Page 6 - New England Condominium February 2019

6 NEW ENGLAND CONDOMINIUM - FEBRUARY 2019 NEWENGLANDCONDO.COM Industry Pulse Transitions & Awards CAI Welcomes New Leaders Community Associations Institute (CAI) recently welcomed Cat Carmichael, CMCA, PCAM, as its 2019 president. According to a CAI press release, Carmichael, founder of Strategy 1 2 3 in San Clemente, California began her term as CAI president on January 1. She leads the Institute’s 15-member board of trustees, composed of community association industry leaders, and CAI’s three membership representation groups that work on behalf of homeowner leaders, community managers, and business partners. Ursula K. Burgess, Esq., shareholder at Rees Broome PC in Tysons Corner, Virginia, is serving as president-elect. “Community associations are increas- ingly becoming a preferred housing model worldwide, and it’s essential that CAI’s board of trustees encompasses the best and brightest leaders in today’s community association mar- ketplace,” said CAI CEO Thomas M. Skiba. “We’re proud of the professional accomplish- ments of our board members and member- ship representation groups, and through their dedication and commitment to upholding the highest industry standards, CAI will continue to be the trusted resource for education and advocacy on behalf of the millions of home- owners, professional community managers, and business partners serving these commu- nity associations.” Skiba indicated that throughout the year, Carmichael will be emphasizing the need to attract and retain talent to community associa- tions. “Our fast-growing industry needs quali- fied, dedicated, enthusiastic professionals to ensure the financial well-being, physical main- tenance, and social harmony of the nearly 350,000 community associations in the U.S., as well as the thousands of communities around the world,” said Carmichael. “I am honored to lead CAI, an organization that has been indis- pensable in shaping the success and strength of today’s condominium communities, home- owners associations, and housing coopera- tives.” Other members of the 2019 CAI board of trustees are: Immediate Past President, John Hammersmith; Pamela D. Bailey; Pat A. King; Kara Cermak; Joel W. Meskin, Esq.; Jeevan D’Mello; Peter B. Miller; James H. Dodson IV; Vishnu Sharma; Lincoln W. Hobbs, Esq.; Judith Silva; Julia Holland; and Jessica Towles. More information about CAI leadership can be found at www.caionline.org/leadership. WinnCompanies Earns Housing Kudos MassHousing, the independent agency responsible for providing financing for afford- able housing in Massachusetts, has recognized WinnCompanies as the state’s leading partner for minority- and women-owned businesses (M/WBE) for the 17th time. WinnCompanies received the Property Management Award of Excellence for awarding the highest value of contracts for goods, services and sup- plies to both Minority and Women-Owned Businesses at MassHousing-financed proper- ties managed by WinnResidential during the most recent fiscal year. “WinnCompanies has long embraced the many benefits of contracting with minority and women-owned business enterprises and should be commended for their exceptional efforts this past fiscal year,” said MassHousing Executive Director Chrystal Kornegay. Calcagni Joins Peabody Properties Heather Calcagni has joined the Executive Leadership Team at Peabody Properties as Director of Revenue Management and Marketing, according to a company announcement. Calcagni launched her career in real estate and property management nearly 15 years ago and most recently served as VP of Marketing and Revenue Management for Boston-based Wingate Companies. According to the company: “She is a results driven execu- tive with a revenue management discipline that will positively impact PPI’s strategies for increased revenue growth while keeping owner objectives at the forefront. We look for- ward to her fresh ideas and valuable insight.” Real Estate New Congresswoman Looking for New Home Ayanna Pressley, the first black woman to represent Massachusetts in the U.S. Congress, has put her 897-square-foot condo in Dorchester up for sale, according to Patch . The pricetag: $409,000. Pressley represents the 7th Congressional District, which includes parts of Boston, Milton and Chelsea, Everett, Randolph, and Somerville. Pressley said in a statement that she and her husband are looking for a new home in Boston for the couple and her step- daughter. The one-bedroom condo with den, currently being used as a two-bedroom unit, includes an open concept living and dining room, crema marfil marble bathroom tile, stone counters, and stainless steel appliances. Malden Project Staves Off Wrecking Ball A ribbon-cutting ceremony was held in January for the official opening of the Residences at Malden Station 138, a $25 mil- lion transit-oriented, mixed-use development located near the Malden Center T Orange Line stop in Malden. Comprised of 69 market- rate rental apartments and 6,500 square feet of retail space, the project was developed by a joint venture between The Brennan Group and an affiliate of Corcoran Jennison, accord- ing to the New England Real Estate Journal. The development is part of an ongoing effort to revitalize downtown Malden while preserv- ing a historic landmark and providing market- rate housing for the region. The project involved the restoration of the original Browne-Masonic Building, construct- ed in 1895, and the construction of an addition to the building on Exchange Street. Built in the neoclassical style with a yellow brick façade marked by arched window bays, the building is listed on the National Register of Historic Places. The Residences at Malden Station 138 is comprised of a mix of studio, one- and two- bedroom units. The pet-friendly apartments were fully leased within months, the paper reported. The project was financed through fed- eral and state historic tax credits, the Commonwealth of MA Housing Development Incentive Program (HDIP) tax credits, a City of Malden Tax Increment Exemption (TIE) Agreement, and owner equity, as well a con- struction loan provided by Eastern Bank. “This building was facing the wrecking ball, so we’re very happy that we were able to restore this public gem,” said Jack Brennan, President of The Brennan Group. “But we must also remember that what makes this project so unique is that it is a great example of how pub- lic private partnerships can work to the benefit of all.” Avon Place Apartments Sold for $24M Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently com- pleted the $24 million sale of 164-unit Avon Place Apartments, part of the 188-unit Avon Place Condominiums in Avon, Connecticut, according to the New England Real Estate Journal. “Intimate knowledge of the Hartford County marketplace and prior experience handling fractured condo executions were extremely helpful in closing this transaction,” said Victor Nolletti, Senior Managing Director leading IPA’s Northeast team. Avon Place is situated in a campus-like setting near Route 44, which connects the Farmington Valley to West Hartford and downtown Hartford. Built in 1973 on more than 46 acres, Avon Place is composed of three brick residential buildings and a clubhouse. Law & Legislation Boston Sets New EV Rules for Condos As one of the final acts of the 2017-2018 session, the Massachusetts State Legislature passed and Gov. Charlie Baker signed a City of Boston Home Rule Petition stating that a con- Monday-Tuesday, February 11-12, 2019 IREM: Budgeting, Cash Flow and Reporting for Investment Real Estate Peter Sanborn Place, 50 Bay State Rd., Reading, MA 8:00 a.m. – 4:00 p.m. It’s time to maximize the financial potential of your properties and finally take control of your property’s financial future. In this course, you’ll master all the necessary budgeting and accounting skills to help you meet your owner’s goals, improve NOI, and make an impact on your property’s value. Visit www.iremboston.org to register. Friday, February 15, 2019 BOMA: Foundations of Real Estate Management BOMA Offices, Three Center Plaza, Boston, MA 9:00 a.m. - 3:00 p.m. Foundations is a five-module, 28-hour entry- level course, covering the fundamentals of commercial real estate administration, management, building systems, accounting/ reporting, contract management, and more. Continues on February 22 and March 1, 8, and 15. Register at www.bomaboston.org Saturday, March 16, 2019 CAI Connecticut Annual Condo/HOA Conference & Expo Aqua Turf, 556 Mulberry St., Plantsville, CT 8:30 a.m. - 2:00 p.m The Connecticut Chapter of Community Associations Institute presents its annual trade show and conference with seminars, free expert advice, and vendor exhibits. For information, visit www.caict.org. Thursday - Saturday, March 21-23, 2019 M-100: The Essentials of Community Association Management Natick, MA Thursday and Friday, 8:30 a.m. - 5:30 p.m.; Saturday, 8:30 a.m. – noon This comprehensive community association management course provides a practical overview for new managers, an essential review for veteran managers, and an advanced course for board members. You’ll receive a 400-page participant guide filled with dozens of sample forms and time-saving tips for working with homeowners, vendors, managers and other professionals. Visit www.caionline.org. CAL EN D AR Feb-March 2019 PULSE/CALENDAR continued on page 22