Executive Feedback
In what areas of your business have you noticed the biggest savings from technology over the past three years?
A: “Web-based property management systems seamlessly integrated into our general ledger accounting system and report writing software have produced the largest savings for our firm in the past three years through increased productivity and reducing paper usage and the expenses for copying, facsimile transmissions, telephone, and postage.” –J. Mark Rutledge, president, WRH Realty Services
A: “Real Estate Partners can remotely control, manage, and service data at sites nationwide from our corporate headquarters through the use of web-based applications and a centrally controlled intranet. The flexibility has allowed tremendous growth while minimizing the cost of additional technology deployment, data consolidation, and on-site management.” –Dawson Davenport, CEO of Real Estate Partners
A: “OpsTechnology has enabled us to accurately track our spending habits, standardize product offerings for our communities, streamline the ordering process through a Web interface/online catalog, and expedite invoice approval. By accurately tracking our spending, we are able to leverage our buying power and negotiate better pricing with national vendors.” –Kristy Simonette, vice president of business services, Camden Property Trust
Project of the Month
The Flats Atlanta
Students living at The Flats in Atlanta have it made. The Flats–the only student housing neighborhood in mixed-use development Atlantic Station–offers every amenity a college student lusts after, including fully furnished units and a private bathroom for each bedroom. Other cool features are a 24-hour fitness center, cable TV, and high-speed Internet service.
This is all part of Atlanta-based developer Lane Co.’s vision for this property: to create a unique student housing mecca located in a hip, urban environment, close to public transportation and major universities. Entertainment hubs such as movie theaters, restaurants, and retail stores are within walking distance of The Flats.
Lane Investment & Development, a subsidiary of real estate firm Lane Co., built The Flats. Another of the firm’s divisions, Lane Management, manages the property. The Flats is the first student housing development built by Lane Investment.
Joel Brockmann, vice president of development for Lane Investment & Development, sees student housing as a new concept for Atlanta. “Most students usually just rent a [traditional] apartment,” Brockmann says. “We wanted to fill a unique niche in the market.”
What better way to mine a niche than by offering all the goodies as standard features rather than options? Each apartment unit in The Flats has its own washer and dryer, and the community itself features a pool, fountain courtyard area, game room, lounge, business center, and covered, controlled-access parking with assigned spots. Two to four roommates share the kitchen and living and dining room areas.
The units are an average of 1,261 square feet, says Brockmann. There are 86 units and 281 bedrooms with two-, three-, and four-bedroom floor plans, and the average monthly rent is $694 per bedroom. The community opened at the end of June and was more than 65 percent preleased at press time.
–Abby Garcia Telleria