SCOTTSDALE, AZ – Technology is more than mere luxury these days— it has become the be-all and end-all of our human experience, and in relation to the multifamily housing industries, it is what residents not only want, but also expect. In order to build a trusting relationship with your residents and retain their future business, it is imperative to keep an active stride with the ever-evolving technological landscape, which is ultimately, a valuable approach in taking your apartment community to the next level. If you’re currently seeking the next “huge thing,” home automation is the answer.

Already common in large-scale buildings, home automation is anticipated to continue growing over the next few years, becoming a major must-have item in both the housing and rental markets. These cutting-edge technologies hold many benefits for prospective renters and has the potential to become an efficient marketing tool for property owners and management companies as well.

Despite all of the exciting progress being made, one concern about technology remains—it always seems to be moving quicker than the imagination and budget of apartment operators. But, when considering tactics of your retention strategy, one aspect seems to be a given: adhering to the needs of your residents once the lease has been signed.

Again, the difficulty lies in staying afloat with the rapidly changing needs of modern renters. In terms of reamenitization during what is being called “The Digital Age,” the bar is continually being raised. The days of set-it-and-forget-it amenity programming is now a thing of the past as annual redecorating and reamenitizing costs are on the rise.

With that in mind, today’s top brands have invested so much time, effort, and money into user experience because they know tech savvy home owners and apartment residents aren’t interested in products that make them work in any capacity. Although the elimination of that “work” can sometimes come with a hefty price tag, it’s ultimately unavoidable for apartment communities, who wish to succeed in attaining the business of next generation of renters.

It’s no stretch of the imagination to see why smart-home automation is so well loved among these emerging demographics, either. Smart-home automation allows the renter to be in complete control of their apartment’s environment even when they are not at home, which for Millennials and Gen-Z, is quite often. Renters can seamlessly control temperature, lighting, security, and more from a single device such as a smart phone.

While the value for residents is quite clear, many operators are left scratching their heads in pondering which way they benefit from this unique technology—aside from marketing their brand-new assets. As these rising rental demographics drive tech innovation, forward-looking executives can make value with new technologies as well, and these very technologies were specifically designed to provide operators with competitive advantages in streamlining costs. For example, in the multifamily industry, a leak in one unit can easily spread to other units, exacerbating the problem and increasing overall repair costs. While someone in an occupied unit might spot the problem early, a small leak could go undetected for weeks or even months in an unoccupied apartment home until it becomes an insurmountable problem, making the hurts, and in turn, the problem itself much more detrimental.

With the average cost of a home water hurt insurance claim being nearly 7,000-dollars, it’s no wonder Multifamily Property Managers place this issue near the top of their concerns when recently surveyed.

“93 percent of water hurt is preventable by simply detecting the leak early enough,” clarified Sean Miller, President of PointCentral, a leader in smart home technology in the multifamily housing industry. “Just a 1/8-inch crack in a pipe can spill 250 gallons of water in a day, damaging carpet, floors, furniture, electronics – you name it. The earlier the leak can be detected and fixed, the less the hurt and the costs associated with it.”

Fortunately, there is a reliable, cost-effective solution for multifamily housing operators, through Property Automation. By installing small water leak sensors, you will be automatically alerted when as small as 0.0003 inches of water is detected. Since they are low cost, you can easily afford to place one of these sensors in those areas most susceptible to water leaks – under kitchen sinks, in bathrooms, and around water heaters.

The Future of Smart Home Technology will be discussed at the upcoming Multifamily Leadership Summit, taking place November 28 – 30, 2018 in Scottsdale, Arizona. Register to attend to learn what Smart Home Technology can do to help streamline multifamily housing operations far beyond the amenities that matter to renters.

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HOUSTON, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Hilltops Apartments, a new 208-unit multifamily asset located approximately 40 minutes north of downtown Houston in the city of Conroe, Texas. The company will invest approximately $800,000 in capital improvements.

American Landmark, and its debt and equity partner Electra America, are selectively and decisively acquiring value-add properties in brilliant locations across the Southeast and Southwest. The firm, which has already bought 19 properties this year worth over $800 million, expects to complete a total of $1.3 billion in multifamily acquisitions by the close of 2018. This is their ninth acquisition in the Houston metro area; last month, the company bought another Class ‘A’ multifamily community in Houston: Haven at Liberty Hills.

The firm plans to implement a variety of improvements on the property, including adding a washer/dryer in all units, installing USB ports/outlets, implementing valet trash service, and building a package delivery locker system for residents.

“Economic growth from Houston continues to spill over into the suburbs, and that’s turned Conroe into the fastest-growing city in the country, with over 7.8 percent population growth last year,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Demand for rental housing in Conroe is robust, and will remain so for the foreseeable future with more businesses moving into the area. Hilltop Apartments fits perfectly within our portfolio of properties offering luxurious amenities and resort-style, community living at an attainable price.”

Built in 2017, Hilltop Apartments is located at 2200 North Loop 336 West in Conroe. The property comprises one- and two-bedroom units averaging 881 square feet in three-tale garden-style buildings. Amenities include a resort-style swimming pool with expansive deck and grill, a business center with complimentary office services, carports and detached garages, a game and media room with a billiards table, a resident clubroom with cyber café, a state-of-the-art fitness center and a laundry facility. Hilltop Apartments is conveniently located close to I-45, the Conroe Regional Medical Center, Lake Conroe, two H-E-B grocery stores, and Sam Houston National Forest.  

The property was 92 percent leased up at the time of sale, with average in-place effective rents of $1,059 per unit or $1.20 per square foot.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, South Carolina and Texas. 

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ATLANTA, GA – Walker & Dunlop announced that it closed the investment sale of Azure on the Park, a 25-tale, 329-unit, LEED Gold Certified, Class A multifamily community. The property is located in Atlanta, Georgia, where the Walker & Dunlop Investment Sales team has closed over $2.4 billion in sales over the last 34 months. 

Delivered in 2016, the high-rise property overlooks Piedmont Park, a 189-acre center for culture and recreation in Midtown. This central location provides Azure’s residents with unobstructed views of the Atlanta skyline – from Buckhead to downtown – as well as access to over 150 restaurants, world-class art exhibitions, high-end retail, and the transformative Atlanta Beltline trail. The city’s diverse employer base of Fortune-500 corporations, world-class centers of education and healthcare, and innovative technology startups are also just steps away from the property. 

The Walker & Dunlop Investment Sales team, led by Kris Mikkelsen, Telly Fathaly, and Greg Engler, represented Atlantic Realty Partners and J.P. Morgan Asset Management in the sale of the asset to American Realty Advisors. Mr. Mikkelsen remarked, “Atlantic Realty Partners and J.P. Morgan set the standard in the Southeast by delivering a core quality product in an irreplaceable location. Azure represents a truly differentiated product that will stand the test of time in the most dynamic submarket in the Southeast.”

Richard Aaronson with Atlantic Realty Partners commented, “This project represents the culmination of our team’s work to make a world-class multifamily community in the heart of Atlanta’s most sought-after submarket. We as well as our partners at J.P. Morgan were very confident in the team at Walker & Dunlop, and their ability to effectively present this unique opportunity to a high-quality set of institutional investors.”

Situated in the heart of Midtown, Azure enjoys direct access to the area’s booming employment market and Atlanta’s continued transformation into a global hub of commerce, education, and the arts. Accentuating Azure’s unparalleled location are the quality of both the interior and community amenities. Units feature 9-foot ceilings, floor to ceiling windows, luxury finishes, and state of the art technology. Amenities include a clear-edged, rooftop, saline pool overlooking Piedmont Park, as well as several other spectacular community spaces that feature the city views.

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