CREJ

Page 2 — Multifamily Properties Quarterly — February 2022 www.crej.com Letter from the Editor T he end of 2021 and the start of 2022 greeted us with two trag- edies that directly impacted multifamily communities. One was local and remains fresh in many of our minds. The other was farther away, horrific at the time, and yet the national news cycles quickly moved on to the next item of the day. I’m speaking of the Dec. 30 Mar- shall Fire in Boulder County and the apartment fire in the Bronx in New York City on Jan. 9. The Marshall Fire was a wind-fueled disaster that start- ed in the middle of the day on Dec. 30. Within six hours, more than 900 homes were lost and tens of thousands of people dis- placed. The housing market within Boulder County already was tight and now is facing a crisis as people look for temporary and long-term shelter, families struggle with the decision to stay or move, and many consider the cost of rebuilding in today’s market. This issue’s cover story discusses the ways in which Colorado multifamily property owners and managers can directly help those in need. The apartment fire in the Bronx left 17 people dead, including eight children, and dozens more injured. The fire, which started from a faulty space heater, was contained to the apartment and hallway, and the fire alarms worked properly, according to reports. However, when residents fled the unit, doors were not closed behind them and smoke billowed out – ultimately causing chaos for those trying to flee and the subsequent deaths and injuries due to smoke inhalation. This tragedy stayed with me as I thought back to the several apart- ment communities I’ve lived in. As a resident, I understood the basic ideas behind fire doors, but this fire made me wonder: In a moment of panic, would my basic instinct be to make sure the door fully closed behind me when fleeing? Following code, the unit’s door was supposed to close automatically, and it’s under investigation whether it malfunctioned or was propped open – a minor detail that I’m sure will have major implications when peo- ple are looking to lay blame. But it’s hard to imagine that we have come so far in understanding how to pre- vent tragedies of this level, and yet a chain reaction of small oversights can be so devastating. With that in mind, it seems an ideal time to pay extra attention to those routine property visits, review code compliance and double down on education. With all the advance- ments in life-safety and building codes, it’s imperative those reacting in the moment know, without even having to give it a second thought, what to do and why to do it – wheth- er it be proper evaluation protocols from an outside fire source or an internal one. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104 Lessons from recent fires Contents 4 6 8 10 12 14 16 18 20 21 22 23 23 32-36 After record-breaking 2021, market on solid ground Courtney Crowder A final look at a storybook year for Colorado apts. Jordan Brooks Last year’s pace sets an optimistic stage for 2022 Austin Smith Rare opportunities for Colorado Springs sellers Kenny Clarke Explore high-leveraged construction finance options Fisher Wells and Jeremy Slocumb Lender confidence spurs uptick in apt. financing Dan Page How Denver, Colorado Springs stack up nationally Veronica Grecu Warren Village: It takes a village to build a village Keo Frazier Tips for on-site teams navigating the current market Sean Barry Avoid the data-rich, actionable-data-poor paradigm Donald Davidoff Finding the right formula for the ‘Wow!’ factor Judy Goldman Precast brings benefits to parking, rooftop amenities Rachel Johnson Xcel offers complimentary energy saving assessments Nicholas Rollo Affordable housing spotlight Apartment Appraisers & Consultants Full details of 1,400 properties surveyed quarterly since 2004 New construction pipeline, rents, vacancy, owners, managers Denver, Colorado Springs, and Fort Collins/Greeley Appraisals and Market Studies Fannie Mae, Freddie Mac, FHA/HUD Colorado Front Range Cities Since 1992 www.apartmentappraisers.com www.apartmentinsights.com