Regency News

Regency Apartments has purchased Hoosier Court and Hoosier Court at Henderson, expanding its portfolio from seven to nine Bloomington-owned-and-managed apartment communities comprised of nearly 1,900 apartment homes.

BLOOMINGTON, IN. “We are excited about this opportunity to grow our presence in Bloomington,” said Douglas MacFarland, Regency’s Vice President of Property Management. “Regency has a great deal of experience and success with student housing in Bloomington. Our familiarity with the Bloomington community, our seasoned local property management team, along with the good locations and proximity of these properties to our existing communities made these two properties a great fit for us,” MacFarland added.

Hoosier Court, at 513 W. Gourley Pike, is a 139-unit community built in 1994, with an addition being completed in 2005. Regency Court (formerly Hoosier Court at Henderson) is located at 1616 S. Henderson. It is a 108-unit community built in 1995 and expanded in 2003.

The only immediate change is that Hoosier Court at Henderson is now named Regency Court. All existing leases continue under their current terms and conditions. Regency leasing staff is in place to talk with current residents and to provide information to potential new residents for both immediate and fall semester occupancy.

According to MacFarland, several capital improvements, including new roofs, are planned for the properties. Individual apartments are currently being evaluated for needed repairs, appliances and updates. “We are very proud of all of our Bloomington communities and look forward to demonstrating our commitment to exemplary service and property management to the current and future residents of these new apartment homes,” MacFarland added.

Regency Apartments and Wells and Wells say thanks to our business partners as we complete the addition of 144 more apartments at Windsor West

CHAMPAIGN, IL. Click here to see the full list of key contributors to the project.

For the fourth year in a row, Regency Apartments won “Best in the Industry” 2010 recognition for customer service excellence in its 15 apartment communities in Illinois and Indiana.

CHAMPAIGN, IL. The customer service excellence award is based on results from Regency-owned apartment communities on CEL & Associates’ multifamily resident satisfaction surveys conducted in 2010. CEL & Associates compiles its “Best in the Industry” list of companies whose scores indicate the “ability to perform at a higher standard in providing quality customer service” relative to their peer groups across the country.

“This four-peat award shows that our team consistently makes resident satisfaction their top priority,” said Regency Apartments President and CEO Bob Pratten. “When I consider that we have nearly 4,000 residents of all ages, from students to young professionals to retirees, living in apartment communities that vary widely in age and amenities, I am extremely proud of our team’s exemplary performance,” he added.

Regency Apartments has participated in the resident satisfaction survey for seven years. Teams at each apartment community review survey feedback and develop plans to address concerns or implement new ideas. “These awards demonstrate that our people do their jobs very well and take a lot of pride in going the extra mile to make comfortable and happy apartment homes for every resident,” Pratten concluded.

As part of its plan to expand perspectives on its governing board, Regency Consolidated Residential LLC, owner of Regency Apartments, has chosen Gary Yarus from Miami, Florida as the first external member on its Board of Managers.

CHAMPAIGN, IL. Yarus is President and founder of Diversified Capital Corporation and is licensed to sell mutual funds, variable annuities and investment partnerships. The company’s Investment Advisory Division manages investment portfolios for individual clients, pension funds and trusts. Yarus is also Principal and co-founder of Xtra Storage Companies, a group of storage warehouses in Miami. In addition, Yarus is General Partner and investor in several apartment communities, office buildings and land development partnerships.

Along with his 30 years of experience in commercial real estate sales, brokerage, financing, ownership and management, Yarus is experienced in land development, marketing and valuation of properties and companies for acquisition. He is an active philanthropist in the Miami area, providing significant pro bono time and expertise to help various nonprofit organizations problem-solve and strengthen their positions for the future. Yarus has also served in leadership roles for a number of professional and community organizations, including the Miami Board of Realtors, the Harvard Business School Club of South Florida and the Greater Miami Jewish Federation.

Yarus earned a bachelor’s degree, cum laude, in Psychology from Union College in Schenectady, New York, along with a Master’s in Education with a focus on Clinical Psychology and Master’s in Business Administration from Harvard University in Boston.

“Our goal is to expand our Board of Managers by adding accomplished business leaders with an interest in our company, whose experience and insight expand our horizons and vision of our future,” said Bob Pratten, President and CEO. “Gary Yarus is a man of integrity who has incredible energy and a strong entrepreneurial spirit, along with a unique combination of successful experience as a hands-on operations manager, portfolio manager, investor and commercial real estate salesman and broker. I’m confident that his insight will prove valuable to our Board as we explore future growth opportunities,” Pratten added.

Regency Apartments has begun Phase II construction of Windsor West, adding 144 apartments to the existing 172 in the area’s first geothermal apartment community and one of the largest private multifamily geothermal installations in the country.

CHAMPAIGN, IL. The Windsor West expansion is a significant project for the local economy, with the majority of building-related work being done by local firms. Wells & Wells is the General Contractor of the project.

Geothermal HVAC offers residents several advantages over conventional furnaces, starting with up to 50% savings on utility bills. In addition, because geothermal systems do not operate at high temperatures like conventional HVAC, they provide a more comfortable climate with higher humidity levels in the winter and less unpredictable temperature fluctuation overall.

Other energy-saving and environmentally-sound construction features include energy-efficient doors, Pella Low-E windows, blown-in cellulose insulation in attics, garages designed for easy electric car charging and Energy Star appliances and energy-saving light bulbs in every apartment.

“Windsor West provides cutting-edge geothermal technology, but it also offers residents a number of environmentally-friendly and sustainable options that can be conveniently integrated into their daily lives—and have a positive impact on their community,” said Rhonda Mitchell, Windsor West Property Manager. Valet recycling offers residents a hassle-free method to recycle. Residents focused on healthy lifestyles may also enjoy the walking path around Windsor West’s five-acre lake and the option to choose designated smoke-free buildings and breezeways.

Streets, curbs and other concrete flatwork has been completed and building construction has begun. The project is expected to be completed and apartments available for lease by early 2011. For more information, visit www.apartmentschampaign.com, or contact the Windsor West staff at (217) 351-0973.

CHAMPAIGN, IL. Regency Apartments has announced that Douglas H. MacFarland, CPM, CCIM is its new Vice President of Property Management.

MacFarland brings nearly 40 years of executive residential and commercial real estate management experience to his new role. Most recently, he was Senior Vice President, Director of Residential Management for Harbor Group Management Company, Norfolk, VA, where he was responsible for operations of 46 properties with nearly 14,000 apartment homes.

At Regency Apartments, MacFarland assumes responsibility for operations of its apartment communities in Illinois and Indiana. He will work with Regional Directors to deliver leadership, resources, training and support to front-line operations staff who make Regency‘s apartment communities well-run and comfortable homes for residents.

MacFarland earned his bachelor’s degree in Political Science from the University of Kentucky and did graduate work at the University of Louisville’s Institute of Community Development. He is designated as a Certified Property Manager (CPM) by the Institute of Real Estate Management and as a Certified Commercial Investment Member (CCIM) by the Commercial Investment Real Estate Institute, an affiliate of the National Association of REALTORS®.

Windsor West is the first “green” apartment community in Champaign and one of the largest geothermal apartment communities in the Midwest. In March 2009, it opened its doors to residents eager to save on heating and cooling bills – and help save the planet.

CHAMPAIGN, IL. Regency Apartments (Regency) opened the first “green” apartment community in Champaign and one of the largest geothermal apartment communities in the Midwest. Windsor West opened its doors to residents eager to save on heating and cooling bills – and help save the planet.

Windsor West, a 172-unit property located at 2502 Fields South Drive in Champaign, is constructed with geothermal heating and cooling, along with energy efficient windows and doors. Residents are expected to pay 50-75% less than they are used to on their heating and cooling bills. Geothermal heating and cooling costs less, uses less electricity, reduces emissions and produces less air and water pollution than conventional systems.

Keeping with the green theme, Regency also established “valet” recycling pick up to residents of Windsor West and Gentry Square (located at the corner of South Mattis and Devonshire Drive). The valet service encourages residents to recycle without the hassle of storing and transporting the materials themselves.

“Everybody wins in this. We’re proud to make a contribution to environmental improvement at the same time we’re providing cost savings, convenience and a comfortable environment for our residents,” said President and CEO Bob Pratten. “The response has been exceptional with leasing well ahead of our projections,” he added. Pratten said that Regency plans to begin construction of Windsor West – Phase II, an adjacent 150+ geothermal apartment community, in 2010.

URBANA, IL. A group of University of Illinois College of Law graduate students are working with Regency to obtain LEED certification for the Windsor West clubhouse in what is believed to be the first such project led by graduate students in the nation. The project is part of the College of Law’s reaffirmation of its leadership in the new sustainable real estate industry.

“As a rapidly growing leader in the apartment development and management industry, and a passionate supporter of education, innovation, and community service, Regency is proud that Windsor West has become the first LEED project in the nation to be managed by graduate students,” said Regency CEO Bob Pratten. See the University of Illinois College of Law news release.

(Image, from left to right) University of Illinois Law students Dave Sargent and Joshua Naggar, Law Professor Ward McDonald, and Regency Apartments' CEO Robert Pratten review construction at Regency West Apartments in Champaign, one of the first apartment complexes in America to install a geothermal system.

BLOOMINGTON, IN. Regency Apartments, owner of Adams Village, has announced the start of its second construction phase that will increase the size of the Adams Village apartment community to 184 total units.

Regency purchased the five-year-old 64-unit Adams Village in 2007. Construction of a 56-unit unit addition began shortly thereafter and was completed in July 2009. This phase of planned construction is for 64 one- and two-bedroom apartments to be completed by the summer of 2010.

EVANSVILLE, IN. A ribbon cutting ceremony was held on December 1 to celebrate the renovation of the first of twelve buildings at Kimber Green Apartments. Kimber Green is located on the east side of Evansville. The renovation of Kimber Green consists of renovation of the kitchens and baths as well as exterior and mechanical improvements. Energy efficiency will be gained through adding extra insulation, the replacement of all windows with Pella low-e windows, new high efficiency furnaces, and front loading washing machines. The entire renovation project is expected to be completed in April 2011. Kimber Green consists of 112 one, two and three bedroom apartments and Townhomes.

Sustainability Coordinator Ryan Burton’s article “Green Lease Could Help Sustainable Apartment Companies’ ROI” was published in the July 2009 issue of the National Apartment Association‘s Units magazine.

Burton’s article outlines Regency’s idea of an innovative approach to resident utility billing that creates an income stream for owners while empowering residents to conserve energy and improves Regency’s return on investment. Burton outlines the experimentation with restructuring leases to include a calculated utility cap allowance per apartment home based on a documented history of peak and average utility usage from all meters on the community. Once a cap has been established, residents pay the difference between the cap on bills exceeding that figure. If the bill is below the cap, the difference is invested into an account used for various green projects.

The green lease concept helps promote green living and green investments, and shows Regency’s commitment to green practices.