December 2005 Table of Contents

First Class First Class

It's often said you learn your most valuable lessons from the most difficult times. That would be the case for Marshall Tycher, principal of Roseland Property Co. in Short Hills, N.J. As a regional partner for the Northeast Lincoln Property Co. in the early 1990s, he experienced the real estate recession firsthand. "That recession taught me about urban infill," Tycher says. "I saw that the closer-in locations did better than the more suburban locations" when the economy is suffering. Read more

Whole New Ball game Whole New Ball game

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 hovering at a minimum, there's a whole new game plan for the multifamily industry. Read more

Behind the Numbers Behind the Numbers

For anyone interested in the next big opportunity for multifamily firms, the statistics provided by demographers are staggering. Generation Y, also known as the echo boomers, accounts for only 7 percent of the U.S. population, but 21 percent of spending. Latinos will possess a trillion dollars of buying power by 2010. And the baby boomers, who are just beginning to retire, add up to 76 million people. Read more

Opportunities for Optimism Opportunities for Optimism

A very wise friend once told me that he often struggles with the decision to spend millions to proceed with developing a new apartment community. He says he has to convince himself that he is a genius for finding an opportunity that others did not take see. The fact of the matter is that it is often years before he knows whether he was the genius he thought he was or a fool for thinking he was smarter than everyone else was. He knows that he would never develop another community unless he is optimistic about the future. I share his optimism. We?re at the forefront of a decade-long boom in the apartment business. Here are the three reasons why you should share our optimism as well. Read more

New Course New Course

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 not being able to charge late fees or penalties," the chairman and CEO of Trammell Crow recalls. "We thought, 'Life is too short for our senior management to be spending all of this time fighting class action suits.'" Read more

Secondary Spotlight Secondary Spotlight

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 are particularly well-positioned to reap the rewards. Read more

Fall From Grace: Charles Kushner Fall From Grace: Charles Kushner

Defense attorney Ben Brafman estimates that the television show "Law and Order" has based its "ripped from the headlines" episodes on about 20 of his high-profile cases. So, when the show decided to loosely model an episode on New Jersey multifamily magnate Charles Kushner, the lawyer knew what to expect. Read more

Special Delivery Special Delivery

Leaf through The Lanexchange, a Lane Co. publication, and you feel like you're reading a magazine, not an employee newsletter. There's a table of contents, lots of pictures, columns, departments, and small articles. And, it's all in a four-color package. In the past, the Lane publication had a newspaper feel, but the company set out to change this a few months ago. Read more

Major Rehab Major Rehab

Just five years ago, wailing sirens and flashing police lights marked the scene of a massive drug bust at a dilapidated and crime-ridden apartment complex in Anderson, Calif. But that frightening scene is now just a distant memory, thanks to a dramatic turnaround initiated by the city. Today the site is home to SEASONS at Los Robles, a thriving 59-unit affordable senior housing community. Read more

Got Talent? Got Talent?

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 of human resources. Read more

Community Investment Community Investment

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 Raton-based Goray Communities. Read more

New Venture New Venture

Bigger is not always better. If you don't believe that, just ask some REITs. While they have large caches of money to spend, they've had difficulty competing with private buyers over the past couple of years. So, a couple of these public apartment firms–Essex Property Trust in Palo Alto, Calif., and AvalonBay in Alexandria, Va.–have created funds that allow them to act as private players. Read more

Map Quest Map Quest

Vacations can lead to the most unexpected business decisions. Several years ago, while researching Hawaiian vacations online, Scott Taylor found a site with a feature that the others didn't have: an interactive map. This map not only showed where each cabana was located, but it also detailed availability and nearby amenities in a convenient, at-a-glance package. Taylor, a founder of Mark-Taylor Residential in Scottsdale, Ariz., booked his tropical getaway confident that, before his plane even touched down, he had a clear picture of what he would get for his vacation dollar. Read more

Easy Update Easy Update

Need to upgrade kitchens in your apartment complex but don't want to fork over thousands of dollars for brand-new cabinets? You're in luck. Simple, decorative elements offer an easy way to spruce up a plain-Jane cabinet without breaking the bank. Read more

Drake Tower Drake Tower

At 32 stories tall, the Drake Tower was once the tallest building to grace the city of Brotherly Love. Elegant and regal, the building's architecture reveals a mix of Spanish Baroque and Art Deco influences. Read more

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