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Investments & Operations: IMN’s Multifamily Newsletter
 
 
 
Welcome to the 2nd edition of IMN's Multifamily Newsletter! As we all adjust to a new normal amid unprecedented disruption, IMN is committed to keeping you connected with your peers, facilitating new inroads in the multifamily community and delivering the content you value the most. We welcome any feedback you may have to help us provide value with our digital offerings.
Keep reading for an exclusive Q&A with Bascom Group's Jerry Fink on how Covid-19 has changed their investment & management strategies. Also in this edition is a podcast with Mike Stephenson, Director of Business Intelligence Systems for BH Management Services on property performance and the latest industry news. You can also find details for participating in our upcoming Multifamily Operations & Technology Webcast and access our Multifamily Senior Management Strategies webcast from a few weeks ago.
We hope everyone stays safe and well during these challenging times and look forward to connecting our communities with a growing suite of digital thought leadership content.
 
 
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INTERVIEW: Jerome A. Fink is a co-founder & Managing Partner of The Bascom Group, LLC.   Bascom has ranked among the top 50 multifamily owners in the U.S. and he gives his insights into Bascom’s reactions to the Covid-19 crisis.
IMN: Are there any deals that were in the process of closing when the coronavirus hit? Did you walk away from those deals or change terms?
Jerry Fink: We had three deals underway when this pandemic hit – one sale where a buyer had gone non-refundable with a million dollar plus deposit and two acquisitions where we were either still in due diligence or had yet to sign the contract.   The one sale
 
 
 
Read the full interview
 
 
 
 
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PODCAST: Mike Stephenson is the Director of Business Intelligence Systems for BH Management Services, currently the eighth largest property management firm in the USA.  In this podcast he discussed key apartment operational data including the appetite for virtual apartment tours, lease renewal policies, and the most surprising trends he's seen since the emergence of Covid-19.  
 
 
 
Listen to the podcast
 
 
 
In the news
 
 
 
Multifamily Owners Go Virtual to Get Leases Signed Amid COVID-19
"Virtual and augmented reality have been available for some time and had seen sporadic use, but the mass COVID-19 precipitated shutdowns nationwide have led to rapid adoption of the technologies by multifamily owners in order to get leases signed during the pandemic.
“Owners of apartment buildings across the U.S. are looking for new ways to have contactless touring… anything to decrease one-on-one touring,” says Georgianna Oliver, founder of Tour24, a technology company based in Medfield, Mass..."
[Read full article]

Five Opportunities For Multifamily Real Estate In A Post-Pandemic World
"The current pandemic and global response is a once-in-a-lifetime event that has affected all of our lives in significant ways. In addition to rapidly addressing the short-term implications, real estate leaders must begin to think strategically about the long-term implications of the event.
From my vantage point working with multifamily owners to anticipate changing resident demands, the following are five developments that I predict will accelerate in the future, post-pandemic age. Beneath each trend lies an opportunity for owners and operators to capture in the coming years..."
[Read full article]
 
Coronavirus Moving More Multifamily Deals Off-Market
"Officials at Austin, Texas-based multifamily acquisitions and analytics firm Offerd say there appears to be a robust market for off-market deals for large rental properties developing in the wake of the coronavirus pandemic. The percentage of Americans living in rental property was at a 50-year high in the first quarter of 2020 as stay-at-home orders began to take hold across the nation."
[Read full article]
 
Nearly 88 Percent of Renters Have Paid Rent This Month
"Across the U.S., 87.7 percent of renters have paid full or partial rent by May 13, according to just-released figures from the National Multifamily Housing Council’s rent payment tracker.
The report comes one day after the latest job figures showed 36.5 million Americans have filed for unemployment.
By comparison, during the same time period last year, 89.8 percent of renters paid full or partial rent payments by May 13, 2019. Last week’s report from NMHC, which gave the first look at May’s numbers, showed that 80.2 percent of renters had paid by May 6."

[Read full article]
 
 
 
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Multifamily Operations & Technology Webcast
Wednesday, June 3 | 2:00PM ET
 
 
A new normal has multifamily owners and operators concerned about rent payments, deferred maintenance, and the well-being of their neighborhoods and apartment buildings.  During this time, it is critical that we evaluate the policies, procedures and technologies within the multifamily sector. Join IMN’s Multifamily Operations & Technology Webcast to hear industry experts analyze the implications of today's new environment.
 
 
 
Register for free
 
 
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