Apartment Association of Metro Denver

A PA R T M E N T
moving in
Despite the slow economy and job
losses during the year, a number of new
apartment communities were completed,
and several more broke ground. p.11
JANUARY 2011
Trends
A PA R T M E N T
THE VOICE OF THE
DENVER MULTIFAMILY HOUSING INDUSTRY
January 2011 • Volume 24 Number 1
Fire. Proof.
PUBLISHER
Mark Williams
[email protected]
DESIGN, PRODUCTION, SALES & ADVERTISING
Christopher Dean
[email protected]
CONTRIBUTING EDITOR
Julie Evans-Schmitt
[email protected]
CONTENTS
5
8
11
14
16
21
22
27
From the President
New AAMD Programs
Education
Do it yourself and start saving money tomorrow
Moving In
New developments delivering units in 2011
Economy
Tea Leaf: Economic Outlook 2011
Photo Album
2010 Chili Cookoff
Ask the Lawyer
Bankrupsy & Evictions: The automatic stay
Photo Album
An Evening at Palazzo: Holiday Charity Auction
Marketing
Web to print technology is revolutionizing marketing
COMMUNICATIONS COMMITTEE CHAIRS
Melissa Robbins, Joel Sandoval
Last year, we helped bring more than
1,000 families home.
From property cleanup and smoke removal to content restoration and
total reconstruction services, BELFOR provides seamless, complete fire
damage recovery solutions necessary for our clients to get back to their
homes. Back to their businesses. Back to their lives.
CONTRIBUTORS
Lynett Brockman, Cary Bruteig, Mark Cukro, Britten Hale,
Jere Halligan, Wendy Jenkins, Betty Knecht, Carol Levey,
Victor Sanchez, Cherie Shaw, Jeff Thredgold
ADVERTISING
Please contact Christopher Dean or Julie Evans-Schmitt
at 303.329.3300 for more information about advertising
in Trends. Deadline for contracts and artwork are the first
Monday of the month prior to publication.
Article Submission
Trends will consider printing any article written by an
AAMD member that applies to the Denver multi-family
industry, is 500-1200 words, does not promote any single
company or product. AAMD reserves the right to edit any
article without notification. Due to space, not all articles
submitted will be printed.
Printing: Siler Printing, Denver, CO
www.belforusa.com 303-425-9700 se habla español
Apartment Trends (USPS 018-233) is published 11 times a year (monthly except for
the combined November/December issue) by The Apartment Association of Metro
Denver, 3773 Cherry Creek North Drive, Suite 1001, Denver, CO 80209. Periodicals
Postage Paid at Denver, CO. POSTMASTER: Send address changes to Apartment
Trends c/o The Apartment Association of Metro Denver, 3773 Cherry Creek North
Drive, Suite 1001, Denver, CO 80209. Subscription included in membership dues.
Apartment Trends is published as a service to its members and all segments of the
apartment industry by The Apartment Association of Metro Denver. Any reproduction
or copying in whole or in part, without permission, is prohibited. Articles and events
herein do not necessarily have the endorsement of AAMD but may be presented
to give readers a diversity of views and activity updates. 3773 Cherry Creek North
Drive, Suite 1001, Denver, CO 80209, Phone (303) 329-3300, Fax (303) 329-0403, E-mail:
[email protected], Web: www.aamdhq.org. AAMD is a tax-exempt professional trade
association representing the multifamily housing industry in the metropolitan Denver
area. AAMD is affiliated with The Colorado Apartment Association (www.caahq.org)
and The National Apartment Association (www.naahq.org).
www.aamdhq.org
Upcoming AAMD Events
4
Economic Conference
4
Education Conference & Trade Show
6Calendar
7PowerLunch
9
Education Calendar
26 Tributes 2011
Departments
3
6
7
29
32 32 Leadership
Eye on the Industry
Miss Management
AIMS Update
Advertising Directory
New Members
CONTACT AAMD
Mailing Address:
3773 Cherry Creek North Drive
Suite 1001
Denver, CO 80209
Phone: 303.329.3300
Fax: 303.329.0403
Member Website:
www.aamdhq.org
Facebook
www.facebook.com/aamdhq
194 Fans
Executive Vice President: Mark Williams, [email protected]
Vice Pres. of Government Affairs: Nancy Burke, [email protected]
Vice Pres. of Member Services: Julie Evans Schmitt, [email protected]
Vice Pres. of Events & Education: Betty Knecht, [email protected]
Accounting Manager: Earlease Alexander, [email protected]
Office Manager: Wenonah Clayton, [email protected]
Communication & Marketing Mgr: Christopher Dean, [email protected]
Manager of Education Services: Wendy Jenkins, [email protected]
Programs & Events Manager :
Julie Marie Martinez, [email protected]
CAA Affiliate Coordinator: Meghan Storrie, [email protected]
TWITTER
www.twitter.com/aamdhq
73 Followers
LINKEDIN
www.linkedin.com/groups?gid=875627
134 Members
JANUARY 2011 • TRENDS | 1
LEADERSHIP
President
Cherie Shaw
President-Elect
Meredith Wright
Vice President
Mike Papantonakis
Nina Property Investors
Metrex Property Group
Treasurer
Rocky Sundling
Supplier at Large
Foy Bailey
Past President
Jennifer Nessett
Executive Vice Pres.
Mark Williams
Greystar Real Estate Partners
Camden Property Trust
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Community Interiors
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AAMD
2010-2011 board of directors
furniture flexibility for your life
Furniture
Echelon Property Group
Secretary
Don Werner
•
Electronics
President
President - Elect: Vice President: Treasurer: Secretary: Supplier At Large: Past President: Executive Vice President: Owner Director:
Owner Director:
Owner Director:
Supplier Director:
Supplier Director:
JLAC President: JLAC Pres. Elect: Education President: Education Pres. Elect: Networking President: Networking Pres.-Elect: Suppliers Council President: Suppliers Council Pres-Elect: IROC President: IROC Pres-Elect: NAA Region VIII VP:
CAA President:
Cherie Shaw, Greystar Real Estate Partners
Meredith Wright, Echelon Property Group
Mike Papantonakis, Nina Property Investments
Rocky Sundling, Camden Property Trust
Don Werner, Metrex Property Group
Foy Bailey, Community Interiors
Jennifer Nessett, Sares Regis Group
Mark Williams, AAMD
Gayle Gahagan, Corum Real Estate Group
Pat Hutchison, Legacy Partners
Jennifer Routon, Echelon Property Group
Dan Flanagan, BluSky Restoration
Mark Tschetter, Hopkins Tschetter Sulzer, P.C.
Lauren Brockman, Orion Real Estate Group
Brandon Rich, Greystar Real Estate Partners
Heather Campbell, RedPeak Properties
Garrett Faillaci, RedPeak Properties
Vickie Breaux-Michaud, All Set Restoration
Joel Sandoval, Valet Waste
Megan Dyk, Apartment Book
Jon Butters, Arbor Carpet
Deanie Kennedy, IPM Colorado
Brad Coldiron, Coldiron Investment Group
Rex Gambrell, Corum Real Estate Group
Dana Lowry, Grand West Properties
2010-2011 committee chairs
Alliance Chair:
Alliance Vice:
Ambassadors Chair
Ambassadors Vice:
Chili Cookoff Chair:
Chili Cookoff Vice:
Communications Chair:
Communications Vice:
Charity Auction Chair:
Charity Auction Vice:
Economic Conf. Chair:
Economic Conf. Vice: Finance Chair: Finance Vice: Golf Tournament Chair: Golf Tournament Vice: June Awards Chair: Maintenance Olympics Chair: Maintenance Olympics Vice: Maintenance Olympics Vice: Membership Chair: Membership Vice: Membership Vice: Public Relations Chair: Public Relations Vice: Spring Clean Chair: Spring Clean Vice: Trade Show Chair: Trade Show Vice: www.aamdhq.org
Mike Zoellner, RedPeak Properties
Terry Simone, MultiFamilySolutions
Larissa Ouellette, Interstate Restoration
Jody Robinson, Career Strategies
Chip Kabrud, Mac-Gray
Amie Harmon, RediCarpet
Melissa Robbins, Greystar Real Estate Partners
Joel Sandoval, Valet Waste
Mary Wessler, ConAm Colorado, Inc.
Scott Kirkwood, Berkshire Property Advisors
Rocky Sundling, Camden Property Trust
Mark Tschetter, Hopkins Tschetter Sulzer
Rocky Sundling, Camden Property Trust
Meredith Wright, Echelon Property Group
Lyn Jacobs, Arbor Carpet
Brandon Rich, Greystar Real Estate Partners
Jennifer Nessett, Sares-Regis Group
Ed Schell, HD Supply
Mike Colton, Greystar Real Estate Partners
Todd Bowen, Legacy Partners
Abby Germano, RenterReviewed
Helen McMahon, SureDeposit
Jenny Jacobs, Standard Interiors
Mike Gosline, Metrex Property Group
Karen Gladney, POWER Leasing
Stacy Valentine, Equity Residential
Wayne Baker, Shaker Painting
Parke Pettegrew, Carmel Partners
Christina Steeg, Simpson Property Group
JANUARY 2011 • TRENDS | 3
FROM THE PRESIDENT
2011 ECONOMIC CONFERENCE
of Economic Change
WEDNESDAY
JANUARY 26, 2011
7:30-11:30am
Natalie Mullis
Martin Shields
Gordon Von Stroh
Colorado Legislative
Colorado State
DU - Daniels School of
Council
University
Business
marriott
denver tech center
The Largest Multifamily
Education Conference and
Trade Show in the Rocky
Mountain Region
Cherie Shaw, Greystar Real Estate Partners
Take advantage of new benefits in 2011
S
tart 2011 by taking a fresh look at some of the newer
programs and offerings from AAMD and CAA. Over the
last several months AAMD and CAA have launched or
updated several new member benefits which create valuable
ways for you and your business to operate more effectively.
These programs can save you time and money! Here is a
summary of what’s new at the Association:
Property and Casulty Insurance
The CAA P&C Insurance program can benefit apartment
property owners by offering preferred rates below what is
available to non-members, and the program offers excellent
insurance coverage options. CAA has partnered with Alliance
Insurance Company; they share our philosophy that members
provide a better risk than non members since members are
more professional and more informed of trends, issues, and
problems facing the multi-housing industry. This inherently
lower risk group (our membership) allows for built in savings
which are passed along to you. In addition, the Association
becomes stronger and is able to do more for its members.
This is truly a “win/win” arrangement. Let Alliance Insurance
have the opportunity to quote your portfolio today. Contact
Lou Serro with Alliance Property & Casualty: lserro@
allianceinsurance.biz or 303-395-7170.
Online Leases
The CAA lease forms are now available on line through our
new partner, Tenant Technologies. The CAA lease program
gives you the freedom to download as many forms as you
like each month for the same great price. The CAA forms are
kept up to date and changes are made to deal with current
Colorado specific legislation so you will always have great
protection without having to spend the money for legal fees
on updates. Using this program will save you time and give you
piece of mind. Contact Scott Runkel with Tenant Technologies
at [email protected] or toll free 877-230-2125.
Rhythm of Renting
“Amp Up Your Career”
SmartMove Credit Checks
Get your credit checks on line with no set up or inspection
fees with SmartMove by Transunion. Pay as you go or
have your perspective resident pay direct. This is an easy
inexpensive way to find out the credit and criminal history of
your perspective resident. Find out more about SmartMove on
our website at www.aamdhq.org.
Wellness Program LifeStrive
The new AAMD Wellness program is through our partners
at Peliton and LifeStrive. Designed to supplement your
company’s health insurance program the Wellness Program is
built to keep your team active and more aware of their health.
This is achieved through an easy and integrated plan consisting
of the appropriate wellness components for your company,
effective and compelling communication tailored to your
employees with specific objectives, incentives and expected
outcomes.
Worker’s Compensation
As an owner or a supplier member of CAA you may be
able to save money on your workers compensation insurance
through this association program. In past years its participants
have received over $31,000 in dividend checks. The program
is with Pinnacol Assurance, established as the assured
source of workers’ comp coverage for Colorado companies,
regardless of their size or risk. Over the years, Pinnacol has
grown from industry pioneer to Colorado’s choice for workers’
compensation. Today, approximately 55,000 customers across
Colorado have made Pinnacol their carrier of choice. The
program includes excellent free safety seminars and training for
your company. Let one of our AAMD exclusive brokers have
the opportunity to give you a quote. For More Information,
contact: Andrew Gibbs at Peliton: [email protected] (303771-1800) or Susan Tellis at Colorado Workers Compensation:
[email protected] (303-770-2800).
Career Center
As the economy improves the AAMD Career Center will
continue to be an excellent resource for our members and
industry professionals. One can find the best jobs and qualified
leasing and property management professionals Denver has
to offer on our online career center. You can have multiple job
listings for the same great monthly price. Find out more about
the Career Center on our website at www.aamdhq.org.
AAMD will continue to seek and offer excellent new
benefits for our members. These are just a few of the newest
opportunities for you to consider. AAMD will also be launching
a new and more user friendly web site in 2011. Watch for more
announcements in the months to come! Have a heathy and
prosperous 2011!
Thursday May 19, 2011 • Denver Merchandise Mart
4 | TRENDS • JANUARY 2011
www.aamdhq.org
www.aamdhq.org
JANUARY 2011 • TRENDS | 5
EYE ON THE INDUSTRY
MISS MANAGEMENT
Lynett Brockman, Lynett Brockman & Associates
Carol Levey, Levey Enterprises
Dealing with a noisy dog on your property
Redi Carpet Announces Acquisition of
Seagull Floors
Redi Carpet, the nation’s largest
exclusive multi-family flooring
contractor has acquired Seagull
Floors, a multi-family flooring
contractor with locations in Atlanta,
GA; Dallas, TX; Charlotte, RaleighDurham and Winston-Salem, North
Carolina; and Tampa, Florida.
I recently allowed some residents to get a small dog. After signing the pet
addendum and paying their deposit, they brought home a Chihuahua.
Unfortunately, the animal spends most of the day yapping while its owners
are at work. Naturally, the other residents are complaining. I’d hate to see the
dog end up at a shelter or lose the residents (who are otherwise ideal tenants).
Any suggestions?
REDI CARPET
The acquisition of Seagull Floors makes a strong contribution to
Redi Carpet’s overall growth strategy. “This acquisition represents
a tremendous opportunity for Seagull Floors and Redi Carpet.
We continue to grow our company so that we are properly
positioned to support all of our customer’s nationally.” states Redi
Carpet CEO Greg Waleke. “Seagull Floors has a great reputation
in the industry and a strong customer base. Like Redi Carpet,
they have built a culture around taking care of customers.”
“It’s truly a perfect fit,” states Ken Leadingham, Seagull’s
President. “Seagull’s great reputation and its strong relationships
with its customers will complement Redi Carpet’s large customer
base and wide geographic coverage. Our people are very
excited about this opportunity and the potential for the future,”
continues Leadingham.
“The main benefit is going to be for our customers. The
combined businesses give us greater geographic coverage,
enhanced capabilities, and greater access to people and
resources within the industry. All of these strengths will enable
us to deliver better service to our customer base. This is an
exciting time, a chance to strengthen our reputation as the top
multi-family flooring contractor in the country. We intend to
make the most of this opportunity”, states Jerry Hosko, President
of Redi Carpet.
SPIRE Design announces completion of their
project at the Portola at SouthGlenn
Interiors by SPIRE Design Studio creates a leading edge ambience
to The Portola at Southglenn. The property offers elite luxury
apartment living in a relaxed urban atmosphere. Lead designers
and partners at SPIRE, Kim Reinke and Christine Fritschel attribute
the new look to the vision of management and owners. “We
wanted to create a memorable space that reflected the vibrant
environment of the surrounding area while providing a place for
personal reflection.”
Mark your CalendarsMobile Devices
Wednesday, January 19PowerLunch
Wednesday, January 26
Economic Conference
Wednesday, February 16 PowerLunch
Tuesday, March 8Maintenance Olympics
Wednesday, March 16PowerLunch
Wednesday, April 20PowerLunch
Got News?
6 | TRENDS • JANUARY 2011
I am a dog lover but it is not worth losing several residents over a few “ideal” ones;
favors and exceptions are not fair to others. If you allow pets you must require
responsible pet owners. You need to send a written warning to these residents
to correct the situation with their dog. No resident has the right to infringe on the
peaceable enjoyment of their neighbors. This does not necessarily mean that the
dog has to go to a shelter or the owners have to move to restore peace. If the
animal is quiet when its owners are home, perhaps they could consider leaving it
with a friend during the day, hiring a “dog walker” or putting it in “doggie daycare.” If
these attempts don’t resolve the disturbance however, they will need either to move
or find a new home for the dog. In this day and age we like think of pets as our pals,
but legally it is a different matter. Keep in mind that according to the law, a pet is
the personal property of the resident and can be removed or dealt with without
negating the financial and legal responsibilities of the residents. If they are in a
long-term lease they are still liable for meeting the requirements of their lease until it
expires or they have negotiated an early termination with the owner.
P WERLUNCH
Next PowerLunch...
January 19, 2010
Thursday, April 28
Alliance Wine Event
Thursday, May 19
Education Conference & Trade Show
Thursday, June 16
June Awards
Wednesday, July 20
Summer Economic Conference
See www.aamdhq.org for complete listings, details and to register.
Please send announcements about aquisitions or movements for possible publication in Eye on
the Industry to Lynett Brockman: [email protected]
www.aamdhq.org
11:30am - 1:00pm
Doubletree Denver Tech
(7801 E. Orchard Road)
The Fine Art of Small Talk
with Debra Fine, National Speaker & Bestselling Author
Register Online at
www.aamdhq.org
P WERLUNCH
partner
EDUCATION
EDUCATION
Mark Cukro, Service Team Training
fair
housing
Do it yourself and start saving money tomorrow
C
onsidering the current state of the
economy every decision we make or
have made recently is under a greater
microscope and everyone is looking for
more new and creative ways to cut costs and
reduce expenses.
FOR MULTIFAMILY
PROFESSIONALS
January 20 • 1:30-5:00pm
While most companies are battling lay-offs,
vacancies, and concessions we are expected
to deliver the same or better customer service
with fewer resources. If a company or property
is unable to increase its resources to complete
service requests and make-readies focusing on
efficiency can and will save time and money.
Cost: $49.00
A very effective way to reduce the vacant electric is by
installing a Model Minder which is wireless and turns the lights
on when someone enters. The length of time the lights stay on
is adjustable and not only are they very reliable but they last for
years. So, no more light accidentally left on all night. The average
ROI is less than 1 year.
There are also several products that will measure power
consumption at the meter and predict utility bills such as the
common electricity for a building. This will help you objectively
determine the effectiveness of upgrades and retrofits.
Not only will these products save money but it helps your
property truly become a little environmentally greener.
Every year new products enter the industry that provide new
and improved solutions and help make repairs in less time which
allows more time for other tasks. By attending training sessions
and trade shows technicians can learn what new products are
available and how and when to use them.
Technicians can also develop troubleshooting skills that
eliminate guesswork and reduce time on tasks or pick up
customer service tips that may result in more renewals. The cost
of training is always less than the results of no training at all. “The
habits that you train are the habits that you gain” so, be sure to
train good habits and always seek improvement!
If you’d like more information like this or about the latest
news and trends in our industry visit our blog or web site at
www.serviceteamtraining.com.You’ll be glad you did.
Mark Cukro can be reached at 704-363-6236 or at mark@
serviceteamtraining.com
Take a further look at some of the services used on a property.
Do you have dumpsters scheduled for routine pick-up or
emptying? It is not uncommon to see empty dumpsters lifted
over a truck only to see one or just a few trash bags fall into
the garbage truck. Can a dumpster that is hardly ever full be
relocated to a different location or can it be eliminated with little
to no effect on the property?
Topics Include:
• Who is considered disabled or otherwise
protected under Fair Housing Regulations.
• How to analyze risk in dealing with dayto-day resident issues that may affect a
resident’s Fair Housing rights.
• The difference between reasonable accommodations and modifications.
• How to properly handle resident requests.
Who Should Attend:
Managers, Leasing and Marketing
FOR MAINTENANCE,
HOUSEKEEPING &
GROUNDS
February 8 • 8:30-11:30am
Cost: $49.00
(see Web for available discounts)
When your service staff interacts with residents,
do they know how to deal with Fair Housing
issues? Help them understand what’s legal and
what’s not. This class was developed specifically
with Maintenance, Housekeeping and Groundskeepers in mind introducing on-site service staff
to Fair Housing regulations and preparing them
for interacting with residents.
Topics include:
•
Defining Fair Housing
•
Interacting with Residents
•
What’s Legal and What’s Not
•
General Do’s and Don’ts
Now more than ever it is important that your team is
operating efficiently and only replacing parts that are needed.
Training Associates is hands down one of the best ways to be
sure they are making timely cost effective repairs that are done
correctly the first time. Eliminating or reducing callbacks is a
great way to save time and valuable resources.
8 | TRENDS • JANUARY 2011
(see Web for available discounts)
Make sure your community is in compliance
with Fair Housing Regulations and Guidelines. This advanced class gives management
and leasing professionals detailed information on regulations and instructs managers and leasing professionals in handling
difficult Fair Housing situations.
Some products such as automated light
controls in common areas that operate by motion
are a great way to create tremendous savings.
Every second a light is on and not needed it is
wasting money.
What types of light bulbs are used in common
areas, rest rooms, and the model? Are you certain that the most
efficient bulbs are being used? There are lights that are even
more efficient than fluorescent bulbs and depending upon the
application can be a better choice.
Instructor:
Brad Coldiron
ColdironHamrick
Who Should Attend: Maintenance, Housekeeping and Groundskeeping Personnel
www.aamdhq.org
www.aamdhq.org
Certified Apartment
Manager (CAM)
As a manager of a multi-million dollar real estate investment you know that the market value of your property is
essential to the company’s bottom line. You directly impact
that bottom line, and becoming a Certified Apartment
Manager (CAM) can help you increase your own success
and earning potential, as well as that of your property.
Cost: $795.00 (See Web for Early Registration Discounts Available)
Who Should Attend: Current and future Property Managers.
Certified Apartment
Supplier (CAS)
As a supplier to the multifamily housing industry,
knowing what your customers experience day-to-day
can help you better service their business. Take four (3
required, 1 elected) of the modules along side the CAM
students and become a Certified Apartment Supplier.
Cost: $495.00 (Early Registration Discounts Available)
Who Should Attend: Suppliers wanting to know more about
their customers business practices.
February 21 to April 27, 2011
Mondays & Wednesdays • 4:00 - 7:00pm
Module Schedule (module order subject to change):
•
•
•
•
•
•
•
•
•
February 21
Feb. 28 & Mar. 2
March 7 & 9
March 14 & 16
March 21 & 23
April 4 & 6
April 11 & 13
April 18 & 20
April 25, 26, & 27
Orientation & Community Analysis
Mgmt. of Resident Issues (CAS requirement)
Property Maintenance
Fair Housing
Legal Responsibilities (CAS requirement)
Risk Management
Human Resources
Marketing
Financial Management (CAS requirement)
Sales Process series
Instructor: Elizabeth Austen, Sandler Training
Cost: $49.00 per session or $150.00 for series
For the sales professionals in our industry we offer a 4-part series of classes on the sales
process. Partly motivational, partly instructional— these sessions will provide you with
the concept, knowledge and understanding of the process as it applies to your selling
environment. These class sessions are presented by Sandler Training, a world leader in
innovative sales and sales management training for more than 40 years.
Developing a Sales Plan
February 24 • 9:00 - 11:30 am
Find out how to determine your company’s
Ideal Customer Profile (ICP) and strategies
to reach them.
The 4 Steps to Qualifying Your
Prospect (Getting to 2nd base)
March 31 • 9:00 - 11:30 am
Define your questioning strategy to learn
and respond to your prospects needs.
How to Book the Sales First
Appointment
March 17 • 9:00 - 11:30 am
Learn to develop a compelling message
and craft that message into an effective
“30-second commercial”.
Closing the Deal
April 14 • 9:00 - 11:30 am
Put the sales process together and learn
how to effectively close the deal.
(All classes are 3 CEC’s each)
JANUARY 2011 • TRENDS | 9
moving in
Despite the slow economy
and job losses during
2010, a number of new
apartment communities
were completed, and
several more broke
ground. To follow are
some new developments
that either delivered units
in 2010, or will begin
delivering units in 2011.
By Cary Bruteig, Apartment Appraisers
(Properties featured in past Trends issues were not
included in this story. Back issues are available online
at www.aamdhq.org).
10 | TRENDS • JANUARY 2011
www.aamdhq.org
www.aamdhq.org
JANUARY 2011 • TRENDS | 11
MOVING IN
MOVING IN
Terrancia Villas (Broomfield)
Golden Pointe (Golden)
With an attractive Italian design, the 376-unit Terracina
Villas is just north of the Flatirons Mall in Broomfield.
Recently acquired by The Griffis Group, construction is
almost complete, and leasing activity, like at most new
communities this year, has been strong recently. The
enormous 15,000 clubhouse is simply stunning, and must
be seen to be appreciated. It includes a large fitness center
and cardio theater, and business center. Other amenities
include a Bocce ball court, outdoor game room with
billiards, ping pong table, and foosball, an attractive resortstyle pool with Italian fountains and waterfalls.
Golden Pointe is a 56-unit property built by Archdiocesan
Housing using tax credits. This affordable community was
completed in November. The hilltop location south of Golden
provides excellent views. The property provides seven different
floor plans ranging from a 772 square foot 1-bedroom up to
a 1,273 square foot 3-bedroom. Ground floor units have 9’
ceilings. Community amenities include a playground, business
center, and laundry room. Rent levels are based on 40%, 50%,
and 60% of area median income.
Portola at Southglenn (Aurora)
Los Altos de Alameda (Denver)
Portola at Southglenn is in the center of the Southglenn
mall redevelopment by Alberta Development Partners. The
202 apartments are in a 5-story building with ground level
retail and a parking structure. While the convenience to
the surrounding restaurants and retail may be the greatest
amenity, apartments come with full size stackable washers
and dryers, granite countertops, 9-foot ceilings, and Roman
oval tubs. The courtyard pool and hot tub are next to
lounging areas and a fire pit for cool evenings. Construction
was completed in early 2010.
St. Charles Town Company is finishing up Los Altos de
Alameda at 5100 W. Alameda Avenue. The bold colors
of this 50-unit tax credit property enhance already good
visibility from Alameda and nearby Sheridan Boulevard. It
will have 9-foot ceilings, washer and dryer hookups, some
kitchen islands, and walk-in closets. Community amenities
include a business center, playground, central laundry
facility, and elevator access.
Miramont at Ridgegate (Lone Tree)
Affordable Housing Projects
There will probably be only 1,500 apartment
completed during 2011, and many of these will be
in affordable developments. Although a soft rental
market has slowed development of market rate
communities, the tax credit subsidies allow affordable
properties to be developed in good times and bad.
There are five market rate properties that all should
deliver at least some apartments during 2011:
Residences at 29th Avenue has 240 units in Boulder
and is being built by Forum Real Estate Group; Alta at
Aspen Grove by Wood Partners has 280 units behind
the Aspen Grove Shopping Center near Mineral and
Santa Fe; the third phase of Savoy at Hampden Town
Center consists of 168 units by Equity Residential;
Highlands Crossing at I-25 and 16th Street is a small
56 project originally planned as condominiums, and
McWhinney just broke ground on the 300-unit Arbour
Square on the north side of the Orchard Square
shopping center, near I-25 and 148th Avenue.
12 | TRENDS • JANUARY 2011
Miramont at Ridgegate is an urban style, 4-story community
with 243 units and a parking structure. Ceilings are 10 feet
high and all apartments come with washers and dryers,
granite countertops with tile backsplash, 42” tall kitchen
cabinets, and some have kitchen islands with pendant
lighting. Community amenities include a gourmet kitchen
with Latte Lounge, a game lounge with Wii station and
billiards table, a grand library, 24-hour fitness club, outdoor
fireplace and grills, infinity-edge pool and spa. Martin Fein
Interests completed construction last fall. The property is
just west of the Sky Ridge Medical Center.
There are also eight affordable properties being built that are expected
to deliver apartments during 2011:
NAME
UNITS
CITY
DEVELOPER
Chaffee Park Senior Residences
62
Denver
The Burgwyn Company
Creekside West
83
Lakewood
Metro West Housing Solutions
Dahlia Square Senior
88
Denver
McDermott Properties, LLC
Park Avenue Block 5B
89
Denver
Denver Housing Authority
Phoenix on the Fax
50
Denver
Sherman Associates, Inc.
Boulder Housing Partners
Red Oak Park
59
Boulder
Residences at Panorama Pointe
72
Westminster Hendricks Communities
Yale Station
50
Denver
Cary Bruteig started appraising in 1985, obtained the MAI designation in 1989, and the CRE designation in 2008. Since
forming Apartment Appraisers & Consultants in 1992, his firm has appraised over 1,500 apartment communities
totaling over 300,000 units with a value in excess of $20 billion. He is a regular contributor to Apartment Trends.
Koelbel & Company
Source: Apartment Insights, Denver, CO
www.aamdhq.org
www.aamdhq.org
JANUARY 2011 • TRENDS | 13
ECONOMY
ECONOMY
Jeff Thredgold, CSP, President, Thredgold Economic Associates
U.S. Employment
Tea Leaf: Economic Outlook 2011
The U.S. Economy
While the American economy has now registered growth
for five consecutive quarters, the pace of that growth has been
meager, averaging a 2.9% real (after inflation) annual rate…and
just a 2.1% rate during the past two quarters. Such growth trails
the average 3.6% real annual growth pace of the past 30 years.
What we now call the Great Recession enters the
history books at 18 months in duration, officially running
from December 2007 to June 2009. Never since the Great
Depression has a recession wiped out all net job gains of the
prior economic expansion. Never since the Great Depression
has a painful and lengthy recession been followed by such a
limited growth pace.
Growth in 2011? Most forecasting economists see real
growth during 2011 at a 2.5%-3.0% annual rate, with the
Federal Reserve’s forecast a bit more cheery. As before, major
economic headwinds of weak residential and commercial real
estate construction, soft housing values, and near doubledigit unemployment impair the economy. In addition,
fragile consumer confidence tied to anxiety about massive
government spending and unprecedented budget deficits also
constrains growth opportunities.
Greater media focus and rising consumer awareness of
painful but vital steps necessary to deficit reduction are critical
first steps in the process. Both the political left and the political
right have been critical of proposals by various deficit reduction
groups, while the middle seems more willing to have a healthy
debate. Isn’t that the basis of effective government…give and
take on both sides?
Record budget deficits of the past three years, combined
with projected $1,000,000,000,000 annual budget shortfalls
for as far as the eye can see have, to this point, found domestic
and global bond markets willing to provide massive deficit
funding. However, financial market uncertainty about ongoing
budget deficits and huge national (sovereign) debt levels across
southern Europe must be “a wakeup call” for the U.S. We will
simply not be immune in coming years to financial market
distaste and resistance to boatloads of additional U.S. Treasury
debt issued to fund irresponsible levels of government spending.
The Federal Reserve
This nation’s central bank has drawn extensive criticism in
recent weeks for its current program to boost the economy
with another $600 billion of newly created money. Such funds
are being used to purchase U.S. Treasury notes
and bonds, with the intent of pushing longer-term
interest rates lower.
American job creation is expected to improve somewhat
during 2011. However, a modest improvement in net monthly
job creation will do little to trim the nation’s unemployment rate,
which has been at or above 9.5% for 15 months, the longest
such period since the Great Depression.
Greater clarity from Washington DC in regard to income
tax rates, combined with progress toward more affordable
government spending, would go a long way toward boosting
business sector confidence. In a nutshell, rising confidence
levels would enhance employment creation.
Inflation
Sluggish U.S. economic performance, soft home values, and
major slack in labor markets have led inflation to extremely
modest levels in recent months. One measure of consumer
inflation recorded its lowest 12-month rise in 53 years!
While inflation is expected to remain mute during 2011,
longer-term views remain split between sharply higher
inflation and the perils of deflation. The former camp is
buying gold and commodities. The latter camp is buying
longer-term fixed-rate U.S. Treasury and high-quality
corporate debt securities.
“It seems you wrote the book on ‘how to do it right’excellent customer service & communication skills”
- Shirley, rehab client
Services Provided
Complete interior and exterior construction services
from apartment rehabs to stair tread replacement
Housing & Home Finance
Effective steps to reduce future growth rates of U.S.
government spending are mandatory to getting this nation’s
financial house in order. You cannot tax your way to balanced
budgets, nor can you tax your way to economic prosperity.
14 | TRENDS • JANUARY 2011
•
•
Most forecasters see average U.S. home prices
stabilizing around mid-2011, with only modest
gains in home values in subsequent years. Millions
of homes in, or potentially to enter, foreclosure
remain the fly in the ointment.
•
•
•
Average conventional mortgage interest rates have risen
roughly 0.25% during the past few weeks, after plunging
to their lowest levels in 50 years. For those interested in
refinancing a mortgage, or financing a new home or foreclosed
property, the timing remains outstanding.
www.aamdhq.org
Reprinted with permission from the “Tea Leaf” by Jeff Thredgold.
Copyright 2010, Thredgold Economic Associates, LLC. To subscribe to Jeff’s
free weekly email update, visit www.thredgold.com
Distinctive Construction Services
Despite such massive bond buying, bond
yields (returns) have actually risen in recent weeks,
reflecting concern about the Fed’s latest venture
and expectations in some camps of stronger
economic growth than the consensus view. The
Fed’s most important monetary tool, the federal
funds rate, has been at a historic low target range
of 0.00%-0.25% for nearly 24 months, with little
expectation of change any time before the latter
part of 2011.
Budget Deficits
Jeff Thredgold has been writing a weekly economic and financial
newsletter for over three decades. The current version, titled Tea Leaf, is
read by thousands around the world. In the Tea Leaf, Jeff Thredgold helps
people understand and benefit from what is happening in the economy
and financial markets.
•
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JANUARY 2011 • TRENDS | 15
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16 | TRENDS • JANUARY 2011
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JANUARY 2011 • TRENDS | 17
The Sherman Company
WestdaleCutline
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Apartment Guide
Chili Pepper
Sponsors
Sherwin Williams Floor Coverings
Apartment Flags by Susan
For Rent Media Solutions
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Colorado Carpet Cleaning
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Judging the Chili (Perfect score?!!)
REDI CARPET
Amie Harmon
2010 Chili Cookoff Committee
Congratulations Winners!
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Most Creative (but still edible)
Chili: Westdale Management
Best Booth: All Set Restoration
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Best Red Chili:
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Best Green Chili: BluSky Restoration
Hottest Chili: POWER Apartment Leasing
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JANUARY 2011 • TRENDS | 19
ASK THE LAWYER
Britten W. Hale, Springman, Braden, Wilson & Pontius, P.C.
Bankruptcy and evictions - The automatic stay
and how to avoid violations
S
ometimes a current resident files for Bankruptcy (either
Chapter 7 or Chapter 13). Please note that the filing of
this bankruptcy prohibits the landlord from making any
further demands, posting eviction notices, or starting eviction
efforts against the resident until the bankruptcy is resolved
or the landlord obtains a Court Order granting relief from
the automatic stay that is imposed by the Bankruptcy Court.
Sanctions for violation of this federal law are drastic and may
be very expensive for landlords. It is absolutely imperative to
ensure that this automatic stay is not violated.
Chapter 7
A Chapter 7 Bankruptcy usually takes three to four months
to complete. This type of Bankruptcy is considered a “no
asset” case, which means that the debtor is claiming to have
no (non-exempt) assets available for use to pay creditors.
The Bankruptcy Trustee, on behalf of the resident, has sixty
(60) days from the date the case is filed to either assume or
reject the lease, and if the lease is not specifically assumed,
it is deemed rejected by the Court. Assumption of the lease
means that the resident is agreeing to be bound by all the
terms of the lease agreement, even if the lease was signed
before the resident filed for bankruptcy. If the resident rejects
the lease, the Bankruptcy Court treats the lease as though it
never existed. Thus, you have the equivalent of a month-tomonth resident who owes monthly rent and utilities. If the
resident moves out after filing bankruptcy, they would owe
rent through the day they lived there, utilities for the time they
lived there, cleaning/damages beyond normal wear and tear,
and nothing else. A rejected lease does not allow a landlord to
charge late fees, concession recapture fees, lease termination
fees, attorneys fees or liquidated damages. Knowing whether
the lease has been assumed or rejected is especially important
if the resident moves out during the bankruptcy case.
Chapter 13
A Chapter 13 Bankruptcy case is a reorganization case. You
often hear about companies like United Airlines or Frontier
Airlines filing for Chapter 11 bankruptcy, and the Chapter 13
is essentially the personal equivalent of the Chapter 11. The
resident would propose to pay all their secured creditors over
a period of 3-5 years, with minute amounts of money available
for the unsecured creditor. The resident who files is still
protected by the Automatic Stay available under the Chapter 7
bankruptcy, but a non-filing co-resident is also protected. This
differs from a Chapter 7 bankruptcy, which only protects the
resident who filed bankruptcy.
20 | TRENDS • JANUARY 2011
www.aamdhq.org
www.aamdhq.org
Automatic Stay and Relief Therefrom
Once the bankruptcy case is filed, the resident is protected
by the Automatic Stay. The Automatic Stay stops all civil action
against a resident. This means that the landlord cannot make
any demands of the resident without first obtaining permission
from the Bankruptcy Court. A landlord who proceeds to
make demands of a resident who has filed bankruptcy may be
subject to severe financial penalties by the Federal Bankruptcy
Court. As a brief example, a client hired a law firm to evict
their resident without informing the law firm that the resident
had already filed bankruptcy, and had previously notified the
client of that filing in writing. The law firm proceeded to file
the case and then found out about the bankruptcy when the
resident filed a lawsuit against both the client and the law firm
in the Bankruptcy Court. The law firm had to pay attorneys
fees for their defense, but was relieved of any other penalties
because the client failed to notify the lawyers. Not only was
the client not allowed to evict the resident, but also had to
allow the resident to live in the property rent-free for several
more months as a result of their violation of the Automatic
Stay. There are many other cases where landlords have been
subjected to paying thousands of dollars for violating the Stay,
so it should go without saying that your eviction attorney
should be notified immediately of any bankruptcy information
you receive from a tenant facing eviction or collection action.
If the resident stops paying rent and does not move out of
the property, the landlord will probably want to consider filing
a Motion for Relief from Automatic Stay, requesting the Court’s
permission to proceed with an eviction for non-payment of
post-petition (after filing) amounts due. This process takes a
minimum of thirty (30) days to handle an uncontested Motion.
Your attorney can provide details regarding pricing and more
specific timing. Prior to beginning this process, the landlord
may choose to contact the resident to ask them what their
intentions are regarding the lease. It is important that the
landlord give the resident a deadline for them to provide their
intentions, in order to prevent delays in the chain of events.
The resident might either pay or move out at that point as a
resolution to the problem. If not, the Motion for Relief can
be filed and once the landlord has the Order Granting Relief
from Stay, it would be possible to then proceed with the
normal eviction process, beginning with serving a Demand for
Payment or other applicable demand.
Britten W. Hale is a partner with the law office of Springman,
Braden, Wilson & Pontius, P.C. His practice includes litigation
of eviction and collection cases for landlords and property
management companies, as well as all forms of representation for
Community Associations.
JANUARY 2011 • TRENDS | 21
THANK YOU TO OUR CENA SPONSORS:
THANK YOU TO OUR
PALAZZO SPONSOR:
www.ista-na.com
22 | TRENDS • JANUARY 2011
www.aamdhq.org
www.aamdhq.org
JANUARY 2011 • TRENDS | 23
MUSICA SPONSORS:
BEVANDA SPONSORS
Advanced Exercise Equipment
Apartment Flags by Susan
Berkshire Properties
Carmel Partners
Camden Property Trust
Centric Elevator Corp.
Criterion Brock
cBeyond
ConAm
Echelon Property Group
Executive Coatings
Greystar
HD Supply
MacGray
Metrex Property Group
Sares-Regis Group
Simpson Property Group
Zocalo Community Development
24 | TRENDS • JANUARY 2011
PP_Denver_No Iphone_7.5X4.75:Layout 1
1/28/10
1:54 PM
Page 1
Extremely Powerful Platforms.
Highly Effective Strategies.
In Print
Online
In the Community
High quality combination of
print + internet advertising leverages
our leading prospect-focused distribution,
on land and online.
Our leading website helps you
exercise a targeted campaign
to Internet shoppers when you need flexibility.
Our turn-key social media
brings residents together online,
helping to improve retention.
Apartment Book Magazine
aptbook-colo.com
Community Sherpa
INTEGRATED MEDIA
ONLINE MEDIA
SOCIAL MEDIA
• Prospect-focused
distribution on landand online
• Lowest cost per lead
• Highest volume of leads
• Robust Internet presence
• Immediate impact, minimal
production lead time
• Targeted Reach
• Supports resident
retention and referrals
• Enhances SEO for your website
• Turn-key solution for low, flat fee
Consumers prefer us. Advertisers rely on us.
To get started, contact your Denver Apartment Book representative at 303-371-8406 or email us at [email protected]
www.aamdhq.org
www.aamdhq.org
JANUARY 2011 • TRENDS | 25
THANK YOU
TO THE EARLY SUPPORTERS OF
MARKETING
Jere Halligan, LeaseLabs™
Web-to-Print technology is
revolutionizing marketing
W
eb-to-Print technology lets you
centralize and control your brand
while creating personalized
content using easily published
templates—significantly increasing
relevance, while reducing creative costs
and time.
presenting sponsor
gold sponsorS
As property management companies
become more decentralized and
trim marketing personnel, they are
typically confronted with issues of
quality control, asset management,
and inefficient processes. They also
face high costs in attempting to fulfill
one-off, custom/personalized print
requests for marketing, leasing, and
product materials for both residents
and prospects. In addition, there are
increasing demands for alternative
media formats beyond print (such as
Web, e-mail, and devices) that contribute
to higher internal costs and delays.
platinum sponsorS
silver sponsors
bronze sponsors:
Apartment Flags by Susan
BluSky Restoration
Career Strategies
Executive Coatings
Interstate Restoration
Spire Designs
Wilmar Industries
Using a web-to-print publishing
solution, you can enable distributed
users to produce professionally branded,
yet customized/personalized documents,
and retain complete corporate
marketing brand control—significantly
reducing design and production costs,
and shortening turnaround times. Users
are provided with a single, centralized
repository to manage all marketing
efforts simply by logging in to a website.
Your web-to-print users have access
to the full library of customizable
marketing templates or your own
branded materials, allowing property
management to quickly login and fulfill
an order of business cards, outreach and
www.aamdhq.org
How Does it Work
Designers can define which objects
within their source files are to be used as
customizable fields for personalization,
including setting multiple inline text
customizable fields that flow with
the text. Once uploaded into the
service, customizable fields for text,
images, graphics, layers, attributes,
and properties can be enabled for
personalization by the user.
When template customization is
complete, the system provides output
to multiple formats including web, print,
and e-mail and maintains the highest
fidelity from desktop to published
output- In other words…What you see is
what you get!
The benefits of web-to-print are clear:
streamline the printing process, choose
themes and personalize, make edits on the
fly, and order from a centralized location
with the option to push to various media
formats, including web, email, and print;
all the while ensuring your brand’s identity
and integrity. Marketing today is heavily
weighted on one’s web efforts, though
even in the digital age, it’s important to
be able to hand something to a prospect
with your name and number on it- this
technology helps you leverage the best of
both worlds.
Jere Halligan is Principal
and Director of Technology
and Creative at the DZAP
Group and LeaseLabs™. Jere
has demonstrated strategic
leadership in development of
technology-based solutions
for the multifamily industry.
Visit LeaseLabs.com to learn
more on how web-to-print
can revolutionize your
company’s marketing efforts.
copper sponsor: Archstone smith
26 | TRENDS • JANUARY 2011
retention collateral, property newsletters,
etc- much of which can simply be printed
at desktop and used purposefully onsite.
www.aamdhq.org
Resident
Screening
solutions
to help
you secure
higher quality
residents
and improve
your bottom
line.
• Robust credit, criminal,
eviction and
collections data on
potential residents
• Detailed reporting and
searching nationwide
• Flexible solutions based
on your leasing rules
• Fast, accurate and easy
to read results
Your local
account rep:
Tim Kosty
303.217.1894
[email protected]
JANUARY 2011 • TRENDS | 27
AIMS UPDATE
National Apartment Association
Mortgage interest deduction targeted
I
n a sign of how far NAA/NMHC’s
balanced housing policy campaign
has come, the plan released last week
by a special task force to reduce the
federal deficit included a provision to
trim one of the nation’s most sacred
cows—the mortgage interest deduction.
• Carried Interest: In a key victory for
our industry, the package will not be
paid for with an increase in carried
interest taxation. It will continue to
be taxed at 15 percent capital gains
tax rates instead of higher income tax
rates as some have proposed.
Reflecting growing consensus
that not only has our housing policy
overemphasized homeownership, but
also that those subsidies are expensive
(costing $100 billion annually) and
disproportionately benefit higherincome households, the plan suggested
dramatically cutting the deduction to a
flat 12% (regardless of tax bracket) and
reducing the size of eligible mortgages
from $1.1 million to $500,000.
• Estate Tax: The deal includes a
two-year solution for the estate tax.
Without Congressional action, the
estate tax will revert to its 2001 levels
beginning January 1 ($1 million estate
exemption, 55 percent tax rate).
Under the agreement, the estate tax
would be set at a $5 million exemption
and a 35% tax rate for 2011 and
2012. Importantly, as NAA/NMHC
have urged, inherited commercial
real estate assets are expected to be
subject to stepped-up basis rules (in
contrast to the carryover basis rules
that prevail in 2010).
The National Association of Home
Builders has mounted an all-out campaign
to oppose any changes in the deduction.
Though the plan failed to get the 14
votes required to earn consideration
by Congress, elements of the plan are
expected to fuel discussion in 2011
about the 2012 budget.
Tentative Deal Reached on
Key Tax Issues
Last month, President Obama and
Congressional Republicans announced a
tentative agreement on extending Bushera tax cuts for two years.
Importantly, Congressional
Democrats have not yet signed onto the
agreement, leaving some uncertainty
about the future of this agreement.
While NAA/NMHC expect Congress
to enact an extension before adjourning
later this month, it is possible that
Congress will change elements of the
agreement or even adjourn without
acting on it, leaving the matter to the
112th Congress.
The deal also includes several tax
items of interest to apartment firms:
28 | TRENDS • JANUARY 2011
www.aamdhq.org
www.aamdhq.org
• Although the immediate pressure for
Congress to reach an accord on a longterm estate tax has been diminished, it
is expected that Congress will continue
to debate the issue during the 112th
Congress.
• Capital Gains/Dividend Tax Rates:
A scheduled increase in capital
gains tax rates from 15 percent to
20 percent and taxing qualified
dividends as ordinary income, up to
the top rate of 39.6 percent, would
not take place. Instead the current 15
percent tax rate would be applied to
both for two years.
• Income Tax: The current income tax
brackets would be extended for all
taxpayers for two years.
• Bonus Depreciation: The package
includes full expensing for plant and
equipment for 2011 (retroactive to
September 8, 2010), up from 50%
bonus depreciation in 2010. Fiftypercent bonus depreciation returns
for 2012. This applies to property that
is depreciated over 20 or fewer years.
• Alternative Minimum Tax (AMT): The
AMT “patch” that shields over 20 million
taxpayers from the AMT is extended for
2010 (retroactively) and 2011.
• Payroll Tax Credit: The agreement
includes a 2 percentage point payroll
tax decrease in 2011, reducing
employees’ payroll tax rate from 6.2
percent to 4.2 percent.
A plan to extend several expiring tax
provisions, including an LIHTC Tax Credit
Exchange Program, the Energy Efficient
New Homes Tax Credit, the New Markets
Tax Credit and brownfields expensing
was still being negotiated as Update
went to press.
NAA/NMHC Testify on Capital
Market Challenges
On November 17, NAA/NMHC Senior
Vice President Jim Arbury testified before
the U.S. Senate about the ongoing capital
market challenges facing the commercial
real estate sector. Arbury reviewed
the overall status of the recovery in the
apartment sector, our industry’s unique
liquidity issues and the growing demand
for rental housing.
He identified the current financial
regulatory environment and particularly
onerous requirements that are restricting
capital flows to the sector.
NAA/NAA will continue our full-court
press with incoming and returning
lawmakers to ensure that the apartment
sector’s interests are understood as they
work to reform the housing finance
MEMBERS
USE
MEMBERS
FIND A SUPPLIER TODAY
WWW.AAMDHQ.ORG
IT’S “F.A.S.T.”
JANUARY 2011 • TRENDS | 29
AIMS UPDATE
system. In related news, it has been
confirmed that Rep. Spencer Bachus
(R-AL) will be the Chairman of the House
Financial Services Committee in the
112th Congress. NAA/NMHC have a
good working relationship with Rep.
Bachus from his time as Ranking Member
of this important committee.
Input Sought on 2012 National
Green Building Standard
Work is beginning on the 2012
edition of the National Green Building
Standard (NGBS) (ICC 700-2008). The
NGBS, which is the only green building
standard developed with input from
the apartment industry, offers local
jurisdictions considering green mandates
and incentives an alternative to nonstandardized green rating systems such
as LEED.
Furthering the
Rental Housing
Industry.
ADVANCING
CAREERS
Find the best jobs and
qualified leasing and property
management professionals
Denver has to offer.
www.AAMDHQ.org
30 | TRENDS • JANUARY 2011
www.aamdhq.org
While NAA/NMHC served on the
NGBS’s initial development committee,
it is important that multifamily
practitioners continue to participate
in the update process. Committee
members are currently being sought,
with applications due January 4, 2011.
Members are also encouraged to
submit suggestions to improve the NGBS
to NAA/NMHC or directly to the standard
committee by January 31, 2011. To learn
more about applying for the committee
or submitting a proposed change, visit
here. For additional information, contact
NAA/NMHC’s Vice President of Building
Codes, Ron Nickson, at rnickson@nmhc.
org or 202/974-2327.
Costly Upgrades Added to
2012 International Energy
Conservation Code
NAA/NMHC have filed several appeals
with the ICC, objecting both to the
process of the final votes and the
contents of the final standard.
In late October, the ICC approved the
final changes to the 2012 edition of the
International Energy Conservation Code
(IECC) that will require a 30% increase in
energy efficiency over 2006 levels.
Importantly, the 2012 IECC only
applies in jurisdictions that specifically
adopt it. For that reason, member firms
are encouraged to actively monitor state
and local code adoption activities and to
oppose adoption of the 2012 IECC.
Such a dramatic increase will impact
building design, installed lighting
fixtures (in both common areas and
dwelling units), wall thickness, ceiling
thickness, the type of windows installed
and the overall building air leakage. It
will also require expensive testing to
verify compliance.
The 2012 IECC also creates separate
requirements for low-rise apartments
and properties with four or more stories,
lumping the latter into the provisions
that apply to commercial properties.
NAA/NMHC support the move toward
more energy efficiency building codes
and have advocated for a trade-off
based system that allows developers
flexibility in meeting the more stringent
requirements. Unfortunately, those
trade-offs were eliminated in the final
vote, due to a rise in the number of state
energy officials at the hearings and a
drop in the number of building code
officials who were victims of state and
local budget cuts.
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• AffordableApartmentFlagpoles
(303)317-3532
WWW.FLAGSBYSUSAN.COM
www.aamdhq.org
Apartment firms benefited from
lower insurance costs in 2010, according
to NMHC’s annual Apartment Cost
of Risk Survey (ACORS). The mean
(nonweighted) average Total Cost of Risk
(TCR) decreased by about 6% from 2009
to 2010. (Total Cost of Risk reflects the
cost of the three principal components of
the insurance premium: property, general
liability and workers’ compensation.)
Market reports indicate that insurers
are relatively flush with capital and rates
are low. According to industry experts
at survey partner Conning Research and
Consulting, these conditions will continue
until significant events push rates upward.
The survey also found that two-thirds
of apartment firms—66%—now require
residents to have renters’ insurance, a big
jump from last year’s figure of 44% and up
dramatically from 2008’s 24%.
This resulted in votes that were cast
without consideration of whether the
proposals are cost-effective or even
achievable given current technology.
MENTIONTHISADANDRECEIVE10%OFFYOURFIRSTORDER
FLAGS
BY
SUSAN
Insurance Costs Fell 6% in
2010
APARTMENTFLAGSBYSUSAN
HASGONENATIONAL!
REFERUSTOYOURSISTER
COMMUNITIESINOTHERSTATES
Let us help your company, group or club
Get Noticed!
Call today for
Custom Embroidered Apparel, Uniforms, Workwear,
Screen Printing, & Advertising Promotional Products
GET NOTICED!
Phone 303-410-0005 • Fax 303-410-9420
[email protected]
www.embroidme-westminsterco.com
11187 Sheridan Blvd., Unit 9 • Westminster, CO 80020
JANUARY 2011 • TRENDS | 31
WELCOME NEW MEMBERS
Owners
ADVERTISING DIRECTORY
Thank you to the following companies for their
continued support of Apartment Trends.
ADVERTISER
PAGE
Alliance Insurance Group
28
Apartment Book
25
Apartment Flags by Susan
31
Arbor Carpet
28
Belfor Property Restoration
Inside Front
Career Center
30
Colorado Asphalt Services
28
Community Interiors
3
Cort Furniture Rental
2
Drain-O-Rooter
8
EmbroidMe
31
Executive Coatings
25
FastSigns
30
For Rent Media Solutions
Inside Back
Invisible Waste
20
LeaseLabs
27
Lexis Nexis
27
Royal Finish
Back Cover
Stonebridge Builders
15
Supplier members of AAMD are encouraged to
advertise in Apartment Trends. The following rates
apply for 2010. Deeper discounts available for 2 or
more year contracts.
New advertisers receive 20% off their first
contract. Contact Christopher Dean or Julie EvansSchmitt for more information (303) 329-3300.
5-10
Issues
11+
Issues
Full Page Preferred $900
$800
$700
Back Page
$750
$650
$850
Full Page
$825
$725
$625
1/2 Page
$675
$575
$475
1/3 Page
$575
$475
$375
1/4 Page
$475
$375
$275
1/8 Page
$375
$275
$175
32 | TRENDS • JANUARY 2011
Excellence in Building
Glenn Renner
1567 Skyway Drive
Longmont, CO 80504
Ph: (303) 834-8745
F: (720) 269-6215
[email protected]
www.excellenceinbuilding.com
Forum Real Estate Group
Naomi Marquez
210 University Blvd.
Denver, CO 80206
Ph: (303) 501-8817
F: (303) 296-4212
[email protected]
WWW.forumre.com
Units: 13
ProSource Wholesale Floor Coverings
Brian Dessauer
780 S. Jason Street, #18
Denver, CO 80223
Ph: (303) 778-7776
F: (303) 778-7779
[email protected]
www.prosourcedenver.com
UDR
Nancy Mitchell
5620 Cox Road, Suite 200
Glen Allen, VA 23060
Ph: (804) 290-4700
F: (804) 343-1912
www.udr.com
Units: 223
TRENDS ADVERTISING RATES
1-4
Issues
Denver HomeVesting, LLC
Steve Fredericks
P.O. Box 1061
Erie, CO 80516-9997
Ph: (303) 521-3612
[email protected]
www.denverhomevesting.com
Units: 0
Suppliers
Arvada Roofing & Construction
Conrad Pretorius
5490 Garland Street
Arvada, CO 80002
Ph: (303) 522-5862
F: (303) 403-4087
[email protected]
www.arvadagutter.com
How Are
Potential Renters
Finding You?
Protection 1st (DBA Signal 88 Securities)
Steve Henry
13791 E. Rice Place
Aurora, CO 80015
[email protected]
Rocky Mountain Mitigation
Sharon Stover
15620 Almstead Street
Hudson, CO 80642
Ph: (303) 748-0895
F: (303) 637-7851
[email protected]
www.rockymountainmitigation.com
Rocky Mountain Refinishers
Jason Jones
110 E. Creddes Ave.
Centennial, CO 80122
Ph: (720) 329-2413
[email protected]
Bright Sun Creative
Sheryl Brown
10906 Flagler Drive
Parker, CO 80134
Ph: (303) 552-5812
F: (303) 785-5688
[email protected]
www.brightsuncreative.com
Snider Brothers Holiday Lighting
Tom Snider
18126 E. Weaver Ave.
Aurora, CO 80016
Ph: (303) 627-0313
F: (303) 627-0313
[email protected]
www.sniderbrothers.com
Disaster Restoration Inc (DRI)
Rich Velasquez
4275 Forest Street
Denver, CO 80216
Ph: (303) 657-1400
F: (303) 657-9510
[email protected]
www.disaster-experts.com
Wall Coat Company Inc
Audra Parker
1236 Elati Street
Denver, CO 80204
Ph: (303) 394-4028
F: (303) 394-2122
[email protected]
www.wallcoatcompany.com
eLeasing Solutions, Inc.
Tina Gastineau
8156-E S. Wadsworth Blvd., #190
Littleton, CO 80128
Ph: (303) 690-5144
F: (720) 862-2150
[email protected]
www.eleasingsolutions.com
Our Solutions Network helps you reach your customers at the perfect
moment. To find out more, contact the Denver office at 303-765-2600
or [email protected].
www.aamdhq.org
PERIODICALS
Apartment Association of Metro Denver
3773 Cherry Creek North Dr. , Suite 1001
Denver, Colorado 80209
(303) 329-3300
TIME VALUE MATERIAL
(before)
INC.
Serving you since 1990!
(after)
(before)
Quality and Service Guaranteed in all
Cabinet, appliance and porcelain resurfacing
• Countertops
• Cabinets
• Bathtubs
• Sinks
(after)
• Ceramic Tile
• Appliances
• Fireplaces
• No Contract Employees
• Fully Insured
• Not a Franchise - Owner Operated and Managed
• Resurfacing with an Environmentally Sound Approach
TWO YEAR WARRANTY
888-737-1010 • www.royalfinish.com
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