Rental Housing Journal Colorado October 2015

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Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

www.rentalhousingjournal.com • Professional Publishing, Inc

Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Advertise in Rental Housing Journal ColoradoCirculated to over 7,000 apartment owners, on-site and

maintenance personnel monthly.

Call 503-221-1260 for more information

2. Winter is Coming!

6. Dear Maintenance Men

Prepare Rental Properties For Th e Winter Season

By Scott Matthews, Director, Strategic Accounts, Th e Home Depot

Fall is a great time to prepare properties for the colder months ahead, which may help prevent or

off set costly repairs and high utility bills caused by harsh winter weather. Before winter hits, take steps to ensure that the property is ready for the elements with this must-have checklist.

1. Stock up. Property managers – espe-cially those handling procurement – should prepare for colder months by

purchasing winter products, such as salt and ice melt, in bulk before the season changes. Buying in bulk not only saves time and money but also gives property managers peace of mind as they look ahead to potential extreme weather.

2. Seal gaps. Th oroughly examine roofs, siding, doors and window frames for damage and draft s. Repair damages immediately and seal around doors and windows with caulking, weath-er stripping, or a door sweep to help keep warm air in and cold air out.

As a best practice, ensure exterior seals are strong where building ma-terials meet, like where siding stops and brick begins. Encourage tenants to notify of any draft s or noticeable gaps in their units to prevent soaring utility bills.

3. Protect pipes. Install heat cables and pipe insulation to prevent freezing pipes as temperatures drop – espe-

5 Lessons For Winter Property Survival

As Darwin concluded, “It’s the survival of the fi ttest.” If we hope to preserve our property over

the long term, there are simple truth’s we must accept and actions we must

take in order to ensure the viability and value of the physical assets under our stewardship. Th e simple truth is that as soon as a property is built, it begins the process of dying. It’s a harsh truth, but

we have all seen it. With that said, there are some properties that seem to escape the inevitability of decay, waste, and death. So, how do they do it? Are they special in some way? What are those op-erators doing to extend the life of those properties, or, at least, lessen the eff ects of time in order to retain value? Th ese operators understand the following 5 lessons and keep them at the top of their preventative maintenance approach.

Lesson One: Gutters and drains are key.

When gutters, downspouts, and ground drains are neglected, they begin killing your buildings. Th ese compo-

...continued on page 7


2Q15 Market Overview

Multifamily Housing UpdateDenver, Colorado

Payroll Job SummaryTotal Payrolls 1,383.2mAnnual Change 42.0m (3.1%)2015 Forecast 42.5m (3.4%)2016 Forecast 34.2m (2.5%)2017 Forecast 32.6m (2.5%)2018 Forecast 31.3m (2.2%)Unemployment (NSA) 3.8% (July)

2Q15 Payroll Trends And Forecast

Th e pace of payroll job growth de-celerated during the second quarter, declining from 1Q’s blistering 15-year high 50,900-job, 3.9% year-on-year performance to a 42,000-job, 3.1% pace. Weakness in the oil and gas sector was probably at the bottom of it as head-count growth in the related wholesale trade, transportation and business ser-vice sectors declined from 4Q14’s peak 12,250-job, 3.5% annual rate to a 4,900-job, 1.4% pace. Otherwise, job creation rates carried on at a brisk clip, most no-tably in construction, tech services and health care.

Seasonally-adjusted payroll and CPS data suggest a more signifi cant slow-down. Th e former recorded only a 100- job sequential quarter payroll job gain


Rental Housing Journal Colorado October 2015 - Vol. 7 Issue 10

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Rental Housing Journal Colorado

Rental Housing Journal Colorado · October 2015

in 2Q, smallest in fi ve years, while the Current Population Survey posted the smallest y-o-y total employment in-crease in four years.

RED Capital Research specifi ed a 98.4% adjusted-R2 (S.E.=0.3%) payroll forecasting equation using two lags of the dependent variable, the rates of growth of U.S. GDP and payrolls and metro personal income as independent variables. Th e model projects a moder-ate deceleration of job creation rates but not to the degree suggested by recent seasonally-adjusted CES and CPS data. Annual gains are expected to slow only to the low– to mid-30,000 job range for the duration of the 5-year forecast.

Occupancy Rate SummaryOccupancy Rate (Reis) 95.0%RED 50 Rank 39th

Annual Chg. (Reis) -1.0%RCR YE15 Forecast 94.0%RCR YE16 Forecast 94.2%RCR YE17 Forecast 93.8%RCR YE18 Forecast 93.7%

2Q15 Absorption And Occupancy Rate Trends

Apartment demand soft ened during the second quarter as tenants inked leases on a net of 937 vacant units, ac-cording to Reis, the lowest level of space absorption since 3Q13. Th e decline could not be attributed to a surfeit of supply as developers delivered 1,768 units to market, up from 1,553 and 1,445 in the prior and year-earlier quar-ters, respectively. As a result, metro oc-cupancy fell 40 basis points sequential-ly and 100 bps year-over-year to 95.0%.

Axiometrics surveys of 439 large stabilized same-store properties re-corded 95.9% average occupancy, up

10 bps y-o-y. Occupancy in each class exceeded 95%, led by class -C (96.7%), followed by classes-B (95.7%) and –A (95.4%). Arvada/Broomfi eld sub-market posted the highest occupancy (97.4%) and Denver-Central the larg-est y-o-y gain (2.3%). New properties absorbed about 14 units per month, equating to a 16-month lease-up peri-od to stabilization.

RCR specifi ed a 92.8% ARS (S.E.=0.4%) absorption model using in-ventory, payroll and home price growth as independent variables. It forecasts strong absorption averaging 5,502 units per year through 2020. But our supply model projects even heavier supply (6,269/yr.), yielding moderate occupan-cy rate attrition below 94% by 2017.

Eff ective Rent SummaryMean Rent (Reis) $1,006Annual Change 5.9%RED 50 Rent Change Rank 4th

RCR YE15 Forecast 4.6%RCR YE16 Forecast 3.7%RCR YE17 Forecast 3.5%RCR YE18 Forecast 3.5%

2Q15 Eff ective Rent Trends

Reis surveys recorded faster rent growth during second quarter, as rents increased $14 (1.3%) sequentially, up from $7 (0.7%) in 1Q15. Rent growth av-eraging $19 (1.5%) among class-A units was largely responsible: class-B&C space notched only a $6 (0.6%) average gain. Still, year-on-year trends deceler-ated, slowing from 7.2% in 1Q to 5.9%.

Axiometrics surveys recorded a fast-er 11.8% y-o-y increase at stabilized properties, down moderately from 12.5% during the prior quarter. Class-C properties nicked the fastest same-store

growth (13.3%), followed closely by class-B (11.8%) and class-A (9.3%) as-sets. Aurora and Westminster submar-kets chalked down the fastest advances (15% each), while supply challenged Central (4.5%) and Downtown (6.3%) posted the smallest average gains.

Th e RCR rent model employs payroll growth, home appreciation and vacancy rates as independent variables to reach a 96.4% ARS (S.E.=0.7%). Th e model foresees gradual rent growth deceler-ation through 2016 to about the 3.5% level followed by a steady diet of mid– to high-3% gains for the duration of the forecast. Rents increase at a 3.7% com-pound annual rate, ranking 8th fastest among the RED 46. By contrast, Axio project rent growth of 4.1% per year.

Trade & Return Summary$5mm+ / 80-unit+ Sales 19Approx. Proceeds $898.0mmAvg. Cap Rate (FNM) 5.6%Avg. Price/Unit $167,976Expected Total Return 7.9%RED 46 ETR Rank 7th

Risk-adjusted Index 4.20RED 46 RAI Rank 32nd

2Q15 Property Markets And Total Returns

Aft er a torrent of closings in the six months ended in March when 61 deals were consummated for proceeds of $2.4 billion the Denver market took some-thing of a breather during the spring quarter. Buyers acquired 19 properties April to June, fewest since 2Q14, for to-

tal proceeds of about $897 million. A total of 5,346 units exchanged hands at an average price of $167,976, boosted by the sale of a 1,206-unit asset at an aver-age price of $211,028. By way of com-parison, transaction volume totaled 8,375 units during 1Q15 at an average price of $121,245. Th e average age of traded properties was unchanged at 30 yrs. and the mean price per square foot fell moderately from $156 to $152.

Class-A suburban projects traded at caps in the low-5% area. Infi ll “A” properties commanded mid-5% yields. Class- B/B+ assets were valued in the 5.5% to 6.25% range, while older class-B-/C communities were priced to 6%-7% yields.

Cap rates appeared to drift high-er during the spring as investors grew wary of fully-capitalizing unusually rapid rent growth. Consequently, RCR chose to raise the generic class-B+ rate 15 bps to 5.4%. Employing this pur-chase yield, a 6.1% terminal cap rate and model derived rent and occupancy point estimates we conclude that an in-vestor would expect to earn a 7.9% to-tal return from a generic Denver asset, ranking 7th highest among the RED 46.

2Q15 Market Overview ...continued from page 1


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3



Have a plan!

It’s budget season for property man-ager and everyone is scrambling to get them done accurately and on

time, while managing everything else that goes on daily on our properties. But, we can’t forget cold weather and freezing conditions are coming. Al-though, we have had a hot long summer into fall, we need to be prepared for cold weather. Prepare for the worst and hope for the best!

Here are some best practices for to help ease the process and headache.

Prepare the residents.

• Staff should be prepared with all emergency situations and how to navigate all emergencies. Winter can bring fires, floods, freezing pipes, and freezing branches that can fall on buildings. All staff should know how to handle all of these situations. Be prepared with phone numbers for af-ter hours emergencies for restoration companies, electricians, tree remov-al and landscaping companies, and help organizations like The Salvation

Army. It’s also important to make sure that your whole team has contact information for all team members, in case of emergency.

• Prepare staff and residents for emer-gencies. Make sure everyone knows what to do in case of emergencies during business hours and after. Of-fice Hours and emergency contact in-formation, including emergency and utility information, should go out to all residents and posted on the office door as well as voice mail.

• Publish and distribute an informa-tion booklet of emergency plans and reminders. For example: in the event of a power outage, remind resident not to use stoves or space heaters that do not automatically shut off if tipped over. Avoid candles and make certain that residents have working flash-lights and batteries. Another import-ant plan to include is fire evacuation.

Make certain to walk your property and note potential areas of concern – IE sidewalks, parking lots or stairway that might freeze over, etc. Include those in your plan.

Everyone hopes that none of these emergencies will occur, but they do happen. The best way to overcome, minimize damage and keep residents as happy as we can will come from BEING PREPARED!

By Dana BrownDana Brown has worked in all facets of the property management and rental housing industry for over 30 years. She is a national

speaker and trainer who consults with both property management companies and industry service providers. You may reach Dana at: [email protected]

Winter is Coming

Color

PublisherWill Johnson – [email protected]

Designer/EditorKristin Flores – [email protected]

Advertising SalesWill Johnson – [email protected]

Terry Hokenson – [email protected] Surratt – [email protected]

Rental Housing Journal Colorado is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in

Investing & Real Estate Investor Quarterly

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The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

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NOTABLE TRANSACTIONS

RED Capital Research | September 2015

MARKET OVERVIEW | 2Q15 | DENVER, COLORADO

0

2,000

4,000

6,000

8,000

10,000

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20F

Un

its

(T1

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ABSORPTIONS

COMPLETIONS

Denver Absorption and Supply Trends

Source: Reis History, RCR Forecasts

4.6%

5.6%5.4%

4.6%

5.4%5.8%6.0%6.1%

5.8%

6.2%6.0%5.6%

5.3%5.2%5.6%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Av

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ate

MOUNTAIN REGIONDENVER FANNIE DUSDENVER OBSERVED B+ TRADES

Denver Cap Rate Trends

Source: eFannie.com, RCR Calculations

Property Name (Submarket)Property Class/Type (Constr.)

Approx. Date ofTransaction

Total Price /(in millions)

Price /per unit

EstimatedCap Rate

Horizons at Rock Creek (Boulder County) A- / GLR (1998) 17-Apr-2015 $254.5 $211,028 5.5%

Avana on the Platte (Englewood/Sheridan) B+ / GLR (2009) 19-May-2015 $63.8 $201,899 5.5%

Bella Terra at City Center (Aurora-Central) B- / GLR (1979) 15-Jun-2015 $37.6 $123,684 6.4%

Marq at RiNo (Denver—Downtown) A- / MR (2014) 16-Jun-2015 $72.5 $240,864 5.7%

Carmel Bear Creek (Lakewood-South) B+ / GLR (1996) 27-Aug-2015 $48.3 $215,402 5.6%

95.0%

93.8%94.2%

94.0%93.7% 93.8%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 2020f

Ave

rage

Occ

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93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%RED 46 AVERAGE

DENVER (REIS/RCR)

Denver Occupancy Rate Trends





0

2,000

4,000

6,000

8,000

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20F

Un

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ABSORPTIONS

COMPLETIONS



4.6%

5.6%5.4%

4.6%

5.4%5.8%6.0%6.1%

5.8%

6.2%6.0%5.6%

5.3%5.2%5.6%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%


Av

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Price /per unit

EstimatedCap Rate






95.0%

93.8%94.2%

94.0%93.7% 93.8%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 2020f

Ave

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93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%RED 46 AVERAGE

DENVER (REIS/RCR)






0

2,000

4,000

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8,000

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20F

Un

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ABSORPTIONS

COMPLETIONS



4.6%

5.6%5.4%

4.6%

5.4%5.8%6.0%6.1%

5.8%

6.2%6.0%5.6%

5.3%5.2%5.6%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%


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Price /per unit

EstimatedCap Rate






95.0%

93.8%94.2%

94.0%93.7% 93.8%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 2020f

Ave

rage

Occ

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93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%RED 46 AVERAGE

DENVER (REIS/RCR)






0

2,000

4,000

6,000

8,000

10,000

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20F

Un

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(T1

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ABSORPTIONS

COMPLETIONS



4.6%

5.6%5.4%

4.6%

5.4%5.8%6.0%6.1%

5.8%

6.2%6.0%5.6%

5.3%5.2%5.6%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%


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Price /per unit

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95.0%

93.8%94.2%

94.0%93.7% 93.8%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 2020f

Ave

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Occ

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93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%RED 46 AVERAGE

DENVER (REIS/RCR)





5.9%

4.6%3.5% 3.5% 3.7%3.6%

1%

3%

5%

7%

9%

11%

13%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

Ren

tTr

end

1%

3%

5%

7%

9%

11%

13%RED 46 AVERAGE DENVER (REIS/RCR) DENVER AXIOMETRICS SAME-STORE

DENVER Effective Rent Trends

Sources: Reis, Inc., Axiometrics and RCR Forecasts

The information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or financial advice, or recommendations to buy or sell currencies or securities or to engage in any specific transactions. Information has been gathered from third party sources and has not been independently verified or accepted by RED Capital Group. RED makes no representations or warranties as to the accu-racy or completeness of the information, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errorsor misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any infor-mation contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding yourspecific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors.

4.2%4.4%5.4%

6.5%7.4%7.2%

-3%

0%

3%

6%

9%

12%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

Gro

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Tren

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-3%

0%

3%

6%

9%

12%

U.S. FHFA HPI DENVER FHFA HPI DENVER S&P C-S HPI

Denver Home Price Trends

Source: S&P Case-Shiller and FHFA Home Price Indices and RCR Forecasts

3.2%

2.7% 2.4% 2.3% 2.1% 2.1%

-1%

0%

1%

2%

3%

4%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

Gro

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-1%

0%

1%

2%

3%

4%

US GDP GROWTH US JOB GROWTH DENVER JOB GROWTH

Denver Payroll Employment Trends

Source: BLS, BEA Data, RCR Forecasts



5.9%

4.6%3.5% 3.5% 3.7%3.6%

1%

3%

5%

7%

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11%

13%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

Ren

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4.2%4.4%5.4%

6.5%7.4%7.2%

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

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3.2%

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

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-1%

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5.9%

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11%

13%

2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

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4.2%4.4%5.4%

6.5%7.4%7.2%

-3%

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

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3%

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3.2%

2.7% 2.4% 2.3% 2.1% 2.1%

-1%

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2012 2013 2014 2015f 2016f 2017f 2018f 2019f 1Q20f

YoY

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4




Th e information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or fi nancial advice, or recommendations to buy or sell currencies or securities or to engage in any specifi c transactions. Information has been gathered from third party sources and has not been independently verifi ed or accepted by RED Capital Group. RED makes no representations or warranties as to the accuracy or completeness of the informa-tion, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any information contained herein be used or considered as an off er or a solicitation of an off er to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specifi c sit-uation. Any views expressed herein are subject to change without notice due to market conditions and other factors.


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SubmarketEffective Rent Physical Vacancy

2Q14 2Q15 Change 2Q14 2Q15 Change

Arapahoe County $1,181 $1,249 5.8% 3.5% 10.0% 650 bps

Arvada / Broomfield $872 $980 12.4% 4.7% 6.4% 170 bps

Aurora-Central-Southeast $778 $870 11.8% 2.7% 3.3% 60 bps

Aurora-Central-Southwest $753 $844 12.1% 3.9% 5.4% 150 bps

Aurora-North $709 $795 12.1% 2.4% 2.3% -10 bps

Aurora-South $1,031 $1,127 9.3% 3.1% 4.1% 100 bps

Denver-Central $1,016 $1,034 1.9% 5.6% 5.9% 30 bps

Denver-Downtown $1,172 $1,202 2.6% 7.4% 8.7% 130 bps

Denver-Far Southeast $819 $870 6.3% 5.0% 4.4% -60 bps

Denver-North $1,518 $1,572 3.6% 13.3% 17.1% 380 bps

Denver-Northeast $958 $1,026 7.2% 3.8% 5.9% 210 bps

Denver-South $841 $870 3.4% 3.1% 7.2% 410 bps

Denver-Southeast $829 $863 4.1% 2.1% 1.4% -70 bps

Douglas County $1,115 $1,165 4.5% 3.7% 2.8% -90 bps

Englewood / Sheridan $775 $811 4.6% 3.2% 2.6% -60 bps

Golden / Wheat Ridge $858 $956 11.4% 1.8% 2.9% 110 bps

Lakewood-North $801 $924 15.4% 3.9% 3.3% -60 bps

Lakewood-South $984 $1,076 9.3% 2.7% 2.1% -60 bps

Littleton $874 $978 11.9% 3.8% 3.3% -50 bps

North Glenn / Thornton $877 $919 4.8% 3.7% 5.8% 210 bps

Westminster $848 $948 11.8% 2.1% 6.8% 470 bps

Metro $950 $1,006 5.9% 4.0% 5.0% 100 bps

RED Capital Group, LLC RED Mortgage Capital, LLC RED Capital Markets, LLC (Member FINRA/SIPC) RED Capital Partners, LLC

1 0 W e s t B r o a d S t r e e t , C o l u m b u s , O h i o 4 3 2 1 5 r e d c a p i t a l g r o u p . c o m + 1 . 8 0 0 . 8 3 7 . 5 1 0 0

THE FACE OF LENDING

Daniel J. HoganDirector of [email protected]+1.614.857.1416 office +1.800.837.5100 toll free

© 2015 RED Capital Group, LLC


SUBMARKET TRENDS (REIS)

FOR MORE INFORMATION ABOUT RED’S RESEARCH CAPABILITIES CONTACT:

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%







Aurora-North $709 $795 12.1% 2.4% 2.3% -10 bps

Aurora-South $1,031 $1,127 9.3% 3.1% 4.1% 100 bps




Denver-North $1,518 $1,572 3.6% 13.3% 17.1% 380 bps


Denver-South $841 $870 3.4% 3.1% 7.2% 410 bps







Littleton $874 $978 11.9% 3.8% 3.3% -50 bps


Westminster $848 $948 11.8% 2.1% 6.8% 470 bps

Metro $950 $1,006 5.9% 4.0% 5.0% 100 bps



THE FACE OF LENDING






0%

1%

2%

3%

4%

5%

6%

7%

8%

9%







Aurora-North $709 $795 12.1% 2.4% 2.3% -10 bps

Aurora-South $1,031 $1,127 9.3% 3.1% 4.1% 100 bps




Denver-North $1,518 $1,572 3.6% 13.3% 17.1% 380 bps


Denver-South $841 $870 3.4% 3.1% 7.2% 410 bps







Littleton $874 $978 11.9% 3.8% 3.3% -50 bps


Westminster $848 $948 11.8% 2.1% 6.8% 470 bps

Metro $950 $1,006 5.9% 4.0% 5.0% 100 bps



THE FACE OF LENDING






0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Submarket Trends (REIS)

5




● Specialist in commercial real estate● 20+ years of experience helping

business owners, investors● Work with clients nationwide● Short or long term projects/speaking● Remote or face-to-face (will travel)● Excellent professional references

CONSULTING & FINANCING

[email protected]

Advertise inRental Housing Journal Colorado

Circulated to over 7,000 apartment owners,on-site and maintenance personnel monthly.

Call 503-221-1260for more information

www.rentalhousingjournal .com

6



Dear Maintenance MenBy Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: Being part of the Baby Boom generation and staying active means I should know a bit more about “Aging in Place”. Can you explain this term and how it might aff ect my apartment community?

Bob & Joann Dear Bob and Joann:Baby Boomers are 25 percent of the population and the fi rst of the Boom-ers turned 65 in 2011 and the last will turn 65 in 2029. We heard on the radio the other day that 85 is now the new 75 and so on down the line. Th at is a large healthy aging group! Th ey are not going to go quietly into a nursing home which means as apartment owners & manag-ers; we need to prepare for this group. Aging in place means bigger showers with wider doors, taller toilets, grab bars and bath sinks that will accommo-date wheelchairs. Th is does not mean turning our units into institutions; there are many stylish accommoda-tions to fi t a number of needs. For ex-ample a grab bar capable of supporting 250 pounds does not need to look like it came out of a hospital. Grab bars come in a variety colors and designs. Many will double as towel bars and be virtu-ally invisible to their primary purpose unless needed. A larger shower stall also will look opulent and practical at the same time. Replace old two handle faucets in the kitchen and bathroom for

single handle or touch faucets. Consid-er installing anti-skid fl ooring in the bathroom and tub/shower area. A few other items might be contrasting color edging for the counter tops along with rounded edge and corners. Replace all door knobs with lever handles for ease of use. Th is is a small sample of the things you can do to stay competitive in a growing market while not mak-ing changes that younger generations would fi nd objectionable.

Dear Maintenance Men:I am starting my planning for a major kitchen cabinet remodeling project in my rental units. However, I am having a diffi cult time making material and de-sign decisions. What recommendations can you give?

Allen Dear Allen,When doing a kitchen or bath mate-rial selection, cohesive and functional design is important. Kitchen and bath rehabs are some of the most expensive work you can do in an apartment unit and proper planning is a must. In order to appeal to a larger segment of the pop-ulation, try to keep the interior color scheme to neutral earth tones. Cabin-etry quality varies greatly. Don’t let the cabinet fronts fool you. Manufactures designed their cabinets to look good at fi rst glance. Keep in mind, being in a rental environment, the cabinets also need to hold up to abuse. Look at the actual construction of the cabinet box or frame. Th ere is no need to use cus-

tom cabinets to fi t your existing layout. Th e use of prefabricated modular cab-inetry can greatly reduce the time and cost to have a fi nished kitchen or bath-room. Using real wood cabinet fronts with 3/8” plywood sides is essential for durability. Th e drawer fronts and sides should be connected with a dovetail or other positive lock construction. Draw-ers that are held together by nails will not hold up to tenant abuse, nor will particle board constructed cabinets. On a side note; if you are gutting the kitchen or bathroom, use this time to relocate and add more electrical outlets and under cabinet lighting.

Dear Maintenance Men:I have a conundrum! My roof is in good shape, however I have a mystery leak or to be more precise I have a moving mys-tery leak. In other words, when it rains, the roof does not always leak in the same place. Th is is driving me crazy.

SamDear Sam:A good roofi ng troubleshooter is worth their weight in gold. Here at Dear Main-tenance Men, we love a good mystery! First things fi rst; have your building inspected by a reputable roofi ng com-pany or roofi ng inspector. Th e inspec-tion will eliminate non-issues and help point you in the right direction and may even solve the leak mystery. Th e amount and intensity of rain will contribute too many roof leak myster-ies. Oft en a light rain will cause a leak

in an area that would not leak in a heavy or prolonged rainstorm. Th e reason is material swell. A light rain is not “wet” enough to swell surrounding wood or roofi ng material and cut off the leak. Mind you, this is still a leak that needs fi xing. Th e deep penetration of water in a heavy or wind driven rainstorm will cause a leak by sheer volume that would not have leaked in a light rainstorm. Roof fl ashings are a common source of leaks that drip far from the source of the water intrusion. A roof fl ashing can be found were the roof material meets a transition area such as a chimney, a wall, a pipe or other structure. Shift -ed or lift ed composite shingles or roof tiles will cause water to come into con-tact with the felt paper under the roof-ing material and a break in the felt or roofi ng paper will cause a leak. Debris on the roof, valley, top caps, gutters etc can form water dams and cause leaks. Watch overhanging trees as well as they can damage the roof and cause leaks.

Bio:Please call: Buff alo Maintenance, Inc for main-tenance work or consultation. JLE Property Management, Inc for manage-ment service or consultationFrankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075Certifi ed Renovation Company Websites: www.Buff aloMaintenance.com & www.ContactJLE.comwww.Facebook.com/Buff aloMaintenance

7



nents are at the top of the most wanted list when it comes to the destruction of your physical property. When they are clean and clear of debris, they will redi-rect and remove thousands of gallons of rainwater per year. To find the estimat-ed amount of rainfall at your property use the following equation: (total sq’ of roof surface X 0.6 X annual rainfall).

Here is a common property exam-ple from one of the properties in my portfolio in Portland, OR. It’s a 100 unit property with 10 buildings. Each building has a roof surface of approx. 2000 sq’. Using the annual rainfall for Portland (37.2”/yr), we can estimate that over 446, 000 gallons of water per year is landing on nearly all surfaces of my property, but mostly on the roofing. Without clean and functioning gut-ters, downspouts and ground drains all of that water is pouring into your building envelope somewhere. Wheth-er it’s damaging the roof sheeting, de-teriorating the fascia, pouring down the siding, splashing over the side and causing splash back on the underside of the siding, or simply creating stand-ing water throughout the property, it will cause you problems. The obvious solution is to give your rain drain sys-tem the attention it deserves. I recom-mend 3 cleaning and line jettings per year. Starting in March, I want to get all the residual debris out from the pre-vious winter. Then in August/Septem-ber I want to get them all clear for the upcoming Fall and Winter leaf drop, then I will do one final clean and jet in December/January to get rid of all the leaves and debris that was just dropped over the past 90 days.

Lesson Two: Sealant matters.

The sealant (caulk) that is protect-ing your windows and siding material joints is like the sentry guarding the castle gate. At first he is strong, flexi-ble, dependable, and nearly unbeatable. However, he gets weaker over time, and, depending on his location, is constantly under attack and beaten down. Even-tually, he fails and must be replaced. The truth of the matter is that even the best sealants on the market have a man-ufacturer’s recommended useful life of around 3-5 years. This means that if your property was built before 2013 and hasn’t had the sealant removed and replaced then your property is under siege, and there is nothing protecting the critical access points that could be-come an open gate for water, mold, dry rot, and building failure. Within the industry there is a push given the con-struction defect litigation environment that is prevalent to implement sealant replacement schedules every 4-5 years with a focus on the horizontal surfac-es, especially those that are not flashed with metal. This increased focus on the sealant will not only prolong the life of the material components, it will elim-inate interior envelope damages. Since all surfaces and potential points of in-trusion are being reinforced on a reg-ular basis, the life span of the envelope materials, and ultimately the value and future capital needs to retain the value of the property is preserved.

Lesson Three: Irrigation is key to NOI.

We all know water is very expensive. What we sometimes forget is, one of the

largest water drains on our sites are our irrigation systems. These systems were designed, initially, to get things grow-ing fast at the time of development. Green grass, healthy trees, and bushes that can be trimmed and shaped make the property look good and help with the initial lease up and aggressive mar-keting that it takes to get the property performing well financially. But, over time, grass takes root, trees and bushes become mature and native plants and trees stabilize, leaving much of our ir-rigation systems unnecessary. Take this opportunity to do an in depth irrigation audit and determine areas that no lon-ger need to be watered. Some areas may need different approaches, such as drip systems rather than the more common sprinkler heads which use far more wa-ter. If possible, remove entire zones in areas that have little or no grass, heavi-ly shaded areas, or areas that appear to be heavily saturated. Taking advantage of these savings will not only save you money but eliminates the need for fu-ture maintenance and possible damage and repairs as well.

Lesson Four: Don’t forget about crawl spaces.

Although often forgotten, neglected crawl spaces can be can serious prob-lems. They may be too cold and wet under the units, or too warm and wet above the units. Take the opportuni-ty to get a visual on these areas. Here is where to focus; lower crawlspaces should be clean and dry. Check the va-por barrier to be sure there are no tears in the barrier, no standing water or

stains of previous water stains from the previous winter. Also, be sure to inspect all plumbing pipes that are within 5 feet of the outer foundation wall to be sure they are insulated.

As for the upper crawl space, take a few minutes in each building to look for potential problems that add to excessive moisture issues and ultimately mold. Check fan exhaust venting to be sure it is positively connected to the exteri-or of the building, be sure that intake baffling is in place (you should see some outside light coming in where the bird block and intake vents are located), so that clean air can come into the crawl space and help push the moist, stagnant air out the top of the system. Last, be sure insulation is in place all the way out to the edge of the roof. As long as the baffles are in place this will ensure proper insulation for the units below.

Lesson Five: Emergencies are go-ing to happen.

Be proactive by implementing and practicing emergency plans with your team. If there is an after-hours call, does every member of your team know what to do? Setting up emergency re-sponse protocols, such as pre-approved vendors for restoration, plumbing, car-pet extraction, and leak locators to deal with the problems, and hotels restau-rants, or even the Red Cross to deal with the residents. Have a centralized location at the site that has a list of all these vendors, utility shut off locate maps, valve keys, fire panel directions,

and emergency protocols for fire, flood, and blood, but also natural disasters, terrorist threats, gang violence, and even domestic violence. When emer-gencies occur everything is chaotic, be sure your responding site staff are trained, prepared, and are level headed so they can assume the leadership role your residents expect and deserve.

Zach Howell, CAMT, UPCS, LEED GA

Director, Apartment Maintenance Institute

Zach carries a Psychology degree from Oregon State University. He is a nationally Certified Apartment Mainte-nance Technician, LEED GA, and

Certified UPCS inspector carrying more than a decade of experience within the multifamily housing, development, and construction industries. Zach is a valued advocate for the Apartment Maintenance trade, serving as Subject Matter Expert for the National Apartment Association, Training Director for The Apartment Maintenance Institute, Community Education Faculty Member at Portland Community College, and 2014 Apartment Community Excellence “Oregonian Civic Award” Recipient.

He can be contacted via email:[email protected]

5 Winter Lessons ...continued from page 1

Color

48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DATE:________ADDRESS: ____________________________________________________ UNIT: _________CITY: _________________________________________ STATE: __________ ZIP: _________48-HOUR NOTICE OF ENTRYPursuant to RCW 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)______________________________________________________________________________on between the hours of and . (Date) (Time) (Time)The entry will occur for the following purpose:______________________________________________________________________________

______________________________________________________________________________ Landlord Phone

Method of Service: Personal Service: Post and Mail: ** Add one additional day for compliance if served by post and mail.

WA-RTG-40 Washington

©2009 NO PORTION of this form may be reproduced without written permission.

48-HOUR NOTICE OTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UNI

: _________________________________________ S

48-HOUR NOTICE OTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UNI

: _________________________________________ S

CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS KITCHEN BEDROOM 3Walls Walls Walls

Windows Stove/Racks WindowsBlinds/Drapes Refrigerator Blinds/DrapesRods Ice Trays RodsFloor Shelves/Drawer FloorCarpet/Vinyl/Wood Disposal Light FixturesLight Fixtures Dishwasher Doors/WoodworkDoors/Woodwork Counter Tops LocksLocks Cabinets CeilingsCeilings Sink Electric OutletsElectrical Outlets FloorGarbage Cans WindowsTV Antenna/Cable Blinds/Drapes BATH ROOMFireplace

Towel BarsCleanlinessSink & Vanity

ToiletBEDROOM 1 BEDROOM 2 Tub/ShowerWalls Walls Fan (Exhaust)Windows Windows FloorBlinds/Drapes Blinds/Drapes Electric OutletsRods Rods Light FixturesFloor FloorLight Fixtures Light Fixtures Essential ServicesEssential ServicesDoors/Woodwork Doors/Woodwork PlumbingLocks Locks HeatingCeilings Ceilings ElectricityElectrical Outlets Electric Outlets Hot Water

Smoke Detectors

OR-RTG-20 Oregon

TENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNITE: ________ ZIP: ____________

F)FaiF)FaiF)Fair (P)Poor (P)PoorOut

BEDROOM 3

TENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNITE: ________ ZIP: ____________

F)FaiF)FaiOut

PET AGREEMENTTENANT INFORMATION

TENANT(S): ____________________________________________________ DATE:________ADDRESS: ____________________________________________________ UNIT: _________CITY: _________________________________________ STATE: __________ ZIP: _________

DESCRIPTION OF PET(S)

1) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________



Additional Security Deposit Required:$

AGREEMENTTenant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) understands that the additional pet(s) are not permitted unless the landlord gives tenant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises subject to the following terms and conditions:

1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the tenant’s dwelling unit. 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall not allow their pets to cause any sort of disturbance or injury to the other tenants, guests, landlord or any other persons lawfully on the premises. 7) Tenant(s) shall immediately report to landlord any type of damage or injury caused by their pet. 8) This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.

_____________________________ ______________________________Landlord Tenant ______________________________ Tenant

nogerO 42-GTR-RO

©2011 NO PORTION of this form may be reproduced without written permission.

TE: __________ ZIP: _________48-HOUR NOTICE OF ENTF ENTF RYRYR 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)______________________________________________________________________________

______________________________________________________________________________

___________________________________________________________________________ between the hours of and .ime) (Time)

____________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________

___________________________________________________________________________

Phone

Post and Mail: * compliance if served by post and mail.

48-HOUR NOTICE O 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)___________________________________________________________________________ between the hours of (Time

The entry will occur for the following purpose:_________________________________________________________________________________________________________________________________________________________

Post and Mail: compliance if served by post and mail

BEDROOM 3alls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/WDoors/WDoors/ oodwork

Locks

Ceilings

Electric Outlets

TH ROOMowel Bars

Sink & VanityVanityV

ub/Shower

Fan (Exhaust)

Electric Outlets

Light Fixtures

Essential ServicesEssential ServicesPlumbing

48-HOUR NOTICE O 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)___________________________________________________________________________ between the hours of

The entry will occur for the following purpose:_________________________________________________________________________________________________________________________________________________________

compliance if served by post and mail

BEDROOM 3Walls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/

Locks

Ceilings

Electric Outlets

BATH ROOMATH ROOMA

Towel BarsTowel BarsT

Sink &

ToiletToiletT

Tub/Shower

Fan (Exhaust)

Floor

Electric Outlets

Light Fixtures

Essential ServicesPlumbing

TENANT(S): ____________________________________________________ DATE:________ATE:________AADDRESS: ____________________________________________________ UNIT: _________

ATE: __________ ZIP: _________ATE: __________ ZIP: _________A

Weight ___ Color ____ Name ________Weight ___ Color ____ Name ________W



enant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) Tenant(s) Tunderstands that the additional pet(s) are not permitted unless the landlord gives ten

enant(s) agree to keep the above-listed pets in the premises

The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the

enant(s) shall promptly pick up all pet waste from the premises promptly.enant(s) are responsible for the conduct of their pet(s) at all times.enant(s) are liable for all damages caused by their pet(s).enant(s) shall pay the additional security deposit listed above and/or their rental

agreement as a condition to keeping the pet(s) listed above.enant(s) shall not allow their pets to cause any sort of disturbance or injury to the

other tenants, guests, landlord or any other persons lawfully on the premises.enant(s) shall immediately report to landlord any type of damage or injury caused by

This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.

______________________________enant

______________________________enant

TION of this form may be reproduced without written permission.

CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor

Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor







Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS

KITCHENBEDROOM 3

WallsWalls

WallsWindowsStove/Racks

WindowsBlinds/Drapes

RefrigeratorBlinds/Drapes

RodsIce Trays

RodsFloorShelves/Drawer

FloorCarpet/Vinyl/WoodDisposal

Light FixturesLight Fixtures

DishwasherDoors/Woodwork

Doors/WoodworkCounter Tops

LocksLocksCabinets

CeilingsCeilings

SinkElectric Outlets

Electrical OutletsFloor

Smoke DetectorsGarbage Cans

WindowsTV Antenna/CableBlinds/Drapes

BATH ROOMFireplace

Towel BarsCleanliness

Sink & Vanity

ToiletBEDROOM 1BEDROOM 2

Tub/ShowerWalls

WallsWindows

WA-RTG-20 Washington

5 REASONS TO USE RENTEGRATIONColor Standards for National Tenant Network Logo

• Logos are provided on the CD in all three forms: all black, reversed to white, or in PMS 280 Blue/PMS 7543 Gray spot or 4/color applications. Please see below for speci�c use examples.

• No other colors are acceptable for use for the logo.

• No altering of the logo is allowed. If you have a special circumstance that requires something not provided on the CD, please call NTN NA TIO NAL HEADQUAR TERS 1.800.228.0989 for assistance.

• Logos should not be put over a busy background.

BLACK WHITE (with 40% gray circle)

PMS 280/PMS 7543 over colorBlue PMS 280/Gray PMS 7543

1. Access - Rentegration.com is a web based,

access to forms generation, archives, prop-erty management database, basic account-ing, vendor ordering and other services.

2. Rental and Lease Forms - Unlimited use

forms. All Rentegration.com forms are cre-ated by attorneys and/or local rental hous-ing associations.

- Owners and managers can track income and expense for each unit, property and company. Per-fect for mid and small size property manag-ers and independent rental owners, who neither have the need or budget for larger, more expensive software.

4. Management Database - Rentegration.com is an easy to use, database driven soft-

from the database. The modules are all in-tegrated and work together. For example, a customer can use the rent-roll function to identify all delinquencies, apply fees, and create eviction forms with a few simple clicks of the mouse.

5. Value - Large property management companies that use Rentegration.com for only forms generation will save time and money over other methods. Mid and small size property managers and independent rental owners can manage their entire busi-ness at a fraction of the cost of other soft-ware and forms.

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[email protected] 7346-339-305 8



cially for pipes exposed to outside air or on exterior walls. Remind tenants to let faucets drip overnight during extreme cold to keep pipes from bursting and causing water damage. Repairing burst pipes can cost more than $600 – depending on where the pipe is located and the extent of the damage, so take the necessary steps to avoid the additional out-of-pocket cost.

4. Check the water heater. Ensure units on the property are in good con-dition with thorough inspections.

Drain and fl ush the hot water heat-er to get rid of sediment build-up. If it’s time for an upgrade, choose a model that’s compliant with the lat-est effi ciency requirements enacted in April of this year.

5. Install programmable thermostats. Wi-fi enabled thermostats off er cus-tomizable convenience by enabling users to control temperatures from their smart phone. Some models even sense when a unit is occupied, delivering comfortable temperatures when it is in use and saving energy and money when no one is home.

Property managers can also program smart thermostats to send reminders for fi lter changes or extreme tem-perature alerts.

6. Clear gutters. Remove debris from gutters to ensure proper drainage around the property. Th e fall and spring seasons are the best times to clean gutters, and property manag-ers should take this one at least two times per year. Improper drainage can damage landscaping and the property’s foundation and cause snow and ice to build up in the win-ter months.

7. Protect the landscaping. Th e steps to winterize your landscape largely depend on your location. In mild-er climates, like the West Coast or Deep South, you can protect your outdoor plants by applying mulch or protective fencing and verifying that the freeze sensor on the irriga-tion system is working properly. In colder climates, drain water from the irrigation system so pipes and sprinklers don’t burst underground. Th ere are three common techniques to winterize irrigation systems – manual, automatic and compressed air blow-out methods – so property managers should review the options to determine which can best protect their landscape.

8. Defend against moisture. Keep out-door fabrics and surfaces safe from the winter elements with a moisture blocking spray or sealant. Use the product to protect walkways, wood and other outdoor surfaces before the harsh weather arrives.

9. Create a severe weather kit. Prepare for the worst by assembling a se-vere weather kit before the season hits, including generators, batteries, fl ashlights and a First Aid Kit. Also include snacks, water and other es-sential supplies.

10. Help residents prepare. Encourage tenants to report maintenance issues immediately and share tips to help them get ready for the winter season. Let them know that they play a huge role in keeping the unit intact during the colder months.

By Scott Matthews, Director, Strategic Accounts, Th e Home Depot

Scott is responsible for managing national accounts and e-com-merce while overseeing business-to-business relationships. During his 25 years at Th e Home Depot, he has

served in a variety of roles and capacities, including Regional Pro Sales Manager, District Manager and Store Manager.

Prepare Rental Properties ...continued from page 1

Rental Housing Journal Colorado October 2015

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Transcript of Rental Housing Journal Colorado October 2015