March 2005 Table of Contents

Revenue Streams Revenue Streams

When Bob Murray joined KSI Management as president roughly one year ago, he had a pretty clear agenda: to grow the company, in part by tapping new sources of revenue. Ancillary income is a key part of his strategy. “Whether you're managing high-end luxury units or the lowest of the low-income tax credit units, ancillary income is the only remaining uncharted field for additional, needed revenue,” says Murray. KSI is a Centreville, Va.-based company with 10,000 units. Read more

Office Space Office Space

In today's market, it's easier to sell condos or rent apartments than it is to lease office space –and multifamily developers are taking note. Read more

Change Agents Change Agents

Drive down the streets of southern Dallas' Cedar Crest neighborhood, and you'll see dismal barrack-style apartments, boarded-up store-fronts, and buildings caked in a rainbow of graffiti, with store signs that are missing a letter or two. Continue just a little further, and you won't believe your eyes. There, in the middle of the grime and neglect, sits an urban oasis: Rosemont at Cedar Crest. Read more

Lessons From Vince Lessons From Vince

What I found wasn't what I'd expected. Certainly, Lombardi valued victory (“Winning is not a sometime thing; it's an all-the-time thing,” he said), but he also prized the drive and dedication required for success, regardless of where it occurs. “The spirit, the will to win and the will to excel—these are the things that endure and these are the qualities that are so much more important than any of the events that occasion them,” the coach said. He realized the importance of leadership. “It is essential to understand that battles are primarily won in the hearts of men,” he said. “Men respond to leadership in a most remarkable way, and once you have won his heart, he will follow you anywhere.” Read more

Leaving Home Leaving Home

March marks the two-year anniversary since the deployment of U.S. military troops to Iraq. Approximately 150,000 military personnel are stationed overseas, and the numbers keep rising as more active duty and reservist units are called up. For apartment owners in markets with a high military population, this mass exodus of troops often spells trouble—and the need for a plan. Read more

Home On The Front Range Home On The Front Range

Denver's apartment market has been on a rocky path lately, but with fewer vacancies, higher demand, and an economic upturn, this mile-high city's market forecast has just improved. Read more

Retooling Tips Retooling Tips

Fresh paint. New cabinets. In-unit washers and dryers. The list of updates you can make to your properties is just about endless. But will upgrading a bathroom or installing new signs really improve your community's financial performance? Read more

Urban Advocate Urban Advocate

It's been eight years since John McIlwain graced the cover of MULTIFAMILY EXECUTIVE. But the experience is always fresh in McIlwain's mind. Each time he steps into his office at the Urban Land Institute in Washington, D.C., he catches a glimpse of the framed issue that hangs proudly above his desk. Read more

Crisis Control Crisis Control

First, she dialed 911. Then Gina Gartner, area manager for Dominium Management Services, called the Minnesota-based firm's public relations vendor to report that a body had been found in an Elk River, Minn., apartment. Within hours, the vendor, New School Communications in Minneapolis, had hand-delivered a letter to the door of each resident explaining why hazardous materials crews had invaded their building Read more

Core Development Core Development

As developers and farmers from California to Maryland confront each other over land use and development, the challenge of balancing housing availability and affordability with agriculture has become increasingly difficult. Read more

Sharp Eye Sharp Eye

As housing prices rise, affordable housing has become a major concern and business opportunity. For Michael Falcone, the newly named CEO of MMA Financial, the topic qualifies as both. The company, which is the principal operating subsidiary of MuniMae, provides both debt and equity financing for multifamily and affordable housing around the country. He's quite familiar with the company and the issues. In 1983, just out of college, Falcone started as an analyst at one of MuniMae's predecessor companies. (He has an undergraduate degree from Dartmouth and an MBA from Harvard). In this Q&A, Falcone offers his thoughts on his new job, the industry, and the challenges he sees. Read more

Boston Bargain Boston Bargain

In the early 1990s, HUD had a reputation for owning some of the biggest slums in Boston. “There were a number of negative stories about HUD's management,” says Jeffrey Sacks, an attorney at Brown Rudnick in Boston, which represented a group of HUD tenants at one agency-owned property. Read more

Working Without a Wire Working Without a Wire

Now that Starbucks has almost single-handedly put hot spots—those areas where anyone with a mobile device can gain wireless access to the Internet—firmly into the American lexicon, property management companies are beginning to explore just how to make a similar model work in their apartment communities. Read more

Q & A Hot Product Of The Month Q & A

Chuck Covell answers: What strategies and products do you use to soundproof condo or condo conversion projects? Read more

Counter Culture Counter Culture

Say good-bye to your basic, solid-colored white and beige countertops. While most apartment developers continue to play it safe with neutral colors, they are stepping out of the box a bit to experiment with natural-looking textures and patterns. Read more

Chambord Apartments Chambord Apartments

At first glance, the Chambord Apartments resemble a tiered wedding cake, with its lacy architecture and curving balconies. And who wouldn't be inclined to think of love and romance in this captivating city? After all, as the saying goes, “I left my heart in San Francisco.” Read more

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