Changing demographics have increased the value and income-producing potential of multi-family and apartment complexes throughout the country. According to the Census Bureau, homeownership has fallen to its lowest level in five decades, 63.6 percent. The first quarter 2017 homeownership rates were highest for those householders ages 65 years and over (78.6 percent) and lowest for the under 35 years of age group (34.3 percent).
Many people, from Baby Boomers to Millennials are choosing not to buy homes. They may be uninterested, or unable, to enter or re-enter the housing market. Others want to live in trending market areas with amenities that only rentals can offer, such as low maintenance, flexibility to move for a new job or to upgrade, and pools and fitness centers.
In the NY, NJ, and eastern PA region, there has been explosive growth in the multi-family and apartment industry as the metropolitan areas of New York City and Philadelphia continue to expand. Yet, the demand for rental units continues to exceed the supply in these prime areas.
As demand for multifamily housing projects and mixed-use developments continues to grow across the United States, securing experienced legal counsel to manage risks and help maximize revenues is critical. Our Multi-Family and Apartment Group represents national, regional, as well as local developers in transforming their sites into productive and attractive communities for their residents.
Multi-Family and Apartment Legal Services We Provide
More than 25 interdisciplinary attorneys assist our Group on all aspects of the multi-family and apartment industry, including leasing, sales and refinance, land use, environmental, evictions, construction, tax appeals, and condemnations. The Multi-Family and Apartment Group ensures good relationships with municipalities and compliance with relevant statutes, including security deposit acts, Fair Housing Act, Americans with Disabilities Act, and the Fair Debt Collection Practices Act.
Our attorneys are actively involved in industry organizations, including:
- Certified Commercial Investment Member (CCIM)
- National Association of Industrial and Office Properties (NAIOP)
- Property Owners Association (POA)
- Institute of Real Estate Management (IREM)
- International Council of Shopping Centers (ICSC)
Some recent highlights of our Group include:
- Purchase of 38 buildings, more than 1,800 units in the Bronx, NY;
- Purchase of large apartment complex with more than 500 units in Cherry Hill, NJ;
- Defeating with Fair Debt Collection Practices Act violations against a 500-unit multifamily owner;
- Confirmed fulfillment of environmental issues in NYC related to sale of apartment complex;
- Purchase of large multi-family site in Exton, PA;
- Successfully litigated and removed construction lien claims on apartment complex prior to refinance; and,
- Initiated successful compliance procedures for operations team of national multifamily-unit landlord.