Multi-Housing News - May 2009 - (Page 6)

executive insight Getting it Right A family-held enterprise that has been in continuous existence since 1925, Picerne Real Estate Group today owns and manages more than 40,000 apartment homes throughout the United States and Puerto Rico. It develops market-rate, affordable and military housing, as well as condominiums. Keat Foong, executive editor at MHN, speaks to David Picerne, CEO and president, for his perspective on the current economic and financial crises. What are the biggest challenges facing the apartment industry today? The dramatic rise in unemployment rates around the country has clearly resulted in downward pressure on occupancy and rents. However, the industry Q&A continues to be very localized. We have been fortunate in finding strong locations where we developed well-evolved quality product. As a result, our occupancies in most areas remain relatively stable. We are working harder to ensure resident retention and to monitor results on a daily/weekly basis for all operational data points. We are constantly fine-tuning all marketing efforts to maintain a good resident profile and high traffic quality, while ensuring the highest return possible on every dollar spent. For construction loans that are maturing, the options to refinance may be limited and not very attractive. Fortunately, our company has a relatively limited number of projects due for refinance over the next 36 months, so the lack of liquidity in the marketplace is less likely to impact us in the near term as much as it might affect other companies. Are there any ways to replace the income that formerly came from development and construction? Although we have had to reduce our level of construction personnel, we have typically run relatively David Picerne explains how a family-owned apartment company handles today’s crises student housing Maximize your project and construction costs with Student e-Urban®, a signature design concept created by Humphreys & Partners Architects. It’s student housing that is up to 90% eﬃcient* with construction costs as low as $74/SF.* What’s more, the hallway circulation area is cut in half, making operating costs much lower. *Varies by project ©2009 Humphreys & Partners Architects, L.P. ®Registered trademark of Humphreys & Partners Architects, L.P. e-Urban® Student – Version 7 SCHEME A 3-story, surface parked 84 beds per acre* .9 parking spaces per bed 70% 4 bedroom/4 bath SCHEME B 4-story, surface parked 90 beds per acre* .9 parking spaces per bed 70% 4 bedroom/4 bath For more information, visit www.multi-housingnews.com/productinfo 6 May 2009 | Multi-Housing News | Official Publication of Multi-Housing World http://www.humphreys.com http://www.humphreys.com http://www.multi-housingnews.com/productinfo

Table of Contents for the Digital Edition of Multi-Housing News - May 2009

Multi-Housing News - May 2009
Contents
From the Editor
Executive Insight: David Picerne
Market Pulse
Investment: A Safer Haven
Finance: Weathering the Risks
Case Study: Industrial Chic
Profile: Green Properties
Technology: Social Media
Renovation Tips
Products: A Touch of Luxury
Perspective: Employee Relations

Multi-Housing News - May 2009