Are you a leader or THE leader?

Here is a blog post by our new marketing and sales coordinator, Amy Zamostny:

Ryan Avery presents at the Apartment Association of Metro Denver's September Power Lunch

Yesterday, Lance and I went to the monthly PowerLunch hosted by the Apartment Association of Metro Denver.  Normally (or so I’m told!) they have just average speakers that don’t really make an impact on you, but yesterday was definitely different.  While it was geared towards sales and leasing consultants, Ryan Avery’s message resonated with everyone, because he gave small pieces of advice that are easy to change and better yourself. 

The title of Ryan’s seminar was “Go from “A” to “THE”: Stop being a leader and start being THE Leader.   Immediately my thoughts went to my alma mater, The Ohio State University.  People will ask me where I went to school, and I always say “The Ohio State University.”  I’m not trying to be snotty about it, but it’s the legal name. Back in 1878, they were on to something. With over 125 colleges and universities to choose from in Ohio alone, and with 2 other prominent nationally known OSUs, The Ohio State University knew that they were THE leader:

“The “The” was actually part of the state legislation when the university was renamed in 1878. The following excerpt is from the Board of Trustee minutes: ”...the educational institution heretofore known as the ‘Ohio Agricultural and Mechanical College,’ shall be known and designated hereafter as ‘The Ohio State University.” Those who wanted the name change thought the original name was too narrow in scope, and that it was inadequate for the institution that was the only beneficiary of the land grant act. President Edward Orton was insistent that a new name would separate the institution from other colleges in Ohio. Legend also has it that “The” was used to show the other colleges which institution was supposed to be the leader in the state - both in size and in financial support from the legislature.”

— The Ohio State University

And Ryan’s program started out with examples similar to that.  They showed a football team (my beloved and frustrating Cleveland Browns) and then they showed THE football team (your beloved Super Bowl Champions Denver Broncos).  They showed a football player (I can’t even remember who it was) and then they showed THE Peyton Manning.  They showed a basketball player (a Denver Nugget, maybe Carmelo?) then they showed THE Michael Jordan.  You get the idea.  You can be a builder, but you want to be THE builder, the one we want top of mind when anyone thinks of THE builder is Stonebridge Builders.

Here are a few of his thought processes to turn you from a leader to THE leader in whatever your job position is.  Once we are all THE leaders of our field, then overall Stonebridge becomes THE leader of apartment renovations in Denver.  Think about how each of these can apply in your daily life.

• When a leader talks, people pay attention.  But when THE Leader talks, people take action.
• A leader gets ready, but THE leader stays ready
• A leader has confidence, but THE leader demonstrates confidence.
• You should always be prepared with the “4321” for your conversations.
  • 4 stories to share at any time:  1 personal success story, 1 professional success story, 1 personal failure story, 1 professional failure story (but never tell a story that does not add value to your situation).
  • 3 facts related to your industry
  • 2 quotes related to your industry
  • 1 question that you can always ask anyon
• Confidence creates competence
• People remember what they see first and feel last.
• 90% of first impressions don’t change
• Silence is the most powerful tool to use in sales
• How your body moves dictates how you speak: Every time you move backwards, it’s a sign of weakness.  Step/project your body forward as you speak.  (Try this in the mirror.  The results are pretty amazing!)
• Eliminate 2 words from your vocabulary: Just and Only. Lose those words and your confidence will soar. i.e. It’s just me in the marketing department.  I’m the only one in the marketing department. I am the marketing department.
• Words are free, but they cost you a lot
• “Do what you love because people are going to criticize you anyway.” -Eleanor Roosevelt
• Do not let one thing ruin everything
• Confidence is the by product of you being courageous.  Where can you be more courageous?

A link to the preview of his speech:  https://www.youtube.com/watch?v=RDKPPbt2PP4

The "Next Generation" Apartment - survey results of what renters really want

What is The Next Generation Apartment?  Read on for some interesting stats on what renters want based on results from the recent MFE survey.

Multifamily Executive Magazine recently engaged their Concept Community data partner, J Turner Research, to uncover the wants and needs of the next generation of renters in one of the largest research studies collecting over 84,000 responses nationwide. They dove deeply into the question of which unconventional amenities are renters willing to pay for.

The multifamily industry is consistently trying to come up with new ways to entice renters; upgraded interiors like hardwood flooring versus carpet, stylish lighting and trendy lifestyle amenities. But are those efforts attracting renters who are willing to pay extra for them? The clear answer from the research is No, especially given the consistently increasing rental rates over the past several years. But there are some exceptions, and if you’re looking to make some changes to your community, considering certain amenities over others may pay off in the end.

Nationwide, 84,924 residents living in 1,555 communities representing 26 apartment companies responded to the J Turner research survey. The majority of respondents were Millennials (18-34 years) at 59%, followed by Gen Xer’s (35-50) at 25% with Baby Boomers (51-70) and the Silent Generation (71 and older) combined at 15%.

The study was weighted to gain greater insights into certain topics like health and fitness amenities, electric car charging stations, bike storage and bike sharing opportunities, and Common Area and Smart Home upgrades. Here’s how they stacked up:

Smart Home Technology: Sure! If it saves money

Renters want technology options that will ultimately save them money: number one on the list is free, in-home Wi-Fi, followed by smart thermostats, and then Energy Star kitchen appliances. However, it’s not just about money, they also want technology options offer convenience like keyless electronic front entry, in-unit built-in USB charging ports, motion-detection cameras, and motion-sensing lighting. Unfortunately, the survey didn’t yield statistics on the additional monthly amount renters are willing to pay, but the desire for money-saving smart technology was consistent throughout all demographic groups and spanned all generations.

24/7 Package Lockers: They want it!

Over the past several years, the recent popularity of online shopping has substantially increased the volume of packages delivered. There is minimal impact to single family homes but has a dramatic affect in multi-family residences. When asked how many packages residents receive per month, excluding the holiday season, over 25% answered at least one, 20% said two while 17% said 5 to 10. Owners and managers are having trouble keeping up with the increased volume and often have to come up with new systems for making sure packages are delivered securely to renters.  In some communities, because packages can go missing once delivered to a doorstep, residents authorize entry to their unit for package delivery in their absence. Despite creative approaches, over 27% of respondents said they have experienced problems or delays in receiving packages. When asked to rate the importance of 24/7 access Package Lockers, over 28% rated secure on site package storage as a top priority amenity and are willing to pay for it. 20% said they would pay additional rent of $5/month for this amenity.

Fitness Classes: Some do, most don’t.

The survey asked renters to express their interest in several fitness related amenities, among them were yoga rooms, spin studios, golf simulators and conventional fitness equipment with Bluetooth connectivity etc. Three unconventional fitness amenities stood out as having the greatest interest and potential revenue generating impact: fitness classes, steam rooms and walking trails. 46% of all renters are willing to pay at least $5 extra per month for fitness classes. Of the 46%, 14% said having fitness classes would be worth an additional $15 in additional rent per month.  Steam rooms came in a close second with 43% of all renters willing to pay an extra $5/month. Of that 43%, 12% said a steam room would be worth $15/month extra.

Bike storage: Yes… if they have a bike or plan to get one.

Over a third (32.3%) of all renters currently own a bike and 11.8% more say they plan on getting one in the near future. With 44% of renters having a potential need for bike storage, does it make sense to create a designated bike storage space? The stats look good on this one, especially when you consider that 20% of all renters, whether they own a bike or not, are willing to pay $5/month for bike storage. 7.4% would kick in an additional $10/month and 4% would pay $15. In the end, 30% of all renters are willing to pay for bike storage, independent of bike ownership.

Bike sharing: Nah, not at this time.

The results show that while renters are enthused by the idea of a bike share program, few are willing to pay for it. Over 10% of all renters showed great enthusiasm for bike sharing. Another 22% ranked their interest at 5 on a 10 -point scale. However, when it came to putting money where their mouths are, only 26% are willing to shell out even $5/month for it. More renters are willing to pay for bike storage than bike sharing, so save the upfront and ongoing expense of a bike share and build a secure bike storage facility.

Electric Car Charging Stations:  Nope!

J Turner’s Survey results found that 15% of renters intend to purchase an electric vehicle within the next 5 years. Of this 15%, just over half would be willing to pay for on site charging stations. However, that still leaves 85% of renters with intention to buy and no need for EV charging stations on-site.

When considering adding new amenities that will benefit renters and bring the biggest bang for your buck, the research shows that offering bike storage, providing 24/7 Package Lockers and upgrading units with smart technology are the best bets.  Stonebridge Builders specializes in common area upgrades and build outs for added amenities as well as in-unit renovations. Call to schedule a consultation today to generate more income tomorrow!

Look for full survey results of “the Next-Gen Apartment” study when they’re officially released at the 2016 Multifamily Executive Conference next month.

Maintaining Market Share With Rehab and Renovation

Last month in our newsletter we talked about how Denver is in the midst of a boom. U.S. News ranked Denver #2 in the 100 best places to live in the US. A report that analyzed employment trends in the nation's 100 largest cities, also ranked Denver second in the nation for job seekers. The local multifamily housing market hasn't hesitated to take advantage of Denver's reputation.

Over 80 new projects were completed in the last 5 years. 25,000 units are currently under construction and will be completed this year with 3,246 new apartments already delivered in the first quarter. In a typical market, that might push vacancies up and drive rents down, however Denver isn't a typical market and properties like Dakota Ridge, a Berkshire Community located in Littleton, CO. know this.   Despite increases in inventory, rents are up. In March, metro Denver rental rates were 3.2 percent higher than last year. This exceeds the national average of 2.4 percent. Unincorporated Arapahoe County, Littleton and South Lakewood were among several other areas that saw increases at 5% and more. Given the market, existing projects need to look at ways to compete and hold their market share. And that's exactly what Dakota Ridge, a Berkshire Community located in Littleton CO, has done.

Stonebridge Builders has been fortunate to work with Berkshire Communities on several multifamily renovation and rehab projects. Their current project, the ongoing renovation of 480 units at Dakota Ridge, is a true partnership, with top to bottom oversight from Stonebridge and consistent timely feedback from Dakota Ridge.   Property manager, Kelsey Carter explained that in order to justify rent increases, maintain their share of the market and compete with other complexes, they needed to update the look and feel of their units as well as improve function and efficiency.   Based on market research, Dakota Ridge was anticipating adding an average rent premium of $65 - $225 based on the number of bedrooms in the unit. With the project a third of the way complete, a premium has been added to the rent for renovated apartments, however it exceeds their projections by as much as 37% in some cases.  

Dakota Ridge deliberately chose specific upgrades based on industry and market trends as well as feedback from residents and prospects. Certain upgrades were selected more for aesthetic purpose. For example, outdated bar level counter tops were replaced with single level surfaces to align with more desirable current kitchen design features. Other upgrades were chosen for improved function, durability and reduced maintenance long term, in addition to appearance. Vinyl blinds were replaced with 2-inch wood blinds. According to Carter, resident misuse has a greater impact on vinyl blinds and from the outside looking in aged vinyl blinds give a dated, unpolished look and feel. Replacing them with wood reduces maintenance costs, extends the life of the product and provides a more cohesive appearance between the interior and exterior.   In first floor units, plank hardwood flooring was installed to replace carpet and vinyl. According to a survey done by Multifamily Executive's Concept Community, the current renter wants hardwood flooring over carpet and they are willing to pay extra for it. Aware of this trend, Dakota Ridge believed they could achieve an additional rent premium of $15-40 for first floor units with plank hardwood over second and third floor units where it is not yet an option.  Given market conditions, on average they were actually able to achieve premiums 40-75% higher than projected.  

Choosing the right builder is one of the most critical components when undergoing a major renovation project. Berkshire Communities chose Stonebridge Builders for the Dakota Ridge rehabilitation project based on a long standing relationship and proven track record of success on previous projects.   About Stonebridge, Carter says that the main thing that sets them apart from other builders is how they handle situations with unexpected outcomes. Even with a perfect plan, things can still go awry. She explains, "Stonebridge works to make things right rather than placing blame where things went wrong. They are solution focused versus situation focused. Stonebridge's attitude is, it doesn't matter how it happened or who's fault it is, it's about how are we going to make it right."  

Stonebridge's President and CEO, Chris Tolar, says, "Our client relationships are equally as important as the quality of our work. Communication is paramount to the success of any project and we make that our number one priority from our first contact with the client, throughout construction and long after the completion of the project. That's how we do business."  

As an industry expert and leader, Stonebridge is the natural choice for any multifamily community or apartment renovation and rehabilitation. Contact us for industry insights, planning and execution of your next project. 

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Value-Add Projects Like Kitchen and Baths Yield Big ROI

When a local multifamily community was feeling the pressure of Denver's highly competitive rental market, they turned to Stonebridge Builders for help. They needed to consider upgrades not only to address deferred maintenance issues and outdated amenities, but also to justify rent increases to be consistent with local demand.   In densely populated urban areas with many options for apartment living, property owners need to set themselves apart from the competition. For many, this means rehabilitation projects to bring value where others don't. By industry standards, a successful renovation project should generate rent increases between 10-30%from interior improvements, and renovations to kitchens and baths tend to generate the greatest ROI.     

A great example of this strategy is Home Properties, headquartered in Rochester, NY. The company owns over 43,000 units in 121 properties primarily located in the Mid-Atlantic and Northeast. The company strategy is to acquire assets that most other developers would not be interested in. They're not looking for the newest, most attractive or luxury communities. The assets they acquire are in need of rehabilitation. The company knows that by rehabbing and renovating properties that are "a little beaten up and a little run-down" they can achieve substantial rent increases, which ultimately drives revenue. This strategy has yielded an 11.4 percent average annual total return over the past 10 years, and a 5- year compounded return of 11.7 percent.

Deferred maintenance is certainly an area of focus in multifamily renovation, however the most significant investments are made in upgrading kitchens and baths.   In Denver, Stonebridge Builders helped the local company to exercise this strategy and achieve the same results. Kitchens were upgraded with updated cabinetry and counter tops, state of the art appliances and both pendant and recessed  lighting to create a brighter look and feel. Baths were also remodeled with upgraded materials and lighting, which justified rent increases, encouraged retention and decreased vacancies.  

If your multifamily property could use a little TLC, and you're considering a value-add project, look to Stonebridge Builders for a consultation and ultimately for a seamless and successful process.  

In the Midst of a Boom, Existing Properties Need to Compete with New Construction

Denver is in the midst of a boom in the multifamily market. Over 80 new projects were completed in the last 5 years, and with 25,000 units under construction this year and 3,246 new apartments delivered in the first quarter, existing projects need to step it up to compete.

Average rents for apartments built since 2010 are 60% higher than rents for apartments built in the 1970’s. Compare $1729 versus $1079 respectively and it’s clear that outdated multifamily properties need to renovate, remodel and add amenities in order to take advantage of rising rental rates. 

Chris Tolar, President of Stonebridge Builders, a Denver-based commercial construction company specializing in apartment renovations says, “The bulk of our business is in multi-unit apartment rehabs. Regardless of location, property owners are feeling the pressure to upgrade and update individual units given the current market conditions. The increase in inventory of brand new units is creating a pressure to keep up and compete. “

Stonebridge Builders Business Development Director, Lance Miller, confirms that complete unit renovations and clubhouse remodels consist of the bulk of their contracts for properties with larger renovation budgets. However, for apartment communities with tighter budgets, upgrading existing common areas and clubhouses and adding amenities like BBQs, dog runs, dog washes and especially package rooms, allows them to compete with new construction.

Construction of a package room can be a big upgrade at a relatively low price point compared to other renovations. Package rooms provide a much desired, convenient service for residents. Safe, 24-7 access to package retrieval is an amenity most residents are willing to pay extra for, and can be a deciding factor when choosing a community.

Tolar says, “Since Amazon has come on the scene, with most people doing the bulk of their shopping online these days, it can be a major burden for the on-site staff to constantly have to pull packages for residents. As a solution, we convert space inside of a clubhouse or common area into a self-service package retrieval facility. For communities that just don’t have inside space to convert, outdoor/weatherproof lockers are also available. Also, we can, and have built additions to house a new package room when space is limited.”

Whether you’re considering a complete overhaul of your multifamily property, a new clubhouse or looking to add or upgrade specific amenities, call Stonebridge Builders, the industry expert in Rehabs and construction.

4 Trends in Multifamily Housing

Across the US, builders, developers, and investors are rushing like maniacs to keep up with the huge demand for rental apartments and multifamily housing. Plenty of money is finding its way into the multifamily housing sector. Not only areinvestors and developers looking to boost home’s value, they also recognize the opportunity to earn a substantial ROI. Generally speaking, the multifamily housing market is booming because renters are looking for newer, better places to live as they bounce back from the housing market crash and they recover along with the improving economy. With that said, let’s take a look at four trends to track in the multifamily housing market.

1. Renters Seek Luxury and Affordability

Right now, renters in metro areas are looking to live as close to downtown as possible. Despite the desire for a certain lifestyle, affordability can be an issue. Unfortunately, a large portion of current renters still aren’t in the greatest shape financially, so their housing options are typically limited. Builders have taken it upon themselves to create micro apartments in an effort to fill this need. These apartments are roughly 250-350 ft.², they are quite luxurious with modern sinks and vessels, and typically lease for 75% of the monthly cost for a larger, similar style apartment in the city. As you can see, this option is still luxurious but much more affordable for lower income renters.

2. Green Leases Are a Hot New Trend

As the development of environmentally friendly apartments with energy efficient appliances, a cool roof, electric car charging stations, bike storage, and a focus on green initiatives takes shape, property managers are now asking tenants to sign a green lease. In Boston, in an effort for developers to get a green district designation, the city created the green lease. When a tenant signs this lease, he or she must agree to follow routines that lead to a sustainable lifestyle. This entails things like composting, recycling, and taking advantage of the available public transportation in the community. More and more metro areas are slowly catching on to this trend, and green leases are going to become a major phenomenon in the multifamily dwelling market sooner rather than later.

3. Tenants Now Have More Technological Control

We live in a massive period of innovation and technology is changing all the time as new advancements get released into the marketplace. In today’s modern multifamily dwelling, building owners are going to have to adapt with the changing times. As an example, many tenants are looking to take advantage of Internet TV. Yet many building owners are not ready to eliminate satellite and cable TV services. At this time, building teams have recognized the value of technological advances as far as improving a building’s sustainability is concerned. And they are beginning to embrace this new technology in an effort to provide a greener, more stable environment for their tenants and the world at large.

4. Living the Urban Lifestyle

As of now, multifamily dwelling owners hope to attract empty-nesters and millennials as their target renters. By focusing on these particular demographics, luxury property owners are making strides to develop building communities that provide the urban lifestyle. They are offering access to all of the latest technology, all of the hottest amenities like an outdoor fire pit, an indoor swimming pool, game/media room, laundry room, bike room etc. And everything a tenant could ever need is within 20 minutes of the apartment, whether they are walking or taking public transit. Again, this urban lifestyle trend is all about focusing on sustainable living.

Conclusion

At the end of the day, the current crop of renters is focused on living a sustainable lifestyle.  As a building owner, you must utilize the four suggestions mentioned today to stay relevant in this ever-changing market.

About the author:

Wendy Dessler is a super-connector with OutreachMama and Towering SEO who helps people find their audiences online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing bigger customized blogger outreach plans depending on the industry and competition. 

The Benefit of Unit-by-Unit Renovations vs. Major Overhauls of Apartment Complexes and Multifamily Communities

Regardless of the size of the property, whether it is luxury or affordable, urban or rural, property owners are concerned about the same things, property value and profitability. Maximizing rental income and keeping expenses low are the top priorities. When the Net Operating Income (NOI = Income minus Expenses) on a Multi-Family property increases, so does the overall property value.

Metro Denver has one of the most competitive rental markets in the country. Demand is high and supply is low. Last year inventory added by new construction was absorbed without increasing vacancy rates, in fact, vacancy rates decreased by over 1%. At the same time, apartment rents grew by 2.9%, which is slightly faster than the overall inflation rate.

To keep up with the competition and capitalize on current market opportunities, property owners need to justify rent bumps while keeping expenses and vacancy rates low. Individual unit renovations and rehabilitation of the property are the main factors in generating and justifying rent increases.

For most property owners, a complete rehab of the entire property is cost prohibitive and not feasible. However, opting for unit-by-unit renovations as apartments become vacant softens the financial burden of a complete overhaul while keeping occupancy and rental income stable.

Stonebridge Builders, a Colorado-owned and operated commercial construction company, has perfected unit-by-unit apartment rehabilitation and has made this a top priority in their business model. For all projects, the scope of work and timeframe for completion is determined by allocated budgets and projected lease turnover.

Stonebridge understands local market conditions and works diligently with property owners to ensure that unit availability and quick turnaround are maximized while costs and income loss remain low. Currently, on a larger scale, Stonebridge is renovating 600 units over a 2-year period for a large multifamily community in Superior, CO and completing 55 units over 12 months for a smaller Denver metro apartment complex. When Stonebridge recently completed turn key renovations for an apartment complex in Littleton, each unit was completed in 10 days or less, maximizing unit availability and minimizing rent loss.

Successful unit-by-unit apartment renovations and value-add projects require planning, preparation and careful oversight and management of the project. When tenant occupancy is high, exterior improvements like new siding, stamped concrete, designer patio finishes, parking lot re-paving and landscaping can supplement a lower volume of interior renovations of kitchens, baths, plumbing and lighting, new paint and flooring.  

To create a strategic plan and partnership to renovate an Apartment Complex or Multi-Family Community, call us. 20 years of experience in the industry, a portfolio of successful outcomes and our commitment to providing the absolute best customer service will ensure an outstanding experience from start to finish.

Combining Housing with Co-Working Spaces: A Win-Win for Multifamily Communities.

In a competitive market, multifamily communities are consistently looking for ways to compete for market share. These days, combining housing and employment trends might just be the ticket for apartment communities.

43% of employed Americans work remotely at least part of the time. That figure is up 4% since 2012. The statistics get really interesting when you look deeper into the trends. During the same time period, from 2012-2016, the percent of those that reported working from home one day or less shrank by almost 10%, while those that reported working remotely 4-5 days per week grew by 7%.  With rising numbers of people working from home, there is an increasing need for alternatives to the traditional office setting. 

Many are choosing co-working spaces over a designated home office. People are seeking inspiring, brightly lit spaces filled with other like-minded people over solitude of their dining room table or an over-crowded coffee shop. Popular co-working spaces like Impact HUB in Boulder,  WeWork in Denver and Thrive (pictured) offer amenities that attract and retain members that otherwise might maintain a home office. Super fast Internet, business-class printers, complimentary coffee and tea and private phone booths combine the comforts of working from home with the benefits of the company office.

In the Denver Metro area, people pay an average of $200-300/month for a membership or “spot” in a co-working space.  A designated desk or office in one of these locations can range between $450-895/month. 

Can apartment complexes and multifamily developments capitalize on this new trend? Chris Tolar, President of Stonebridge Builders in Denver, CO thinks so. Tolar says, “Communities are looking at their common areas differently these days.  They’re no longer simply a shared space to have a networking event or birthday party, but they are potential opportunities to generate revenue. At Stonebridge, we are getting more requests to not only update the aesthetics, but also to design and build functional spaces that allow people to get work done.”

Given the ever-increasing numbers of people working remotely, multifamily communities can benefit greatly from the renovation or remodel of an existing common area into a functional co-working space.  Building common areas that allow people to effectively work from home without dedicating any of their living space to a home office can justify increases in monthly lease rates of$150-300 at a minimum.  

To design and renovate common areas for greater functionality and increased revenue, contact Stonebridge Builders for a consultation.

Design Trends in Multifamily Living- Spaces that Build Community

The new generation of renter is looking for amenities that extend beyond their own apartment and into shared and common spaces. What does this mean for the Multi-family industry? To keep units filled, multifamily properties need to respond to this new demand and keep “community” in mind when renovating existing spaces and designing new ones.

To meet these new demands, common use amenities like lobbies, laundry rooms and recreational areas should be designed for multi-use and to encourage community connectivity. For example, a space that serves as a leasing office by day that can be converted to a shared common room after hours. This space should have lightweight and easy to move furniture that residents can arrange for small gatherings or large events for many people. In designing these multi-use spaces, materials should be chosen with durability as a priority. Fabrics and floor coverings need to hold up to greater wear and tear without looking worn or used.

 Real estate start up Common, has taken the concept of providing amenities intended to build a greater sense of community in multifamily living to an entirely new level by creating Coliving “homes, ” a shared-living concept similar to boarding houses popular in cities during the Industrial Revolution and the early 20th century.  Co-living offers residents reduced rents in desirable, typically high cost, urban areas for a substantially reduced monthly rate. The monthly rent gets residents a bedroom, not an individual apartment. For many residents, common living rooms and kitchens and shared baths are the trade-offs for otherwise unaffordable rent. However, for others, this isn’t a trade-off, it’s a choice for a unique lifestyle and culture and the reduced rent is an additional bonus.

The biggest challenge with creating Coliving spaces is convincing developers to design buildings for this concept and purpose. The floor plans aren’t consistent with traditional multifamily properties. Sterling Jawitz, the head of real estate strategic partnerships at Common says “When we design our projects and work with developers from the beginning, whether it’s a ground-up development or rehab or adaptive reuse, we try to be very cognizant and respectful of the fact that we’re asking them to build something that is maybe not as typical as you would see in the market with studio and one- or two-bedroom units.”

Given Denver’s housing shortage and extremely tight rental market, maybe it’s time for developers to take a risk and consider creating spaces that offer renters seeking a different housing culture a place to create this new type of community?

At the very least, multifamily properties should consider using a local company like Denver’s Stonebridge Builders, to design, remodel and/or renovate existing common areas for greater flexibility, multiple-uses and to appeal to the new renter looking for amenities that extend beyond the 4 walls of their own individual unit. 

Safety Precautions for Landlords and Property Owners

As a property owner and/or management company, minimizing risk and maximizing tenant safety are paramount to almost every other issue faced in multi-family housing. Committing to these 4 simple things could mean the difference between safety and liability:

Make sure your units are easy to find.

Confirm unit numbers are big enough to be seen from the street in the event of an emergency. Police and fire should be able to locate every unit without having to search. If necessary, trim branches and prune bushes and remove any and all obstacles obstructing the unit numbers.

Regularly maintain carbon monoxide detectors and smoke and fire alarms.

Every unit should be equipped with both fire alarms and carbon monoxide detectors. It’s not enough to simply have them, but critical to create a regular maintenance schedule to replace batteries and test that they are in good working order.

Service Furnace, AC, and Ventilation Systems frequently.

Make it a priority to have all furnace, and HVAC systems routinely serviced for fire prevention and efficiency. Also, replace filters regularly. Clean filters lower energy costs and improve indoor air quality.

Inspect Electrical Systems

According to the Electrical Safety Foundation International (ESFI), over 50,000 home fires are caused by electrical issues annually. Have systems checked and serviced by certified electricians as well as educate tenants about fire prevention and safety.

 For the ongoing safety of your tenants and to protect the investment in your property, consider a Turn-Key maintenance service contract with Stonebridge Builders. Stonebridge will create a schedule for all routine maintenance and be your go-to contact for any and everything service related. Call to schedule a consultation today.

Disclaimer: Do not rely on all links and citations for building accuracy. Owners should verify all current codes with their local building department and consult with a reputable General Contractor and/or Certified Professional prior to entering into a service contract or beginning construction.

Rousing News for Denver’s Multifamily Industry in 2014!

Based on a recent broadcast from MFE Multifamily Executive Apartment Trends

The Top 10 Rent Growth Markets for 2014:

1. Seattle: 5.8

2. San Francico: 4.7

3. Denver: 4.6

4. San Jose: 4.5

5. Nashville: 4

6. San Diego: 4

7. Austin: 3.9

8. Dallas: 3.9

9. Houston: 3.9

10. New York City: 3.8

To read entire article- copy/paste follow link into your browser:

http://www.multifamilyexecutive.com/rent-trends/top-10-rent-growth-markets-of-2014_o.aspx?dfpzone=search

Stonebridge wins award!

Our team had a fantastic time steering the grocery cart up and down the aisles as fast as possible, dressed to a "T" as duck hunters from the entertaining Duck Dynasty series for the Comitis Crisis Center. The Annual Grocery Cart Races for Comitis Crisis Center always corroborates a basket of fun. Our team not only raised $1300 to donate to the center but our costumes out ranked the bunch earning the Best Team Costume Award! Everybody at Stonebridge Builders is always excited to live out our core value "service" in the community. We gratefully acknowledge the contributions to this charity from Stonebridge Builders and team, Sandy Mancinelli with Colorado Carpet Distributers, Seth Haley with Western Pacific, Derek Becker, owner of Wireworks Electric and Scott Slankard representing Water Systems.

Life of Luxury in Apartment Living!

Apartment living can be much like staying at a resort. With busy schedules, long commutes to work, and the ability to enjoy the amenities found on most vacations, coming home to a luxury apartment can be such a delight! Stonebridge Builders has helped to spear head the growing trend of apartment living through remodeling and renovating several apartment communities in the Denver area. 

This article hits the nail on head with the Luxury of Apartment Living.

Live in Luxury, Elegance by Tyree Leisch

Apartment living can be acquired taste. At first the people who have lived in sprawling independent houses with garden and compound cannot imagine the life in an apartment. With the land prices shooting up out of reach even in tier 2 cities, the apartment living is necessity. However, there are so many advantages which they understand and enjoy only after moving into an apartment.

The independent house was a peaceful living once upon a time but, now, with smaller sites and no garden houses, it is a nightmare when the traffic increases and children have to play on the street. The apartments have so many amenities like garden, swimming pool, running tracks, children play area etc., that in cities it is the only way to live.

Another major advantage is maintenance. The apartment management charges certain amount for maintenance but, the backup power, water, external maintenance and security are taken care. It is a worry free living compared to independent house where everything needs to be taken care of by the owner.

Most of the apartment complexes have tenant association. In most cases, the maintenance will be done through it and it will be a democratic organization where tenants take turn to be the management team and most of the major decisions are taken by vote. In fact the tenant associations have several rights given by the government as well as responsibilities. In some cases, in order to make the city green, the wet waste or organic waste needs to be composted instead of the city municipality picking up the waste to be thrown in dump yard.

Schools and colleges have buses pickup children from the apartment complex and dropped off in the complex which more secure than dropping them on the road. The parking also is a great advantage compared to parking on the street in an independent house.

Good news for Denver Multifamily Clients: Denver Area Apartment Market Sets Records in 2012

Great news for our Denver multifamily clients is reported by Dennis Huspeni, Denver Business Journal:

 "The Denver-area apartment sales market was one of the nation's hottest in 2012, with a record $2.4B worth of apartment buildings sold.  Low interest rates on construction, purchase and development loans, as well as higher demand from renters helped fuel the push.  That's according to ARA Colorado, one fo the highest-volume multifamily brokerages here.  ARA brokers alone moved $1.1 billion worth of apartment assets in 62 sales representing 10,429 apartments."

Huspeni further writes "vacancy rates for Denver-area apartment buildings dwindled to 4.3 percent through the third quarter, according to the Colorado Division of Housing.  Average rents climbed almost 6 percent in that same period.  And interest rates have dropped to as low as 3 percent fixed, easing financing for apartment-building buys."

See the following link for the full article:

http://www.bizjournals.com/denver/print-edition/2013/01/04/apartment-market-sets-records-in-2012.html?page=all

Stonebridge's Work is Nominated in 2011 Tributes Awards

Stonebridge Builders is pleased to announce that its work has been included in the finalists for November 2011's Tribute Awards.  The "Tributes" awards are held every three years, and coordinated by the Apartment Association of Metro Denver.  There are various categories of award, and Stonebridge Builders is proud that its work has been included as finalists in the following categories:

1. Bluffs at Highlands Ranch - Most Outstanding Renovated Community

2. Fairways at Raccoon Creek - Most Outstanding Renovated Community

3. Bella Terra - Most Captivating Clubhouse

4. Hearthstone - Most Captivating Clubhouse

5. Horizons at Rock Creek - Most Captivating Clubhouse

We are excited to see the results of this year's ceremony, and are proud for our work to be included amongst these impressive nominated communities.

What a Difference a Great Design Can Make!

Stonebridge Builders is proud to announce its recent completion of a Broomfield Apartment Clubhouse Renovation.  Taking direction from the talented Spire Design team's designs, Stonebridge completed this clubhouse remodel in just a few weeks resulting in limited downtime for the apartment community's tenants.  Spire Design, located in Greenwood Village, Colorado, was founded by the Principals Kim Reinke and Christina Fritschel.

Thank you to "Super Dave" Hanson, Stonebridge's Project Manager Extraordinaire for managing this project in a timely and professional manner.   Thank you also to the Spire Design team for their wonderful collaboration.

Top photo is the computer center before our renovation and after is the cyber cafe.

Stonebridge Completes the Rehab of a Major Apartment Community

Stonebridge Builders is proud to announce the completion of renovating almost 400 apartment units at the prominent Littleton Apartment Community, The Bluffs at Highlands Ranch.  Stonebridge was hired by BRE Properties, Inc., the apartment management company, to rehabilitate the apartment units.

"This has been a great project and partnership for us," remarked Chris Tolar, President of Stonebridge Builders.  "From the inception of the project, we were able to communicate very effectively with BRE Properties which allowed us to work hand-in-hand to renovate each apartment unit in less than 10 days."  Chuck Terry, an up-and-coming Project Manager with Stonebridge Builders, managed the majority of the apartment renovations, and provided exceptional client service.  Mr. Terry was also instrumental with client and vendor communications.  Stonebridge also thanks Justin Newburn, Director of Operations, for establishing & helping to manage consistent processes to manage apartment community rehabs.

"We are also ecstatic to report that all units were completed on time, which resulted in more rental days for BRE Properties.  I am very proud of our team, especially Chuck Terry, for managing such a large project that could not have been run more smoothly." commented Mr. Tolar.

Stonebridge looks forward to partnering with BRE Properties, Inc. for additional successful projects.