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January 12, 2010 
 
 
 
Leopardo - left tile
 
NO MORE
ANIMAL HOUSE?

BeitlerReschkeMakiKavanauFriedman. Five of the leading figures in capital markets take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market. Jan 27, Oak Room at the Metropolitan Club, crazy low price. Sign up now!

 
When Michael Zaransky and Barb Gaffen founded Prime Property Investors in 1993, the idea of student housing still conjured images of John Belushi in Animal House. But they've seen a flight to quality that has extended to their new venture in luxury suburban apartment complexes. We assume this means gold-plated beer pong tables.
 
Prime Property Investors Barb Gaffen and Michael Zaransky

PPI is the largest off-campus landlord at Purdue and Notre Dame. It specializes in buying buildings close to campus, a trend that started when each partner's kids went off to school. Now that their children have graduated, they see a new niche: Young adults in the recession aren't able to buy a place right out of college and need nice apartments to stay in while they save their money.

Prime Property Investors Barb Gaffen and Michael Zaransky

This realization led Barb and Michael to purchase the $32M Arbors of Brookdale in Naperville late last month. The 96% leased complex includes a clubhouse and pool. Although the company's current 60-building, six-city portfolio has held up well over the recession due to a growth in student housing, Michael and Barbara want to diversify and are looking for new properties in DuPage and Lake Counties.


BACK(PACK) TO SCHOOL
 
UGL Equis' Lauren Segal with donations for students

UGL Equis' Lauren Segal shows off the backpacks and supplies her company donated to Stagg Elementary on the South Side this month. The project is part of a monthly effort by UGL to give back to Chicago's communities. Maybe next month they'll get a Valentine?


HOW WE SPENT OUR WINTER VACATION
 
Los Angelos skyline

Bisnow's own Maureen Wilkey spent the last five days running around southern California (one more day and she'd start calling it SoCal), where she captured this gorgeous, if not smoggy, picture of the LA CBD from the Griffith Park Observatory. Local sources say the $900 million Convention Center Hotel is slated to open Feb. 15. It includes 878 JW Marriott rooms and 123 Ritz-Carlton Suites.

Here's another view of downtown from Pershing Square. Angelenos (not to be confused with Angel Lenos, which many nowadays argue is an oxymoron) were learning to ice skate in 70 degree weather, as part of the city's Downtown on Ice festival. Small projects, like the 107-unit Bristol Hotel being developed by Izek Shomof, are set to strengthen the downtown in 2010. In other news, Maureen set a personal record at the inaugural LA Half Marathon in Santa Monica, with a time of 1:34:02, good for fourth place in her age group. Special thanks to A Runner's Circle.


UPCOMING EVENTS
 

January 27 - Bisnow Breakfast & Schmooze - Capital Markets -Beitler, Reschke, Maki, Kavanau, and Friedman talk the future of credit, construction financing, and the CMBS market, among other issues. Oak Room at the Metropolitan Club. Crazy low price. Info

 

Ideas for Bisnow?  Contact Maureen Wilkey, maureen@bisnow.com.

 
 
 
 
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