.J. Collins Enterprises, an Atlanta-based commercial real estate developer. “We conducted 50 meetings for The Interlock project before we even submitted for zoning. It’s overboard, but that’s what makes it successful.” The Interlock is an upcoming $450 million mixed-use development in Atlanta’s popular West Midtown district. S.J. Collins recently inked WeWork to lease three stories of its office tower, which will also have Georgia Tech as an anchor. Garrison says that the project’s 145-room Marriott Tribute Portfolio hotel was a direct result of feedback that his team heard from the community. “We didn’t have a hotel in our original design,” said Garrison. …

August 26, 2019

Features Heartland Feature Archive Multifamily Northeast Feature Archive Southeast Feature Archive Student Housing Texas & Oklahoma Feature Archive Western Feature Archive

Generation Z Renters Reshaping Student Housing Market

by Katie Sloan August 8, 2019

With some of the oldest members of Generation Z coming onto the rental scene seeking out their first college and post-college apartments, developers and property owners must start paying closer attention to this new audience. While Gen Z and millennials have quite a bit in common, they also differ in some fundamental aspects and demand different standards of living in residential spaces. Just when owners and property managers are finding their footing with millennials, Gen Z will reshape the rules. Who is Gen Z? Gen Z is the population born in and after 1995. With the oldest members having just graduated college in the last few years, this is the beginning of their descent on the rental market. Since they came of age during the Great Recession and watched their parents struggle to make ends meet, Gen Z has a more conservative approach to spending compared to millennials. They are also less likely to uproot and relocate for a new job, as telecommuting and the freelance career path allows them to create their dream job right where they are. Gen Z is a generation that has grown up with standard two-day delivery, on-demand TV shows, movies downloaded within a minute …

August 8, 2019

Features Heartland Feature Archive Multifamily Northeast Feature Archive Southeast Feature Archive Student Housing Texas & Oklahoma Feature Archive Western Feature Archive

Priced Out: Adding Affordable Units to Student Housing

by Katie Sloan August 6, 2019

Student loan figures indicate a growing affordability problem in higher education. The Federal Reserve reports that student loan debt in the United States is almost $1.6 trillion today, with 42 percent of people who attended college — which represents 30 percent of all adults — incurring at least some debt from their education. With a focus on technology-based degree programs, the cost to attend college is rising. But it’s not just tuition that’s going up. According to College Board, the cost of housing exceeds the cost of tuition at four-year, public universities. For the 2017-2018 academic year, students paid an average of $9,970 for in-state tuition while room and board ran $10,800. “There’s a real need to get to the middle of the market and to build quality housing that students can afford,” says Joe Coyle, president of Michaels Student Living. Michaels Student Living is a specialized area of expertise within The Michaels Organization, a leading affordable housing developer in the United States. “Housing is a big part of what contributes to the high cost of attending college. We have to work together to find ways to mitigate this. It’s going to become more and more important.” While the student …

August 6, 2019

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