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January 6, 2016
Why Diversity Matters
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It’s the start of another new year and, as so many are doing this time of year, NMHC President Doug Bibby has been working on some goals for NMHC for 2016. And this year, diversity and inclusion are paramount. From his latest blog:

“NMHC is 'the place where apartment leadership resides', as our tagline proudly proclaims. And when I look at our membership, there’s no doubt that you truly are the industry’s leaders. … But when I look at our membership, I also see an industry where white males still dominate.

True, more women and people of color are moving up the ranks. We at NMHC recognize and celebrate their successes, but they are still too few in our book. We can talk about all the reasons why this is, but regardless, the bottom line is this:  Our homogeny is a governor on industry success. Our industry could be more innovative, efficient and productive by being more diverse and inclusive.

I learned this back in the early 1980s when I was part of the team that legendary CEO David Maxwell brought into Fannie Mae to reinvent the imperiled company.”

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Top News

DEALS

Legg Mason in Talks to Buy Clarion Partners

Legg Mason Inc., the global asset manager, is in exclusive talks to buy a majority stake in real estate investment specialist Clarion Partners LLC in a deal that would value the company at about $850 million. 

CAPITAL MARKETS

U.S. Real Estate Draws More Foreign Investment

Most foreign investors expect to put more money into U.S. property this year than they did in 2015, with New York remaining the top target market worldwide, according to a survey by the Association of Foreign Investors in Real Estate.

STUDENT HOUSING

Canada's CPPIB, Singapore's GIC to Buy U.S. Student-Housing Portfolio

Canada Pension Plan Investment Board and Singapore’s sovereign-wealth fund have teamed with Scion Group LLC to buy a U.S. university student-housing portfolio for about $1.4 billion. (paywall) 

RESEARCH

What Renters Want Varies Metro to Metro

Local media markets continue to pick up on key takeaways from the NMHC/Kingsley Associates 2015 Apartment Resident Preferences Survey. Click to find out what home features and community amenities apartment residents want in Palm Beach, Fla., compared with Atlanta, Sacramento or Washington, D.C.

RENT VS. BUY

Renting Is Financial Failure and Other Financial Myths

Michele Singletary, author of the nationally syndicated personal finance column "The Color of Money," writes in the WaPo about things to "unlearn" to improve personal finances. Take note of No. 3: Unlearn that renting is throwing away money. 

GOVERNMENT AFFAIRS

Congress’ Budget Package Delivers Perks for Multifamily Investors

The budget package includes a long list of good things for apartment investors, including FIRPTA relief, a LIHTC extension, energy tax benefits and renewed bonus depreciation, small business expensing and the New Markets Tax Credit Program.
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
AION Said to Acquire 12-Property AIG Portfolio (registration required)
Multifamily Market Dashboard

Filtering Remains Primary Source of New Affordable Units

As affordability concerns rise amid a decade-long surge in apartment demand, the question of how to bring more affordable units to market has become a recurring one.

According to Harvard Joint Center for Housing Studies’ report America’s Rental Housing: Expanding Options for Diverse and Growing Demand, multifamily construction has ramped up and annual completions are on track to surpass the 313,000 unit level averaged in the decade preceding the downturn. However, new construction alone cannot meet the market’s diverse demand.

A variety of factors, from rising land, material and labor costs to regulatory burdens, make new construction more likely to add new units to the middle and upper ends of the rent spectrum, leaving downward filtering as the primary source of new supply for more affordable rental units, according to the report. Downward filtering is the process by which rental units become more affordable as they age.

Click here to view the webcast featuring a review of the report and a discussion of the results and their policy implications with an expert panel, including The Bozzuto Group’s Toby Bozzuto.


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Upcoming Meetings

THIS MONTH

2016 NMHC Apartment Strategies Outlook Conference

January 19, 2016 Hilton Orlando Bonnet Creek/Waldorf Astoria in Orlando, FL


2016 NMHC Annual Meeting

January 19 - 21, 2016 Hilton Orlando Bonnet Creek/Waldorf Astoria in Orlando, FL
About Apartment Wire
A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web.
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