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Fire marshal won't unilaterally pursue sprinkler mandate
CAA
Illinois State Fire Marshal Larry Matkaitis publicly announced last week that he will not unilaterally pursue a statewide sprinkler mandate. A link to the Fire Marshal's written statement can be found here.
CAA was a strong supporter of HB 4609 sponsored by Rep. Sara Feigenholtz, which would have required the Illinois General Assembly to approve any fire sprinkler mandate and created a task force to review fire safety procedures and practices. While a vote on HB 4609 was not taken before the General Assembly adjourned last week, Rep. Feigenholtz and the Governor's office are to be commended for strongly encouraging the Fire Marshal to publicly issue the announcement.
Thank you golf outing participants
CAA
Thank you to everyone that came to and supported the 2014 event at Cog Hill on May 16th. We raised $520 through our 50/50 raffle for the Northern Illinois Food Bank. Click here to view images of our game members that came out for the outing. Thanks again to our sponsors:
AMLI RESIDENTIAL; APARTMENT LIST; APARTMENTS. COM; APPRAISAL RESEARCH COUNSELORS; AT&T; BATZNER PEST MANAGEMENT, INC.; BG STAFFING; BLACK ROCK MILLING & PAVING; BROOK FURNITURE RENTAL, INC.; CANINE DETECTION & INSPECTION SERVICES; CHICAGO TRIBUNE; CHICAGOLAND SIGNS; COMCAST; CORELOGIC SAFERENT; CORT FURNITURE RENTAL, INC.; CRG RESIDENTIAL; CSR ROOFING CONTRACTORS, INC.; DELTA FAUCET COMPANY; ENCORE REPAIR SERVICES, INC.; EPREMIUM INSURANCE; FERGUSON ENTERPRISES, FLOOR & WALL; FREDRIKSEN FIRE EQUIPMENT; GOLUB & COMPANY; HD SUPPLY; INSIDE-OUT PAINTING & CONSTRUCTION; JC RESTORATION; JETZ SERVICE CO., INC.; LANDSCAPE CONCEPTS MANAGEMENT, INC.; M&J ASPHALT PAVING CO., INC.; MARCUS & MILLICHAP; MDI ELECTRICAL CONSTRUCTION; ON-SITE; QCI RESTORATION; RESIDE LIVING; RMK MANAGEMENT CORP.; ROTO-ROOTER PLUMBING & DRAIN SERVICES; SANFORD KAHN, LTD.; SEIGLE'S CABINET CENTER, LLC; SERVICEMASTER RESTORATION BY DSI; SERVPRO OF BEDFORD PARK/BURBANK; SMITHEREEN PEST MANAGEMENT SERVICES; TGM COMMUNITIES; THE SHERWIN-WILLIAMS COMPANY; TITAN SECURITY GROUP; TREND PAINTING & DECORATING, INC.; UNIVERSAL RESTORATION SERVICES, INC.; VALETWASTE; VALLEYCREST COMPANIES; VILLAGE GREEN; WALDMAN ENGINEERING CONSULTANTS, INC.; WATERTON RESIDENTIAL, LLC; WILMAR; YARDI SYSTEMS, INC.
Business Exchange date announced
CAA
Save the date. The 2014 Business Exchange will be held from 1:30-5 p.m. at the Chicago Marriott Downtown Magnificent Mile (540 N. Michigan Avenue) on Wednesday, August 13. Additional details will be emailed when they are available.
CAA Member Window Decal included with 2nd quarter Aptitudes
CAA
The 2nd Quarter magazine will ship the week of June 16. All CAA member properties, owner/management companies and associate members will receive a window decal which we hope you will proudly display at your business entry way. "Do Business with a CAA Member" and let others know that you support the association and the industry!
Take the Chicago Dept. of Buildings permitting survey
Chicago Department of Buildings
Chicago Department of Building is working hard to optimize our online permitting system known as E-Plan (ProjectDox). To make sure we make improvements that are most beneficial to the design professional community, we need your valuable feedback. Please take a moment to answer five simple questions pertaining to E-Plan's response time and speed. During the survey you will also find a few helpful hints about using E-Plan.
The survey can be accessed at:
https://www.surveymonkey.com/s/RCGGZB5.
Please note that this is an anonymous survey and contact information is optional. Your participation will be most appreciated!
Minimum wage, vendor disclosure ordinances introduced in City Council
MKM Services
Ald. John Arena (45th Ward) sponsored an ordinance to increase the minimum wage in Chicago to $15 per hour. This increase would be phased in depending on business size. Within 90 days of the effective date of the ordinance, a rate of $12.50 per hour must be paid by large employers (annual gross revenues of $50 M or more) and one year after the effective date, the minimum wage increases to $15 per hour.
Welcome new members!
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FEATURED COMPANIES
Prep X provides integrated pest treatments including skilled preparation services and heat chamber. After pest servicing, we will even put the encased bed back in place so residents can sleep that evening. Please click the above links for the e-brochures or email or call (312)339-5032 for free quote. Mention this ad and get the first bed encased FREE of charge.
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As a family-owned & -operated company, we understand that budgets are paramount when it comes to making ground maintenance decisions. This is why we have committed ourselves to extending the lifecycle of your pavement.
We take pride in delivering quality work in a wide variety of areas.
Wheel Stops Striping
Crack Filling Sealcoating
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Certified Apartment Portfolio Supervisor (CAPS)
CAA
July 14-18, 2014
The price is $1250 for members and $1500 for non-members for the entire CAPS designation.
All courses will be held 8:30 a.m. to 4:30 p.m. located at
557 West Randolph, 2nd Floor, Chicago, IL 60661.
Strengthen Your Front Line to Increase Your Bottom Line
If you manage multiple apartment communities or you are an
experienced apartment manager with a CAM, ARM or RAM
designation, earning your Certified Apartment Portfolio
Supervisor (CAPS) designation is your next step to advancing.
Training covers:
- Legal Responsibilities and Risk Management
- Financial Management
- Property Performance Management
- Property Evaluation and Due Diligence
- Effective Leadership
Register Today!
Nuts and Bolts of the Housing Choice Voucher (HCV) Program
CAA
July 9
Two sessions on one day! Register below — limited space
Session 1 9 a.m.-11 a.m.
Session 2 1:30 p.m.-3:30 p.m.
Presented by: The Housing Authority of Cook County (HACC)
CAA Office, 557 W. Randolph, Ste 201, Chicago, IL
| Date |
Event |
Location |
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Complete Course Calendar |
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Part 1: May 6-9
Part 2: June 3-5 |
Certified Apartment Maintenance Technician
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8:30 a.m.- 4 p.m.
CAA Office, 557 W. Randolph, Ste 201, Chicago
$849
Register/more info
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| June 18-19 |
Leasing Agent Licensing |
8:30 a.m.-4 p.m.
122 S. Michigan Ave., Chicago, IL (National-Louis University)
To register/more info call: (630) 353-0400
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| July 14-18 |
Certified Apartment Portfolio Supervisor (CAPS)
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8:30 a.m.- 4 p.m.
CAA Office, 557 W. Randolph, Ste 201, Chicago
$1,250
Register/more info
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| Aug. 12-14 |
National Apartment Leasing Professional (NALP) |
8:30 a.m.-4 p.m.
CAA Office, 557 W. Randolph, Ste 201, Chicago
Register/more info
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| Sept. 15-19 |
Certified Apartment Manager (CAM) |
8:30 a.m.-4 p.m.
CAA Office, 557 W. Randolph, Ste 201, Chicago
Register/more info
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Slow, steady growth drives suburban apartment rents to another high
Crain's Chicago Business
The suburban apartment market keeps marching higher, one small step at a time. The median suburban net rent rose to a record $1.24 per square foot in the first quarter, up about 1 percent from the fourth quarter and 2.6 percent from a year earlier, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm. The suburban occupancy rate was 95.4 percent, up from 95.1 percent in both the fourth and first quarter of 2013.
Chicago Gold Coast apartments slated for major upscale renovation
Village Green
Village Green recently purchased 860 N. Dewitt and announced plans to extensively remodel the 1960s era, high-rise apartment building located between Michigan Avenue and Lake Shore Drive. This is Village Green's 12th high-rise apartment building in downtown Chicago. The repositioning includes the innovative features and contemporary interiors that Village Green's City Apartments brand are known for, including a 22nd floor outdoor Sky Park with views of the city skyline and Lake Michigan.
Websites, apps proliferate as rental market grows
Chicago Tribune
Thousands of apartments have been added to the Chicago marketplace in the past four years and with the supply of rental units still growing, so too are the number of websites and mobile apps designed to help renters navigate the search process. Radpad is among the latest companies to toss itself into the Chicago area's fray of rental search engines, joining a list, totally not inclusive, that includes Apartments.com, Realtor.com, Padmapper, Zillow, HotPads (owned by Zillow), Trulia, Rent.com, Rent Jungle, RentHop, Rental Roost and Craigslist.
NAR: Apartments still landlords' market
Multi-Housing News
The forecast for rental apartments is still positive, according to the Q1 2014 Commercial Real Estate Outlook, which was released by the National Association of Realtors. In fact, according to the outlook, the apartment sector will remain the strongest kind of commercial real estate into 2015, as it has been for a number of years now. NAR predicts that apartment vacancies nationwide will edge up from 4 percent, as of the second quarter of 2014, to 4.1 percent in Q2 2015. Though that represents a small increase, it doesn't mean a fundamental change in the landlord-tenant dynamic.
Apartments planned at former Chicago Public Schools headquarters
Crain's Chicago Business
A Chicago developer has emerged as the buyer of the Chicago Public Schools' former Loop headquarters, with plans to covert the vintage building into apartments.
Marc Realty Residential LLC in March prevailed in the bidding for the 508,000-square-foot property at 125 S. Clark St. and is conducting due diligence on the acquisition, according to people familiar with the sale process. It's unclear how much MRR is paying for the 20-story building, but the people estimated the price at $35 million or more.
Missed last week's issue? See which articles your colleagues read most.
Multifamily real estate forecast: 2014-2020
Forbes
Multifamily housing construction is doing surprisingly well recently. Over the long run, housing units in buildings with five or more housing units comprise about 25 percent of all housing units constructed. So far in 2014, the figure is 35 percent. Why is multifamily so popular now? Before reaching for a major change in attitudes about how we live, let’s consider other possibilities.
Rent or buy? The math is changing
CNBC
An analysis by The New York Times finds that in the country's most expensive places, including New York, the San Francisco Bay Area and Los Angeles, buying a home again looks like a perilous investment, based on the relationship between their prices and rents or incomes. And in a longer list of areas, including Boston, Miami and Washington, prices have risen enough that buying is no longer the bargain it looked to be a few years ago.
Construction industry looking to turn a corner
Michael J. Berens
 After a disappointing first quarter, construction activity continued to sputter in April. Industry data paint a mixed picture of gains and losses across sectors. Extreme winter weather and mixed economic signals have continually stymied hopes for improvement. It may be, however, that the worst is behind for 2014. Construction employment is steadily increasing, and industry analysts point to leading indicators that suggest business is poised to improve in the months ahead.
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CAA In Focus
Colby Horton, Vice President of Publishing, 469.420.2601
Download media kit
Esther Cho, Content Editor, 469.420.2671
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Chicagoland Apartment Association
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Phone: 312-207-1890/Fax: 312-207-1890
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