Posted in Multi-Family Trends
Homeownership ain’t what it used to be. Maybe the American dream is shifting to flexibility and freedom from debt.
That’s a sentiment shared by 24-year-old Ph.D. student Sam Lustgarten with many in the Millennial generation, who are satisfied with renting and are waiting longer and longer to consider homeownership, if they want to consider it all.
It’s probably a bit soon to tell whether or not the current generation of young adults will shun ownership altogether or merely delay it as they are delaying other major life milestones such as marriage and having a family. But it does appear that the recession did, in some way, make an indelible impression on our youth that is likely to have a sustainable impact on the multifamily industry.
Read more in this USA Today article.
Posted in Awards
Gary Makowsky, chief development officer for Makowsky Ringel Greenberg, has received CPM® (certified property manager) accreditation. CPM members must complete numerous hours of education to earn their designation and must meet a continuing education requirement to retain their designation. Gary joins firm principles Michael Greenberg and Jimmy Ringel, who also have the CPM designation.
Tags: MRG Memphis
Makowsky Ringel Greenberg is proud to announce that construction has begun on The Signature, a 251-unit luxury apartment community that is expected to have units available for lease as early as Spring 2014. The Signature is located in Schilling Farms, the popular 443-acre mixed-use development located in historic Collierville.
With a garage-to-apartment ratio of just over 75%, The Signature will offer residents one of the more sought-after apartment community amenities. The community will also feature a large pool, fitness center with adjoining children’s playroom, and clubhouse.
Designed to appeal to a more affluent renter who wants the feel of a home but the convenience of apartment living, apartments and townhouses in The Signature at Schilling Farms will be nestled within a larger residential area, and bordered by ample green space. Park-like areas will be prevalent throughout the highly-walkable 18-acre site that borders a lake and connects by trail to paths that meander throughout the entire Schilling Farms community.
Traditional-style architecture consistent with the design criteria of Schilling Farms and the southern feel of Collierville will include a mix of brick and hardi-type siding and employ both hip and gable roof styles for visual interest. Boasting larger-than-average floor plans, quality finishes, and an amenity package consistent with higher-end apartment communities around the country, these luxury 1, 2, and 3-bedroom apartments will offer everything a home could, without the mortgage and upkeep.
Posted in Press
Jimmy Ringel didn’t start as chief operating officer at MRG. Rather, he started by cleaning swimming pools over summer vacations during high school and worked his way through nearly every facet of the business before becoming COO. According to Ringel’s recent executive profile in the Memphis Business Journal, he’s maintained a competitive edge in the industry by staying hands-on with the business while surrounding himself with smart and experienced professionals who are capable of managing day-to-day operations. Learn more about Jimmy here.
Posted in Press
Project Safeways, a pilot program designed to make apartment communities safer, has become a stand-alone nonprofit as a result of a $450,000 grant from the Plough Foundation, $150,000 from the city’s Gun Down plan, and contributions from MRG, LEDIC Management, and ALCO, the apartment management companies involved in the project. A total of 15 apartment communities will be included in the program that is adopting best-practice crime-fighting techniques used by other cities. These include a no-trespassing model, use of license readers to spot cars not registered with the complex, and real-time security cameras connected to the Memphis Police Department. Two LEDIC properties participated in a pilot of the program and saw a 30 – 80% reduction in crimes in several different categories.
Phyllis Betts, director of the Center for Community Building and Neighborhood Action at husband Dr. Richard Janikowski, also at the University of Memphis, developed the Safeways mode, a data-driven process similar to the Memphis Police Department’s Operation Blue Crush.
According to Jimmy Ringel, MRG COO, participation in the program is a win/win. The obvious win is a safer community for residents but that also will translate into higher occupancy rates, which is good for property owners.
Posted in Under Management
MRG recently assumed property management responsibilities for Bella Vista Apartments, a 432-apartment property located in Southeast Memphis. The property, with owners in Los Angeles, has current occupancy rates under 70%. The objective will be to quickly bring occupancy rates to a much higher level, something MRG has been able to do with Highland Chateau, a property we took over last May. When we assumed management responsibilities for Highland Chateau, the vacancy rate stood at just over 70%. Occupancy rates are now at 90%.
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