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November 2, 2023

$17M Mixed-Use Development In North Center Approved For Construction

Learn What Submarkets Are Ripe For Industrial Investment Nov. 8

Developers will soon build a new five-story mixed-use project in North Center after the city approved a new construction permit on Wednesday. 

$17M Mixed-Use Development In North Center Approved For Construction

The development at 3914 North Lincoln Ave. will feature 68 residential units along with ground-floor commercial space at an estimated cost of $17M, according to city permit documents. It consists of multiple parcels that stretch from 3914 to 3930 North Lincoln Ave. and 3909 to 3917 North Damen Ave.Longford Construction is…

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Prominent Chicago Developer John Buck Co. Making Miami Debut With 41-Story Tower

A new office and condo tower is planned for Downtown Miami as developers bet that the pandemic-era boom has reset the demand dynamics for the city. 

Prominent Chicago Developer John Buck Co. Making Miami Debut With 41-Story Tower

The John Buck Co., Florida Value Partners, BH Group and Pebb Enterprises have partnered on plans for a 41-story mixed-use tower named HUB Miami, which is slated to include 245K SF of office space below 306 residential condos, according to a release.The joint venture…

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Sagging Multifamily Market Sparks Renewed Push For Apartment Owners To Do More With Less

Sagging Multifamily Market Sparks Renewed Push For Apartment Owners To Do More With Less  

After a year of slow rent growth and high interest rates, apartment owners that have enjoyed years of profitability are seeking improved efficiency through the increased use of technology to centralize operations.

In an effort to keep costs under control, many landlords are looking to make their operations more efficient, hoping new technologies and processes can shave expenses enough to boost the bottom line, even in a tough market.

“If you had a problem property a year ago, you could just sell it,” said Lucas Haldeman, CEO and founder of SmartRent, a proptech firm whose access-control tech has helped accelerate centralization. “Now, I can’t sell it, so I have to manage it. The tenor of multifamily has absolutely shifted to expense control and ancillary revenue, two things we didn’t talk about when rents were skyrocketing.”

Centralization includes numerous stages: placing accountants and management in central offices, creating maintenance teams that work across different properties and using self-guided tours and centralized leasing teams to fill vacancies.  Technology needed to underpin centralization by improving property management, operations and maintenance has been in play for more than a decade.…

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D.C. AG Sues RealPage, 14 Landlords In Alleged 'Rent-Setting Cartel'

D.C. AG Sues RealPage, 14 Landlords In Alleged 'Rent-Setting Cartel'  

D.C.'s top local law enforcement official has filed a lawsuit against property management software company RealPage and more than a dozen of the city's largest landlords, alleging they colluded in a scheme to inflate apartment rents. 

The 47-page lawsuit filed by D.C. Attorney General Brian Schwalb in D.C. Superior Court on Wednesday says the companies violated the D.C. Antitrust Act. It asks for a jury trial and seeks to secure financial compensation for the city and residents and prevent the companies from engaging in “anticompetitive behaviors.”

The suit names 14 landlords as defendants: Avenue5 Residential, AvalonBay Communities, Bell Partners, Bozzuto Management Co., Camden Summit Partnership, Equity Residential Management, Gables Residential Services, GREP Atlantic, Highmark Residential, JBG Smith Properties, Mid-America Apartments, Paradigm Management II, UDR and WC Smith.  D.C.’s suit is the latest in a string of lawsuits against…

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