Table of Contents May 2010

FEATURES

Cover Story

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  The Youth Vote

  Armed with cash from the right-sizing, UDR has been leveraging its balance sheet to beef up its operations, technology infrastructure, green initiatives, and energy management, and ultimately prepare itself to be the ideal property owner and manager for an on-the-go Gen Y renter.

   

FROM THE EDITOR

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  Prepare to Tack(le)

  To survive the past year required more than business acumen and experience, though the MFE Top 50 firms displayed much of both.

   

NEWS + NUMBERS

Stat of the Month

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  The More, the Merrier?

  A surge in multi-generational households could signal new opportunities for multifamily developers.

   

Direct Reports

• Vet It On

  Taking on clients for your property management business isn’t as easy as it used to be. With many owners crushed under the weight of burdensome loans, they don’t have the money for property improvements or even vital services. That can leave their managers in a bind.

   
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  Fearless Leaders

  Changes are afoot at Atlanta-based Wood Partners. Jerry Durkin will be moving up to the chairman role (and stay on the board of directors), while Ryan Dearborn will become the firm's new CEO. Additionally, CFO Joe Keough will be adding the COO title to his business card.

   
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  Fannie Mae Re-Introduces Mezz Programs

  Following on the heels of a similar announcement from Freddie Mac, Fannie Mae has re-engaged its DUS Plus and CI Mezz-Mod Rehab programs, offering borrowers up to 80 percent leverage.

   

• Freddie Mac Debuts Mezzanine Initiative

  Freddie Mac has rolled out a mezzanine arrangement aimed at plugging the gaps in the capital stack of overleveraged multifamily borrowers.

   

• Special Ops

  David Lynd doesn’t think multi-disciplinary, stand-out industry performers are necessarily new to multifamily—and definitely not new to the Lynd Co.

   
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  Going for the Green

  In 2008, Houston-based apartment and student housing developer the Dinerstein Cos. adopted the LEED green building standards developed by the U.S. Green Building Council for all of its projects moving forward. That may have been the easy part.

   
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  Public Pipeline

  Public REITs are poised to break ground on as much as $1 billion in new development this year in another sign of industry confidence that fundamentals are improving.

   

• In Memorium

  Memorial services will be held tomorrow in Detroit for UDR Chairman Robert Larson, who passed away March 11.

   

Regional

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  Holding the Line

  Capitalizing on its proximity to Washington, D.C., and stable economy, Charm City manages to forecast a stable 2010.

   

PEOPLE + PLACES

One to Watch

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  Forging a Legacy

  Interview with BRIDGE housing president and CEO Cynthia Parker

   

Facelift

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  Crowning Glory

  An abandoned pedestrian mall in St. Louis reopens as a bustling mixed-use corridor, jumpstarting the revitalization of a down-and-out neighborhood.

   

SALES + SOLUTIONS

New Developments

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  Southern Hospitality

  Axis at Perimeter raises the bar on amenities and services to attract renters in a crowded Atlanta market.

   

Done Deal

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  Partnering for Profits

  Underwater owners and smaller multifamily firms look to strategically boost their standing by launching unusual partnerships.

   

Tech Specs

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  A Platform Plan

  Multifamily IT tech executives share systems building strategies

   

PRODUCT STUDIO

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  Up in the Air

  Rooftop entertaining areas give properties a competitive lift.

   

LANDMARKS

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  Landmarks: The Solaire, New York

  The Solaire in New York City pioneered high-rise green building practices.

   

MFE TOP 50

Top 50 Builders

• Vanishing Giants

  It’s not a mistake: The multifamily development sector’s longtime major players didn’t make the 2010 rankings.

   

Top 50 Owners

• Usual Suspects

  The same owners as last year top the charts—but with lower unit counts.

   

Top 50 Managers

• Bulking Up

  Third-party management titans Pinnacle and Riverstone Residential Group again finished one, two on the MFE Top 50 Managers list.

   

Top Remodelers

• Waiting Game

  Multifamily renovations nose dive in 2009 as operators halt work until improving fundamentals can support rent increases.

   

OTHER ARTICLES

• Property Managers Face Conflicts of Interest

  With increasing frequency, third-party managers are finding themselves between a rock and a hard place lately. The rock is their client. And the hard place? That's the client’s lender, which is often the manager’s client in other deals.