ALN Apartment Data

Top Ten Management Companies in Atlanta by Number of Properties

ALNData — Thu, 08 Dec 2011 13:53:02 +0000

From ALN’s Vendor Edge Plus program, here’s the top 10 Management Companies in Atlanta, GA by number of properties.

Management Company	Number of Properties	Number of Units
1. Fist Communities	94	23,754
2. Lincoln Property Company	34	10,814
3. Tribridge Residential LLC	34	9,014
4. Greystar Management	33	12,296
5. Ram Partners LLC	33	8,575
6. Worthing Companies	28	8,228
7. Empirian Property Management	24	2,407
8. Laramar Group LLC	23	8,016
9. Bell Partners Inc.	23	6,856
10. Lane Company	23	5,646

ALN Apartment Data updates information on over 16,000 properties on a monthly basis via fax, phone, and the web. Learn more about ALN Apartment Data by stopping by www.alndata.com.

Learn more about ALN’s Vendor Edge Plus by watching this short video and follow Vendor Edge Plus on twitter.

Austin Market Review End of November 2011

ALNData — Wed, 07 Dec 2011 16:33:53 +0000

The Occupancy Rate in Austin at the end of November stood at 94.5%, up 1.1% from a year ago but down slightly from last month. Effective Rental Rates were at $894 ($1.04 per square foot), up 7.0% for the year. The percent of properties offering concessions was slightly elevated over the past month, but still down 43% from a year ago. Nothing is on the horizon to greatly change Austin’s upward cycle – new construction is in gear, but not enough to cause any real damage to the market as a whole; job numbers are pretty stable; market conditions look good. All-in-all, Austin should look forward to another very good year ahead, even if it is slightly mellowed from 2011.

Austin Market Overview	End of Nov 2011	Annual Change
Occupancy	94.5%	+1.1%
Units Added	2911	+66.8%
Units Absorbed	4232	-39.9%
Average Size (SF)	851	+-0%
Asking Rent	$894	+5.6%
Asking Rent per SF	$1.05	+5.6%
Effective Rent	$886	+7%
Effective Rent per SF	$1.04	+7%
% Offering Concessions	22.7%	-43%
Average Concession Package	3.8%	-33.1%

Austin Market Stabilized Overview	End of Nov 2011	Annual Change
Occupancy	94.7%	+1%
Units Added	1272	+639.5%
Units Absorbed	4231	-32.4%
Average Size (SF)	852	-4.9%
Asking Rent	$894	+0.7%
Asking Rent per SF	$1.05	+5.9%
Effective Rent	$886	+2%
Effective Rent per SF	$1.04	+7.3%
% Offering Concessions	22.7%	-42.9%
Average Concession Package	3.8%	-33.1%

Floor Plan Breakdown
Plan Type	% of Market	Average SF	Ave. Market Rent/Mo	Ave. Effective Rent/Mo	Ave. $ Discount
Eff	2.4%	429	$602	$594	1.4%
1 BR	46.5%	688	$779	$771	1%
1 DEN	3.4%	886	$931	$922	1.1%
2 BR	37.1%	1005	$991	$981	1.1%
2 DEN	1.4%	1131	$1092	$1074	1.6%
3 BR	7%	1240	$1166	$1151	1.3%
>3 BR	2.2%	1350	$1558	$1542	1.1%

Top Ten Management Companies in Tucson by Number of Properties

ALNData — Mon, 14 Nov 2011 19:58:33 +0000

From ALN’s Vendor Edge Plus program, here’s the top 10 Management Companies in Tucson, AZ by number of properties.

Management Company	Number of Properties	Number of Units
1. HSL Properties	30	7,759
2. Scotia Group Management	22	4,519
3. Northstar Management	20	2,097
4. MEB Management	17	3,316
5. Nicolosi & Fitch, Inc.	15	2,880
6. Family Housing Resources	9	1,672
7. Riverstone Residential Group	7	1,845
8. Prime Group Residential	6	2,062
9. Weidner Apartment Homes	6	1,145
10. PB Bell Asset Management	5	353

ALN Apartment Data updates information on over 16,000 properties on a monthly basis via fax, phone, and the web. Learn more about ALN Apartment Data by stopping by www.alndata.com.

Las Vegas Market Review for the End of October 2011

ALNData — Wed, 09 Nov 2011 14:25:43 +0000

The Market Review for Las Vegas looks about the same as it has for a while now. Occupancy at the end of September 2011 was 90.9% and dropped slightly at the end of October to 90.7%. Market and Effective Rents have also slowly dipped, showing little sign of any meaningful gain in the near future; especially considering that it is not uncommon for the fourth quarter to trend below the first three quarters.

One of the glaring numbers in Vegas is the 71.8% of properties which are offering some sort of concession, but that percentage is down 5.6% from last year. That is still very high compared to other Markets such as Austin, where only 23.4% of properties offer concessions, but the downturn still looks promising.

Las Vegas Market Overview	End of Oct 2011	Annual Change
Occupancy	90.7%	+0.5%
Units Added	9030	+1027.3%
Units Absorbed	8670	+227.2%
Average Size (SF)	900	+0.9%
Asking Rent	$748	-2.4%
Asking Rent per SF	$0.83	-3.2%
Effective Rent	$716	-0.3%
Effective Rent per SF	$0.8	-1.1%
% Offering Concessions	71.8%	-5.6%
Average Concession Package	6.3%	-24.4%

Las Vegas Market Stabilized Overview	End of Oct 2011	Annual Change
Occupancy	90.8%	+0.6%
Units Added	3158	+7602.4%
Units Absorbed	8169	+254%
Average Size (SF)	900	+0.6%
Asking Rent	$746	-2.8%
Asking Rent per SF	$0.83	-3.3%
Effective Rent	$715	-0.7%
Effective Rent per SF	$0.79	-1.2%
% Offering Concessions	72.1%	-5.4%
Average Concession Package	6.3%	-24.4%

Floor Plan Breakdown
Plan Type	% of Market	Average SF	Ave. Market Rent/Mo	Ave. Effective Rent/Mo	Ave. $ Discount
Eff	4.6%	405	$531	$517	2.7%
1 BR	36%	703	$653	$627	4%
1 DEN	0.3%	1028	$917	$883	3.7%
2 BR	48.4%	1010	$792	$759	4.2%
2 DEN	0.3%	1160	$1040	$980	5.7%
3 BR	10.1%	1187	$929	$886	4.5%
>3 BR	0.3%	1187	$892	$862	3.3%

ALN Apartment Data updates information on over 16,000 properties on a monthly basis via fax, phone, and the web. Each month we release the previous month’s Overview for the Markets that we cover. All of this information is available in a pdf version from our Market News tab of our website. You can also follow both ALN Apartment Data and Vendor Edge Plus on twitter!

Top Ten Management Companies in DFW by Number of Properties

ALNData — Tue, 08 Nov 2011 21:11:23 +0000

Management Company	Number of Properties	Number of Units
1. Lincoln Property Company	84	28,889
2. Westdale Asset Managment	61	15,241
3. Pinnacle Realty Management	60	14,794
4. Greystar Management	54	16,094
5. Gables Residential	35	10,113
6. Sunridge Management Group	33	5,139
7. Tipton Group	32	7,600
8. Devonshire Real Estate	31	6,954
9. Milestone Management	30	9,370
10. Alpha-Barnes Real Estate	30	6,236

ALN Apartment Data updates information on over 16,000 properties on a monthly basis via fax, phone, and the web. Learn more about ALN Apartment Data by stopping by www.alndata.com.

Amy Johnston Joins ALN Apartment Data

ALNData — Tue, 08 Nov 2011 18:01:23 +0000

ALN Apartment Data is very proud to announce that we’ve added Amy Johnston to our Sales Team. Amy brings a wealth of Multifamily experience which includes work on both the Management side and the Vendor side of the industry. Her focus will primarily be our Vendor Edge Plus program. We are pleased to have her expertise and professionalism added to our team and look forward to a long and mutually beneficial business relationship.

Contact Amy Johnston in her office at 1.800.643.6416 x 225 or email her at Amy@alndata.com.

Connect with Amy on LinkedIn.

Follow Amy on Twitter.

ALN Apartment Data, the leader in multifamily data, updates information on over 16,000 properties on a monthly basis via fax, phone, and the web and provides immediate Market Surveys – Property specific comp analysis, Floor plan and Amenity Comparison, Histories and much more on a submarket and overall Metro level. ALN research areas consist of major metros of Texas, Atlanta, GA, Tucson/Phoenix, AZ, Las Vegas, NV, Little Rock, AR, Raleigh-Durham, NC, and all of Florida- and it’s all updated monthly! You can also follow both ALN Apartment Data and Vendor Edge Plus on twitter!

Phoenix Market Review End of October 2011

ALNData — Wed, 02 Nov 2011 14:09:45 +0000

Phoenix Market Review for the End of October 2011

The Average Occupancy in Phoenix is holding steady, hovering in the low 90% range. In fact, it’s only 1.6% higher than a year ago. But curiously, it’s 5.2% higher than 24 months ago when it was 86.2%. There are many factors to consider when looking for a reason as to how or why the Market was able to gain its occupancy. For example, two years ago the Market Rent was $741.83 while only a year ago it was $714.36 (right now it’s slightly higher at $717). Any gain in Market Rent is definitely welcome, but it’s still far short of the $740 range. We’ll be keeping an eye on Phoenix while rents and occupancy climb.

Phoenix Market Overview	End of Oct 2011	Annual Change
Occupancy	90.7%	+1.6%
Units Added	4566	+382.7%
Units Absorbed	7266	-3.7%
Average Size (SF)	838	+0.1%
Asking Rent	$717	-0.4%
Asking Rent per SF	$0.86	-0.6%
Effective Rent	$694	+2.3%
Effective Rent per SF	$0.83	+2.1%
% Offering Concessions	58.9%	-11.2%
Average Concession Package	6.2%	-34.6%

Phoenix Market Stabilized Overview	End of Oct 2011	Annual Change
Occupancy	90.7%	+1.7%
Units Added	2588	+663.4%
Units Absorbed	6958	+0.1%
Average Size (SF)	837	-2%
Asking Rent	$715	-2.6%
Asking Rent per SF	$0.85	-0.7%
Effective Rent	$692	+0.1%
Effective Rent per SF	$0.83	+2.1%
% Offering Concessions	59%	-11%
Average Concession Package	6.1%	-35.5%

Floor Plan Breakdown
Plan Type	% of Market	Average SF	Ave. Market Rent/Mo	Ave. Effective Rent/Mo	Ave. $ Discount
Eff	5.3%	429	$473	$456	3.5%
1 BR	41.9%	687	$630	$609	3.4%
1 DEN	1%	892	$787	$757	3.7%
2 BR	45%	975	$780	$755	3.2%
2 DEN	0.3%	1069	$850	$832	2.1%
3 BR	6%	1235	$1038	$1013	2.4%
>3 BR	0.4%	1189	$1179	$1161	1.6%

November 2011 Upcoming Events

ALNData — Tue, 01 Nov 2011 15:23:20 +0000

Nov 3 2011 – Nov 5 2011 NAA Assembly of Delegates in Atlanta, GA www.naahq.org

Nov 3 2011 – Nov 4 2011 GlLAStar Education Conference East in Lansing, MI www.pmamhq.com

Nov 7 2011 – Nov 9 2011 NMHC Apartment Operations & Technology Conference in Dallas, TX www.nmhc.org

Nov 15 2011 AATC Trade Show (Fort Worth) in Arlington, TX www.aatcnet.org

Nov 18 2011 CTAA Tradeshow & Nutmeg Awards in Uncasville, CT www.ctaahq.org

Nov 18 2011 AANA Rocket Awards in Madison, AL www.aana-online.org

Vendor Edge Plus was built from the ground up by ALN Apartment Data for specifically for Multifamily Vendors. Follow Vendor Edge Plus on Twitter: @VendorEdgePlus

Tales From the Financing and Development Front Lines

ALNData — Tue, 25 Oct 2011 14:41:46 +0000

A Q&A with Wayne Williams, President of ALN Apartment Data, and Steve Church, Senior Vice President at Jones Lang LaSalle, A Global Commercial Real Estate Service Company (reprinted from Oct. 2011 issue of AAGD Rooflines).

For the last couple of months I have been pointing out that the for the first time in a very long time we are in a period with very little active construction going on. Credit markets dried up in 2008 so the only projects underway were those that had already been developed and financed prior to that. Of course the rental situation has improved markedly since then—at least in our area.

We are definitely seeing signs of more development activity and I wanted to get an up close perspective on the state of development so I turned to Steve Church, Senior Vice President at Jones Lang LaSalle, A global Commercial Real Estate Service company, and decided to ask him how things are going “on the front lines” in Multifamily financing and development. The following is the result of a Q&A session he and I had.

WW: Developers must be excited at the strong numbers in markets like DFW and Austin. Are you seeing a frenzy of activity or is there more caution since overall economic numbers and job growth are not very strong?

SC: Developers would like to be in a frenzy and certainly development is ramping up by the day. However, the lender terms are tougher which is holding back some development. Banks are looking for more equity now (35% vs. 20%) AND they want real, accessible cash standing behind the loan guarantees. This is really the biggest challenge for developers.

WW: It seemed like after the last downturn unless you were a cash buyer you were out of luck. Has financing gotten any easier since the drying up of the credit markets during the last down-turn?

SC: Because of the involvement of [Government backed corporations] Freddie [Mac] and Fannie [Mae], multifamily financing is readily avail-able for Class A & B properties. I closed a deal a couple of weeks ago in which the buyer secured a 7 year loan at 4.22% from Freddie. Cheap, cheap, cheap. Class C & D proper-ties however face a tough financing environment.

WW: Just as many homeowners were upside down, many multi-family projects were in bad financial shape with their lenders yet the lenders were slow to foreclose. Have those projects rebounded and justified the bankers’ response?

SC: Most of the Class A & B have re-bounded. Some of the Class C have rebounded. Some properties are so deferred they are not positioned to rebound.

WW: During the last boom, it seemed like many projects were assisted with Tax Credits. Has the poor balance sheet of the government curtailed financing of projects with tax credits and subsidies?

SC: Tax Credits are not really my area of expertise and I am not completely versed on the availability of tax credits. I can tell you that when lending in general became hard to find, everybody and their brother ran to HUD as the lender of last resort for construction financing. It is my understanding it is at least a year wait to work yourself to the top of their stack.

WW:While Texas markets seem to be going strong, what markets are developers looking at for current and future development?

SC: The top market is Washington, D.C. But they are also racing to parts of the east and west coasts plus Texas.

WW: Markets like Las Vegas seem years away from recovery. Which markets are developers avoiding and how long will it take before we see interest in new product in those markets?

SC: There will be new product albeit limited in Phoenix and perhaps in ground zero locations in Las Vegas. The timing for a reasonable amount of new development will be tied to rents recovering to a level to justify new construction. I don‟t know where they are in those markets but I suspect it will take some more time. Particularly since home prices have fallen so far.

WW: As a follow-up note I can tell you Las Vegas at least looks several years away from any sort of promising outlook on rents. While occupancy levels have recovered in Las Vegas Rents were significantly lowered to maintain occupancy.

WW: During the last construction boom, the de rigueur product seemed to be mixed-use and “urban active” mid-rises and high rises. Have we seen the last of traditional garden style properties for a while?

SC: Not at all. Submarkets like Allen and McKinney recovered so fast new development of garden style will follow sooner rather than later. And I “think” most developers and lenders have figured out retail gener-ally doesn‟t work so well on the ground floor of most properties. But the first wave will be infill which will continue the trend you mentioned.

My thanks to Steve for taking the time to answer these questions for me. Steve can be contacted at Steve.Church@am.jll.com

Atlanta Market Review End of Sept. 2011

ALNData — Mon, 24 Oct 2011 15:36:20 +0000

ALN Apartment Data updates information on over 16,000 properties on a monthly basis via fax, phone, and the web. Each month we release the previous month’s Overview for the Markets that we cover. All the following information is available in a pdf version from our Market News tab of our website. You can also follow both ALN Apartment Data and Vendor Edge Plus on twitter!

Atlanta Market Overview	End of Sept. 2011	Annual Change
Occupancy	90.2%	+0.4%
Units Added	4,491	+15.6%
Units Absorbed	5,253	-56.5%
Average Size (SF)	1,019	+0.1%
Asking Rent	$797	+1.2%
Asking Rent per SF	$0.78	+1.1%
Effective Rent	$778	+2.6%
Effective Rent per SF	$0.76	+2.5%
% Offering Concessions	45%	-14.9%
Average Concession Package	5.8%	-24.2%

Atlanta Market “Same Store” Stats	End of Sept. 2011	Annual Change
Occupancy	90.4%	+0.2%
Units Added	2,150	-4.4%
Units Absorbed	4,485	-56.1%
Average Size (SF)	1,018	-1.9%
Asking Rent	$794	+0.2%
Asking Rent per SF	$0.78	+2.1%
Effective Rent	$776	+1.5%
Effective Rent per SF	$0.76	+3.5%
% Offering Concessions	45%	-14.7%
Average Concession Package	5.8%	-24.0%

Floor Plan Breakdown
Plan Type	% of Market	Average SF	Ave. Market Rent/Mo	Ave. Effective Rent/Mo	Ave. $ Discount
Efficiency	1.4%	546	$698	$688	1.4%
1 Bedroom	35.8%	782	$701	$686	2.2%
1 Bedroom Den	1.2%	971	$874	$862	1.4%
2 Bedroom	48.0%	1,118	$814	$794	2.5%
2 Bedroom Den	1.0%	1,305	$1,027	$1,008	1.9%
3 Bedroom	11.6%	1,365	$948	$924	2.5%
> 3 Bedroom	0.9%	1,425	$1,201	$1,187	1.1%