Thursday, October 21, 2021

Chicago & the Midwest Multifamily Forum

 

Join fellow multifamily owners, investors, and developers as well as industry experts and solution providers at the 

Marcus & Millichap / IPA Multifamily Forum: Chicago & the Midwest 2021

This year's conference is on Thursday, November 4, and is preceded by three days of online content and networking opportunities in addition to the in-person event.

Find out what your peers are doing in the Midwest multifamily industry including senior executives from the following firms:
  • 29th Street Capital
  • Barrett & Stokely
  • Becovic
  • Bedrock Detroit
  • Belgravia Group
  • BH Management
  • Bozzuto
  • Brookfield
  • Buckingham Companies
  • Cedar Street
  • Coastal Ridge
  • Condor Partners
  • Conor Commercial Real Estate
  • Continental Properties
  • DTN Management
  • Eastham Capital
  • Edward Rose & Sons
  • Fifield Companies
  • Focus Development
  • Friedman Communities
  • Golub & Company
  • Greco Properties
  • Greystar
  • GSP Development
  • Habitat Company
  • Harmoniq Residential
  • Heitman
  • Highgate Capital Group
  • HP Ventures Group
  • Hubbard Street Group
  • JDL Development
  • Klein Development
  • LaSalle Investment Management
  • Legacy
  • Lendlease
  • Lennar Multifamily
  • Lincoln Property Company
  • Magellan Development Group
  • Milhaus
  • Oppidan
  • Opus Development Company
  • Origin Capital Partners
  • Plk Communities
  • PURE Real Estate Management
  • Real America Development
  • Redwood Capital Group
  • Roers Companies
  • Royal Capital
  • Ryan Companies
  • Saturday Properties
  • Savoy Development
  • Schafer Richardson
  • Shelborne Development
  • T&H Investments
  • Trilogy Real Estate Group
  • VennPoint RE
  • Waterton
  • Windy City RE
  • Wingspan Development
  • WPD Management
 
Register Now!
 
Learn More About the Event
KEYNOTE SPEAKER

 

David Schwartz David Schwartz Chairman & CEO Waterton

 

SPEAKERS & FEATURED PARTICIPANTS

 

Leslie Andren Leslie Andren Chief Investment Officer VennPoint RE Katie Anthony Katie Anthony Director - Development Schafer Richardson Michael Baker Michael Baker Vice President BH Management
Bryan Barrett Bryan Barrett Chief Executive Officer Barrett & Stokely Sal Becovic Sal Becovic President Becovic Dave Brackett Dave Brackett SVP - Operations Milhaus
Josh Brandsted Josh Brandsted President Greco Properties Tracy Brown Tracy Brown Senior Managing Director Multifamily Management Friedman Communities Sheila Byrne Sheila Byrne Executive Vice President Property Management Habitat Company
David Carlson David Carlson Partner Redwood Capital Group Steven Chaben Steven Chaben SVP & Regional Manager Detroit Marcus & Millichap Peter Chmielewski Peter Chmielewski City President - Chicago Lennar Multifamily
Catherine ClarkCatherine Clark Chief Investment Officer Bedrock Detroit Chris Coleman Chris Coleman VP - Development Wingspan Development Mary Cook Mary Cook President Mary Cook Associates
Peter Cook Peter Cook Director - Capital Markets HP Ventures Group Larry Debb Larry Debb President & Founder GSP Development Yale Dieckmann Yale Dieckmann Managing Director Development Greystar
Erin DiPaola Spears Erin DiPaola Spears President Fifield Companies Dan Dooley Dan Dooley Managing Director Investments Coastal Ridge Zach Dovner Zach Dovner VP - Acquisitions Eastham Capital
Todd Eatmon Todd Eatmon President Core Living Roers Companies Scott Ferguson Scott Ferguson Senior Vice President Regional Operations Waterton David Ferszt David Ferszt President DTN Management
Matt Fiascone Matt Fiascone President Habitat Company Anne Ficeli Anne Ficeli President PURE Real Estate Management Ryan Folger Ryan Folger EVP - Design & Construction Continental Properties
David Goldman David Goldman Co-CEO Belgravia Group Michael Goldman Michael Goldman Executive Vice President Golub & Company Jana Hageman Jana Hageman President & Owner T&H Investments
Alex Hansen Alex Hansen VP - Acquisitions Columbus 29th Street Capital Gaurav Hardikar Gaurav Hardikar VP - Product Brilliant Michael Hayford Michael Hayford Multifamily Director Midwest Kastle Systems
Mary Howell Mary Howell Chief Operating Officer Legacy, LLC Ashish Karamchandani Ashish Karamchandani SVP - Acquisitions Heitman Jesse Karasik Jesse Karasik Chief Investment Officer Trilogy Real Estate Group
Tammy Kelly Tammy Kelly Senior Managing Director Asset Management Redwood Capital Group Jason Kessler Jason Kessler Chief Operating Officer Edward Rose & Sons Jon King Jon King SVP - Multifamily Brookfield
John Kinzelberg John Kinzelberg CEO & Managing Partner Highgate Capital Group Michael Klein Michael Klein President Klein Development Jared Kuhn Jared Kuhn SVP & Sector Leader Multifamily Ryan Companies
Josh Landry Josh Landry Executive Vice President Buckingham Companies Megan Lawhon Megan Lawhon Chief Operating Officer Plk Communities Paul Lewis Paul Lewis SVP & National Director Agency Programs Marcus & Millichap Capital Corporation
David Lizak David Lizak Senior Director Commercial Development XFINITY Communities Daniel Mahoney Daniel Mahoney Senior Strategist & Managing Director LaSalle Investment Management Kathy Makino-Leipsitz Kathy Makino-Leipsitz Owner Shelborne Development
Michael McLean Jr. Michael McLean Jr. Partner Condor Partners John McLinden John McLinden Managing Partner Hubbard Street Group Kevin Newell Kevin Newell Founder & CEO Royal Capital
Pei Pei Mirabella Pei Pei Mirabella Senior Vice President Bozzuto Justin Pelej Justin Pelej SVP - Development Focus Development Suzanne Peperak Suzanne Peperak Executive Vice President Barrett & Stokely
Enrico Plati Enrico Plati Chief Executive Officer Savoy Development Joe Powers Joseph Powers Regional Manager Chicago Downtown Marcus & Millichap Janet Protas Janet Protas Senior Vice President Multifamily Development Conor Commercial Real Estate
Craig Pryde Craig Pryde Principal KTGY Matt Rauenhorst Matt Rauenhorst EVP & General Manager Opus Development Melanie Reusze Melanie Reusze Chief Operating Officer Real America Development
Heather Riggs Heather Riggs VP - Multifamily Operations Continental Properties Company Kent Roers Kent Roers Co-Founder & Owner Roers Companies Brent Rogers Brent Rogers Owner Saturday Properties
Amy Rubenstein Amy Rubenstein Chief Executive Officer Windy City RE Milan Rubenstein Milan Rubenstein Co-CEO Windy City RE Patrick Ryan Patrick Ryan Chief Operating Officer WPD Management
Alex Samoylovich Alex Samoylovich Founder & Managing Partner Cedar Street David Scherer David Scherer Principal Origin Capital Partners John S. Sebree John S. Sebree SVP & National Director Multifamily Marcus & Millichap
Lindsey Senn Lindsey Senn Executive Vice President Fifield Companies Ryan Shannahan Ryan Shannahan EVP - Development JDL Development Ronda Shrewsbury Ronda Shrewsbury President & Owner Real America Development
Steve Sise Steve Sise Senior Vice President Portfolio Management Golub & Company Rick Stoll Rick Stoll Managing Director Harmoniq Residential Brad Vogelsmeier Brad Vogelsmeier VP - Development Indiana/New Markets Milhaus
Bruce Webster Bruce Webster SVP - Operations Midwest Lincoln Property Company Steven D. Weinstock Steven D. Weinstock FVP & Regional Manager Chicago Oak Brook Marcus & Millichap Ted Weldon Ted Weldon Executive General Manager Development Lendlease
Renee Wersching Renee Wersching Executive Vice President Property Management Magellan Development Group Louis Zachary Louis Zachary SVP - Construction Oppidan

Federal Eviction Ban is Over. What’s Ahead?

Photo by ThePowerCouple on Unsplash

The U.S. Supreme Court’s decision overturning the Centers for Disease Control’s eviction moratorium has ended the federal ban, but not the questions. Responses to the ruling from a broad spectrum of stakeholders make it clear that much more lies before the crisis is resolved.

Among those voicing support for the ruling was the National Multifamily Housing Council (NMHC), which has been at the forefront of opposition to eviction bans.

“The fact is that housing providers have been forced to completely shoulder the burden for their residents for more than a year, and that is just unsustainable,” Paula Cino, NMHC vice president, construction, development, and land-use policy, told Multi-Housing News. “The solution is to get financial assistance into the hands of those who need that assistance, which can benefit both residents and housing providers.”

NMHC anticipated rental relief programs would require a period to become fully established. Some jurisdictions have done a much better job establishing programs than others. The NMHC is urging jurisdictions that have been slower to respond to get their programs up and running as quickly as possible, Cino said.

“What we’re also doing now is reminding our providers to really reconnect with their residents to find the solutions right for them,” she added. “That could be extending payment plans or deferments, or helping residents connect with the rental assistance opportunities that are available to them in their areas.”

Weighing against

Voicing a differing view was The Council of Large Public Housing Authorities (CLPHA). Despite the eviction moratorium ban, CLPHA expressed public housing authorities’ commitment to nevertheless keep families housed.

“As mission-driven organizations, public housing authorities believe that keeping residents housed is the most effective policy for the families, communities, and public health safety,” said CLPHA executive director Sunia Zaterman. She added the most effective lifeline residents and landlords can avail of are the two tranches of the Emergency Rental Assistance Program passed by Congress last year and in the first quarter of 2021. AARP urged New York Governor Kathy Hochul and state legislators to extend the eviction moratorium and focus on distributing federal Emergency Rental Assistance Program (ERAP) funds as quickly as possible for rent, mortgage, and utility bill relief. “AARP is encouraged by Governor Hochul’s intention to do just that,” AARP New York State Director Beth Finkel reported. “It is not acceptable that less than 8 percent of ERAP funds—$200 million—had been distributed for rent relief as of August 24.”

Martha L. Fudge, secretary of the U.S. Department of Housing and Urban Development, expressed her disappointment over the Supreme Court’s ruling that she said put millions at risk of losing their homes. She also pledged HUD would continue to work to safeguard renters “whose health and well-being are now in jeopardy.”

She added HUD joined President Biden in calling on state and local officials to distribute “with the utmost urgency” Emergency Rental Assistance funds provided by the federal government. “These actions should include permitting evictions for non-payment of rent only after landlords and tenants have sought Emergency Rental Assistance funds,” she said. “We call on every landlord, every housing owner and every partner that receives our support to do all they can to protect the people of their communities.” Congresswoman Cori Bush of Missouri also denounced the Supreme Court Eviction Moratorium decision. “Tonight, the Supreme Court failed to protect the 11 million households across our country from violent eviction in the middle of a deadly global pandemic,” she said. “We already know who is going to bear the brunt of this disastrous decision—Black and brown communities, especially Black women.”

Debt tsunami

The National Apartment Association (NAA), like the NMHC, disagreed, observing it has for months argued the CDC’s eviction moratorium is unlawful. “(The NAA) is pleased with the U.S. Supreme Court ruling striking down the order,” NAA President & CEO Bob Pinnegar said. “The government must move past failed policies and begin to seriously address the nation’s debt tsunami, which is crippling both renters and housing providers alike. Only by moving past moratoriums can we ensure America’s 40 million renters have affordable homes today, tomorrow, and in the future.”

Pat Jackson, the CEO, of Sabal Capital Partners, said the firm understands both sides of the debate. The Supreme Court’s decision was entirely expected, he said. He noted a federal judge had earlier ruled the CDC lacked authority to implement the ban.

“What the CDC’s extended moratorium had essentially done for the duration it was in effect, however, was to give both renters and apartment owners more time to take advantage of federal funds set aside to assist them with resolving delinquent rents,” he said. “As a national lender heavily focused in the multifamily arena, specifically in the finance of affordable and workforce properties that house many of the renters negatively impacted by the ongoing pandemic, our view on the moratoriums, in general, is twofold,” said Jackson. “On one hand, we understand the U.S. is experiencing a housing crisis of considerable proportions. Our team works daily to make sure properties serving lower-income renters are financed and the country’s existing unit supply is maintained. This effort is designed ultimately to keep renters housed.”

“On the other hand, we also understand the challenge the eviction bans have placed on apartment owners and therefore know that the moratoriums must eventually come to an end,” he added. “This will allow all pandemic-related distress to be uncovered and help ensure the recovery and overall health of the multifamily sector into the future.”


Source: Federal Eviction Ban is Over. What’s Ahead?

Wednesday, October 20, 2021

What is RUBS?

 

WHAT IS A RUBS PROGRAM?

Ratio Utility Billing System (commonly known as a RUBS program) is a method for allocating master billed utility expenses to residents of a multifamily community. Rather than simply taking the bill and dividing it by the number of units, RUBS takes into account factors like the square footage of a unit, and/or number of residents, depending on the utility. A good billing partner will work with you to customize a RUBS program that is as accurate as possible.

RUBS programs are a good method for allocating utility expenses in communities built before 1980 due to older plumbing configurations that may render submetering impossible or cost-prohibitive. RUBS programs will also provide an incentive for residents to conserve utilities since they are now paying a bill. Over time, having your master utility bills decrease up to 20% is commonly based solely on resident’s conservation efforts.

A RUBS program provides some insulation to owners against escalating utility costs that negatively impact NOI and are a good alternative to rent increases. IS RUBS LEGAL?

Utilities are regulated at multiple levels; the state level, the utility level, and sometimes the local level, so the first thing we do is check the regulations at the property address. RUBS programs are allowed in most states, possibly with some restrictions. Where allowed, you may also be able to bundle any other type of master-billed service, giving your residents the convenience of one bill. For example, it’s common practice to include trash removal service. Regulations may change periodically, but owners are generally grandfathered into new regs under their existing program. Your billing partner should monitor these to ensure you are in compliance.

IS RUBS FAIR?

A RUBS program is fair if the billing company follows all of your local regulations and best practices.


Source: What is RUBS?

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