Beyond the obvious signs of national financial distress, the company has been receiving signals from tenants that the economy is wearing on their finances, Gary Hofstetter, president, New Boston Management Services, tells GlobeSt.com. "I receive internal reports from ten locations around the country and job security has become a huge issue for tenants who are leaving or not taking apartments."
Besides doing its bit to support the economy, New Boston is hoping to establish a little customer loyalty with the program. A lot of its apartment buildings are workforce housing; these tenants are directly affected by such events as Circuit City's bankruptcies, he says.
The program will run through April 30, 2009, although Hofstetter says it will be extended if necessary. "I am hoping the crisis will be over by then," he says. Participating residential properties on the Eastern Seaboard include Montpelier Crossing, Laurel, MD; The Gates of West Bay, Norfolk, VA; Windshire Terrace, Middletown, CT; Washington Crossing, Woburn, MA; The Lodge, Sandy Springs, GA; The Preserve, Tampa, FL and Cameron Lakes, Clearwater, FL.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
