Dan Chamberlain (37th Parallel) Tumblr Blog

Possessing more than 15 years of professional experience, Dan Chamberlain serves as the chief operating officer of Richmond, Virginia-based 37th Parallel Properties. A commercial multifamily real estate acquisitions and asset management firm, 37th Parallel serves hundreds of domestic and international clients with a portfolio consisting of more than $100 million in assets. As the COO, Dan Chamberlain remains committed to streamlining and improving operations to ensure client satisfaction. He has also undertaken a number of strategic internal projects that have helped the firm’s portfolio grow and improved relationships with key partners in several different states. In addition to overseeing the financing and due diligence for all assets, Mr. Chamberlain has responsibility for residential assets in Michigan, Ohio, and Indiana, and multifamily assets in Texas and Kentucky. Previously, Dan Chamberlain worked as a senior consultant with Andersen Business Consulting, a senior enterprise consultant with Whitlock eBusiness Solutions, and as a director of solutions analysis and quality assurance with Affinion Group. In the latter position, he directed and managed a Quality Assurance Department that grew 400% under his leadership. Understanding the importance of effective communication, Dan Chamberlain earned certification as a Crucial Conversations trainer in 2007. Through Crucial Conversations, he teaches individuals how to keep communication positive and constructive, even in the most stressful situations. He received his BS in engineering from Bucknell University, where he served as the vice president of the Chi Epsilon Engineering Honor Society.

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37th Parallel Properties Acquires The View at Lake Highlands in Dallas

Last year, 37th Parallel Properties acquired its first property in Dallas, which has emerged as a leader in population growth with significant multifamily property potential over the last decade. Comprised of 292 units, the property includes 32 efficiencies, 104 two-bedroom apartments, and 156 one-bedroom units. Located in the desirable Richardson submarket, the property is close to excellent schools and less than 15 miles from downtown Dallas. Residents enjoy a swimming pool and fitness center, as well as a children’s playground. A clubhouse is also available, making this property an appealing choice for renters. This purchase represents 37th Parallel’s refocused interest in the Dallas market. At the end of last year, the firm closed on another acquisition in Dallas, which consists of two complexes in the northern part of the city.

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A Handful of Common Real Estate Investing Mistakes

By investing in real estate, and especially multifamily properties, individuals have the potential to build great wealth. However, just as with any investment, significant risks exist. People therefore need to learn about the most common mistakes that investors make to ensure that they do not fall into these traps themselves. One such mistake is underinsuring an investment property. Individuals should typically always get the recommended amount (or more) of insurance. Recommended insurance includes umbrella liability, satisfactory liability, rental, and full replacement coverage. Investors should also always maintain a reserve fund. If a purchase will drain accounts, then the investor is not always ready to make it. The reserve fund accounts for any issues with the property until it builds its own safety net with rent payments during the first year. Another common problem is called analysis paralysis. Investors may run the numbers so many times for fear of making a mistake that they miss out on an opportunity altogether. While analysis is important, individuals need to make sure it doesn’t become an obsession.

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37th Parallel Expands Multifamily Portfolio with Dallas Acquisition

As 2015 drew to a close, commercial multifamily investment firm 37th Parallel Properties continued to expand its holdings in Texas with a major multifamily property acquisition. The most recent acquisition by the Richmond, Virginia-based firm, features 419 units dispersed across two adjacent apartment complexes in North Dallas. Offering nearly 250,000 square feet of rentable space, the property provides on-site amenities including a business center, a clubhouse, an Internet café, and two pools, as well as gazebos located throughout the grounds. The newest acquisition is ideally positioned in a northern Dallas submarket, offering a convenient residential location for both students and job seekers. In addition to being less than three miles from the rapidly growing campus of the University of Texas at Dallas, the community allows for a timely commute to any of three nearby job corridors, which collectively employ over 150,000 people. Located within two leading school districts and less than 20 miles from the excitement of the downtown area, the properties are a convenient gateway to all the city of Dallas has to offer.

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Commercial and Multifamily Lending Projected to Remain Strong in 2016

According to recent projections by the Mortgage Bankers Association (MBA), the commercial and multifamily real estate sectors will likely experience a slight decline in lending compared to levels seen in 2015. Despite this, both property markets are poised to have a strong showing in 2016. The Mortgage Bankers Association predicts that loan origination for commercial and multifamily properties will amount to $500 billion in 2016, a minor decrease from the $504 billion in loans observed in 2015. The MBA also projects multifamily lending to reach $273 billion, with multifamily mortgages accounting for an estimated $210 billion. Jamie Woodwell, the MBA’s vice president of commercial real estate research, notes that “commercial and multifamily real estate finance markets are likely to end 2016 with another strong year of borrowing and lending” despite market uncertainty early in the year. Woodwell cites a number of positive trends, such as favorable property prices, as factors likely to drive commercial real estate sales and, in turn, mortgage demand. At the same time, ample loan originations by bank portfolios and government-sponsored lending agencies are likely to bolster the performance of the commercial and multifamily sectors.

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Three Things to Consider When Investing in Commercial Multifamily

As with any investment in real estate, investors must do their homework before purchasing a commercial multifamily property. Here are three things to consider when investing in commercial multifamily assets. Amenities: Unlike tenants in single-family homes, who are more likely to rely on their own forms of private transportation, multifamily tenants are typically very interested in amenities in the surrounding area. As such, the value of commercial multifamily properties is often influenced by proximity to amenities such as public transportation, grocery stores, and entertainment. Competition: Prospective tenants have no difficulty lining up multifamily apartment options and comparing them with one another. This often requires multifamily investors to pursue aggressive sales, advertising, and pricing strategies. In the same vein, investors must take the time to understand prevailing trends in rental demand in their target neighborhoods. Stiff competition may signal a booming rental market, which can pay dividends for all multifamily investors involved. Neighborhood Safety: Make sure any prospective investment is located in a low crime neighborhood. High crime neighborhoods will chase away prospective tenants and make it harder for you to keep your property fully rented and rents increasing.

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Will Your Apartment Investment Be Profitable?

While investing in apartment buildings can be lucrative, success depends upon a number of considerations. The following are three considerations that effect the returns of a commercial multifamily investment. * Capitalization rate---This rate, which quantifies an investor’s potential return on a property, is calculated by dividing a building’s net operating income (NOI) by the current market value. NOI is determined by subtracting operating expenses from gross income. For example, the cap rate for a building worth $1 million that generates $100,000 a year in NOI is 10 percent. * Net Operating Income---A building’s cap rate along with it’s NOI (Net Opertaing Income) determines valuation, While Cap Rate cannot be controlled. Investors can optimize the property’s income to maximize profit.. Raising rents, decreasing operating expenses, and improving the quality of the building can result in a higher profit. * Cash on Cash---This refers to the cash returns an investor will receive after paying all expenses, debt service and funding capital improvements. Investors can take this amount and divide it against their original investment. The final percentage reflects the cash return they are receiving from their investment.

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U.S. Apartment Renewals Maintain Decade-Long High

Richmond, Virginia-based 37th Parallel Properties offers its clients the opportunity to earn steady yield. through commercial multifamily real estate investments. In February 2016, the multifamily apartment management industry realized a 10-year high in the rate of lease renewals. According to MPF Research, more than 55 percent of apartment dwellers with active expiring leases opted for renewal that month. February also represents the time period in which the industry experienced its 33rd year-over-year increase in almost as many months. In February 2015, the industry experienced what at that time was a similar decade-long high. Individuals focused on market trends have observed that greater and greater numbers of apartment renters in well-managed, market-rate buildings are electing not to relocate to cheaper housing or move up to more expensive housing. Nor are they choosing to purchase into a home-buying market whose supply is narrowing. Since it began its recovery six years ago, the multifamily market has continued to gain strength. The recent high renewal conversion rates are particularly striking when one considers the fact that there is currently an excellent supply of new-construction apartments available.