Table of Contents March 2009

FEATURES

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  Wiped Out

  The recession does away with fundamentals and stresses property performance across all multifamily markets and product types. Here's our report on the state of rents in the industry.

   

Cover Story

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  Defending Home

  Home Properties focuses on renovating Class B properties in high barrier markets and has delivered to its investors.

   

FROM THE EDITOR

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  Listen Up

  In conversations everwhere, you can hear the anxiety and the positive outlook of the industry.

   

CORNER OFFICE

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  Union “Do’s”

  The "card check" bill would make it easier for unions to organize employees but would not leave employees better off.

   

NEWS + NUMBERS

Direct Reports

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  Still Slow

  Lenders and developers can't seem to agree on who is to blame for the construction dryspell in the multifamily industry.

   
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  Shakeups at the Top

  Faced with debt-heavy balance sheets, Colonial Properties Trust and Lane Co. bring back their founding CEOs.

   

• Show Me the Money

  Locales receive eagerly awaited HUD funds to stabilize neighborhoods hard-hit by foreclosures.

   
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  March 2009 News Bites

  Remembering Trammell Crow, a new inspection process in D.C., foreign investors eye apartments, and more news.

   
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  Divest the Rest

  Acquisition of 41,000 units brings national scale to Greystar and marks second business unit divesture by JPI since the close of 2008.

   

• Cost Cutting

  AIMCO, Camden, BRE reduce development pipelines, announce impairment charges for 2009.

   

Regional

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  Southern Exposure

  Undoubtedly one of the areas hardest hit by the foreclosure crisis, the South Florida market is poised to weather the storm.

   

PEOPLE + PLACES

One to Watch

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  Wermers Cos.

  The San Diego-based Wermers Cos. leverages historical know-how and general contracting skills to navigate the current economic environment.

   

Facelift

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  Royal Treatment

  The Royalton has a new purpose—as housing for the formerly homeless in Miami.

   

SALES + SOLUTIONS

New Developments

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  Make Yourself at Home

  Residents of the apartment tower will share in adjacent historic hotel's amenities.

   

Done Deal

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  Emerging Players

  Long-awaited vulture funds will likely buy up apartments in the second half of 2009.

   

PRODUCT STUDIO

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  Waste Not

  One area where money can be saved is in water and sewer expenses, which have increased by an average of 27 percent over the past five years.

   

LANDMARKS

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  Landmarks

  Park La Brea Apartments in L.A. is one of the few and finest examples of the urban planning concept of the Modernist Movement.