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Page 32 — Multifamily Properties Quarterly — May 2017
views to the media (and who will be
given the task), and how often your
company will update social media
streams and websites.
•Assign staff to reach out to public
aid organizations, such as the Red
Cross to assist residents affected by
the emergency.
• Expect surprises. Even the best-
laid disaster recovery plans aren’t
foolproof. There inevitably will be
unaccounted for scenarios or cir-
cumstances. When this happens,
take note and use the information to
update your organization’s plans so
that everyone will be better prepared
for the next curve ball thrown your
way.
The more planning you do up
front, the more competently you and
your team will perform in the heat
of the moment. If you don’t already
have a disaster recovery plan in
place, don’t let the idea of putting
one together overwhelm you. Quali-
fied disaster response partners with
a proven history of working with
multifamily properties should be
aware of the nuances of the industry
and can help you build a good basis
for your plan. After all, knowing what
to do and who to call after a disaster
can make all of the difference in a
speedy recovery.s
base of the bikes and ellipticals.
Everything in the fitness amenity
should have a storage place to keep
accessories and clutter organized. Bro-
ken equipment should be repaired as
soon as possible, so make sure equip-
ment is purchased from a company
that provides superior after-sale sup-
port. This is just as important, if not
more important, as the initial equip-
ment purchase.
Quarterly or semiannual preventa-
tive maintenance will not only extend
the life of the equipment investment,
but also prevent more equipment
downtime and resident dissatisfac-
tion. Careful daily inspection by the
property manager can ensure that
cardio TVs are working correctly and
that all units are functioning properly.
This includes plugging headphones
into each cardio unit and trying each
machine to ensure smooth move-
ment.
When machines are broken, let the
residents know by placing an out-
of-order sign with the problem and
anticipated repair date. To avoid dis-
satisfaction and costly repairs, and
to remain competitive, cardio units
ideally should be replaced about every
three to five years depending on use
and service history.
Consider a survey system or online
comment box for residents to provide
feedback on the fitness center and
equipment. Act on these requests in
a timely fashion and be responsive.s
Conover
Dyk
repeating modules of 18-foot sections
are accessed through private gardens,
creating a sense of a townhouse con-
figuration. Innovation should extend
to unit design to create flexibility. The
unit designs are flexible, including
spaces such as crib rooms that can
alternatively be used as home offices.
Only one hallway, the length of the
four-story building, exists to access
the one-bedroom apartments and
top-floor units.
In most parts of the country, we are
in the middle of a housing boom that
hopefully will be used as an opportu-
nity to repair community fabric and
mend social ills. In concert with our
development partners, we are com-
mitted to designing quality housing
projects. We strive to enhance com-
munities and promote social connec-
tivity, while at the same time deliver-
ing timeless and innovative work. s
Dynia
Other products, such as moder-
ate rehab programs, have emerged
recently in response to this inves-
tor shift to value add from Class A.
Fannie Mae and Freddie Mac have
acquisition/rehab programs that
allow for greater flexibility during
renovation.
• Green. If you had to characterize
the themes and trends across the
multifamily space in a few sentences,
what would you say?
• Lowen. We will continue to see
the delivery of high-end Class A units
through 2018-2019. I do think we’ve
hit the inflection point for high end so
we will likely start to see this tapering
off and lots of projects with construc-
tion debt in need of permanent debt.
This will provide additional oppor-
tunity for nonbank lenders, who are
not highly regulated and have greater
autonomy, to handle these deals
and get the construction debt off
the bankbooks and into permanent
financing. Lenders with experience in
prestabilized and recently stabilized
financing will continue to play a large
role as this unfolds.
In my opinion, more critical and
creative thinking, as well as a scrap-
pier attitude, will be the names of the
game in the multifamily market here
in Colorado and across the country
going forward. s
Lowen