Multifamily Monday: What Young'uns Want
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|With apartments in vogue (you have the sub-35 crowd to thank),RMK Management, M&R Development, and RMK Restoration are in a good spot: The new Parc Huron complex opens next month, and City approval just came in on Addison Park near Wrigley Field.|
|The projects are some of the company's first forays into urban development and management and are indicative of the number of younger people renting instead of buying in the city, says Tony Rossi Sr., right, who started the business with Tom Moran as a family-owned apartment manager in the '70s—later adding Diana Pittro and Tony Rossi Jr. They now own and manage 12 buildings in the Chicago area and act as third-party manager on another 11. The 221-unit Parc Huron continues the trend of condo-quality finishes in apartments in River North. Addison Park, which has been debated in City Council for months, won approval on June 18 and is slated to occupy most of the 3500 block of North Clark Street, bringing a 137-room Hyatt Hotel and 135 residential units to Wrigleyville.|
|On the management side, Diana recently added the 300-unit Prairie Pointe complex in Merrillville, Ind. to the portfolio. The team has also been working on its social media and Internet strategy, giving tenants more than just a flyer under the door for landlord communiques. RMK's Internet traffic is up 43% this year, from tenants checking the company's Facebook, Flickr, and YouTube pages to find out about social events or reach building managers.|