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IN THIS ISSUE News & Updates 4 Executive Director’s Message 8 Apartment Construction Boom Slowing Rent

9011 West Sahara Avenue, Suite #150, Las Vegas, Nevada 89117 T: 702-436-7662 • F: 702-446-8445 Email: nsaa@nvsaa.org • Web Site: nvsaa.org Executive Director: Michael Fazio, mfazio@nvsaa.org Executive Assistant: Stefanie Smith, ssmith@nvsaa.org

Increases as Market Shifts Into Expansion Phase Platinum Sponsor Spotlight: Certified Fire Protection and Western Risk Insurance Chasing Yield: The 2015 Dealmaking Outlook Uh Oh, Are We Overbuilding Again? Calendar of Events Products & Services Guide

14 18 20 22 Feature Article 10 2nd Annual Reno Jewel Awards

WHO WE ARE

The Nevada State Apartment Association (NVSAA) is a non-profit organization that provides the local multi-housing industry with legislative support, education and community outreach to benefit our membership and the community. The NVSAA is devoted to supporting the diversity, integrity and ever-changing environment of the multi-family industry. We are devoted to you.

WHY WE EXIST

The Nevada State Apartment Association exists to support the multi-housing industry and its professionals with proactive legislative efforts, by promoting career development through education and by offering entertaining social opportunities. The NVSAA also strives to promote the highest level of professionalism with established standards and practices throughout every segment of the multi-family industry, including management, marketing, maintenance and suppliers.

NVSAA 2014 Board of Directors President Taylor Verhaalen…………….(702) 204.9902 Stout Management Company

Vice President Phyllis Garcia………...............(702) 465.4667 Pinnacle

Treasurer Erica Arthur…………………….(702) 990.2773 Ovation Property Management

Past President Janice Richards……………….(702) 581.3591 Camden Property Trust

Executive Officer Bobby Segura………………...(702) 335.2717 Quality Towing

Executive Officer Debra Peterson……………….(702) 499.2785 For Rent Media Solutions

Legal Counsel Eric Newmark………………...(702) 306.4830 Karsaz Law

Director Bret Holmes……………………(702) 401.4674 Advanced Management Group

Director Steven Olmos………………...(702) 303.1621 Silver Lands Inc.

Director Amy Hjerpe…………………....(702) 419.2124 Pinnacle

Director Sharee Bennecke……………(702) 265.9246 Apartments.com

Director - RENO Lucky Merry…………………….(702) 569.1504 Prime Residential

Director - RENO Chrissy McCulloch……….....(775) 790.4450 Vintage at South Meadows

Director - RENO Danett Michelini……………..(775) 722.0764 For Rent Media Solutions

Director Greg Morehead……………...(602) 740.9289 Fairfield Properties

Director Tommy Zauder………………..(702) 574.4574 Alliance Residential

Director Mario Ortiz……………………..(702) 395.0071 Fire-N-Ice Heating and AC

Director Ken Coats………………………..(702) 401.6760 KRT Fitness and Patio Concepts

Director Mary Rodriguez……………...(702) 378.8917 Camden Property Trust

Director Chico Lucero………………..….(702) 374.8750 Prime Residential

Executive Director Michael Fazio...................(702) 436-7662 Nevada State Apartment Association (NVSAA)

Executive Assistant Stefanie Smith..........ssmith@nvsaa.org Nevada State Apartment Association (NVSAA)

Events & Membership Coordinator Julia Gardiner……….. jgardiner@nvsaa.org Nevada State Apartment Association Executive Assistant Executive Director (NVSAA) Michael Fazio........................ (702) 436-7662 Aysha Park............................ (702) 436-7662 Nevada State Apartment Association (NSAA) Nevada State Apartment Association (NSAA)

DECEMBER | JANUARY 2015

Bottom line… we exist for you, because of you. NVSAA Platinum Sponsors: • Certified Fire Protection • Western Risk Insurance • Sherwin Williams • Cox Communications • Silver Lands, Inc. • Quality Towing • Apartments.com

• Fire-N-Ice Heating & Air Conditioning • Karsaz Law • KRT Concepts • Belfor Property Restoration • Houston Contracting Corp.

NVSAA welcomes our newest members! NEW Property Members

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• Destinations at Valley View • Destinations at Winterhaven • Embassy Apartments • Emerald Suites South • Estancia • Everett Apartments • Gramercy Parc • Green Tree Apartments • Harbor Island • La Fiesta Apartments • Mayan Plaza • McKnight Seniors I, II, III • Morrell Park • Mountain Vista • Nellis Gardens • Paradise Park 2 • Parkside Villas • Parkway at Silverado Ranch • Pebble Cove • Quest Apartments • Rainwalk Apartments

• San Diego Family Housing • Sharlands Terrace • Snug Harbor • Southern NV Rental Holdings • Sterling Court • Summerwind Apartments • Sunrise Springs • Sunset Canyon • Sunset Springs • T1 Properties • Tanglewood Village • Tuscany • Village at Arrow Creek • Village at Desert Lakes • Village at Iron Blossom • Vintage at Seven Hills • Volare Apartments • Whittell Pointe 1 & 2 • Wildhorse Estates • Willows at Spring Valley • Wyandotte

NEW Partner Members • Clark County Collection Services • Contemporary Information Corp. (CIC) • Genie Services • Gothic Grounds

Management • LeaseTerm Solutions • One Call Now • ProChem ProActive • The GB Group, Inc.

Apartment Insight Committee: Michael Fazio Nevada State Apartment Association Cover art courtesy of Michael Fazio

For Advertising Information, Contact:

Dani Gorden 801.676.9722 dani@thenewslinkgroup.com

A Great Year has Passed; Another Great Year Awaits By Michael Fazio, 2014 NVSAA Executive Director

Apartment Insight is published by the Nevada State Apartment Association. Apartment Insight is the official trade publication of the Nevada State Apartment Association, a professional association of multi-housing professionals and industry partners. The materials contained in this publication are general in nature; the applicability to one’s particular situation should be reviewed with a professional who has all the facts pertaining to the situation being considered. The publisher disclaims any liability for published articles. Advertising Policy: Nevada State Apartment Association accepts no responsibility for unsolicited materials. Advertisements contained in this magazine do not constitute endorsement. With the exception of those products and services directly under the control and supervision of NVSAA, it is the policy of the NVSAA, its officers and Board of Directors, not to endorse any products or services.

A year sometimes seems like a long period of time, and other times it seems to go by so quickly. It was almost a six years ago that the 2009 Board of Directors selected me from an extensive talent pool to be your Executive Director. I took this position with the intention of creating the best Association possible in the State of Nevada, the Nevada State Apartment Association. Over the past six years I know all of us made great strides in creating a viable, politically driven, socially responsible and all-encompassing apartment association. We have become the “go to” association for multifamily and sometimes single family real estate. None of this could have happened without your support and a few Presidents, Board Members and volunteer committee members along the way. Those individuals are all of you! And I personally want to thank each and every one of you. We achieved another milestone recently. Last year we surpassed the 84,000 unit mark, a far cry from the 32,000 units we had just a few years ago. We grew over 14,000 units in the past 12 months and all renewed our commitment(s) to our industry. We have also been involved in a lot of interesting and significant events over the past year. For instance, Maintenance Mania made its way up north to the Reno market for the first time, to an overwhelmingly positive response. The Jewel Awards events (yes … events) saw over 925 attendees in two cities. How impressive, considering 6 years ago we struggled to attract 300 attendees. Over 500 nominations were gathered for the awards portion of these events with 30% of the nominations turned into submissions. This number has grown exponentially over the past few years as well and I see no reason those numbers can’t keep increasing. We welcomed Apartment All-Stars back to Las Vegas for a second year and encroached on another 250 attendees. This was exceeded by For Rent Media Solutions Nadeen Green’s Fair Housing class this past April, which saw over 500 apartment professionals attend, for an educational event of epic proportions. CONTINUED ON PAGE 6

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be a responsive design (yay for mobile phone and tablet users), but will be much more robust for registrations and Business Partner listings. This will change the way members (and non-members looking to join) use our website.

CONTINUED FROM PAGE 4

And the NVSAA, once again, proved politically they can be a force. With the help of our Legislative Committee and Board liaison, Eric Newmark, ESQ., the NVSAA helped raised over $21,000 for political action and contributed /endorsed 14 political figures in 2014’s election process. Almost all of the candidates we supported won their races. And finally, we also helped spread the word on the “No on 3” campaign, which was defeated soundly this past November.

Yes, I had a goal of making this best association in the State of Nevada. The only reason this is the best association in Nevada isn’t because of me, or my staff. The reason it’s the best is because of all of you, the members … the volunteers … the industry leadership … and the most of all, those who believed in the viability of Nevada’s apartment industry. And for those reasons, I am overwhelmingly grateful.

There have been a lot of changes to the association itself over the years. From the use of our statewide lease powered by Blue Moon (over 130 users, up from just 17 users in 2009) to our statewide forms program powered by TenantTech, the NVSAA is always attempting to make your membership more valuable. In early 2015 the NVSAA will be introducing a more user-friendly website, which not only will

It has been a pleasure being your Executive Director once again and I look forward to serving your needs in 2015!

www.nvsaa.org

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Apartment Construction Boom Slowing Rent Increases as Market Shifts Into Expansion Phase By Randyl Drummer, CoStar Group

everywhere," Yuen said. "Some late-recovery markets like Las Vegas arenâ&#x20AC;&#x2122;t yet seeing vacancy increases yet, but even there, developers are beginning to find opportunities."

With construction on new apartments back in full swing and vacancy rates beginning to trend upward, the robust rent increases enjoyed previously by landlords in most U.S. metro areas are expected to decelerate to below 2% in 2015 as the multifamily market shifts from full recovery into an expansion phase.

Dallas, Washington, D.C. and Houston have each seen more than 10,000 units delivered over past four quarters, while apartment inventories in secondary markets like Charlotte and Raleigh have increased by nearly 5% as apartment construction fans out. Denver and Houston, each with upwards of 20,000 units under construction, will see record deliveries over the next two years, Yuen added.

CoStar Group economists are forecasting that apartment vacancy rates will rise in 46 of the 54 top U.S. metros over the next four quarters due to the massive wave of current apartment deliveries and new apartment projects starting almost daily. According to their most recent analysis, the U.S. apartment vacancy rate will rise from the current 4.1% to over 5% by the end of 2015. Although a significant trend shift, apartment vacancies are still expected to remain near 10-year lows across most of the nation, even with the addition of hundreds of thousands of new units.

Despite the expected impact on rents from all the new construction, because most of the new building is expensive luxury properties, analysts noted a widening affordability gap. In the Oakland/East Bay Area, for example, the average income has risen by about 15% to over $75,000 in the strengthening economy. However, rents have grown by a staggering 30% over the same period and now require more than 25% of annual income, Yuen said.

Cycle's Apt. Construction Peak Extends to 2015 More than 220,000 new units were added during 2014 and another 250,000 units are projected for delivery in 2015, according to CoStar Portfolio Strategy's Francis Yuen, one of the presenters during the recent CoStar Third Quarter 2014 Multifamily Review and Outlook. "At this point in the cycle, weâ&#x20AC;&#x2122;ve seen supply take hold almost

"Lack of affordability is certainly something we are beginning to see capping rent growth, especially at the high end of the market," Yuen said.

www.nvsaa.org

Year-over-year growth in effective rents, which has gradually decelerated since 2013, is expected to drift below 2% in tertiary and secondary as well as the top U.S. markets during 2015 and 2016.

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The Return of Free Rent? Meanwhile, concessions offered to induce renters, which in the past have increased quickly when supply accelerates, have so far remained below 3%. At this point in the cycle, concessions are primarily a factor in new projects struggling to lease up. "We've been surprised by the low levels of concessions we're seeing today, given the large amount of new supply," said CoStar director of U.S. research, multifamily Luis Mejia, a co-presenter along with quantitative analyst Mark Hickey.

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But with rent growth slowing further and more supply on the way, property income growth is also expected to finally slow down heading into 2015, which may prompt investors to buy more office buildings rather than apartments in search of higher yields, the analysts noted.

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Net operating income (NOI) for apartments, which peaked at about 6% in mid-2012 and was the only major property type to show growth from 2010 to 2013, is now the only sector to show year-overyear income deceleration.

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How much of an impact all the new apartments will have is still being debated. That's because demographics and sagging singlefamily homeownership rates continue to work to the advantage of the rental apartment market, one of the few sectors to benefit from the housing crash of the late 2000s.

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As renters follow jobs to growing Sunbelt metros, roughly 67 million Americans are in the prime renting cohort between ages 20 and 34, about 7.5 million more than in 2000 -- numbers that will continue to tick upward in coming years. Meanwhile, the rise in single-family home sales and prices has slowed in recent quarters and the average U.S. homeownership rate continues to drift downward, now standing at 64.4%. "Renters are still facing economic ambiguity, and the speed at which they are coming into the rental market is still greater than the rate that they are becoming home buyers," Mejia said. "The economy is strong enough to push renters into the rental pool, but not strong enough to promote home ownership, a double benefit to the apartment market."

About the Author At CoStar, we’re in the business of equipping our clients with what they need to succeed. We create opportunity through a combination of reliable tools, resources, and deep understanding on over 4.5 million commercial real estate properties in today’s market. Find relevant information, meet the right people, and make the deals that are critical to your success. Whatever your business, we’re here to help you reach your goals, and keep you moving ahead with confidence.

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Certified Fire Protection Certified Fire Protection (CFP) came to fruition in November 1977 and remains a family owned business. Certified provides installation, inspection, repair and maintenance service for fire sprinklers, hydrants, alarms and alarm monitoring and fire extinguishers. The company is also engaged in providing Department of Transportation high pressure hydro testing, first aid supply and CO2 gas refilling. Certified Fire Protection was named the 2010 Vendor of the Year by the Nevada State Apartment Association. The company is actively involved in all aspects of the fire protection industry by working closely with state and local jurisdictions not only as a consultant on fire code issues, but also has assisted in authoring of National fire codes. President Doug Sartain and Certified Fire Protection believe that customer service is and always has been of the utmost importance to the company. He credits their exceptional customer service for their continued business success. Doug remains focused in continuing to develop the company and he remains steadfast in his commitment to giving back to the community cultivating not only his business but the success of the company’s staff. He is adamant that Certified Fire Protection sets the standard and is the leader in the fire protection industry.

Additionally, Certified Security Link, LLC (CSL), an affiliate of Certified Fire Protection, Inc., now has the flexibility to place a wireless security/ burglary monitoring device in any location of your home or business. This gives anyone the aptitude to protect and secure areas wires simply do not have the ability to reach. CSL is an affiliate of Certified Fire Protection, Inc. which has been well renowned and committed to the Las Vegas community for over 38 years. Both companies are locally owned and managed. Certified Fire Protection, Inc. has always been built to deliver the highest level of customer satisfaction and commitment to all customers. You can expect the same standards from Certified Security Link. For additional information on Certified Fire Protection or Certified Securit y Link please call Doug Sar tain at (702)873.5995 or e-mail drsartain@certifiedfirepro.com. You can also visit www.certifiedfirepro.com or www.certifiedsl.com. Nevada State Contractors License# 35621 (Certified Fire Protection) Nevada State Contractors License #79293 (Certified Security Link)

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Chasing Yield: The 2015 Dealmaking Outlook As cap rates continue to fall, investors are pushing for returns in five key areas heading into the new year. By Les Shaver, Multifamily Executive

Times have certainly changed. The third quarter of 2014 saw $27.5 billion in apartment transactions, a 28 percent increase over the third quarter of 2013 and the second straight quarter of sales exceeding $26 billion, according to New York–based commercial real estate research firm Real Capital Analytics (RCA). The apartment market’s recovery has been robust, with rents and occupancies growing stronger each of the past five years. That, combined with weakness in other commercial real estate sectors, brought a flood of investors—from foreign capital to American office owners and single-family builders—into the apartment market. RCA reports that more than 3,000 new investors have entered the apartment space since 2010. “There is a significant amount of capital pursuing good real estate opportunities because investors (pension funds, family office capital, and wealthy individuals) are in search of yield and are not finding many options to place their money,” says Keith Harris, chief investment officer for Chicago-based Laramar Group.

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When Matt Lester bids on a property in one of his core markets These days, he has to fight a little bit harder to be heard. Four or five years ago, the silence was deafening throughout much of his company’s footprint, which stretches from the Midwest to the Southeast. But in those same markets where he once pursued deals without competition, Lester is now trying to cut through the noise and fend off bigger investors coming in from New York and other well-heeled locales. “In 2009, you could be a solo hunter anywhere, even in some pristine markets like Buckhead in Atlanta,” says Lester, founder and CEO of Bloomfield Hills, Mich.–based Princeton Enterprises. “There was a window of about 120 days with no competition for assets that were REO [real estate owned] assets.”

The full array of lenders has followed, with community banks and commercial mortgage-backed securities (CMBS) originators storming back into multifamily to give the insurance companies and government-sponsored enterprises (GSEs) a run for their money. The GSEs, in fact, have seen their market share fall to just 37 percent, after holding things together for the industry during the credit crisis, according to RCA. The end result of all this cash? Returns are shrinking. In the third quarter of this year, cap rates fell to 5.9 percent, an all-time low, says RCA. “Everyone is looking for their niche of driving higher returns in a low-yield, low-return environment,” says Bobby Lee, president and COO of Los Angeles–based JRK Property Holdings. With many observers wondering how much further rents can be pushed, finding spots to generate solid returns will get even harder in 2015. But that doesn’t mean apartment owners won’t take a shot.

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The apartment market’s recovery has been robust, with rents and occupancies growing stronger each of the past five years. That, combined with weakness in other commercial real estate sectors, brought a flood of investors—from foreign capital to American office owners and single-family builders—into the apartment market.

In this low-yield environment, investors are literally looking at everything. Here are five ways they’ll try to move the needle in the year ahead:

1. Assume Development Risk Even with 238,143 units expected to hit the market in 2015, developers are still loading up their pipelines for more, according to A xiometrics. Trammell Crow Residential, for example, expects to start 9,000 units next year, and Phoenix-based Alliance Residential plans 8,500 starts. “All indications are that developers and their investors are positioning for more,” says Carl Frinzi, senior vice president and business unit leader for multifamily at Dallas-based Balfour Beatty Construction, which has 2,400 starts planned for next year. “Early investors are finding buyers for their current portfolios and reloading their pipeline for another solid round of development.” But developers may have their eye on markedly different locations than they did a few years ago. After investors spent a few years telling themselves they were safer in the urban core, Axiometrics says starts in suburbs are outgaining those in cities. Others agree. “Suburban is far less risky and has higher returns, but it’s something that has taken awhile for institutional capital to focus on,” says Mark Alfieri, CEO of Plano, Texas–based Monogram Residential Trust. “That’s where the focus will change. Suburban is less risky from a construction perspective.” Monogram is also open to assuming risk from other developers’ projects, including Vara, a 202-unit project in San Francisco. “We bought it at CO [certificate of occupancy] and look to do more of that going forward—buying properties that were just recently completed, taking the lease-up risk to obtain that yield, instead of waiting until the property is leased and stabilized and paying those [low] cap rates,” Alfieri says.

2. Pursue Value-Add As in the last cycle, investors are continuing to move to the increasingly crowded value-add space as the upturn matures. “Competition has heated up for investment opportunities with a value-add component,” Harris says. “In our mind, when there are

new players entering this space, it is the sign that stable returns are getting too low. In an effort to chase higher returns, investors are often disregarding or, at the very least, underestimating the execution risk associated with these types of investments.” In some cases, these new entrants are players who stayed in the core during the last cycle. “As core has been priced to perfection, we’re seeing pension fund advisers and other institutional-type investors pursue a strategy of value-add to core where they’ll buy an old building in a really good location and reposition it into a core-plus asset,” says David Schwartz, CEO of Chicago-based Waterton Associates. Much of the recent development pipeline has been tilted toward luxury deals. So, with more than 275,000 new units (and more sure to follow) expected to hit the market in the next two years, there are valid reasons to look to Class B and below. “As we look at the recovery period, the Class B apartment properties and value-add is outperforming, and is expected to outperform, the Class A market over the near term,” says Brian E. McAuliffe, senior managing director for Los Angeles–based CBRE Group. “That gets back to the supply side on Class A.” But there are also ways to juice your rents through value-add without navigating the treacherous acquisition waters. Instead of bidding on someone else’s property in a 4 cap-rate environment, Monogram simply rehabs its own portfolio. “Some of the best value-add opportunities that we see in the market today are in our own portfolio,” A lfieri says. “So, even for a property that’s 10 years old, there’s an opportunity. We’re going in and redoing the kitchen and flooring, and we’re seeing terrific returns on that investment.”

3. Return to Condos In some markets, at least, it looks like condominiums are making a long-awaited return. The Washington, D.C., condo pipeline, for example, has increased for the first time since 2005, according to Alexandria, Va.–based research firm Delta Associates. With the 3,100 units either being marketed or sold in and around the nation’s CONTINUED ON PAGE 16

DECEMBER | JANUARY 2015

CONTINUED FROM PAGE 15

capital, supply has grown by a few hundred units over the past six months as condo prices have jumped 12 percent year over year. And developers are jumping back in like they did during the mid2000s, though “the size of the projects is smaller than they were in the last boom cycle,” says William Rich, Delta’s senior vice president and multifamily practice director. Washington isn’t alone. Earlier this year, The Wall Street Journal reported that more than 1,800 units would be completed in downtown Miami in 2015. New York has been a strong market for a while, too. And in markets like Charleston, S.C., and San Francisco, smaller projects, in the 50- to 100-unit range, are beginning to appear.

levels, but there is growing demand in certain markets. “Part of [the demand] is rental prices,” Rich says. “There’s also a shortage of product in the market.” McAuliffe thinks condo conversions could soon follow in hot spots around the country. “If [this cycle] follows past ones, the next area is condo conversions,” he says.

4. Make Portfolio Buys For the bigger players, 2015 could offer some big opportunities. For the very biggest of the public and private equity sources, there’s Atlanta-based operator Gables Residential, which should have a new owner in the first half of the new year.

“I expect condos to be a trend with growing momentum, but only in elite AA- and AAA-type locations, and on the upper end, just because of the difficulty in financing for home purchases,” says McAuliffe.

But even for buyers who can’t take on a firm that began the year with 36,081 units (and a development pipeline of 982 units), there’s opportunity. McAuliffe expects several large portfolios to move and the sale of properties in the $200- to $400-million range to continue. “I expect numerous transactions of a billion or more going into 2015,” he says.

With stringent mortgage-finance rules still limiting demand, it’s doubtful this condo boom ever grows to the disastrous mid-2000s

Big-money institutional buyers may look for even more creative ways to establish their presence in multifamily over a long period.

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“The institutional world has learned the lesson that they want to associate with people who are operators,” says Albert M. Berriz, CEO of Ann Arbor, Mich.–based McKinley. “They don’t want to just have an investment conduit; they want to talk directly to the person who’s operating the asset.”

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These types of arrangements aren’t anything new. In 2008, CB R ichard Ellis Investors bought a controlling stake in Atlanta-based Wood Partners. But over the past couple of years, the business has been so profitable that few firms have wanted to sell a stake of their platform.

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“Now, as there’s a pause for less growth, I think there will be more interest in having some discussions to buy some of these platforms,” McAuliffe says. “It may not happen, but there will be discussions.”

5. Head Back to Core Markets While trades of mid- and high-rise properties in the Big Six metros recorded $10.89 billion in the third quarter, secondary, and even some tertiary, markets once again saw the largest total number of apartments move, according to RCA. Some of that activity entailed large institutional buyers chasing yield.

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“There’s no question that money is chasing deals in the secondary, and even tertiary, markets,” Lester says. “The traditional buyers of New York, Boston, San Francisco, Los Angeles, and Chicago real estate are in a variety of markets that you didn’t tend to see them in.”

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Partially fueling that growth is a renewed appetite by lenders to finance deals off the beaten path. In the third quarter, regional and local banks captured 17 percent of all apartment lending (after sitting at less than 10 percent before 2013), while CMBS secured 13 percent of the market (after originating almost nothing in 2010), according to RCA.

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“What was holding those markets back in the first few years of the recovery was that, with the exception of the agencies, debt financing wasn’t as readily available,” says Ben Thypin, RCA’s director of market analysis. “But now, between CMBS, the banks, and the agencies, it’s fairly easy to get debt financing on a secondary-market purchase.” But the cap-rate spread between core and secondary markets has narrowed, from 200 to 300 basis points down to 50 in some cases. “There’s almost no premium to go to secondary and tertiary markets,” says JRK’s Lee. “My expectation is that you’ll see some migration to quality—whether it’s higher-quality assets or higherquality markets. When you look at it, you almost don’t get paid a premium to go to Brunswick, Ga., versus Atlanta.”

About the Author Les Shaver is a Deputy Editor for Hanley Wood's Residential Construction Group. He has more than a decade covering multifamily and single-family housing. You can always email Les at lshaver@hanleywood.com.

DECEMBER | JANUARY 2015

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Uh Oh, Are We Overbuilding Again? Sources: Cassidy Turley Research, Costar Group, REIS, Real Capital Analytics

The underlying question of fundamentals -- vacancy levels and rents -- is much more likely to impact the sale pricing of apartment projects in 2015 than the potential impact of what we anticipate will be minor hikes in interest rates. And so the real question for the marketplace heading into 2015 is: â&#x20AC;&#x153;Are we overbuilding?â&#x20AC;? Multifamily product was the first of all the commercial real estate property types to show strong signs of recovery following the recession and has been the favorite of investors since. Of course, this only makes perfect sense as people always need a place to live, and falling house prices (and broader economic

circumstances) discouraged millions of potential buyers and sellers from transacting. Following a few years of significantly reduced household formation there was considerable pent-up demand in the marketplace. Household formation fell dramatically during the downturn. Since 1990, the United States has averaged over 1.2 million new households annually. Most of this is from basic population growth and is caused by children growing up and moving out, although immigration also typically accounts for anywhere from 10% to 20% of this total. After averaging just below 1.2 million annually between

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2004 and 2007, household formation fell to less than 400,000 in both 2009 and 2010. But population growth did not change significantly during this period. Instead, from 2008 to 2010 there were about 2 million potential households that did not form. This number consists of young people who opted not to move out of the nest or that returned to their parentâ&#x20AC;&#x2122;s homes after earning degrees. It also consists of individuals or families who became roommates or otherwise doubled up during the recession. Those numbers have since rebounded and we saw nearly 1.4 million new households formed in 2013. Even though that number reflects an increase of more than 200,000 family units over historical averages and the impact of pent-up demand, our analysis of historical household formation and housing starts data indicates there remains pent-up demand of at least 1.5 million housing units throughout the United States.

years at least, allowing landlords to push average (national) rents up by at least 2.5% to 5%.

About the Author At Cassidy Turley, we are market leaders, industry leaders and community leaders. Nationwide, clients recognize us for the creative sophistication of our real estate advice as well as for the discipline and accuracy of our service delivery. We are a trusted partner and advocate, supporting our clientsâ&#x20AC;&#x2122; overall business performance. In markets across the country, we are respected as a leading provider of commercial real estate services as well as for our community engagement. Our thorough understanding of local business practices and market dynamics, combined with our customer focus and service commitment, give our clients a distinct edge in commercial real estate across the globe.

Historically, about one-third of those people rent. However, the homeownership rate peaked in 2004 at 69% and still hovered around 68% for another three years after that. Almost having fallen 400 basis points from its peak, these dynamics have only added to apartment unit demand drivers. Additionally, changing demographics will continue to support this demand going forward.

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Echo-boomers and baby-boomers are entering their prime rental years -- and large swaths of college graduates (currently the largest 5-year age group is 20-24-year-olds) coming into a better job market is good news for the multifamily sector. Typically, this age group will rent for several years before eventually buying. These factors have helped demand for multifamily units exceed development for the last three-and-a-half years. During that time, there has been nearly twice as much demand for rental units as there as been new supply added. While there are about 350,000 new apartment units scheduled to deliver through 2015 -- double the historic norm -- the multifamily sector has absorbed about 300,000 units -- also double its historic norm. So despite fears of overbuilding (from a national perspective), there is a lot of evidence that multifamily fundamentals will remain strong. New deliveries will push vacancy up from its razor thin 4.1% (but not nearly enough to bring it back to its long-term average of 5.4%). In all likelihood, the fundamentals will carry the sector for another three to four

DECEMBER | JANUARY 2015

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NEVADA STATE APARTMENT ASSOCIATION CALENDAR OF EVENTS JANUARY 2015 S M T W T F 1 2 4 5 6 7 8 9 11 12 13 14 15 16 18 19 20 21 22 23 25 26 27 28 29 30

S S 3 10 5 17 12 24 19 31 26

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JULY 2015 T W T 1 2 7 8 9 14 15 16 21 22 23 28 29 30

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FEBRUARY S M T W 1 2 3 4 8 9 10 11 15 16 17 18 22 23 24 25

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2015 AUGUST 2015 T F S S M T W T F 5 6 7 12 13 14 2 3 4 5 6 7 19 20 21 9 10 11 12 13 14 26 27 28 16 17 18 19 20 21 23 24 25 26 27 28 30 31 MARCH 2015 SEPTEMBER 2015 M T W T F S S M T W T F 2 3 4 5 6 7 1 2 3 4 9 10 11 12 13 14 6 7 8 9 10 11 16 17 18 19 20 21 13 14 15 16 17 18 23 24 25 26 27 28 20 21 22 23 24 25 30 31 27 28 29 30 APRIL 2015 M T W T 1 2 6 7 8 9 13 14 15 16 20 21 22 23 27 28 29 30

OCTOBER 2015 F S S M T W T F 3 4 1 2 10 11 4 5 6 7 8 9 17 18 11 12 13 14 15 16 24 25 18 19 20 21 22 23 25 26 27 28 29 30

MAY 2015 M T W T

NOVEMBER S F S S M T W 1 2 1 2 3 4 3 4 5 6 7 8 9 8 9 10 11 10 11 12 13 14 15 16 15 16 17 18 17 18 19 20 21 22 23 22 23 24 25 24 25 26 27 28 29 30 29 30 31 S

M 1 7 8 14 15 21 22 28 29

JUNE 2015 T W T 2 3 4 9 10 11 16 17 18 23 24 25 30

F S S 5 6 12 13 6 19 20 13 26 27 20 27

DECEMBER M T W 1 2 7 8 9 14 15 16 21 22 23 28 29 30

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2015 T F S 5 6 7 12 13 14 19 20 21 26 27 28

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2015

EVENTS 01.28 01.29 02.20 02.25 03.25 03.27

Leasing Class (Reno) Kickoff Mixer Market Trends X Website Training Education Class Career Fair Reverse Trade Show 04.06 Day @ the Legislature 04.16 Dinner Event 04.23 Fair Housing 04.29 Education Class 05.08 Golf & Putting Classic 05.20 Apartment All-Stars 05.27 Education Class 06.18 Pre-NAA Mixer 06.22 to 06.27 NAA EdCon 07.17 Texas Hold ‘Em Poker 07.29 Education Class 08.20 Dinner Event 08.26 Education Class 09.18 Bowling Social 09.21 to 09.22 NALP (Leasing) 10.15 4th Quarter Mixer 10.16 Maintenance Mania (Reno) 10.23 Maintenance Mania 10.28 Education Class 11.06 Politics and Putts Golf 12.05 9th Annual Jewel Awards 12.12 3rd Annual Jewel Awards (Reno) 12.16 Education Class Additional Reno Events (Dates TBA) March or April Fair Housing May Mixer June Education Class July Bowling Event NVSAA Will Add to Calendar  CPO Courses  HVAC Courses  Crime Free Multi-Housing Training Events Subject to Change

YELLOW = HOLIDAYS ORANGE = EDUCATION EVENTS BLUE = NVSAA DINNER / MIXER EVENTS GREEN = NVSAA FEATURED EVENTS GREY = NAA or NVSAA SPECIAL EVENTS

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PRODUCTS & SERVICES GUIDE LAS VEGAS AC & REPAIRS 75 Degrees, LLC 6433 Hill View Ave. Las Vegas, NV 89107 hvac75degrees@yahoo.com P: (702) 478.7575 F: (702) 429.2801 A/C SALES - SUPPLIES & PARTS Bio-one 12100 Mountain Centre Rd., #11206 Marana, AZ 85658 glenn@bioonevegas.com P: (702) 403.4242 F: (800) 513.1424 Maintenance Supply Headquarters 880 Wigwam Pkwy., #140 Henderson, NV 89014 www.supplyHQ.com P: (702) 558.2200 F: (702) 558.2205 Spanish: (888) 281-0255 MSI HVAC 3480 Birtcher Dr. Las Vegas, NV 89118 bbilliu@msihvac.com P: (702) 217.5042

TSI Total Safety Inc. 9555 Del Webb Blvd Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 APPLIANCES (SALES/RENTAL/PARTS/REPAIR) Ferguson Enterprise 501 Parkson Road Henderson, NV 89011 chris.williams@ferguson.com P: (702) 564.2660 F: (702) 564.1329 Maintenance Supply Headquarters 880 Wigwam Pkwy., #140 Henderson, NV 89014 www.supplyHQ.com P: (702) 558.2200 F: (702) 558.2205 Spanish: (888) 281.0255 Sears Roebuck & Co., dba Sears Commercial 2417 Regency Blvd., Ste 6 Augusta, GA 30904 bret.spears@searshc.com P: (702) 942.3269

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ADVERTISING Apartment Finder 6330 McLeod Dr. Ste. 5 Las Vegas, NV 89120 cvail@apartmentfinder.com P: (702) 604.2351 F: (702) 798.8311 Apartment Guide (Las Vegas) 8298 South Arville Street Suite #104 Las Vegas, NV 89139 joegreen@apartmentguide.com P: (702) 939.1494 F: (702) 939.1551

Wilmar 4031 Industrial Center Drive, Suite 701 North Las Vegas, NV 89030 bob.crofford@wilmar.com P: (702) 296.0664 F: (702) 997.1030 ASBESTOS CERTIFICATION REMOVAL Genie Services 4300 North Pecos Road, Suite #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179

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ASPHALT (SEAL COATING STRIPING & REPAIRS) Affordable Striping & Sealing 5795 South Sandhill Road, Suite F Las Vegas, NV 89120 shondadecker@gmail.com P: (702) 222.9009 F: (702) 248.9605

For Rent Media Solutions (Las Vegas) 5740 S. Arville St., Ste 209 Las Vegas, NV 89118 debra.peterson@forrent.com P: (702) 255.3700 F: (702) 724.9660

Cedco Contracting 146 Tyler Court Henderson, NV 89074 smckinley@cedcoinc.com P: (702) 361.6550 F: (702) 361.8281

Simply Apartments 1176 Center Point Drive Henderson, NV 89074 martha@simplyapartments.com P: (702) 985.9911 F: (702) 567.2411

Sunland Asphalt 5815 Emerald Avenue Las Vegas, NV 89122 smusegades@sunlandasphalt.com P: (702) 563.6872 F: (702) 563.6875

SurReel Video 1611 Spring Gate Lane., Ste: 370305 Las Vegas, NV 89134 cherise@surreelvideo.com P: (702) 351.8329

ATTORNEYS/LEGAL SERVICES Karsaz Law 375 Warm Springs Ave., Ste 104 Las Vegas, NV 89119 ckarsaz@karsaz-law.com P: (702) 952.9321 F: (702) 933.5077

ALARM SYSTEMS AND SERVICES Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972

Law Offices of Scott M. Clark P.C. 3008 N. 44th Street Phoenix, AZ 85018 scott@scottclarklaw.com P: (602) 957.7877 (6032) 957.7876

Marquis Aurbach Coffing tmoore@maclaw.com P: (702) 942.2168 F: (702) 856.8968 AWARDS/TROPHIES Awards West 1957 North Decatur Boulevard Las Vegas, NV 89108 awardswestlv@lvcoxmail.com P: (702) 648.1661 F: (702) 648.1602 BACKFLOW TESTING Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972 TSI Total Safety Inc. 9555 Del Webb Blvd Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 BLINDS/WINDOWS/DOORS/GLASS Cherokee Blind & Door 4350 S Arville, C-21 Las Vegas, NV 89103 P: (702) 432.3244 F: (702) 432.3341 Maintenance Supply Headquarters 880 Wigwam Pkwy., #140 Henderson, NV 89014 www.supplyHQ.com P: (702) 558.2200 F: (702) 558.2205 Wilmar 4031 Industrial Center Drive, Suite 701 North Las Vegas, NV 89030 bob.crofford@wilmar.com P: (702) 296.0664 F: (702) 997.1030 CARPET CLEANING & EXTRACTION SERVICES Oxi Fresh of Nevada 3300 Sirius Ave #1020 Las Vegas, NV 89102 bsibbett@oxifreshoflv.com P: (702) 280.0493 F: (702) 778.2122 Servpro of Northwest Las Vegas 791 Middlegate Road Henderson, NV 89011 G_parks@servpro8336.com P: (702) 564.8508 Trademark Restoration Services 5980 Topaz St. Las Vegas, NV 89120 info@trs24-7.com P: (702) 435.8241 F: (702) 897.5547 Venturi Clean PO Box 500 Bridgeport, PA 19405 mradcliffe@venturiclean.com P: (215) 669.6628 F: (888) 752.8097 CARPET CLEANING/RESTORATION/DYEING Universal Carpet Care, Inc. 3111 S. Valley View, Ste. N-102 Las Vegas, NV 89102 stevec@universalcarpetcare.com P: (702) 220.9003 F: (702) 220.4818

CARPET - SALES & INSTALLATION Cloud Carpet One Floor & Home 6555 S. Valley View Blvd., Ste:500 Las Vegas, NV 89118 marshall@cloudcarpet1.com P: (702) 798.0798 F: (702) 798.3928 HM Carpet 4700w. Russell Rd. Las Vegas, NV 89118 cesar@hmflooringgroup.com P: (702) 597.9020 F: (702) 891.0297 Seamless Flooring LLC 6555 S. Tenaya Way #700 Las Vegas, NV 89113 dave@seamlessflooring.org P: (702) 431.7900 F: (702) 614.4300 Starshine Painting and Cleaning Services, LLC 2980 S. Rainbow Blvd., Ste# 110J Las Vegas, NV 89146 starshineservices@gmail.com P: (702) 332.3159 F: (702) 982.5118 CLEANING SERVICES Genie Services 4300 N. Pecos Rd. #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179 CLEANING SERVICES (MOLD/DISASTER) Genie Services 4300 N. Pecos Rd. #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179 COLLECTIONS - AGENCIES AND SYSTEMS Allied Collection Services 3080 S. Durango Dr., Ste 208 Las Vegas, NV 89117 jmancini@acsnv.com P: (702) 939.8390 F: (702) 944.4062 Clark County Collection Services 8860 West Sunset Rd. Las Vegas, NV 89148 cccs@mgci.com P: (702) 940.5120 F: (702) 365.7927 National Credit Systems, Inc. 1044 South Buchanan Street Gilbert, AZ 85233 jnantista@nationalcreditsystems.com P: (888) 272.8178 F: (206) 339.4983 Quantum Collections 3080 South Durango Drive Las Vegas, NV 89117 jpreli@quantumcollections.com P: (702) 633.8082 F: (702) 657.1888 Sentry Recovery and Collections 3080 S Durango Drive. Ste# 203 Las Vegas, NV 89117 jgravitt@srcnv.com P: (702) 944.4111 F: (702) 939.3448

CONCRETE REPAIR & RESURFACING Precision Concrete Cutting 3191 North Canyon Road Provo, UT 84604 matt@safesidewalks.com P: (801) 830.4060 F: (801) 224.0062

EXERCISE EQUIPMENT Advanced Exercise Equipment 861 South Park Drive Littleton, CO 80120 hdoane@advancedexercise.com P: (702) 212.4844

CONSTRUCTION MANAGEMENT CONSULTANTS The GB Group, Inc. 8921 Murray Ave. Gilroy, CA 95020 meagan.svendsen@gbgroupinc.com P: (408) 848.8118 F: (408) 848.8119

FIRE ALARMS AND PROTECTION Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972

Houston Contracting Corp 7643 Arila Beach Ave Las Vegas, NV 89113 dave@houstoncontractingcorp.com P: (702) 966.8900 F: (702) 940.7859 COPIERS IBS Copiers, LLC 4045 S. Buffalo Dr., Ste A 101-237 Las Vegas, NV 89147 ibscopiers@gmail.com P: (702) 253.1114 F: (702) 432.8080 COUNTERTOP RESURFACING Multi-Restoration, Inc. 9501 W. Sahara Ave Blvd., # 2148 Las Vegas, NV 89117 gary@multirestoration.com P: (702) 350.0900 Starshine Painting and Cleaning Services, LLC 2980 S. Rainbow Blvd., Ste# 110J Las Vegas, NV 89146 starshineservices@gmail.com P: (702) 332.3159 F: (702) 982.5118 CRIME SCENE CLEAN-UP Steamatic Total Cleaning & Restoration 2851 Synergy Street North Las Vegas, NV 89030 asyverson@steamaticlv.com P: (702) 633.0383 F: (702) 633.0012 DOORS & DOOR/GATE PRODUCTS Western Door and Gate 7725 Commercial Way, Suite #120 Henderson, NV 89011 tom@westerndoorandgate.com P: (702) 839.3600 F: (702) 558.3222 DRYWALL - CONTRACTORS Genie Services 4300 N. Pecos Rd. #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179 Starshine Painting and Cleaning Services, LLC 2980 S. Rainbow Blvd., Ste 110J Las Vegas, NV 89146 starshineservices@gmail.com P: (702) 332.3159 F: (702) 982.5118 EMERGENCY WATER & FIRE RESPONSE Advanced Pro Remediation 5961 McLead Drive Las Vegas, NV 89120 info@calladvancedpro.com P: (702) 252.0880 F: (702) 543.5238 EMPLOYMENT AGENCY BG Staffing 500 North Rainbow Boulevard, Suite #300 Las Vegas, NV 89107 kgettys@bgstaffing.com P: (702) 216.0971 F: (210) 348.8476

TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 FIRE AND SAFETY Certified Fire Protection 3400 W Desert Inn, Ste 20 Las Vegas, NV 89102-8354 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972 Diversified Protection Systems, Inc. 4435 Wagon Trail Avenue Las Vegas, NV 89118 tmilton@dpsi.biz P: (702) 307.3473 F: (702) 307.3472 TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 FIRE EXTINGUISHERS Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972 On Guard Fire Protection 7705 Commercial Way, # 155 Henderson, NV 89011 bobby@onguardfp.com P: (702) 966.8021 F: (702) 987.1174 TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 FIRE SPRINKLER SYSTEMS INSTALLATION Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972 TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001 FINANCE Johnson Capital 9090 S. Ridgeline Blvd., Ste# 207 Highlands Ranch, CO 80129 tylerwebster@johnsoncapital.com P: (918) 528.3350 FITNESS EQUIPMENT Fitness Pro 560 S. A Street Oxnard, CA 93030 anthony@fitnessprousa.net P: (805) 483.7000 F: (805) 486.2221

Opit-Fit International, Inc. P.O. Box 6716 Folsom, CA 95763 joshua@opti-fit.com P: (916) 274.3488 F: (866) 274.3488 FLAGS — BANNERS & PENNANTS Las Vegas Flag & Sign 4572 West Hacienda Ave Las Vegas, NV 89118 bobglennon@lvfns.com P: (702) 798.6030 F: (702) 789.3001 FLOORING - COVERING/CARPET Criterion Brock, Inc. 1660 Helm Dr. Ste 1000 Las Vegas, NV 89119-3845 jason@brockinteriors.com P: (702) 458.6550 F: (702) 458.6584

FSI Construction 5728 Teague Road Houston, TX 77041 tony@fsiconstruction.com P: (713) 690.5330 F: (713) 690-9220 Rawson Construction 3625 West Teco Avenue, Suite 10 Las Vegas, NV 89118 mike@rawsonconstruction.com P: (702) 739.9399 F: (702) 614.4287 HVAC Fire-N-Ice Heating & Air Conditioning 2324 S. Highland Dr. Las Vegas, NV 89102 fire-n-icehvac@earthlink.net P: (702) 395.0071 F: (702) 395.0253

MSI HVAC Redi Carpet 11700 Industry Avenue 4535 East Elwood., #101 Fontana, CA 92337 Phoenix, AZ 85044 awebb@msihvac.com lzoroya@redicarpet.com P: (951) 727.2228 F: (888) 841.5254 P: (480) 205.7020 F: (480) 350.9987 INSURANCE Shaw Industries Assurance Ltd. 11411 Valley View 5740 South Arville St., Ste# 204 Cypress, CA 90670 Las Vegas, NV 89118 brian.hoddy@shawinc.com aholden@assuranceltd.com P: (714) 317.9999 F: (888) 367.6220 P: (702) 798.3700 F: (702) 238.7133 Sherwin Williams Paint & Floor Covering 7470 S. Dean Martin Drive, #105 Las Vegas, NV 89139 swrep5905@sherwin.com P: (702) 895.8887 F: (702) 895.8892

ePremium Insurance 4770 Duke Dr. Suite 310 Mason, OH 45040 jbuechler@epremiuminsurance.com P: (800) 319.1390 F: (513) 204.1920

Solar Contract Carpet of Las Vegas, Inc. 4280 Wagon Trail Ave., #C Las Vegas, NV 89118 jeff.robinson@solarcarpet.com P: (702) 798.7100 F: (702) 798.1982

LeaseTerm Solutions 2675 Paces Ferry Road, Suite #120 Atlanta, GA 30339 cassondra@leasetermsolutions.com P: (888) 814.6950 F: (678) 981.6255

FURNITURE (RENTAL/SALES) CORT Furniture Rental (Las Vegas) 6625 Arroyo Springs St. Ste. 130 Las Vegas, NV 89113 Angel.Dibellonia@cort.com P: (702) 822.7368 F: (702) 822.7324 KRT Concepts 6170 W. Lake Mead Blvd., #168 Las Vegas, NV 89108 kcoats@krtconcepts.com P: (702) 490.3558 F: (702) 924.2562 GATES – AUTOMATIC & MANUAL Community Controls 2500 South 3850 West Salt Lake City, UT 84120 tbruske@communitycontrols.com P: (800) 284.2837 F: (800) 867.3637 Martin Garage Doors of Nevada, LLC 6667 Schuster Street Las Vegas, NV 89118 courtmorris@hotmail.com GENERAL CONTRACTORS Alpha 1 Construction 5006 Bond St. Las Vegas, NV 89118 charlie@alpha1constructiononline.com P: (702)649.0067 F: (702) 649.0096 F & A Painting and Construction, Inc. 4335 West Post Road Las Vegas, NV 89118 fapaintinglv@aol.com P: (702) 914.2676

Nevada West Business Insurance 4175 S. Riley St., Ste 200 Las Vegas, NV 89147 jeffm@nvwestinsurance.com P: (702) 597.5998 F: (702) 990.0500 Renters Legal Liability LLC 466 South 400 East #103 Salt Lake City, UT 84111 gus@rllinsure.com P: (801) 994.0237 F: (801) 521.4452 Western Risk Insurance 3140 S. Rainbow Blvd., Suite 400 Las Vegas, NV 89146 francie@westernrisk.com P: (702) 368.4217 F: (702) 368.4219 INTERIOR DESIGN Interior Specialists Inc. 7465 West Sunset Road, # 1200 Las Vegas, NV 89113 slarrison@isidc.com P: (702) 227.4111 F: (702) 940.3448 INTERNET/MARKETING Apartment List 500 Third Street., Ste# 555 San Francisco, CA 94107 dana@apartmentlist.com P: (415) 817.1068 Property Solutions International, Inc. 1836 N. Stapley Dr., Ste 179 Mesa, AZ 85203 cpeterson@propertysolutions.com P: (602) 324.9223 F: (801) 705.1835

Realtor.com Rentals 4399 Via Rio Newbury Park, CA 91320 emily.kaplan@realtor.com P: (800) 978.7368 LANDSCAPING & MAINTENANCE Escalera Landscape 3015 Cooper Creek Drive Henderson, NV 89074 escalera_landscaping@yahoo.com P: (702)735.3545 Gothic Grounds Management, Inc. 2923 West Charleston Boulevard Las Vegas, NV 89102 pabell@gothiclandscape.com P: (702) 676.1185 F: (702) 678.6968 Integrated Landscape Management 4555 Dean Martin Drive Las Vegas, NV 89103 mdifabbio@ilm-llc.com P: (702) 283.9904 F: (702) 537.2294 Navarro Landscape 4809 Holt Avenue, Las Vegas, NV 89115 navarrolandscape@earthlink.net P: (702) 452.6250 F: (702) 452.0340 Newtex Landscape, Inc. 245 Sunpac Avenue, Henderson, NV 89011 gjbambic@newtexlandscape.com P: (702) 795.0300 F: (702) 795.0192 Silver Lands Inc. 2901 S. Highland Drive, Suite 15-A Las Vegas, NV 89109 pacoh@silverlandsinc.com P: (702) 459.3192 F: (702) 459.4372 LAUNDRY EQUIPMENT Coinmach Laundry Service 501 North 37th Dr., Suite 102 Phoenix, AZ 85009 dwahlers@coinmachcorp.com P: (602) 722.6959 F: (602) 340.8907 WASH Multifamily Laundry Systems, LLC 100 N. Sepulveda Blvd., 12 Floor El Segundo, CA 90245 krokosz@washlaundry.com P: (800) 421.6897 F: (310) 297.9450 LEAD TRACKING SYSTEM CallSource 31280 Oak Crest Drive Westlake Village, CA 91361 coldt@callsource.com P: (818) 673.4756 F: (888) 593.1999 MAINTENANCE Buyers Access 1777 S. Harrison St., Ste 300 Denver, CO 80210 tstpierre@buyersaccess.com P: (303) 991.5580 F: (303) 991.5588 MAINTENANCE - SERVICES & SUPPLIES Appliance Parts Company 6825 S. Kyrene Rd. Tempe, AZ 85283 bruce@appliancepartscompany.com P: (480) 755.0007 F: (480) 755.0008 AZ Partsmaster 2950 S. Highland Drive Suite E Las Vegas, NV 89109 jerry.stickley@azpartsmaster.com P: (702) 369.2121 F: (702) 369.4391

eConserve 17 Bluff Keeling, Irvine, CA 92603 gkeeling@econservellc.com P: (949) 336.1100 HD Supply P.O Box 4945 Orlando, FL 32802 dean.bingham@hdsupply.com P: (702) 325.7801 Maintenance Supply Headquarters 880 Wigwam Pkwy., #140 Henderson, NV 89014 www.supplyhq.com P: (702) 558.2200 F: (702) 558.2205 Wilmar 4031 Industrial Center Dr., Ste: 701 North Las Vegas, NV 89030 bcrofford@wilmar.com P: (702) 643-7400 F: (702) 644-2749 MAKE-READY Genie Services 4300 N. Pecos Rd. #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179 Starshine Painting and Cleaning Services, LLC 2980 S. Rainbow Blvd., Ste# 110J Las Vegas, NV 89146 starshineservices@gmail.com P: (702) 332.3159 F: (702) 982.5118 MARKETING CONSULTANTS – SERVICES G5 550 NW Franklin Avenue, Suite 200 Bend, OR 97701 cj.edmonds@g5platform.com P: (541) 633.7271 F: (541) 225.5166 LeaseLabs 2870 Fifth Avenue, Suite 202 San Diego, CA 92103 john@leaselabs.com P: (619) 233.4700 F: (619) 233.4702 MARKET RESEARCH & ANALYSIS ALN Apartment Data, Inc. 2611 Westgrove Ste. 104 Carrollton, TX 75006 laura@alndata.com P: (800) 643.6416 F:(972) 931.6251 MOLD REMEDIATION & TESTING AZ Partsmaster 2950 S. Highland Drive Suite E Las Vegas, NV 89109 jerry.stickley@azpartsmaster.com P: (702) 369.2121 F: (702) 369.4391 Eagle Restoration 6225 Harrison Dr., # 1 Las Vegas, NV 89120 services@eaglelv.com P: (702) 895.9991 F: (702) 895.9992 Genie Services 4300 North Pecos Road, Suite #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179 Har-Bro Construction & Consulting, Inc. 114 Cassia Way Henderson, NV 89014 Eion.stanley@harbro.com P: (702) 587.3226 F: (702) 891.9100

MSE Environmental 9811 West Charleston Blvd., Ste:2403 Las Vegas, NV 89117 erik@msenational.com P: (702) 255.2457 F: (702) 953.0286

Starshine Painting and Cleaning Services, LLC 2980 S. Rainbow Blvd., Ste# 110J Las Vegas, NV 89146 starshineservices@gmail.com P: (702) 332.3159 F: (702) 982.5118

MULTI-FAMILY BROKER Marcus & Millichap 3990 Howard Hughes Pkwy Paradise, NV 89169 marc.moore@marcusmillichap.com P: (702) 215.7145 F: (702) 215.7110

TGJ Painting 401 Max Court Henderson, NV 89011 tgjservices@yahoo.com P: (702) 558.0816

NON-PROFIT ORGANIZATION SNHD Tobacco Control Program 400 Shadow Lane, Suite #101 Las Vegas, NV 89106 chacon@snhdmail.org P: (702) 759.1276 F: (702) 759.1416 Springboard Nonprofit Consumer Credit Management 215 East Warm Springs Rd., Ste# 106 Las Vegas, NV 89119 taryn.gaynor@credit.org P: (866) 896.7965 F: (951) 328.7730 OFFICE SUPPLIES Advance Office & Janitorial Supplies 3261 S Highland Drive, Suite # 602 Las Vegas, NV 89109 susanlaub@advanceoffice.com P: (702) 735.0213 F: (702) 735.0147 PAINT – CONTRACTORS, EQUIPMENT & SUPPLIES Ecc, LLCc dba Executive Coatings and Contracting 8765 East Orchard Road, Suite #703 Greenwood Village, CO 80111 andrea@executivecoatings.com P: (888) 300.6786 F: (303) 300.6786 The GB Group, Inc. 8921 Murray Ave. Gilroy, CA 95020 meagan.svendsen@gbgroupinc.com P: (408) 848.8118 F: (408) 848.8119

F: (702) 564.0617

PEST CONTROL Global Pest Services 1132 Coral Crystal Court North Las Vegas, NV 89032 dustin@globalpestservices.net P: (702) 657.0091 F: (702) 657.1608 ProChem ProActive/Bed Bug Safe 3651 Lindell Rd., Suite D246 Las Vegas, NV 89103 Rob@ProChemProActive.com P: (702) 636.8571 F: (702) 995.0389 PLAYGROUNDS/SITE AMENITIES Green Living Services 4205 W. Tompkins., Ste 1 Las Vegas, NV 89103 ken@greenlivingservices.com P: (702) 367.8873 F: (702) 642.5724 PLUMBING Code Red Plumbing 7065 West Ann Rd., Ste: 130-540 Las Vegas, NV 89130 manager@coderedplumbing.com P: (702) 949.6599 F: (702) 938.6258 Complete Solutions dba Roto Rooter 39 East Brooks Avenue North Las Vegas, NV 89030 cwojciechowski@rrsc.com P: (702) 646.5273 F: (702) 646.0132

Las Vegas Plumbing, Inc. 814 Elliot Park Ave North Las Vegas, NV 89032 kvinsani00@yahoo.com Odyssey Painting ETC, Inc. F: (702) 914.3737 3111 S. Valley View Blvd., Ste: Z-107 P: (702) 399.3514 Las Vegas, NV 89102 odysseypainting@hotmail.com MOEN, Inc. 7565 North Torrey Pines Drive P: (702) 365.1579 F: (702) 365.1588 Las Vegas, NV 89131 gordon.clack@moen.com PAINT (SALES/SERVICE) P: (702) 595.1337 F: (702) 645.7175 Behr & Kilz Paints 9840 Giant Steps Ct. PROPERTY MANAGEMENT CAREER Las Vegas, NV 89141 PLACEMENT jmurray@behrpaint.com Career Strategies, Inc. P: (702) 245.3216 3531 East Russell Road, Ste B Las Vegas, NV 89120 Dunn-Edwards Paints dwetherby@csi4jobs.com 4300 E. Tropicana Ave P: (702) 368.2363 F: (702) 368.2366 Las Vegas, NV 89121 sharon.brenner@dunnedwards.com PROPERTY MANAGEMENT SOFTWARE P: (702) 845.7539 F: (702) 243.8131 AppFolio 55 Castilian Drive Empire Community Painting Santa Barbara, CA 93117 5940 South Rainbow Blvd., Ste 2012 nora.betz@appfolio.com Las Vegas, NV 89118 P: (805) 617.2161 F: (805) 968.0653 dwhitaker@empirepainting.com P: (888) 278.8200 F: (702) 939.9940 RealPage Inc. Odyssey Painting ETC, Inc 4000 International Pkwy 3111 S. Valley View Blvd., Ste Z-107 Carrollton, TX 75007 Las Vegas, NV 89102 stacey.blackwell@realpage.com odysseypainting@hotmail.com P: (972) 820.3015 F: (972) 820.3383 P: (702) 365.1579 F: (702) 365.1588 Sherwin Williams Paint & Floor Covering 7470 S. Dean Martin Drive. #105 Las Vegas, NV 89139 swrep5905@sherwin.com P: (702) 895.8887 F: (702) 895.8892

Tenant Technologies, Inc. 1665 Willamette Falls Dr. West Linn, OR 97068 srunkel@tenanttech.com P: (503) 233.2125 F: (503) 594.2580

PROPERTY RESTORATION – GENERAL CONTRACTORS Belfor Property Restoration 5870 La Costa Canyon Ct., Ste 200 Las Vegas, NV 89129 brad.gardner@us.belfor.com P: (702) 933.6866 F: (702) 933.6869 REAL ESTATE - BROKERS The Bentley Group Real Estate Advisors 6725 Via Austi Pkwy., Suite 380 Las Vegas, NV 89119 cbentley@thebentleygroup.com P: (702) 966.1166 F: (702) 966.1170 Sperry Van Ness Nevada 3039 West Horizon Ridge., Ste 120 Henderson, NV 89052 bairdd@svn.com P: (702) 765.6005 F: (702) 765.6006 RELOCATION SERVICES Relocation Resources 8379 West Sunset Road, #110 Las Vegas, NV 89113 jennifer@relocationresources.org P: (702) 444.4088 F: (702) 444.0079 RESIDENT SCREENING SERVICES CoreLogic SafeRent 40 Pacifica., Ste 900 Irvine, CA 92618 srmarketing@corelogic.com P: (888) 881.3400 Co-Signer.Com 10777 West Twain Ave., # 225 Las Vegas, NV 89135 mike@co-signer.com P: (855) 267.4461 F: (702) 851.3998 On-Site 7077 Parfet Street Arvada, CO 80004 jrossi@on-site.com P: (408) 795.4167 The Screening Pros, LLC 6512 N. Decatur Blvd., #130-301 Las Vegas, NV 89131 tres@thescreeningpros.com P: (800) 877.3908 F: (800) 877.5073 RETENTION & REPUTATION MANAGEMENT SatisFacts Research 909 N. Sepulveda Blvd El Segundo, CA 90245 dmiller@satisfacts.com P: (866) 655.1490 F: (866) 655.1491 RISK MANAGEMENT LeaseTerm Solutions 2675 Paces Ferry Road, Suite #120 Atlanta, GA 30339 cassondra@leasetermsolutions.com P: (888) 814.6950 F: (678) 981.6255

Roofing Southwest 3125 Ali Baba Ln, Suite 707 Las Vegas, NV 89118 chrisp@roofingsouthwest.com P: (702) 834.4655 F: (480) 557.5967

Triton Security, Inc. 4050 Schift Dr. Las Vegas, NV 89103 john@epsstaff.com P: (877) 757.0909

The Original Roofing Company 4515 Copper Sage Las Vegas, NV 89115 Collins@trclv.com P: (702) 739.7663 F: (702) 798.6550

TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001

Genie Services 4300 North Pecos Road, Suite #22 Las Vegas, NV 89115 njeancheff@genieservices.com P: (702) 452.1111 F: (702) 452.1179

SECURITY SYSTEMS Alert 911 Now 7165 Bermuda Rd Las Vegas, NV 89119 janine@alert911now.com P: (702) 224.4100 F: (702) 967.5377

New Age Painting & Coatings 848 North Rainbow Blvd., #302 Las Vegas, NV 89107 hornelas@newagepaint.com P: (702) 406.6964 F: (702) 426.9553 Out-Fit 25 West Easy Street, Suite 306 Simi Valley, CA 93065 sslayton@out-fit.net P: (949) 873.3616 F: (805) 426.8120

F: (702) 257.3588

Alpha Surveillance Systems 3410 East Russell Road, Suite #310 Las Vegas, NV 89120 greg@alphasurveillancesystems.com P: (702) 990.1454 F: (702) 588.7998 Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972

TENANT SCREENING CoreLogic SafeRent 7500 W. Lake Mead Blvd., #9-542 Las Vegas, NV 89128 tsedminik@fadvsaferent.com P: (702) 839.1736 F: (702) 839.1738 Contemporary Information Corp. 42913 Capital Drive #101 Lancaster, CA 93535 dan@contemporaryinfo.com P: (800) 288.4757 F: (800) 677.8494 RentGrow 307 Waverley Oaks Road, Suite 301 Waltham, MA 02452 ohmana@rentgrow.com P: (800) 736.8476 F: (781) 290.0687 TOWING Ashley’s Towing 201 North Mojave Las Vegas, NV 89101 ashleystowing@live.com P: (702) 382.3508

F: (702) 382.8090

Quality Towing 4100 E. Cheyenne Ave. Las Vegas, NV 89115 jberry@unitedroadtowing.com P: (702) 649.5711 F: (702) 633.4447

SECURITY DEPOSIT ALTERNATIVES SureDeposit/Assurant Specialty Property 293 Eisenhower Pkwy., Ste 320 Livingston, NJ 07039-1783 brian@suredeposit.com P: (973) 992.8440 F: (973) 992.8770

TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001

SECURITY SERVICES-PATROL SERVICES Citywide Security P.O. Box 62249 Boulder City, NV 89006 info@citywidepatrol.com P: (702) 644.2977

SIGNAGE Fusion Sign & Design 3443 Niki Way Riverside, CA 92507 robin@fusionsign.com P: (702) 949.0760

Courtesy Patrol LLC NV. #710 1450 E. Pebble, Ste 3151 Las Vegas, NV 89123 samamici@msn.com P: (702) 206.3493 F: (702) 586.2778

SMOKE DETECTORS & ALARMS Certified Fire Protection 3400 West Desert Inn Rd., Ste 20 Las Vegas, NV 89102 fireone@lvcm.com P: (702) 873.5995 F: (702) 251.1972

UNIFORMS Golden Promotions & Apparel 3724 White Carnation St. Las Vegas, NV 89147 lgolden@goldenpromo.com P: (702) 220.7904 F: (702) 631.0094

SWIMMING POOL – EQUIPMENT & SUPPLIES Vivo Pools 825 South Primrose., Ste H Monrovia, CA 91016 willan@vivopools.com P: (702) 529.1808 F: (818) 952.2122

UTILITIES – BILLING SERVICES Conservice PO Box 4696 Logan, UT 84323 amandash@conservice.com P: (435) 713.2258 F: (435) 792.3303

TSI Total Safety Inc. 9555 Del Webb Boulevard Las Vegas, NV 89134 jonas.chang@tsivegas.com P: (702) 967.0000 F: (702) 967.0001

WASTE COLLECTION Republic Services 770 East Sahara Avenue Las Vegas, NV 89104 feinbergk@repsrv.com P: (702) 280.0051

F: (702) 599.5585

RK Property Services 4148 Megan Circle Salt Lake City, UT 84107 rtkendall@comcast.net P: (775) 996.2433

F: (866) 580.4858

Global Security Concepts, Inc. 3340 Wynn Road, Suite C Las Vegas, NV 89102 joseph@gscsecurity.com P: (702) 876.7729 F: (702) 876.3518 Pro Guard USA 2629 Manhattan Beach Blvd. Redondo Beach, CA 90278 victor.marks@proguardusa.com P: (702) 263.8212 F: (702) 263.8217 Rock Security 3200 Polaris Ave, # 28 Las Vegas, NV 89102 justin@rocksecurityllc.com P: (702) 586.7982 F: (702) 410.9305

ROOFING SERVICES Cooper Roofing and Solar 1200 Commerce St., Ste# 110 Las Vegas, NV 89102 Mark@coopersolar.com P: (702) 688.7940 F: (702) 688.7941

Signal 88 Security 3880 South 149th Street, Ste 102 Omaha, NE 68144 csenkbile@signal88.com P: (402) 320.9266 F: (402) 502.2078

D & L Roofing, LLC 6500 West Richmar Ave., Stew 200 Las Vegas, NV 89139 info@dandlroofing.com P: (702) 260.1114 F: (702) 260.1118

Southern Nevada Security Patrol, Inc. 3140 S. Durango Dr., Ste 103 Las Vegas, NV 89117 vegasamanda07@hotmail.com P: (702) 270.9116 F: (702) 256.6037

F: (702) 973.3365

TREE – MAINTENANCE SERVICES Tree Solutions, LLC 3660 West Quail Ave Las Vegas, NV 89118 pete@treesolutionslv.com P: (702) 309.8733 F: (702) 309.8734

TELECOMMUNICATIONS Century Link 330 South Valley View Boulevard Las Vegas, NV 89107 Stephanie.x.riley@centurylink.com P: (702) 244.1220 F: (702) 244.7385 Cox Communications 1700 Vegas Drive Las Vegas, NV 89106 Jim.Fitch@cox.com P: (702) 545.1361

Titan Towing 3101 Westwood Drive Las Vegas, NV 89109 yp@titan-towing.com P: (702) 333.8697

F: (702) 545.4392

One call Now 726 Grant Street Troy, Ohio 45373 katie.love@onecallnow.com P: (877) 698.3262

WELDING – FABRICATION Weld-All, Inc. 4847 E. Utah Ave Las Vegas, NV 89104 weld-all-inc@embarqmail.com P: (702) 643.7609 F: (702) 432.6962

RENO ADVERTISING Apartment Guide (Reno) 3555 Airway Drive, Suite 314 Reno, Nevada 89511 srichter@apartmentguide.com P: (775) 329.3528

FURNITURE (RENTAL/SALES) CORT Furniture Rental (Reno) 4745 Longley Lane, Suite 101 Reno, NV 89502 rochelle.mazzone@cort.com P: (775) 828.3900 F: (775) 828.3909

For Rent Media Solutions (Reno) 9650 Gateway Drive, Suite 102 Reno, NV 89521 danett.michelini@forrent.com P: (775) 829.7368 F: (775) 246.2534

INSURANCE Meridian Insurance Services 216 N. Minnesota St. Carson City, NV 89703 rcole@misnv.com P: (775) 883.8880 F: (775) 883.1929 Western Risk Insurance 3140 South Rainbow Boulevard, Suite 400 Las Vegas, NV 89146 susan@westernrisk.com P: (702) 368.4217 F: (702) 368.4219

DOORS Berger Building Supply dba Thompson 600 South Rock Blvd Sparks, NV 89431 jsutton@thompsondoors.com P: (775) 359.0224 F: (775) 359.4958

NON PROFIT Washoe County Health District - Chronic Disease Prevention Program PO BOX 11130 Reno, NV 89520 ppritchard@washoecounty.us P: (775) 328.6140 F: (775) 328.3750 PEST CONTROL Northern Nevada Pest Control 1285 Baring Blvd. #339 Sparks, NV 89434 P: (775) 857.1245 F: (775) 857.1248 PROPERTY RESTORATION – GENERAL CONTRACTORS Belfor Property Restoration 50 Artisan Means Way Reno, NV 89511 P: (775) 424.3200 REAL ESTATE – BROKERS Johnson Group 5255 Longley Lane, Suite 105 Reno, NV 89511 Floyd@JohnsonGroup.net P: (775) 224.3183

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