AIM Magazine August 2011 by louis kotsinis

August 2011 CREATING FLOURISHING COMMUNITIES Protect Your Community During a Power Outage EPAâ&#x20AC;&#x2122;s New Energy Star Program for High Rises Solar Energy Incentives New Construction Highlight

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N O V E M B E R S M T W T F S

1434 Chestnut Ave., Hillside, NJ 07205 Phone: 800.834.WELD 908.687.4494 • Fax: 908.688.6684 www.manhattanwelding.com

Generations of Experience

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Boiler Room Specialists

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ATTENTION MANAGEMENT PROFESSIONALS! You are invited to join us on September 20th & 21st, 2011 for the Governor’s Conference on Housing & Economic Development, hosted by the New Jersey Department of Community Affairs, the New Jersey Housing & Mortgage Finance Agency, the New Jersey Economic Development Authority and the New Jersey Department of State. Atlantic City Convention Center

September 20 & 21, 2011

• Learn from the state’s most distinguished housing professionals, government officials, lenders, developers, nonprofits and consultants.

EARN CREDITS!

• Discover innovations in planning, economic development and preservation in today’s housing industry.

Credits for Management Professionals:

Attend the Property Management Track to receive NAHMA Continuing Education Credits for NAHP renewal, education credits toward RAM designation and .5 bonus points toward 2011 Managing Agent Evaluations.

• Explore neighborhood revitalization, property management, green building, housing for special populations, financial resources and more. • Share ideas, tips and approaches with fellow industry professionals and experts during our networking reception and workshops.

Professional Planners credits:

Earn AICP Certification Maintenance Credits at this year’s conference! Sessions will be offered to train planners and local officials in affordable housing and redevelopment design, financing and property management.

EARLY BIRD REGISTRATION IS NOW OPEN! Register by August 26, 2011 and the cost is only $199 per person!

FOR ONLINE REGISTRATION, HOTEL RESERVATIONS AND MORE INFORMATION VISIT US ONLINE AT WWW.NJHOUSINGCONFERENCE.COM

Table of Contents August 2011 n Issue 5 THE OFFICIAL PUBLICATION OF THE NEW JERSEY APARTMENT ASSOCIATION

F E A T U R E S

Road to Success

The EPA Launches an Energy Star Program for Multifamily High Rise Buildings

Higher Learning

Solar Energy Incentives

Garden State Awards

Sponsorship Opportunities Registration Form

New Construction Stories

Avalon West Long Branch Stafford Preserve Water’s Edge Crescent Heritage Village at Seabreeze The Monaco Riverview Court Apartments

Tools of the Trade

5 7 8 9 35 37

DIRECTOR OF COMMUNICATIONS Editor Christine Haber christine@njaa.com DIRECTOR OF REGULATORY AFFAIRS & RESEARCH Fast Facts Editor Nicholas Kikis nicholas@njaa.com ACCOUNTING & OFFICE MANAGER Eileen Corbett eileen@njaa.com EDUCATION & EVENTS MANAGER Niambi Ivery niambi@njaa.com MEMBER SERVICES COORDINATOR Casey O’Brien casey@njaa.com

Property Tours

New Jersey Apartment Association - HQ 104 Interchange Plaza, Suite 201 Monroe Township, NJ 08831 Tel: (732) 992-0600 Fax: (609) 860-0060

Avalon at Florham Park

E V E R Y

VP OF GOVERNMENT AFFAIRS Legislative Editor Conor G. Fennessy conor@njaa.com

Protecting Your Community and Your Asset During a Power Outage

32 I N

EXECUTIVE DIRECTOR Jean Maddalon jean@njaa.com

Legislative Office 172 West State Street, Suite 304 Trenton, NJ 08608 Tel: (609) 393-5200 Fax: (609) 393-5222

I S S U E Fast Facts President’s Message New Members Members in the News PAC Contributors Education & Event Calendar

www.njaa.com Cover Photo: Heritage Village at Seabreeze Courtesy of CIS Management Inc TOC Photo: The Monaco Courtesy of Roseland Property Company Trademarks, name brands and other copyrighted items used in this publication are the property of the respective owners. AIM Advertising Contact Christine Haber at christine@njaa.com or 732-992-0603 for rates and deadlines.

Multifamily Market Update

Fast Facts

August 2011

Multifamily rents continue to improve and slowly inch back to levels reached in 2008 (in nominal terms), while vacancy rates continue to be high compared to norms for this region. As this Fast Facts segment has long argued, the fate of the housing sector and local employment growth is intimately linked. Preliminary Bureau of Labor Statistics (BLS) estimates list the New Jersey unemployment rate at a persistently high 9.5% of the labor force with more than 200,000 fewer jobs than at the beginning of 2008. Job growth, not population growth or demographic changes, will be the principal determinant of demand for housing and the normalization of the multifamily apartment sector.

Multifamily Rents and Vacancy Rates

Second Quarter 2011 versus Second Quarter 2010 Asking Rent $

% Chg % Chg Effective Vacancy Q2 '10 to Q2 '10 to Rent $ % Q2 '11 Q2 '11

Bergen County

$ 1,578

1.5%

$ 1,524

1.7%

3.8%

Essex County (Eastern)

906

2.4%

875

2.6%

6.3%

Essex County (Western)

$ 1,516

1.5%

$ 1,459

1.7%

3.0%

Hudson County

$ 2,584

2.0%

$ 2,492

2.0%

5.5%

Mercer County

$ 1,098

1.5%

$ 1,056

1.5%

3.5%

Middlesex County

$ 1,206

1.8%

$ 1,170

1.9%

3.2%

Monmouth County

$ 1,119

1.7%

$ 1,093

2.0%

3.6%

Morris County

$ 1,263

2.6%

$ 1,204

2.6%

2.9%

Ocean County

994

1.0%

950

1.1%

3.3%

Passaic County

$ 1,256

1.4%

$ 1,198

1.3%

3.4%

Somerset County

$ 1,274

1.1%

$ 1,235

1.5%

4.3%

Union County

$ 1,182

0.0%

$ 1,109

0.0%

4.0%

Average

$ 1,363

1.7%

$ 1,314

1.8%

4.0%

Source: NJAA Tabulations of Data Provided by Reis, Inc. All rents are gross rents. Asking rents reflect advertised rental rates before any concessions are offered. Effective rents reflect the actual rent charged over the lease term (asking rents minus any concessions).

Effective Rent Growth

(above New Jersey counties) $1,330 $1,320 $1,318

$1,310 $1,300 $1,290

$1,315

$1,314

$1,308

$1,307 $1,302

$1,296

$1,295 $1,287

$1,280

$1,286

$1,270

$1,286 $1,276

$1,278

Q4 2009

Q1 2010

$1,260 $1,250

Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Officers 2011 Board of Directors Matt Adler, Adler Residential Michael Barry, Applied Development Company Michael Beirne, The Kamson Corporation Andrew Cohen, Rock Properties Joseph Collins, CALECO Vincent Comperatore, Comperatore Associates, Inc. George Cowden, Multi-Housing Depot by ARI John D. Cranmer, Archer & Greiner, PC Dawn Curto, Roseland Property Company Sue Dâ&#x20AC;&#x2122;Angiolillo Apartment Finder William Diggs, Renaissance Equity, LLC Ann Emerson, Equity Residential Larry Falkow, The APTS Jonathan S. Gershen, The Gershen Group Michael Goldberg, Goldberg Realty Associates Dan Gordon, AVCO Supply, Inc. Alan R. Hammer, Esq., Brach Eichler LLC George Jacobs, JK Management, LLC Paul Kaliades, Renters Legal Liability Insurance Jason Kaplan, Kaplan Properties Tom Kretsch Segal & Segal Ronald S. Ladell, AvalonBay Communities, Inc. Anthony E. Lauro, Affiliated Management, Inc. David Legow, Legow Management Company Jack Linefsky, Value Companies Jerome J. Lombardo, C.J. Lombardo Company Jim McGrath, PRD Management Michael Oâ&#x20AC;&#x2122;Dea, Hekemian & Company, Inc. Diana Penn, JMG Realty, Inc. Marshall Rosen, Solomon Organization David Siegel, Coinmach Corporation Meg Viezbicke, Apartments.com John Zoetjes, American Architectural Window & Door

NJAA Board Officers

President

President-Elect and Regional Vice President North Jersey

Jeffrey Smith

Brent Kohere

Kriegman & Smith

Home Properties

Vice President Legislation

Regional Vice President South Jersey

Michael Haydinger First Montgomery Group

Regional Vice President Central Jersey William Dailey

Joseph Spadaccini The Kamson Corporation

Vice President Associate Affairs Ray Fiorica

CIS Management Inc.

AFR Furniture Rental

Secretary

Treasurer

Steve Waters

Lynne Aber

Morgan Propeties

Bertram Associates

Past Presidents Tom Kretsch, Segal & Segal Jonathan S. Gershen, Esq., The Gershen Group David Legow, Esq., Legow Management Company Peter J. Weidhorn Michael Goldberg, Goldberg Realty Associates Paul Kaliades, Renters Legal Liability Insurance Mark S. Rosen, Esq., Solomon Organization Norman A. Feinstein, Esq., The Hampshire Companies Herbert Brien, Lismarc Management Corp. Donald M. Legow, Esq., Legow Management Company Robert Goldberg, Goldberg Realty Associates Andrew B. Abramson, The Value Group, Inc. Richard Segal, Segal & Segal Sam Herzog, S.A.M. Holding Company Alfred Sanzari, Alfred Sanzari Enterprises (1932-2005)

Executive Director Jean Maddalon NJAA

Au g u s t 2 0 1 1 | A I M

President’s Message

Creating Flourishing Communities by Jeff Smith Kriegman & Smith, Inc.

ith each and every new construction project, NJAA members bring vitality and progress to the multi-family housing industry and the communities where they are built. Our members continue to offer quality new communities to thousands of New Jersey’s working families, young couples and seniors despite the limited open space and numerous regulations in our state. The new construction being highlighted in this issue covers a wide range of property types. Starting on page 22, you’ll see stories and photos of recent new construction projects involving AvalonBay Communities, The Walters Group, CIS Management, Inc., Roseland Property Company, and Riverview Court Apartments. The “bricks” of any new or existing property are just a starting point for a community to flourish. While this issue covers new construction of member properties in New Jersey, we know that an apartment community is about people – residents, onsite staff, managers and corporate staff. Creating a community is about getting people into a home that they want to live in, using the best methods of maintaining those homes and providing the customer service that the residents want and need. Every day, property owners and managers demonstrate the value of their services and must be responsive to change – whether in market A I M | Au g u s t 2 0 1 1

conditions, local economies or ways of providing excellent service. Customer service is not something you offer a few times a year, it’s the way you treat your residents every moment of every day. In fact, an incredible 240 nominations were submitted for the 2011 Garden State Awards to recognize the best apartment professionals in New Jersey. I am pleased that so many communities, property staff, owners, associates and management firms have been nominated. Please join us as we honor these nominees, finalists and winners for their outstanding service to their communities and companies at our 18th Annual Garden State Awards on October 20 at The Hyatt Regency New Brunswick. For a registration form see page 19. I personally can’t wait to see who the 2011 “best of the best” winners will be. In addition to the awards, this is also a night to recognize those individuals who have taken advantage of NJAA’s numerous certification courses over the last year. As of July 31, over 300 individuals have registered to attend NJAA’s training programs thus ensuring that our members are always abreast of new developments in the New Jersey multi-family housing industry. Take a look at the Education and Event Calendar on page 37 for a list of upcoming sessions.

I can’t mention Garden State Awards without touching on our Eighth Annual NJAA PAC Reception which will be held on Tuesday, October 4th at Crestmont Country Club. This year we have two Special Guests to headline our reception, including two former New Jersey Governors – Jim Florio and Donald DiFrancesco. These two chief executives will be joined by Jim Hooker, former anchor of NJN News, who will serve as moderator for a lively discussion on the issues facing our State and the multi-family industry. Tickets are $500 and a sound investment in the future of rental housing. The ability of apartment owners to continue to provide safe, clean, and affordable rental housing to 1 million New Jersey residents, and deliver valued services to them, rests on your financial support of NJAA PAC. I hope to see you at Crestmont on October 4. For more information about the event, see page 34. For the first half of 2011 the NJAA has been providing members with opportunities to learn and network alongside their industry peers. The numerous educational sessions, certification courses and networking opportunities provided by the NJAA help us to educate our staff and continue to create new communities comprised of safe, comfortable homes for the one in three New Jerseyans who choose to rent.

New Members

Welcome New Members Associates Carfaro, Inc. Mr. Joseph Carfaro 2075 East State Street Hamilton Township, NJ 08619 Phone: (609) 890-6600 Fax: (609) 890-7522 Railings

Lori C. Greenberg & Associates Lori C. Greenberg, Esq. 1 Eves Drive, Suite 11 Marlton, NJ 08053 Phone: (856) 596-9300 Fax: (856) 424-7264 Attorneys

KRB Pest Control Company, Inc. Mr. Ron Pate P.O. Box 8027 Glen Ridge, NJ 07028 Phone: (973) 202-6667 Fax: (973) 669-8829 Exterminating/Pest Control

Onorati Construction Company, Inc. Mr. Jack Onorati 19D Elcock Avenue Boonton, NJ 07005 Phone: (973) 334-0210 Fax: (973) 334-5591 Asphalt/Paving Masonry & Concrete Contractors Parking Lot Cleaning & Sealing

Peapack - Gladstone Bank Mr. Vince Spero 500 Hills Drive Bedminster, NJ 07921 Phone: (908) 719-6556 Real Estate & Commercial Mortgage SageWater Ms. Amy Obermyer 450 C South Pickett Street Alexandria, VA 22304 Phone: (703) 887-9840 Fax: (703) 461-0349 Plumbing

If you know of anyone who might be interested in membership please contact Casey O’ Brien at casey@njaa.com and help strengthen your Association and the multi-family housing industry.

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Member News

Members in the News

COMMUNITY INVESTMENT STRATEGIES IS RECOGNIZED WITH A 2011 ENERGY STAR® LEADERSHIP IN HOUSING AWARD Community Investment Strategies (CIS), Inc. is pleased to announce that it has been recognized by the U.S. Environmental Protection Agency (EPA) with a 2011 ENERGY STAR Leadership in Housing Award. This award recognizes the important contribution CIS has made to energy-efficient construction and environmental protection by building 233 ENERGY STAR qualified homes last year. Collectively, these homes will save customers approximately $104,151 on utility bills each year. CIS is an environmentally conscious developer committed to building energy-efficient multi-family projects that consume 25 to 30 percent less electricity than regular dwellings. In addition to incorporating Energy Star-rated appliances, CIS regularly installs roof-mounted solar panels on the property management offices to harness energy for each community’s clubhouse and common areas.

PHILIP J. MORIN III APPOINTED TO COLLEGE BOARD OF TRUSTEES Florio Perrucci Steinhardt & Fader is pleased to announce that Governor Chris Christie has appointed Philip J. Morin, III to the Union County College [UCC] Board of Trustees. UCC maintains four campuses and has a $69 million operating budget. Mr. Morin is the Republican Chairman of Union County and a former mayor of Cranford, NJ. His A I M | Au g u s t 2 0 1 1

position on the Board did not require Senate Confirmation and he joins the UCC Board effective immediately. As noted in a recent edition of The Cranford Patch, “Morin presided over a strong campaign in the county on [Governer] Chris Christie’s behalf in the 2009 election”. Mr. Morin is a partner with Florio Perrucci Steinhardt & Fader, working in several practice groups including Environmental, Construction and Public Contracting, Litigation Defense, Real Estate/Land Use, and Redevelopment. BUILDINGLINK.COM SIGNS 1000TH LUXURY RESIDENTIAL BUILDING Jerry Kestenbaum, CEO of BuildingLink.com announced that the Parc Somerset in Chevy Chase, MD., managed by Zalco Realty Inc., has just become their one thousandth client. Eleven years after launching its innovative management system in February 2000 the company continues to experience extraordinary growth, even during these economically challenging times, adding over 100 new buildings as customers since January of this year. “We are grateful for the market’s acceptance of what we have created,” Kestenbaum says. “I can hardly picture in my mind what 100 buildings looks like, let alone 1,000.” BuildingLink services over half a million residents, living in 250,000 apartments, across 22 states and 5 countries, yet they do it all with a team of only 30 people. WALTERS GROUP APPLIES M2M TECHNOLOGY TO OPERATE SECURITY SYSTEMS, SOLAR FARMS Walters Group has redefined “business as usual” by applying

machine-to-machine (M2M) technology to modernize the management of its operations. The firm has been recognized as an M2M success story and was invited by Verizon Wireless to tout the benefits of wireless M2M connectivity services at an employee training seminar. M2M is a technology, which allows electronic devices to communicate with each other via IP-based networks. Walters Group is currently building one of the state’s largest solar projects at Stafford Park by constructing a 6.5-megawatt solar farm. The firm plans to install 27,066 solar panels to be set in 1,041 arrays, or stands, sitting atop approximately 35 acres, part of the company’s 350-acre business park that already includes commercial, residential and office space. When the solar park is completed in 2014, power usage data will be collected and sent to a receiving device. As a result, arrays will be managed and controlled remotely. SW24 SURVEILLANCE VIDEOS LEAD TO SUSPECT’S ARREST Digital video surveillance images supplied by Securewatch 24 has led to the arrest of a suspected rapist in Jersey City. SW24 made videos available to the Special Victim’s Unit of the Hudson County Prosecutor’s Office and Jersey City Police Department after the incident was captured on multiple cameras. Images of the suspect provided to local New Jersey media resulted in a tip that led to the suspect’s arrest.“This is a great example of the public and private sectors working together to fight crime using state of the art technology,” said Desmond Smyth, Securewatch 24’s president.

Road to Success

The EPA Launches an ENERGY STAR Program for Multifamily High Rise Buildings by Mike Flannery MaGrann Associates

n recent months, there has been resurgence in the

production of multifamily housing. Some contributing

Group, could be labeled as ENERGY STAR for a limited set of buildings.

factors include a growing interest in city living and walkable communities, transit oriented development, and concerns

Among the New Jersey projects built under the Pilot are:

about housing affordability due to the ongoing impacts of

• Parker Hall, Camden; built by Ingerman Construction

a sluggish economy. The National Association of Home

• Newark Genesis Apartments, Newark; built by Claremont

Builders’ quarterly Multifamily Production Index (MPI)

Construction

recorded its third consecutive quarterly increase in the first

• Pacific Street Apartments, Newark; built by ETC Companies

three months of 2011 indicating continuing improvement in

• Alexan at Riverdale, Riverdale; built by Trammell Crow

the multifamily housing market. According to NAHB Chief

Residential

Economist David Crowe, “multifamily continues to be one

• Franklin Boulevard Commons, Franklin Twp., & Roseville

of the brighter spots in housing.” Along with this trend, a

Commons, Newark; both built by RPM Development

renewed interest has come in more energy efficient housing.

• Montgomery Heights, Newark, and Providence Square,

This interest is appearing among tenants, unit owners,

New Brunswick; both built by Pennrose Properties

property managers, and owners/developers. Since establishing the pilot, the EPA has been evaluating In 2006, the EPA established a pilot program to study the

collected information and has recently launched its national

possibility of leveraging the ENERGY STAR brand to reduce

Multifamily High Rise Program.

energy use in the multifamily high rise building sector. In 2009, New Jersey Board of Public Utilities’ New Jersey Clean

In the past, only units in low rise multifamily buildings with

Energy Program™ became a partner with the EPA pilot and

3 stories or less (and some 4 and 5 story buildings) were

started offering a Multifamily High Rise Pilot as part of its

eligible to earn the ENERGY STAR certification. Now, a new

New Jersey ENERGY STAR Homes (NJESH) Program. NJESH

or substantially rehabilitated multifamily high rise (MFHR)

encourages construction of more energy efficient new and

building can be qualified by meeting strict EPA guidelines

gut rehab homes and buildings. The program, which involves

for energy efficiency, making them designed to be at least

energy modeling, and third-party inspection/verification and

15% more energy efficient than MFHR buildings built to

testing, establishes program standards and requirements

the American Society of Heating, Refrigerating and Air-

that exceed EPA ENERGY STAR requirements. NJESH also

Conditioning Engineers (ASHRAE) Standard 90.1-2007.

provides financial incentives to builders/developers. There are two paths to earning ENERGY STAR certification Under the Multifamily High Rise Pilot, a newly constructed

for this building type. Developers may choose a prescriptive

building that was 20% more energy efficient than a building

package of energy efficient measures, or use ASHRAE

constructed to ASHRAE 90.1-2004 specifications, was modeled

approved energy modeling software to determine energy

to equal or exceed the score of 75 on the EPA benchmark tool.

savings of a customized set of measures. Regardless of which

The building, which met Minimum Performance Standards

path is chosen, each building must meet certain minimum

(MPS) and was developed by an Ad-Hoc National Working

mandatory requirements and follow testing and verification

continued on page 12 10

Au g u s t 2 0 1 1 | A I M

S a ve t h e D a t e

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Sponsorship opportunities are available! For additional information contact Niambi Ivery at 732-992-0606 or niambi@njaa.com

Road to Success The EPA Launches New Energy Star Program for Multifamily High Rise Buildings continued from page 10

NJAA Mug Shots

procedures developed by the EPA. Before briefly introducing the new program, it is useful to speak about building eligibility. They can participate in the ENERGY STAR Multifamily High Rise Program if: 1) the building is new/gut rehab residential construction; 2) they have six or more stories; or 3) they are 4 or 5 stories and each unit within the building does not have its own heating, cooling, and hot water heater, or the dwelling units do not occupy 80% or more of the occupiable square footage of the building. The EPA ENERGY STAR Multifamily High Rise Program will involve Energy Consultants and Program Administrators working closely together. There will be a set of mandatory requirements for the inspection, testing, and verification of components related to a building’s energy performance. These protocols will be followed in conjunction with the ENERGY STAR MFHR Simulation Guidelines, Performance Path, Prescriptive Path, Testing & Verification Worksheets and Photo Template. All inspections and diagnostic tests described in these protocols are required for each of the energy‐related components and systems that exist in the participating building. Results of inspections must be documented and kept on record by the Energy Consultant and provided to the

Valerie Glassford of Emlin Group, Ltd. with her favorite mug.

In celebration of our 25th Anniversary we handed out mugs featuring our anniversary logo at the 22nd Annual Conference & Expo.

Program Administrator at the completion of construction. The intent of these protocols is to verify that the “As‐Built Building” has successfully achieved the performance levels predicted by the “Proposed Design” energy model or as specified in the Prescriptive Path and is in compliance with the Prerequisites Checklist. If differences exist between the As‐Built and the Proposed Design, the As‐Built energy model must represent the actual observed and measured conditions in the completed building. The EPA’s Prerequisites Checklist applies to all projects, regardless of the Path followed. During an inspection, if a building component is determined to be in non‐compliance with the Prerequisites Checklist, corrective action must be taken to bring the building into compliance with the checklist. Otherwise, the building may become ineligible for ENERGY STAR certification.

Send us a photo with your mug and see yourself in AIM. Photos can be e-mailed to Christine Haber at christine@njaa.com (please include your name and company). Need a mug? Stop by our offices in Monroe Township to pick one up today!

If an individual building component is found to be performing at a less energy efficient level than that which was included in the Proposed Design energy model, then one of the following actions shall be taken (otherwise, the building may become ineligible to earn the ENERGY STAR): a) take corrective action to remedy the problem and bring the building component to the efficiency levels assumed in the Proposed Design; b) allow the component to remain in its current condition, but adjust the As‐Built energy model to accurately represent this condition. In any case, the Performance Target calculated based on the As‐Built energy model must represent at least a 15% improvement above the Baseline Building Design. n For more information about the ENERGY STAR Multifamily High Rise program and the New Jersey ENERGY STAR Homes program, contact Mike Flannery at MaGrann Associates, or go to http://www.energystar.gov/mfhr. 12

For more photos of NJAA members and events, visit our website and click the Education and Events tab, then click Event photos. You can also like NJAA on Facebook to view our online photo albums. Au g u s t 2 0 1 1 | A I M

S a ve t h e D a t e

SAVE THE DATE! 14th Annual Children’s Holiday Party at the Meadowlands Expo Center Monday, December 12 Join us at our new location, the Meadowlands Expo Center, on December 12th for the 14th Annual Children’s Holiday Party. The Children’s Holiday Party is a tradition for the New Jersey Apartment Association of making a difference in the life of a child, if only for a day. Our goal is to bring gifts and a day of fun to 1,000 children. These kids need your help today! Let us know if you are able to: Host a Community or Office Toy Drive Volunteer at the event Sponsor the event Bring an unwrapped gift to the Garden State Awards and enter for a chance to win prizes!

Contact Niambi Ivery at niambi@njaa.com or 732-992-0606 for more information

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Higher Learning

Solar Energy Incentives By George S. Livanos, CPA, MST Sax Macy Fromm & Co., PC

ultifamily property owners have started to utilize solar energy as a major selling point for their existing properties and their new projects. Given rising energy prices, many multifamily property owners are looking to adopt energy efficient practices including renewable energy and energy management systems. Renewable energy systems can be expensive and difficult to justify the return on investment. In an effort to increase the development of alternative energy resources and to deflect the costs of adopting these systems, the Federal government, state governments and utility companies offered many significant incentives to multifamily property owners. Below is an update of the current Federal and state tax benefits and incentives associated with solar energy systems. Federal Tax Incentives 1. Section 1603 Payment/Grant in lieu of credit: The American Recovery and Reinvestment Act of 2009, created a renewable energy grant program that is administered by the U.S. Department of Treasury. A 30% cash grant may be taken in lieu of the federal business energy investment tax credit (ITC). This grant is available for eligible costs that include equipment that uses solar energy to generate electricity. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the program through 2011. The grant in lieu of the credit is available for eligible systems placed in service or commenced construction before December 31, 2011. Grant applications must be submitted by October 1, 2012.

2. Bonus Depreciation: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the bonus depreciation provision. â&#x20AC;˘ Bonus Depreciation The cost of new qualifying property acquired September 8, 2010 and before December 31, 2011 would be eligible for 100% first year bonus depreciation. The cost/basis of the solar panel system is reduced by 50% of the cash grant. State Incentive Programs New Jersey offers a wide array of incentive programs to promote green energy production. These incentives range from tax credits to financing programs and grants (please visit njcleanenergy.com for more information). PSE&G offers loans for â&#x20AC;&#x153;behind the meterâ&#x20AC;? photovoltaic (PV) systems to all their customers in its service territory. This program will provide loans covering 40-60% of the cost of the systems and is only available to customers eligible for net metering. The program allows the utility company to purchase solar renewable energy credits (SRECs) generated by the distributed solar systems. SRECs represent the renewable qualities of the electricity generated by solar and other alternative energy systems. Utility companies use this mechanism as a means to satisfy state requirements as to the percentage of energy derived from alternative resources. The utility companies purchase the renewable credits associated with the electricity used on-site. New Jersey allows you to sell back to your utility company any excess solar energy you generate that you do not use on site. continued on page 16

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Higher Learning Solar Energy Update for Multifamily Property Owners continued from page 14 Each time a system generates 1,000 kWh of electricity; an SREC is earned and placed in the customer’s electric account. SRECs can then be sold on the SREC tracking system, thus providing cash flow for the first 15 years of the system’s life.

This improved NOI will increase the value of the property. Furthermore, New Jersey provides a full property tax exemption for the value of the roof top mounted renewable energy system. Conclusion

NJ SREC prices have fluctuated in the market place. Based upon the last auction (July 2011) they range from approximately $ 536.00 to $ 555.00. Solar friendly time of use electricity rates Many utility companies are providing new rate schedules for multifamily property owners that charge more for peak than at other times. The rate schedules reflect the actual cost of providing energy during these periods. These time frames are the same ones that produce the most energy using solar systems. Thus, allowing multifamily owners with solar systems to reduce their energy costs even further. For those multifamily property owners who would prefer not to commit capital to a solar system, there are financing mechanisms available to them. There are companies that offer power purchase agreements (PPA) whereby the solar system remains the property of the solar system provider and the multifamily owner purchases the electricity at an agreed upon price. PPA companies use the available grant or tax credits, bonus depreciation and state incentives as means to reduce their cost so as to offer the electricity at rates that are competitive with utility companies and provide a long term guarantee of energy prices. Some PPA companies have been offering to lease the multifamily property owners’ roof, adjacent lot or parking facilities. This allows the multifamily property owner to derive another source of cash flow and to promote their renewable energy sustainability policy to their existing and prospective tenants.

Despite the decrease in NJ SREC prices, energy prices continue to rise. The enactment of these extended tax benefits including Federal tax grant or credit, bonus depreciation and other state incentives provide multifamily property owners and tenants to subsidize their investment in solar energy. These Federal tax benefits and state incentives were made available to foster the growth of the renewable energy industry and promote sustainable renewable energy both in NJ and throughout the US. There is no better time to take advantage of the federal and state subsidies along with the reduced panel costs to implement an energy plan that contains renewable energy. Your energy plan will assist in attracting new tenants and retain current tenants by reducing their occupancy cost which in turn will increase the value of your property. n George Livanos is a principal in the Tax Department of Sax Macy Fromm, & Co., PC, (SMF), specializing in corporate, partnership and individual income taxation. A tax practitioner since 1986, his experience includes working with both publicly and privately-held businesses to ensure compliance with all applicable tax laws and to advise clients on the impact of proposed business transactions and the potential effects of proposed tax legislation. He is the Tax Principal-in-Charge of the firm’s Real Estate Industry Service Group, providing tax consulting services to real estate developers, owners and operators. George is also the Principal-in-Charge of SMF’s Renewable Energy Practice Group, where he coordinates financial and tax planning associated with renewable energy projects including financing, structuring and economic modeling.

Enhanced property value In addition to lower energy costs, obtaining tax benefits, and other incentives, there is one other significant benefit to consider when deciding to invest in a solar energy system. The reduced energy costs will improve net operating income (“NOI”) from the multifamily property.

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Save the Date for the 2012 Annual Meeting The 2012 Annual Meeting will be held on January 25 at the Imperia on Easton (1714 Easton Avenue, Somerset). Join us as we thank President Jeff Smith and install incoming President Brent Kohere. For more information contact Niambi Ivery at 732-992-0606 or niambi@njaa.com.

20 11

Celebrate Your Properties and Staff at NJAA’s 2011 Garden State Awards Thursday, October 20, 2011 Hyatt Regency New Brunswick

Each year, the Garden State Awards celebration recognizes the successes and accomplishments of our members and the professionalism of the companies for which they work. In its 18th year, the Garden State Awards celebration continues to bring together over 500 of the best and the brightest in the industry making it truly a memorable event. Excitement is in the air the night of the event, and this year we expect it to be even more palpable. Each individual finalist will receive a “Finalist” ribbon to attach to their badge as well as a Finalist certificate for display. Be sure to congratulate all of the finalists during our 1 ½ hour cocktail reception which has been extended for additional networking time. A dinner and Awards ceremony will follow the cocktail reception where the finalists will be recognized and the winners will be announced and asked to come to the stage to accept their Garden State Award. We can’t wait for this event and look forward to seeing you there! Use the registration form on the next page to register today!

Sponsorship Opportunities Are Still Available! Signature Event Sponsor (limit 4) $5,000 • Signage at the Awards Dinner including your company logo* on screen • 10 complimentary tickets to the Awards Dinner for your clients and or staff • Premier seating at the Awards Dinner • Company recognized on printed Award Finalists Certificates • Signage including your company logo* displayed at registration • Recognition in the printed Awards Program (deadline Sept. 16) • “Signature Sponsor” ribbons on your event name badge • Company name recognition on NJAA Website • Acknowledgement in AIM magazine, both pre-awards and in post-awards issue

Centerpiece Sponsor (3 remaining) $500 LEW Corporation, Ellis, Central Wholesalers • Company name displayed within the centerpiece at each table • Signage including your company name or logo* displayed at registration • Recognition in the printed Awards Program (deadline Sept. 16) • “Event Sponsor” ribbons on your event name badge • Company name recognition on NJAA Website • Acknowledgement in AIM magazine, both pre-awards (deadline Aug. 8) and in post-awards issue

For more information please contact Niambi Ivery at niambi@njaa.com or 732-992-0606.

photos by Larry Falkow, The Apts (2010)

Cocktail Reception Sponsor SOLD OUT $1,000 Acadia Windows & Doors, Conifer Realty, Comcast, Law Office Of Michael Mirne, LLC • Company name or logo* printed on the drink tickets • Company name or logo* printed on the cocktail napkins used during cocktail hour • 2 complimentary tickets to the Awards Dinner for your clients and or staff • Recognition at bars and table tops during Reception (deadline for name Sept. 30) • Signage including your company name or logo* displayed at registration • Recognition in the printed Awards Program (deadline Sept. 16) • “Event Sponsor” ribbons on your event name badge • Company name recognition on NJAA Website • Acknowledgement in AIM magazine, both pre-awards and in post-awards issue

18th Annual Garden State Awards & Recognition Dinner

Registration Information:

• Your name badge will reflect your entrée selection. If an entrée is not indicated on the registration form, the chicken entrée will be ordered for you.

Registration Form

$135.00 per person by September 30*

• Bring an unwrapped new toy to the event and receive a raffle ticket for one of many gift baskets. The toys will be distributed at the NJAA Children’s Holiday Party. • This event is open to NJAA members in good standing only.

$160.00 per person after September 30*

Contact: Name: ___________________________________________________________________ Company: _______________________________________________________________ Telephone: _________________________ E-Mail: ______________________________ Registrations: (Attendee name and property/company will be listed on badge as indicated below)

• Mail completed registration and payment to: NJAA Attn: Niambi Ivery 104 Interchange Plaza, Suite 201 Monroe Township, NJ 08831

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________

or fax to: (609) 860-0060 • Contact Niambi at (732) 992-0606 or at niambi@njaa.com with questions regarding registrations. • Registration Cancellation Policy: All cancellation requests must be in writing and sent to Niambi Ivery. Cancellations made prior to September 30 will be refunded minus a $25 processing fee per attendee. Cancellations made between October 1 and October 7 will be less the $25 late fee and the $25 processing fee per attendee. Refunds will not be issued after 5:00pm on October 7 for any reason. Substitutions can be made at any time. Registrations must be paid by September 30 to avoid surcharge. Registrations received after September 30 will be subject to a $25 surcharge. All registrations received after September 30 must be paid in full by October 14.

Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________

Payment Information:

o Visa o MasterCard o AmEx o Check Enclosed

Thursday, October 20, 2011 Hyatt Regency New Brunswick Cocktail Reception: 5:30pm Dinner & Awards: 7:00pm

• Tables are assigned on a first come first served basis. Parties with less than 12 people will be seated with other attendees. No changes can be made to the seating arrangements at the event.

Property: ________________________________________________________________

Name: __________________________ Card # __________________________ Exp Date ________ Sec Code _______ Total $___________________________ Signature _______________________ For NJAA Only: ID: _______________ Payment: _____________ Reg #: ____________ Table #: ______________ C#: _________ V#: _________ K#:_________

Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

Name: _________________________________________________________________ Property: ________________________________________________________________ Entree:

o Chicken

o Vegetarian

o Kosher

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cast in 6-feet of gold stares down over the main entrance of the Puck Building on Lafayette Street

ÇÎ ÇÓÈ { ÓäÊUÊnää { x n£Çx www.americanarchitectural.com

For a professional evaluation of your projects needs please call,

the current renovation project and history of this landmark building.

American Architectural Window & Door is honored to have been chosen and given the opportunity to join in

now contains both office space and ballrooms for large events on both the ground floor and the top floor.

the Puck Building as the work location of lead character Grace Adler played by Debra Messing. The Puck Building

of Public Service and department of Sociology moved in. Fans of television’s sitcom Will & Grace will recognize

In the 1980s, it was the home of Spy Magazine and in 2004, the New York University Wagner Graduate School

company who employed Alger Hiss, the former Assistant Secretary of State brought down in a 1950s spy scandal.

Numerous printing and related industry firms have called the building home including an office stationary

an example of Romanesque Revival architecture, designed by Albert & Herman Wagner, constructed in 1885.

Once the printing facility of Puck Magazine which ceased publication in 1918, this historic Puck Building is

red-brick design from the street, of a building rich in history.

in lower Manhattan. He is a reminder to all, who pass through the doors or those who admire the gorgeous

he iconic Puck, Shakespeare’s character from A Midsummer’s Night Dream, a plump impish figure

New Communities Avalon West Long Branch: Quality Living on the Jersey Shore In November 2009, AvalonBay Communities, Inc. broke ground on their latest New Jersey development, Avalon West Long Branch. Now, in slightly more one year, this 11-acre garden apartment complex located in Monmouth County on the Jersey Shore, one hour from NYC and Atlantic City, completed lease-up and is currently fully occupied. This beautiful community consists of five 3-story and four 2-story buildings featuring 180 luxury apartment homes, comprised of 66 one-, 90 two-, and 24 three-bedroom floor plans, some of which are available with lofts. Located just off of Route 36 and 3 miles east of Exit 105 on the Garden State Parkway, residents can take advantage of the fine dining, entertainment and shopping in nearby Red Bank, or simply relax and enjoy the beautiful campus of Monmouth University and the ocean and beaches that are only minutes away. AvalonBay Communities, Inc. is committed to responsible, sustainable development. As such, Avalon West Long Branch is designed in accordance with New Jersey ENERGY STAR® Homes guidelines and is the county’s only ENERGY STAR® certified rental community. In addition to being located within close proximity to public transportation, Avalon West Long Branch promotes “Green Living” by using toprated ENERGY STAR® appliances, solar-heated outdoor swimming pool, high-performance heating and cooling systems, and energy-efficient windows, lighting, insulation and construction.

available in most floor plans, as are wooded and courtyard views. All residents also have access to professional, onsite management and a dedicated staff available for 24-hour emergency maintenance. In addition to the wonderful features in their apartment home, residents of Avalon West Long Branch have full access and use of the state-of-the-art fitness center and contemporarily furnished resident lounge overlooking the pool. Complete with a billiards table, four high-definition televisions, a cozy fireplace, and complimentary Wi-Fi access throughout, the lounge is wired with Bose surround sound and iPod docking stations allowing residents to provide a welcoming and personalized venue in which to entertain their guests. On-site amenities throughout the community include an outdoor solar-heated swimming pool and furnished pool deck with Wi-Fi access, picnic areas with stainless steel barbeque grills and pergola, and perfectly manicured landscaping. However residents of Avalon West Long Branch decide to spend their time, AvalonBay Communities, Inc. is dedicated to enhancing their lives and ensuring that it is Time Well Spent®. Leasing information for Avalon West Long Branch is available by logging onto www.avalonwestlongbranch.com or calling 866-575-9829.

Each luxury apartment home at Avalon West Long Branch is thoughtfully designed with comfort and convenience in mind. Gourmet kitchens with contemporary cabinetry and premium flooring, individually controlled central air conditioning and heating, dishwasher, microwave, washer and dryer, and spacious walk-in closets are just a few of the features included in every apartment. Private balconies and patios are Editor’s Note: Thank you to Patricia O’Donnell and Nav Singh of AvalonBay Communities for sharing this story with NJAA.

New Communities Walters Group Breaks Ground on Stafford Preserve Eco-friendly Apartment Community to Offer 216 Luxury Units in Manahawkin The Walters Group, developer of Stafford Park, has broken ground on Stafford Preserve, a luxury rental community, consisting of 18 three-story buildings, totaling 216 units. The new community will feature green design and environmentally conscious construction. The project will begin occupancy in Spring 2012. Stafford Preserve will combine new designs, conveniences and amenities to create luxurious apartment living at the Jersey Shore. The energy-efficient complex will provide one- and two-bedroom garden-style apartments as well as two-bedroom townhouses, with rents starting at $1,195. Each spacious apartment will include a washer and dryer, fully equipped kitchen, window coverings and ceiling fans in the master bedroom. Some units will have lofts. The property will also offer a limited number of handicapped units. Services and facilities onsite will include a community clubhouse with state-of-the-art fitness center, resort-style pool, children’s playroom, tot-lot playground, tennis and basketball courts, picnic pavilion, and barbeque area. Additionally, six parking garages per building with direct access to the buildings will be offered to residents with the option to rent extra parking spaces. “It’s going to be an upscale, walkable community designed to foster interaction and create a real sense of place for residents,” said Ed Walters, Jr., partner and founder. Stafford Preserve combines an ideal location with luxury, affordability and environmental awareness, according to Walters. All of the buildings within the eco-friendly Stafford Park redevelopment are being built using green building methods and materials. Consequently, Stafford

Preserve is designed to meet both Silver LEED (Leadership in Energy and Environmental Design) and Energy Star certification. Stafford Preserve’s high-quality exteriors are designed to blend into a 28-acre wooded environment. The new neighborhood will offer access to a one-mile walking path and will be surrounded by 17,000 acres of permanently protected state forest that is documented as an existing and suitable wildlife habitat. Also within walking distance is Stafford Park shopping center, which is home to a variety of retailers, including Target, Costco, Best Buy, Dick’s Sporting Goods, PetSmart, Ulta, AT&T, Vitamin Shoppe, and Olive Garden. Public transportation is available via Ocean Ride, a county transit system that includes Reserve-A-Ride and local bus routes. In addition, the Garden State Parkway and Route 9 corridor pass through the township and provide access to Route 72. The residential community is part of the Stafford Park redevelopment, located just off Exit 63 of the Garden State Parkway, on Stafford Park Boulevard in Manahawkin. The Walters Group is planning the grand opening of Stafford Preserve for October 2011. VIP pre-leasing is currently underway. Applications will be accepted at the temporary leasing center located onsite, beginning August 15th. For more information, visit www.spreserve.com or call (609) 978-8005.

Editor’s Note: Thank you to Melissa Giarratano of Walters Group and Evelyn Weiss Francisco of Caryl Communications for sharing this story with NJAA.

New Communities CIS Management Inc and the City of Elizabeth Celebrate Official Opening of Waters Edge Crescent City of Elizabeth Mayor J. Christian Bollwage and the Housing

from an on-site community center and CIS Management’s

Authority of the City of Elizabeth (HACE) recently marked the

24/7 property management services. “This transition was a

official opening of Waters Edge Crescent, a 71-unit affordable

great success, thanks to the efforts of the development team,

rental community located in the heart of Elizabethport

Mayor Bollwage and members of the Housing Authority,”

on Magnolia Avenue. Community Investment Strategies

said Christiana Foglio, founder/owner and CEO of CIS. “These

(CIS) Inc., the developer, and its property management

units are exceptional because of their high-quality amenities

affiliate CIS Management Inc transitioned the project from a

and finishes, which are not typically incorporated into a rental

homeownership to an apartment-rental community.

community.”

“Offering affordable and market-rate housing options for

Rents range from $625 to $1,070, based on unit size and tenant

families, Waters Edge Crescent is meeting the diverse needs

income range. Eleven units are designated for public housing

of our city,” said Mayor Bollwage. “Achieved through

residents who pay 30 percent of their income toward rent, and

public, private and community partnerships, this exciting

one unit is reserved for a live-in superintendent. Waters Edge

transformation contributes to the beautification of our

Crescent is a beautiful compliment to the other residential

municipal landscape and creates increased opportunities

housing built in Elizabethport, a neighborhood revitalized

for our residents.” Originally planned as a 48-unit for-sale

as part of the federal HOPE VI grant program. The City of

townhome community, Waters Edge Crescent was transitioned

Elizabeth launched its HOPE VI Revitalization Program in

to a 71-unit tax credit rental community in the aftermath of

1997. The total development cost of Waters Edge Crescent

the residential housing foreclosure crisis in 2008. Utilizing the

was $21,474,489. Financing for Waters Edge Crescent totaled

completed site work, utility installations and foundations for

$13,683,770 in tax credit equity; $2,552,535 in Tax Credit

12 units at the 2.38-acre property, Lawrenceville, N.J.-based

Assistance funds from the New Jersey Housing and Mortgage

CIS amended its original plan to respond to an anticipated

Finance Agency (NJHMFA); $2.3 million in Replacement

community need.

Housing Funds from HACE; and $607,905 from Elizabeth Development Company’s Urban Enterprise Zone Program.

“Redevelopment of the former Migliore Manor site has

CapitalOne Bank provided construction loan financing, and

provided a great opportunity for families of modest income

NJHMFA is providing a 30-year permanent loan of $1,910,276.

to lease modern, spacious housing that is well within their financial means,” said William D. Jones, HACE executive

In addition to providing comprehensive and responsive

director. “On behalf of all the Elizabeth Housing Authority

property management services at CIS’ communities, CIS

Commissioners, we are very proud of the effort that led to

Management also offers third-party facilities, asset and financial

the completion of Waters Edge Crescent.” Managed by CIS

management; tax credit compliance; COAH compliance;

Management Inc, Waters Edge Crescent includes 9 one-

administrative agent services; market repositioning, renovation

bedroom, 23 two-bedroom and 38 three-bedroom units, of

oversight; marketing, leasing and sales services; social

which three are stand-alone units. Each Energy Star-rated

activities programming; and senior services. CIS specializes

unit includes hardwood floors, ceramic tile in kitchens and

in multi-family housing, including 55+, senior housing and

bathrooms, Kohler fixtures and energy-efficient GE appliances

mixed-use redevelopments. The company’s diverse portfolio

and maintenance-free exteriors. Many of the units have garages

includes more than 2,000 apartment-rental units, with a high

as well as balconies and waterfront views. Residents also benefit

concentration in New Jersey.

Editor’s Note: Thank you to Karen Lofton of CIS Management Inc and Christine Ziomek of Caryl Communications for sharing this story with NJAA.

New Communities Heritage Village at Seabreeze Offers Affordability and Social Benefits for Adults 55 and Older Residents 55 years of age and older looking for an affordable

Residents will have access to a community room to entertain

maintenance-free lifestyle, near friends and family, can have

guests, socialize with their neighbors and share in an array of

it all at Heritage Village at Seabreeze in Forked River, N.J.

planned on-site social and recreational activities. Additional

Leasing is now underway at the 100-unit apartment-rental

amenities include a fitness center, health and wellness center,

community, where CIS Management Inc reports a high level of

computer center, library, laundry facilities and walking trails

interest among individuals and couples throughout New Jersey.

for unlimited use.

Developed by Community Investment Strategies (CIS), Inc., the community is adding final construction touches before the first

The CIS Management on-site team and superintendent are

tenants move in during the coming weeks.

available 24-hours a day, seven days a week, for emergencies. There also is a secure entry system for added peace of mind.

“Most people are pleasantly surprised to learn they meet the income eligibility requirements to live at this new community,

Situated on 10 wooded acres, Heritage Village at Seabreeze is

even if they own their own home or have other assets,”

located in close proximity to Garden State Parkway Exit 74.

explained William Dailey, president of CIS Management and

Forked River is a coastal community, offering convenient access

regional vice president of NJAA Central New Jersey, who noted

to nearby New Jersey shore points, shopping, entertainment

those who earn 60 percent or less of Ocean County’s median

and recreation centers.

income are eligible. In addition, applicants do not have to reside in Forked River to be considered.

Prospective tenants can learn more about Heritage Village at Seabreeze by attending open houses every Saturday, from 9

Heritage Village at Seabreeze is comprised of 86 one-bedroom

a.m. to 1 p.m., and Sunday, from 11 a.m. to 3 p.m. CIS is now

and 14 two-bedroom apartments, with spacious contemporary

offering incentives of up to two months free rent at Heritage

layouts. “For adults who want to downsize, an affordable,

Village at Seabreeze for future move-ins throughout September

maintenance-free apartment community makes financial sense,”

and October. The property is located at 1031 Newark Avenue,

said Dailey. “It’s easier to live within one’s means when cost-

Forked River. For more information, call (609) 242-1211, or visit

of-living expenses are reduced and the financial demands of

www.ciscommunities.com.

maintaining a home are eliminated. Rather than a mortgage, there is a set rental fee, with no property taxes or extra maintenance or community fees, and lower utility costs.” Rents range from $858 to $1,024 per month and each apartment is equipped with Energy Star-rated appliances, designed to help residents save as much as 15 percent on energy usage. The apartment units also feature individually controlled central air conditioning and washer/dryer hook-ups.

Editor’s Note: Thank you to Karen Lofton of CIS Management Inc and Christine Ziomek of Caryl Communications for sharing this story with NJAA.

New Communities Adressing Renters by Choice The “renter-by-choice” has always been an identifiable

neighbors. They expect to not have to leave to do anything in

segment of the apartment dweller market, but this generation’s

their social life include be close to nightlife, entertainment and

fresh memory of the housing crisis has created a generalized

dining.

reticence to purchase that massively expands its size and appetite for different product types. At the upper end, which

It would seem that there is nowhere to go from here, and yet

is where all the excitement is happening now, a decision to

our research tells us that there is a market for more. As a result,

rent is not driven by budget or creditworthiness; they are

our plans for new buildings on the waterfront will raise the

not saving for a house or planning on relocating; and most

ante even higher – the luxury rental is moving toward resort-

significantly, they do not compromise on their expectations of

level services and facilities, perhaps to a place where only

quality and service. The high-end of the renter by choice market

the most exclusive condominiums have ever ventured before.

is demanding services, amenities and products of the finest

The apartment industry has always had available product to

available – indistinguishable from luxury condominiums – and

address spikes in demand, but given the likelihood that the

for the first time apartment buildings are being conceived and

renter by choice market’s new layer will establish itself as a

developed specifically for them.

permanent fixture, right now there is an enormous opportunity to supply it with a product type that is relatively rare.

The recently opened Monaco, a 50-story, 523-unit luxury rental in Jersey City with views of Manhattan and superior amenities,

We used to call them yuppies – young urban professionals.

was introduced at a time when significant new rental buildings

Thirty years later, the social and cultural ground they forged

had not been constructed for several years due to the real

– repopulating the cities – is a ripe lifestyle model for the

estate lending crisis. Monaco’s post-modern styling satisfies

emerging generation. Renters by choice have a huge appetite

the design sensibilities of its target audience with two graceful

for status and lifestyle advantages – in particular location,

towers rising above a 14-story base that feature over-sized

their most important amenity – and embrace the opportunity

windows, multi-colored brick façade, stone and steel elements.

to be associated with the finest, comfortable with a housing budget approaching what it would cost to own. Equity in the

Monaco was a prescient development because it was

home, once a presumption but now perceived as a risk, is a far

synchronous with the shift away from condominiums to rentals

less critical inflection point in their housing decision than is

as the home ownership choice for a new generation. As a

flexibility. As the proportion of renters continues to climb in

result, not only is it months ahead of its lease-up schedule,

the post-housing crisis era, the apartment industry will serve

prices have increased by 30% since opening in May. With an

not only a greater number of people than ever, it will address a

amenity level on the 14th floor featuring heated outdoor pool,

greater variety of market niches. This era delivered a segment

game room, exercise rooms, screening room, yoga room, tot

we had not previously seen and that will never have the pure

room, conference room and other facilities, Monaco addresses a

size of the affordable and middle markets, but it will be the

market that places its highest value on lifestyle. With just seven

segment that spurs our growth for years to come.

apartments per floor and 30 apartment layouts, most featuring

water views, Monaco delivers an ambience of privacy without sacrificing selection: perfect for a market that demands a perfect housing fit with abundant services but low impacts from

Editor’s Note: Thank you to Susan Grosso of Roseland Property Company and Ron Simoncini of Axiom Communications for sharing this story with NJAA.

New Communities Riverview Court Apartments: Luxury in the Heart of Northern New Jersey Right at the heart of Northern New Jersey, a new luxury apartment community was completed in March 2010. Featuring 71 spacious one and two bedroom apartments, Riverview Court Apartments was planned for a unique blend of suburb and city. The Township of Nutley is located in the Northern quadrant of Essex County and enjoys a unique suburban existence in close proximity to New York City. Even with a population of approximately 27,000, this community enjoys a small town ambience throughout its quiet, wellmaintained tree lined streets. Nutley has been recognized as a town blessed with residents who take an active role in maintaining and improving the quality of life. Not only in close proximity to NYC, the property is situated just minutes from Newark and Montclair, Routes 3 and 21, rail stops, and Newark Liberty and Teterboro Airports. Moreover, renowned restaurants, major sporting venues, malls, and arts centers are all within a 10 mile radius. This dynamic urban access is available from our beautiful suburban community with garage parking. This pet friendly community is also surrounded by lush landscaped parks, in Nutley the parks are considered the “crown jewel” of the Essex County park systems.

Amateur chefs will be thrilled with the modern gourmet kitchens with contemporary cabinetry and premium flooring, granite countertops, and stainless steel appliances. All the apartments also feature the conveniences of controlled central AC and Heating, dishwasher, microwave, washer and dryer. From spacious one and two-bedroom apartment homes with oversized closets, wall-to-wall carpeting the choice is yours and the options are endless. Each apartment home comes with its own special combination of features. You’ll find gourmet kitchens, full size washer/dryers, ceramictiled bathrooms and more. Riverview Court Apartments’ staff is available to assist its residents with all of their needs. The professional management staff is located on-site 24 hours a day. Riverview Court epitomizes the meaning of natural luxury living. Leasing information is available by visiting the website, www.riverviewcourtapts.com or calling Marina Petillo (973) 661-1672.

Editor’s Note: Thank you to Marina Petillo of Riverview Court Apartments and Jennifer Restrepo of JG Petrucci for sharing this story with NJAA.

Tools of the Trade

Protecting Your Community And Your Asset During a Power Outage By Eileen Patterson R&J Control, Inc.

id you hear the joke about the emergency back-up generator…? You wouldn’t have heard it - because there are NO jokes about generators. Providing power during an outage is no laughing matter. The loss of power can cause your business a loss in revenue, cause accidents and injuries to occur and potentially cause loss of human life. Several well-documented factors, including the nations’ aging and fragile power infrastructure, solar flares, extreme weather conditions, etc., indicate that “brown outs” and complete power interruptions will potentially become more frequent and severe. If your apartment community loses power, it’s not going to result in just an inconvenient loss of use of appliances, electronic equipment, etc. Here are just a few of the potential issues that can cause serious problems; 1. Tenants and staff cannot charge cell phones or cordless phones and are rendered unable to call for emergency assistance. 2. Loss of heat or air-conditioning can be life-threatening to the elderly, asthmatic, or any other tenants with health issues that require refrigerated medications, in-home nebulizers, respirators, etc. 3. Emergency egress lighting batteries will run to provide power for short length of time. One and a half hours to three hours run time is the average standard that these units are designed for. This time is thought to be enough for people to make their way out of the building safely and, hopefully, enough time for medical or repair teams to find their way into the property and help occupants or repair systems. Common Emergency lighting systems are not designed to allow continued operation of the facility. A backup generator would allow this. Generally, buildings higher than two floors have either an elevator powered by an emergency generator or a hydraulic elevator, so it would be available in a power outage. Cable elevators that are not on emergency power stop wherever they happen to be at the time that the power goes out. A tenant can become trapped in a cable elevator and become

panic-stricken, causing mental distress. Hydraulic elevators will come to the ground floor in a power failure and a battery will open the doors, if equipped-not all are, but they cannot operate after that. Any tenant that cannot walk the stairs due to physical incapacity cannot safely vacate the building without a functioning elevator in a power outage. When power to a building or an elevator is interrupted, a generator will provide power to the elevator to keep it functioning so occupants can exit and emergency personnel can get a stretcher to one of the floors. Regulations for emergency back-up generators are found in the NFPA (National Fire Protection Association) code 1-10. The sole purpose of these regulations is to ensure life safety. The codes are written in in reaction to events that occurred in Chicago, Boston, etc., whereby crowds panicked during power outages and fires in public buildings and there was a significant loss of life due to being trampled in a mass evacuation. When this occurred in a theater in Boston, the resulting code set the requirement that another set of electrical lines be wired to the theater to provide back-up power. At that time, diesel and natural gas engines did not exist for power back-up purposes. Another thing to consider is the potential for damage to your asset if there is a “pack mentality” similar to what happened in New York in 1977 when crowds committed looting and arson during a power outage. Since 9/11, there are new codes developed as a result of problems that resulted from the terrorist attacks. One of the issues that inspired the new codes is the realization that it may not be the best course of action to have people evacuate the building! If your battery-powered hall and stairway lighting will only function for a couple of hours to allow for emergency egress, what if people need to remain indoors after those lights run out of power for these reasons? • There are live power lines right outside any of the building exits • There is a biohazard in the immediate vicinity continued on page 30 Au g u s t 2 0 1 1 | A I M

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Tools of the Trade Protecting Your Community and Your Asset During a Power Outage continued from page 28 • There are severe storm hazards like lightning, tornados, hurricane winds, etc. • There is a danger in driving due to street lights and traffic lights being down Some buildings and apartment communities, such as senior housing facilities, are backing up their community center with a generator to create a “safe area” so that tenants can congregate there and have access to lighting, air-conditioning, heat, running water and live electrical outlets to power phones or medical equipment. If a tenant experiences injury, illness or mental stress due to the effects of a power loss in your building should you be held responsible in a resulting lawsuit? Not necessarily. Could you, and would you, be named in a lawsuit? Yes, probably. Will you have to expend time, staff resources and money to address a lawsuit if you are named in one? Absolutely. Unfortunately, we live in a highly-litigious society and, as the landlord/building owner, you will be the first point of contact for any problem a tenant experiences on your property. A property owner will definitely want to make sure all of these issues are reviewed thoroughly to ensure that he/ she has sufficient insurance coverage for protection from problems resulting from a power outage. There is an article on the internet that details several different ways to do this at: www.drmworld.com/Documents/outage.Mealeys.WR.RT. PDF. Here are some good tips for property owners and property managers: What to Expect When the Power Fails: Your building manager should have a list of building and inapartment services that require electricity to operate, as well as a copy of the management’s plan for a power outage to show what services will continue to function. A power outage can put the following building systems out of action: • Elevators — except any connected to the back-up power supply • Lighting — except emergency lights in corridors and stairwells • Pumps for water systems • Parking garage door – with electric garage door openers • Entrance door security – be sure to confirm that the locks will fail in the “safe” position, meaning that if the power goes out, your doors will be locked from the outside rather than left open, to prevent entry from non-approved persons, theft and vandalism. 30

Provide tenants with documentation of safety procedures in the event of a power failure and be sure to include the following information, if applicable: • DO NOT use candles or other open flames for lighting or heat sources. • Turn off any appliances, including stoves, in order to prevent them restarting unattended when power is restored. • Which stairways have battery powered lighting, if this is not available in all stairways • What numbers to call for emergency assistance or to notify management of the outage. • Do not open refrigerator or freezer doors, unless necessary, to prevent interiors from warming and causing spoilage of food. • Items to include in a safety kit; flashlights with extra batteries, bottled water, printed list of emergency contact information/doctor & pharmacy phone #s, etc. After 9/11, many office buildings in NYC were diligent about ensuring that every person that entered and exited the building logged in at the front desk to ensure that nobody was left in the building if an emergency evacuation was required. Even though a tenant may have been physically capable of exiting their apartment via the stairs when they signed the lease, they may have experienced illness or injury since that time that requires them to need assistance in evacuating the building in an emergency. A good precautionary practice of sending out a resident survey requesting that property management personnel be notified if there are any special needs for that tenant and/or any guests that may also be in the building at any time to ensure their safety in the event of an emergency. The best course of action is to educate yourself on your current emergency systems, ensure you are meeting the safety needs of your tenants and staff and communicate all safety procedures and critical information thoroughly to all parties affected. n Eileen Patterson is passionate about this topic because, prior to working at R&J Control, Inc., and before her 5 ½ years as sales rep for Apartments.com, she was a senior property manager overseeing 1.2 million square feet of commercial, class-A buildings & real estate. If you have any questions regarding what you can do to make sure your generator performs when the power goes out, please feel free to contact her directly at 973-896-0377, or at the R&J Control, Inc. office at 973-328-6880.

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Legislative Awards

Real estate financing experts are easy to find... Annual Legislative Awards Presented to Asw. Jasey and Asm. Rible This yearâ&#x20AC;&#x2122;s Housing Champion of the Year Awards were presnted to Asw. Mila Jasey (D-Essex), Vice Chair â&#x20AC;&#x201C; Housing & Local Government Committee, and Asm. Dave Rible (R-Monmouth) Republican Whip, by President Jeff Smith and Vice President - Legislation Michael Haydinger. Both Assembly members have been strong advocates for the NJAAâ&#x20AC;&#x2122;s pro-apartment living message and continue to push for balanced housing policies, which include rental and ownership components, at the State House. We look forward to continuing to work with Asw. Jasey and Asm Rible in the post-Election â&#x20AC;&#x2DC;Lame Duckâ&#x20AC;&#x2122; session and well into next yearâ&#x20AC;&#x2122;s 2012-2013 session.

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Special Guests at the 8th Annual PAC Reception The Honorable James J. Florio - Governor, State of New Jersey (1990-1994) Governor James J. Florio is a founding partner of Florio Perrucci Steinhardt and Fader. Governor Florio has been a University Professor for Public Policy and Administration at the Edward J. Bloustein School at Rutgers, The State University of New Jersey. As the Governor of New Jersey from 1990 through 1994, he was responsible for signing into law the Clean Water Enforcement Act (1990), one of the strongest Environmental laws of its type in the nation. He also signed the Quality Education Act, which provided greater equity in New Jersey’s school finance system, a landmark welfare reform package, a health care cost-reduction program and the nation’s toughest assault weapons ban. While in Congress from 1974 through 1990, representing the 1st District of New Jersey in the U.S. House of Representatives, Governor Florio authored the Comprehensive Environmental Response Compensation and Liability Act, known as the “Superfund” law, our nation’s primary program for cleaning up hazardous waste sites. Governor Florio also wrote the legislation that privatized Conrail and served on the U. S. Secretary of Energy’s Advisory Board. Governor Florio entered public service in 1969, serving three terms in the New Jersey General Assembly. Previously, he was an attorney in private practice in Camden County. Governor Florio received his Juris Doctorate from Rutgers University Law School in Camden. He graduated magna cum laude from Trenton State College and attended graduate school at Columbia University, where he received a prestigious Woodrow Wilson Fellowship. Governor Florio holds numerous honorary degrees and was the 1993 recipient of the Profile in Courage Award by the John F. Kennedy Library Foundation.

The Honorable Donald T. DiFrancesco - Governor, State of New Jersey (2001-2002) The fifty-first Governor of New Jersey and a long-time member of the State Senate, Donald T. DiFrancesco served the citizens of New Jersey with distinction for more than 25 years. Gov. DiFrancesco’s career in public service began with his election to the New Jersey General Assembly in 1975 when he was just over 30 years old. In a special election on November 6, 1979, Gov. DiFrancesco was elected to the New Jersey State Senate. He served as Minority Leader from 1982 to 1984. In 1992, he was chosen to serve as President of the Senate, setting a record for his decade-long service in that role. On January 31, 2001, when Gov. Christine Todd Whitman resigned to become Administrator of the US Environmental Protection Agency, Gov. DiFrancesco became the first New Jersey legislator since the amendment to the 1947 State Constitution to serve in the dual role of Governor and Senate President. He served with distinction, providing New Jersey with outstanding leadership, particularly during the difficult period following the terrorist attacks of September 11, 2001. Gov. DiFrancesco’s legacy of leadership relating to health care, children and families is evidenced in the success of the Catastrophic Illness in Children Relief Fund, which has provided more than $100 million in grants to over 4,000 families whose insurance and income cannot meet the medical bills for children with major illnesses. He was also the prime sponsor of the Family Leave Act in New Jersey, the first of it kind in the United States. As Acting Governor, he also unveiled the $53 million “KIDSNEEDS ACTION PLAN,” which supported a range of initiatives for children. Gov. DiFrancesco graduated from Pennsylvania State University in 1966 and Seton Hall University School of Law in 1969.

Jim Hooker - Political Commentator and Former Anchor - NJN News A veteran of State House politics for more than twenty years, Jim Hooker has covered some of the biggest news stories in recent New Jersey history. Jim and his NJN team won a national CINE award in 2005 for a special broadcast he wrote, coproduced and hosted. Jim also was a member of the NJN News team that won a 1996 Mid-Atlantic Emmy Award for best newscast. His contribution to the entry was a story about the concerns of residents of a North Jersey neighborhood that is home to a federal Superfund site which was visited by President Clinton. He has also won numerous individual national, regional and local press awards. Before joining NJN, Jim was a staff writer at three newspapers and spent 10 years with The Times of Trenton and the Asbury Park Press. As a member of the Asbury Park Press State House bureau, Jim shared first place honors from the New Jersey Press Association for the bureau’s reporting on the 1993 governor’s race. Jim was also recognized in 1994 by the New Jersey Chapter of the Society of Professional Journalists for public service for a series of reports on sex offender notification programs in Washington State and their impact on neighborhoods and offenders. The series ran as New Jersey lawmakers were debating Megan’s Law.

8th Annual NJAA PAC Reception Tuesday, October 4, 2011 7:00 to 9:00 PM Crestmont Country Club, West Orange Special Guests:

The Honorable James J. Florio Governor, State of New Jersey 1990-1994

The Honorable Donald T. DiFrancesco Governor, State of New Jersey 2001 - 2002

Moderator

JIM HOOKER Political Commentator and Former Anchor of NJN News Host Committee Michael Barry, Applied Property Company William Dailey, CIS Management Inc. Jonathan Gershen, The Gershen Group Michael Goldberg, Goldberg Realty Michael Haydinger, First Montgomery Tom Kretsch, Segal & Segal Jeff Kurtz, The Kamson Corporation David Legow, Legow Management Jeff Smith, Kriegman & Smith Host Committee in formation Paid for by NJAA PAC

THANK YOU TO OUR 2011 PAC CONTRIBUTORS Deposited as of August 8, 2011 Lynne Aber Bertram Associates $1,000

AFR Furniture Rental $1,000

Jack Linefsky Value Companies $1,000

Matthew Adler Adler Residential $1,000

Jonathan Gershen, Esq. The Gershen Group, LLC $1,000 First PAC Contributor of 2011

Jerome Lombardo C.J. Lombardo Company $1,000

The Barry Family Applied Development Company $10,000

Michael Goldberg Goldberg Realty Associates $1,000

James McGrath PRD Management, Inc. $1,000

Michael Beirne The Kamson Corporation $1,000

Alan Hammer, Esq. Brach Eichler LLC $1,000

Michael Oâ&#x20AC;&#x2122;Dea Hekemian & Company, Inc. $1,000

Andrew Cohen Rock Properties $1,000

Michael Haydinger First Montgomery Group, AMOÂŽ $1,000

Diana Penn JMG Realty, Inc. $1,000

Vincent Comperatore Comperatore Associates, Inc. $1,000

George Jacobs JK Management, LLC $1,000

Carol Richards Corsa Management $1,000

George D. Cowden Multi-Housing Depot By ARI $1,000

Jason Kaplan Kaplan Properties $1,000

Marshall Rosen, Mark S. Rosen, and Marc S. Solomon Solomon Organization $3,500

John D. Cranmer, Esq. Archer & Greiner, P.C. $1,000

Brent Kohere Home Properties $1,000

Dawn Curto Roseland Property Company $1,000

Tom Kretsch Segal & Segal $1,000

William Dailey CIS Management Inc. $3,500

Ronald Ladell AvalonBay Communities, Inc. $1,000

William Diggs Renaissance Equity, LLC $1,000

Anthony Lauro Affiliated Management, Inc. $1,000

Larry Falkow The Apts $1,000 Ray Fiorica

The Legow Family Legow Management Company $27,000 Largest Family Contribution in 2011

David Siegel Coinmach Corporation $1,000 Jeffrey Smith Kriegman & Smith, Inc $1,000 Stephen Waters Morgan Properties $1,000 John Zoetjes American Architectural Window & Door $1,000

Property Tours

photos by Casey O’Brien, NJAA

Legislative Site Visit - Avalon at Florham Park

NJAA Board Member Ron Ladell and the Avalon at Florham Park staff with Asm. Bucco at the conclusion of the tour.

Ron Ladell speaks with Asm. Bucco about housing issues while touring the grounds.

On July 26, AvalonBay Communities hosted Assemblyman Anthony Bucco (R-Morris) for a tour of their mid-rise community, Avalon at Florham Park. While touring the community, the Assemblyman gained insight on what it takes to provide quality housing to New Jersey residents who choose to rent their homes. The NJAA’s Legislative Site Visit Program was developed to build stronger local connections between our state Legislators and our NJAA members. Be a part of the initiative and showcase your community by inviting your Legislators to tour your properties, meet your staff, and learn more about the quality, affordable rental housing NJAA members provide everyday. Contact Casey O’Brien, at (732) 992-0609 or casey@njaa.com. NJAA 2008 Color Ad-AIM.qxp:Layout 1

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SAVE THE DATE 2011 Governor’s Conference on Housing & Community Development September 20 & 21 Be sure to mark your calendars for the New Jersey Governor’s Conference on Housing & Community Development which will be held on Tuesday, September 20 and Wednesday, September 21 at the Atlantic City Convention Center. The NJAA is proud to return for our eighth consecutive year as a major sponsor of the Governor’s Conference, which is co-hosted by the DCA, NJ-HMFA, NJ Economic Development Authority and Dept. of State. Register for the Conference by August 26 and save! See the ad on page 3 for details and more information.

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2011-2012 Education and Event Calendar 2012

A U GUST 16 $79

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Certified Apartment Manager (CAM Slam) 18-20 $995/series by Jackie Ramstedt, Ramstedt Enterprises

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J A N U A RY 25 $145

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Share Your Expertise with NJAA Members Now Accepting Education Proposals for 2012! Do you or your company have knowledge on a particular topic or subject that would be of interest to fellow NJAA members? If so, now is the time to submit your presentation proposal. All proposals will be considered, provided they include subject title, speaker name(s), program length and brief program outline. Additionally, we are in need of instructors for the following NAA Designation courses and programs: National Apartment Leasing Professional (NALP), Certified Apartment Managers (CAM) and Fair Housing and Beyond. If interested, please complete and submit a Proposal Request. If available, please include handouts, PowerPoint and other session materials intended for class use. Please call Melissa Vaccariello directly at (732) 992-0604 for more information.

Unless otherwise noted, all sessions are held at NJAA Headquarters. For more information and non-member rates contact us at 732-992-0600 or visit the Events Calendar at njaa.com.

THE AMERICAN DREAM?

THE NEW AMERICAN DREAM.

America needs more housing choices.

Sometimes living the dream means rethinking it.

Renters could make up half of

The old American Dream of a house in the suburbs — it’s not what it used to be.

all new households created this decade—more than seven million new renter households.

The housing crisis taught us that housing is shelter, not an investment. That awareness freed people up to choose the housing that best suits their lifestyle. For millions, that is an apartment.

Today’s dream: housing choices that meet the varied lifestyles of our increasingly diverse population. From empty nesters to young professionals, childless couples to working class residents, our population is changing and increasingly opting for the convenience, flexibility and walkability of apartment life.

Smart choices need smart thinking — and a balanced housing policy that gives Americans the options they want.

Rethinking the American Dream.

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BETTER BOTTOM LINE Savvy facilities managers are taking a whole-building approach to energy savings with Pay for Performance from New Jersey’s Clean Energy Program. How? Their program partner creates an energy reduction plan that triggers financial incentives to help pay for projects and upgrades that will radically slash their utility bills. Best yet? The more energy they save, the more incentives they earn… up to $2 million per project plus another $1 million on Combined Heat & Power (CHP) installations!

FINANCIAL INCENTIVES AVAILABLE New Jersey’s Clean Energy Program™ offers an extensive collection of comprehensive initiatives that make energy efficiency more accessible than ever. You’ll save up front through sizeable financial incentives and down the line with dramatically reduced utility bills.

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