Archive for the ‘Property Management’ Category
Monday, December 3rd, 2012
This post was written by Dan Jackson, a 2012 UST MBA graduate.
As I reflect on the many courses taken during my time at the University of St. Thomas, I wanted to use this post to reflect on one of my first experiences in the program. REAL 600: Real Estate Decision Making is a course within the MSRE program designed to introduce students to the key concepts related to the world of real estate. This was an important course for me as it laid the foundation for what I could expect in the remaining real estate courses that I would take here on campus. In the course, students learn the components that go into how to value a property, what legal issues should be considered when dealing with a property, the steps towards completing a market analysis, as well as the introductory components of the time value of money and its importance in real estate. Students also gain brief exposure into the world of property management.
The text that we used during the course, Real Estate Principles, A Value Approach, provided good insight into the key roles and responsibilities of a property manager. The book
Real Estate Principles by David Ling and Wayne Archer
Photo credit: Google
explains that property managers are in charge of the day-to-day operations of a property. Typical functions include marketing the property to prospective tenants, selecting tenants, signing leases, collecting rent, maintaining the property, complying with all applicable landlord-tenant laws, maintaining tenant relations and communicating with the property owner. While this book definition provided great introductory knowledge, I find it very useful and enjoyable when I can apply textbook knowledge to a real world scenario. I was excited to learn more about companies here in the Twin Cities that perform these types of activities on a daily basis.
The Twin Cities Business Journal recently released the 2012 Book of Lists, highlighting the top companies within various industries (including real estate) in the Twin Cities metro area. The online version of the Business Journal featured the top 5 Property Management Companies – the full list of 25 Top Companies requires online membership.
The rankings of these companies were completed using the Gross Leasable Area of the properties that each company managed. While the list highlights these companies’ accomplishments with property management, many of these companies offer a broad and wide selection of real estate services. The following list below reveals the top 5 commercial property management companies and provides a brief overview of what they do (adapted from each of their websites). The list provides a good starting point for any student who wishes to further explore the world of property management. (more…)
Tags: Cassidy Turley, CBRE, Colliers Interational, CSM Corporation, Cushman & Wakefield, NorthMarq, twin cities business journal
Posted in Industry News, Property Management, Real Estate Programs | No Comments »
Friday, September 21st, 2012
A recent report from CoStar written by
Mark Heschmeyer indicates that a local company may be the first publicly REIT that invests in single family homes.
September 19, 2012
Silver Bay Realty Trust Corp. is aiming to be the first firm out of the IPO gate to become a publicly traded REIT focused on the acquisition, renovation, leasing and management of single-family rental properties for rental income and long-term capital appreciation.
The proposed REIT won’t be alone in chasing deals in the distressed housing market as several private investors have also been raising money for such ventures.
The Minnetonka, MN-based Silver Bay filed a proposed initial public offering of its common stock looking to raise up to $287.5 million.
Two Harbors Investment Corp., a New York-based publicly traded mortgage REIT, will contribute its portfolio of some 700 single-family rental properties valued at approximately $75 million to help form the venture.
The contribution is intended to be part of a larger transaction in which Silver Bay expects to acquire two other large portfolios containing about 800 homes from Provident Real Estate Advisors LLC while concurrently offering its common stock.
Silver Bay will be externally managed by PRCM Real Estate Advisers LLC, a joint venture between a Pine River Capital Management affiliate and Provident Real Estate, a private capital management firm. An affiliate of Pine River also serves as the external manager of Two Harbors Investment.
In its IPO filing, Silver Bay called the large-scale, single-family residential rental industry a relatively new market in the U.S.
“Until recently, this industry has been fragmented in both its ownership and operations, consisting primarily of private and individual investors in local markets and managed by local property managers,” Silver Bay stated. As a result, the firm believes a compelling opportunity exists to accumulate a large portfolio of properties and lease them to tenants for attractive yields.
Read the rest of the article: http://www.costar.com/News/Article/Silver-Bay-Realty-Files-IPO-To-Be-First-Single-Family-Rental-REIT/141622?ref=100&iid=298&cid=FC4C5ECBFF14BCA42CFC3FCF0353A739
Tags: investors, REITs, Residential Real Estate, single family homes, trends
Posted in Industry News, Investment Real Estate, Property Management, Real Estate Trends, Residential Real Estate, Uncategorized | No Comments »
Thursday, April 12th, 2012
Stephen B. Wellington, Jr., Founder and President of Wellington Management, Inc.
It is not surprising the top 10 ranked developer Stephen Wellington, drew a large and attentive audience when he recently spoke at UST’s Executive Insight Series on development and property management.
For those who have not yet had the opportunity to meet Steve, he is an impressive and literally towering figure. With a brilliant educational background (cum laude graduate of Yale University, a master’s degree in public affairs from the University of Minnesota and a second master’s degree from Stanford University’s Graduate School of Business), coupled with a largely successful professional track record – both as a entrepreneurial developer and as a leading public development official, all ears were finely tuned to hear what this CRE pro had to say.
As founder and President of St. Paul based, Wellington Management, Inc. (WMI), Steve communicated his company’s development and management approach as “disciplined and opportunistic.” Through buying right and managing intelligently, the company chiefly operates through a buy and hold investment strategy. Currently, WMI’s portfolio is valued at $375 million, including approximately 90 properties located throughout the Twin Cities metro. (more…)
Tags: Lyndale Station, Metro Lofts, re-zoning, Steve Wellington, Wellington Management
Posted in Commercial Real Estate, Executive Insight Series, Property Management | No Comments »
Friday, January 20th, 2012
Property Owners: As If You Didn’t Have Enough Issues To Deal With Already.
Apparently, the Department of the Treasury feels that a significant number of real estate property owners have mis-reported rental income. They, as a group, have been singled out for special attention by the IRS. See the article below by Steven Katkov. Steven is an adjunct instructor who teaches Real Estate Law at the University of St Thomas. He is also the Senior Partner in the Katkov Law Group.
The Internal Revenue Service (IRS) should increase its examinations of personal tax returns that report losses from rental real estate activity, according to a new audit report released publicly today by the Treasury Inspector General for Tax Administration (TIGTA).
TIGTA’s report, “Actions are Needed in the Identification, Selection, and Examination of Individual Tax Returns with Rental Real Estate Activity,” was conducted because a Government Accountability Office report in August 2008 stated that at least 53 percent of individual taxpayers with rental real estate activity for Tax Year 2001 misreported their rental real estate activity, resulting in an estimated $12.4 billion of net misreported income. (more…)
Tags: department of the treasury, Income taxes, Internal Revenue Service, IRS, Property owner rental income, real estate tax, rental income, TIGTA, Treasury Inspector General for Tax Administration
Posted in Economics, Government Policy, Industrial Real Estate, Industry News, Multifamily, Property Management, Real Estate Trends, Retail Real Estate, Senior Housing | No Comments »
Friday, November 25th, 2011
Whether you are looking for ways to position Minnesota as a good location to buy real estate or simply need a reminder of why we like living here next time it snows, the Greater MSP, the Minneapolis St. Paul Regional Economic Development Partnership website is a great resource. Not only do they put together videos about the highlights of the areas on their YouTube channel, they provide statistics to backup why this is a great area to do business (location, transportation, financing & incentives, demographics, taxes, utilities, innovation, the economy), to live (education, cost of living, healthy lifestyles, philanthropy and volunteerism, sports and recreation, arts and culture, shopping and attractions) and workforce information (labor force statistics and projections, wages, employment by industry and occupation, colleges and universities.)
Just a few of the reasons Minnesota is a great place to live, go to school and do business:
- #1 region to be an urban cyclist. Bicycling Magazine
- More golfers per capita than any other region in America.
- Top 4 states for workforce quality. CEO Magazine
- Among America’s top regions for brainpower. The Daily Beast, 2010
- Where you can get a good cappuccino and eat Thai food yet live on a quiet tree-lined street with a backyard and send your kids to public school. Garrison Keillor (more…)
Tags: Greater MSP, Minneapolis and St. Paul
Posted in Appraisal, Business Valuation, Commercial Lending, Commercial Real Estate, Development, Economics, Government Policy, Green Building, Industry News, Multifamily, Property Management, Real Estate Trends, Residential Real Estate, Retail Real Estate | No Comments »
Wednesday, November 23rd, 2011
Mark Moorhouse of Dominium, the Midwest’s premier owner and developer of affordable, luxury, and senior multifamily real estate will speak at the University of St. Thomas on Tuesday, December 6 at 5:45 p.m. This is the last event for 2011 in the Real Estate Executive Insight Series. This event is free and open to the public but please register here.
As senior vice president and project partner for Dominium, Mark Moorhouse is responsible for development and acquisition activity. Since joining the firm in 1996, Moorhouse has played an integral role in the financing of over $140 Million of apartments and has helped raise in excess of $40 Million in equity.
Tags: affordable apartments, affordable housing developer, commercial real estate events twin cities, Dominium, Mark Moorhouse, Master's in Real Estate, Multifamily, Multifamily development, real estate events mn, real estate speaker, Senior Housing, UST Executive Insight Series
Posted in Executive Insight Series, Multifamily, Property Management, Senior Housing, Uncategorized, Upcoming UST Events | No Comments »
Sunday, August 28th, 2011
Rising up east of the downtown skyline is what Mayor R.T. Rybak refers to as the “Ellis Island” of Minneapolis. Home to more than 4,440 residents, primarily immigrant families, Riverside Plaza is undergoing a well-deserved face lift. Faded pink panels on the building’s highly noticeable exterior are being replaced with shiny bright white panels that reflect the building’s original modernist design.
The transformation of Minnesota’s largest affordable housing development is receiving accolades nationwide, nominated by Affordable Housing Finance Magazine as one of four national finalists in its Readers’ Choice Awards for a historic rehab and recently profiled in Tax Credit Advisor. The 11-building, mixed-used campus which includes a K-8 charter school, grocery store, and tenant resource center, was originally built in the 1970’s as part of HUD’s “New Town-In Town” program.
Far from an ordinary rehab project, Riverside Plaza required collaboration of Minneapolis-based owner Sherman Associates with several federal, state and local government agencies to get the project off the ground. This included working with the National Park Service to designate Riverside Plaza a national historic landmark in order to obtain sufficient financing for the $132 million undertaking.
Not only is it the largest affordable housing rehab, but Sherman Associates is also working with residents to relocate them temporarily while major components of their unit are upgraded including plumbing, fixtures, cabinets, and patio doors. A KARE 11 interview with residents documented some of the work being performed and residents’ gratitude for the upgrades. The new look is both modern and highly efficient. Additional improvements in the building include new elevators, HVAC, and life-safety systems.
(more…)
Tags: affordable housing finance, Affordable Housing Rehab, City of Minneapolis, Google, HUD, LIHTC, Minneapolis Rehab, Minnesota Housing Finance, Riverside Plaza, Sherman Associates
Posted in Development, Green Building, Industry News, Multifamily, Property Management, Uncategorized, Urban Planning | No Comments »
Thursday, July 28th, 2011
Everyone is increasingly feeling the pressure of rising energy costs, especially those who own and manage property. The second annual Minnesota Real Estate Journal Commercial Building Energy Summit offered insights into how property owners and managers can take easy steps to decrease energy expenses, regaining control of their buildings and their bottom line.
Many buildings can achieve a 15% reduction in consumption without any capital investment. According to Priscilla Koeckeritz of Energy Print, Inc., a St. Paul based company that provides energy management software and services, energy expenses are rising faster than any other building operating expense, at a rate of 6-8% annually. The 5 million existing commercial buildings in the US spend $200 billion annually to power their facilities. Participation in energy-reduction programs like EPA’s Energy Star can easily result in energy savings of 30%, reducing total energy costs from an average of $2.33 per square foot to $1.63 per square foot.
Conference attendees indicated that they have spent more time tracking energy data in the past year than ever before. Koeckeritz explains that “energy cannot be managed, if energy information is not measured.” Energy Print provides a tool for owners and asset managers that automatically collects consumption data from utilities and normalizes it based on weather conditions. Energy usage can then be compared historically for a property or amongst an entire portfolio, so that investors can target capital expenditures towards their worst performing assets. The “3 C’s of cost, consumption, and carbon” for an entire portfolio can be tracked and reduced from a user-friendly website. Koeckeritz cites that in addition to reducing expenses, building owners who market their efforts properly can see additional return in the form of increased occupancy rates, typically around 4.1% higher for LEED certified buildings and 3.6% for Energy Star rated buildings.
(more…)
Tags: Commercial Building Energy, Commercial Real Estate, Energy Efficiency, Energy Star, Existing Buildings, Green Building Management, LEED, Portfolio Manager, Real Estate Journal
Posted in Commercial Real Estate, Green Building, Industry News, Minnesota Real Estate Journal, Property Management, Real Estate Trends, Uncategorized | 3 Comments »
Friday, July 15th, 2011
Do you have questions about the Twin Cities commercial real estate market, valuation of commercial property, real estate finance, real estate law, development, property management, education and careers in real estate, or other industry topics?
Whether you’re a student, novice, or a seasoned industry professional, our experts are here to help! Send us your real estate questions, no matter how simple or complex, and faculty from the Master of Science in Real Estate program will respond to your questions weekly on the Real Estate Matters blog and via Twitter @USTRealEstate.
(more…)
Tags: Commercial Real Estate, commercial valuation, Development, expert, Q&A, questions, real estate
Posted in Appraisal, Business Valuation, Commercial Lending, Commercial Real Estate, Development, Property Management, Real Estate Trends, Residential Real Estate, Retail Real Estate, Uncategorized | No Comments »
Friday, May 6th, 2011
The Minnesota Real Estate Hall of Fame was established by the Shenehon Center for Real Estate at the University of St. Thomas Opus College of Business to honor leaders in the local real estate community. As we begin taking nominations for the 2011 Minnesota Real Estate Hall of Fame, we wanted to introduce you to the esteemed group of current Minnesota Hall of Fame members. Meet Tony Bernardi, 2010 Minnesota Real Estate Hall of Fame Inductee.
Tony Bernardi
Mr. Bernardi has an impressive history of business endeavors and continues to contribute significantly to the local and regional real estate community through his leadership, ethical business practices and focus on improving the communities in which he does business. (more…)
Tags: Aurora Investments, Minnesota Real Estate Hall of Fame, Sentinel Management Company, Tony Bernardi
Posted in Commercial Real Estate, Development, Industry News, Minnesota Real Estate Hall of Fame, Property Management, Upcoming UST Events, UST Program News | 1 Comment »
