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From one perspective, the multifamily industry is huge and decentralized. More than 16 million apartments sprawl across the country, with big players controlling hundreds of thousands of units and tiny firms managing just a building or two.
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When Wood Partners was founded in 1998, we were a firm dedicated to the development of high-quality apartments. We still are–but today the percentage of rental apartments in our development portfolio has dropped from 90 percent to 30 percent, with the other 70 percent focused on for-sale condos.
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It was a strange request for landowners of 42 acres in Palm Beach County, Fla.–the country's 10th-priciest housing market. The owners weren't interested in making money. Instead, they wanted to sell the land for cheap to two Florida developers: Coconut Grove-based Housing Trust Group and Boca...
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With occupancy on the rise, concessions shrinking and supply tightening, multifamily owners finally began to breathe a little easier in 2005. Even better news is that these improvements are expected to continue through 2006. While all markets will benefit from this slow recovery, some U.S. cities...
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Earlier this year, Ron Terwilliger and his senior management team at Trammell Crow Residential in Atlanta had an experience that the multifamily leader never wants to repeat again. "We were on a two-hour conference call about a class action lawsuit in Florida over some bizarre judge's ruling about...
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This is no fake-out: Multifamily leaders expect 2006 to be a year of recovery for the industry. Are you thinking, I've taken that bet before and lost big? Weren't '04 and '05 supposed to be years of recovery? Well, huddle up: With the national vacancy rate falling, rents rising, and concessions...
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Her title might bring to mind images of a theater company or a Broadway musical, but Sara Jo Light, United Dominion Realty Trust's new executive vice president and director of talent management, is all about real estate. Light comes to UDRT from The Taubman Co., where she was senior vice president...
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Knowing how your compensation and benefits packages compare to others in the business not only helps you compete for the most in-demand employees and reduce turnover in your corporate office and on-site, but it can also be of assistance in budgeting and goal-setting.
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Larry Kraemer's job just keeps getting more and more difficult. Kraemer, the vice president of estimating for Harkins Builders in Marriottsville, Md., felt the pricing pain in 2004 and 2005 as construction prices went up by double digits. So when Hurricane Katrina recently devastated more than 200...
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