|CAA In Focus|
|Feb. 12, 2013|
CAA breaking news: NAA/NMHC release a new report 'The Trillion Dollar Apartment Industry'
A new study says that apartment construction and operations contributed $6 billion to Chicago economy. Illinois received $41.4 billion economic contribution from combined construction, operation and resident spending. The report, along with an interactive map and economic impact calculator is available on the new website www.WeAreApartments.org. For more information read the attached press release for Chicago and Illinois.More
Earn your leasing certification — 9 a.m. to 4:30 p.m. March 12 and 19
Are the leasing professionals in your company equipped with the necessary skills to take your business to the next level? Whether a seasoned veteran or just starting in the industry, the NALP course will give participants the opportunity to enhance job performance and meet the professional quality standards your company expects. This NAA designation course is ideal for:
Certified Pool Operator certification program — 8 a.m. to 4:30 p.m. April 24-25
The Illinois Department of Public Health requires pools and spas to meet water quality and safety standards and enforces these through rigorous inspections. The last thing you want is to have your pool shut down during a prime summer event due to a failed inspection. Join us for our new, two-day CPO certification program and learn the information vital for safe swimming pool and spa operations.More
Save the date: April 16 — 90 percent sold!
Be sure to put the CAA Trade Show and Education Conference onto your schedule. Exhibitors, get your booth now, they are almost sold out! Contact Lisa Henning at 312-207-1890, ext. 3.
CAA's Golf Outing is on a Friday this year!
Add it to your calendar now: Outlook, others.More
Fifield moving forward on 368 apartment units for downtown Evanston
More than 30 years after putting up an office building in Evanston, developer Steven Fifield has returned to Chicago's northern neighbor with the largest apartment project it has seen in years. Fifield has partnered with Robert King, president of Carroll Properties, to modify and revive a development that couldn't move forward once the housing crash hit in 2007. The new plan calls for 368 units on the northern end of Evanston's downtown.More
Guess who's driving the demand for rental apartments?
The housing market is supposedly roaring back. Home prices are seeing their biggest annual gains since 2006. Renters must be rushing back to buy, right? Not exactly. In fact, even as housing and the greater economy improve, a shift in demographic trends likely will favor the rental apartment market for the foreseeable future. It is all about women.More
Apartments get energy makeovers
In the past four years, about 10,200 Chicago-area apartments have been made more comfortable and energy efficient as part of a unique partnership designed to trim utility bills and preserve affordable rental options in the area. The Energy Savers multifamily program designed for privately owned buildings still has a long way to go. Its nonprofit backers, CNT Energy and Community Investment Corp., estimate there are 425,000 rental units in Cook County's multifamily buildings, and the two groups would like to make their mark on more of them.More
As multifamily debt demand grows, more lenders stepping up
For the first time in more than a decade, apartments have replaced office buildings as the top investment sector for commercial real estate in the United States. With that demand has come a commensurate need for debt capital and a growing source of lenders to fill the need. New development of multifamily space across the U.S. has been unabashedly robust over the past year, leaving many anxious about the impact the new supply will have on market conditions.More
Love of multifamily lending lingers, but for how long?
Multifamily lending has been the darling of banks and investors for the past few years due partly to easy financing and the housing bust that has forced more families to rent rather than own. But bankers and investors are raising renewed concerns that fierce competition for deals, a run-up in apartment prices, and an expected jump in interest rates in the years ahead could spell bad news for banks that hold multifamily loans on their balance sheets.More
Elaine Place tenants fume over 'drastic rent increase'
Lake View Patch
Residents of Chicago's Lake View's Elaine Place Apartments say that in addition to the complex's new owners removing its iconic giraffe and goat statues, they're now imposing substantial rent increases that are forcing some to move. Chicago Apartment Finders, which own rental buildings all over the city, purchased Elaine Place Apartments from Milton Zale of Zale Realty in November. While the statues are reportedly being restored and could potentially return to Elaine Place, residents say they just received a new surprise.More
Chicago developer hopes to transform vacant Roberts properties
St. Louis Post-Dispatch
Twenty-five floors up, Bob Burk stood on the bare concrete floor of the unheated expanse he plans to transform into stylish penthouse apartments with a wide view of downtown St. Louis. Where St. Louis businessmen brothers Michael and Steven Roberts failed, Burk and his Chicago-based development firm, UrbanStreet Group, plan to succeed with the 25-story glass-and-concrete Roberts Tower and seven other former Roberts properties.More