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Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 9, 2012 
Searching for
Bobby Zuker . . . and Investors

For the first time in its 43 years, CHR is seeking private investors for an acquisitions program. Chestnut Hill Realty COO Bobby Zuker says it's a result of the favorable multifamily investment climate. Hear more from Bobby Thursday at Bisnow’s 2nd Annual Multifamily Summit, Jan. 19 at the Renaissance Boston Waterfront Hotel. Register here!
CHR COO Bobby Zuker
Bobby (with Sophie Nitishin) says he sees lots of opportunity in Eastern Massachusetts and Rhode Island, CHR’s traditional turf. In Q3 ’11, the company picked up 87 units around Harvard Square for $287k/unit. Last year, he says CHR’s effective gross income rose 10% (combining increased rents and decreased concessions). This year, they’re budgeted for a 7% bump-up. With young households retreating from ownership, every 1% decline in home owners means 25,000 more renters, a number far surpassing new supply.
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You Don't Know How to Love BIM
Autodesk VP Phil Bernstein
Autodesk VP Phil Bernstein is leading the charge to catapult landlords out of the dark ages of asset management—using BIM. Phil was instrumental in developing/popularizing Revit (Autodesk’s pervasive version of BIM) and tells us that CRE owners still use “clipboards and markers” to run trillions of dollars in property. (On the bright side, that's a step forward from counting marbles.) For the past three years, Autodesk’s Waltham office has been working with IBM to create a product that connects IBM’s Maximo software with Revit. In 18 months, Phil says, they hope to market a product.
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Autodesk Erin Hoffer and Debra Pothier
Erin Hoffer and Debra Pothier are part of the Autodesk team in Waltham where Phil tells us the company is using the BIM database to incorporate info on equipment functioning and maintenance requirements with Maximo. Here’s how it'll work: Maximo can manage the work orders for the air distribution system; technician Bob needs to spend four hours to check out the fans on the 3rd floor. BIM will tell Bob that in the ceiling there are 27 fans with power conduits in the back, 6 feet to the left of the elevator. On 1.16.13 change the filter, oil the bearings, and check the connections. (Bob will then tell BIM that he loves it, BIM will insist that they simply remain friends.)
Autodesk’s Jack Gray and Ken Tometsko
We snapped Autodesk’s Jack Gray and Ken Tometsko in their LEED Platinum office. Phil says Revit-driven maintenance will be especially helpful for complex green buildings like this one that require sophisticated upkeep. Their sensors and electronically controlled systems don’t always work as designed. By connecting the equipment sensors and electronic monitors to a live Revit database, technicians can compare how systems are intended to function to their actual performance. By linking Revit with Maximo, Phil says, maintenance will be systematized to save landlords money. Over a building’s life, an owner may pay $1 to design it, $10 to build it, and $100 to maintain it.

LNR’s Scores on Southfield
LNR’s Kevin Chase (right), with Paul Hickey
LNR VP Kevin Chase (right), with Paul Hickey, got a great pre-holiday deal. On Dec. 15, LNR closed on 830 acres of the old South Weymouth Naval Air Station for a maximum of $25M. In ’08, LNR had agreed to pay the US Navy up to $43M. Last month, LNR made a $2M payment, signed a $10M, 10-year note, and will pay 5% of land sales, up to $13M. Years ago, the Navy transferred 540 acres to LNR at no cost as prescribed by law. The deal is reasonable, says Kevin, since the $2.5B mixed-use project will require $450k in public/private infrastructure work.
Southfield construction is underway on 500 residential units
Construction is under way on about 500 residential units (226 rental apartments, 220 seniors units, and 60 singles) by four developers. Once completed, LNR intends Southfield will have 2,855 housing units and 2M SF of commercial space including a $20M recreation center, and a golf course. Kevin says that with the closing of the land deal, they now have certainty that LNR’s master plan for a transit-oriented smart growth development will come to fruition.

Greystar, Superstar
Greystar's Doug Root
Greystar's Doug Root is all aglow with its Nov. 30 closing of the Jefferson Hills apartment complex in Framingham (1610 Worchester Rd). Doug says that the amenities Greystar plans to add to the 1,020-unit complex include a 15k SF clubhouse and a state-of- the-art fitness center. It's a success for the Greystar plan to build its national platform and integrated management, development, and investment. For more on our sponsor, click here.
Holidays over, it's back to work, so please send your news ideas to Susan Diesenhouse, susan@bisnow.com
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