Young families and professionals these days enjoy the amenities of suburban life without the upkeep and expense of purchasing a single-family home. Such properties as Hillcroft at Danbury, acquired by the White Plains, New York-based firm Paredim Partners LLC, offer easy access to commuting, schools, entertainment, and shopping. In addition, the development’s location adjacent to beautiful woods makes homes in the Hillcroft at Danbury community a respite from the workday world.

David Parisier, Managing Director of Paredim Partners, strives to identify properties that present up-market appeal. Many of the people who choose to live in properties owned by Paredim Partners prefer rental communities because of many amenities such as fitness and laundry facilities, beautifully landscaped grounds, and swimming pools. These features increase satisfaction and foster a calming, healthy lifestyle. In addition, David Parisier ensures that properties such as Hillcroft at Danbury have high-end appliances and fixtures that engender an upscale look for each unit.

Although Hillcroft at Danbury creates the impression of an expensive development, David Parisier structured the real estate operation to provide affordability to young professionals and families. Renters today want short commutes that conserve fuel and give them more time at home. The families who call Hillcroft at Danbury home appreciate the convenience of proximity to major thoroughfares such as Interstate 84 that serve such Tri-State business centers as Westchester County, New York, Fairfield, Connecticut, and other nearby areas.

With more than $1 million of renovations in the works, residents of Hillcroft at Danbury will see added improvements and luxury in their complex in the months to come. For more information, please visit ParedimCommunities.com.

The property manager plays an important role in the planning and execution of many of the administrative details relating to the management, operation and marketing of a commercial property, whether they are office, residential, industrial or retail properties. Property managers are particularly important for multifamily rental properties, as they can screen potential applicants, handle resident needs and questions, and ensure the property's protection against vandalism or accidental damage.

Property managers handle much of the paperwork and administrative duties that would normally fall upon owners of a commercial investment property. Because they have the necessary experience and training, property managers are often able to deal with the bureaucratic details of rental or investment properties with ease where they might pose difficulties for less experienced investors.

The property manager also plays a key role of acting as a buffer between a property's owner and its tenants, with a goal of maximizing resident satisfaction and retention while assuring the collection of rental revenues and strict adherence to the rules of the property or community by the tenants. In addition to interacting with tenants and investors, property managers oversee the staff and contractors that work at and service each property, including landscapers, leasing agents, and maintenance workers. Property managers must inspect their properties regularly to note and then create a plan to address repairs and to stay ahead of routine maintenance schedules.

About the Author: With almost 25 years of experience in commercial and residential real estate investment, David Parisier currently serves as founder, Managing Director, and Principal of Paredim Partners, LLC, a company based in White Plains, New York. In this role, David Parisier oversees financing, acquisition, and redevelopment. The company also operates the property management arm known as Paredim Communities.

Communities that want to sustain the livability and commercial viability of their neighborhoods look to new development as well as revitalization of existing structures. Rehabilitation of such properties makes the best use of existing infrastructure and planning at a fraction of the cost of demolition and replacement. In addition, as seen in the case of River’s Edge, a multifamily property in Waterbury, Connecticut, owned by Paredim Partners LLC, restoration of structures facilitates neighborhood enhancement without displacing current residents. Shortly after its rehabilitation, the City of Waterbury presented the River’s Edge complex with its 2010 Beautification Award. 

Multifamily properties offer an excellent source of housing for a wide variety of people who can sustain a community’s workforce. Some of these individuals go on to purchase houses of their own, but others establish roots as long-time renters if the quality of the multifamily building or complex makes it a pleasant place to live. Unfortunately, even multifamily properties that started as incredibly desirable can fall into disrepair in the event of poor management. These properties sometimes turn into an eyesore for the neighborhood, making it unpleasant for people to live in the complex itself, or even buy or otherwise patronize nearby properties. However, rehabilitation of undervalued properties reverses the downward slide and benefits the neighborhood.

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Property owners who purchase multifamily dwellings sometimes lose momentum with their investment. They find that the constant work of upkeep and marketing overwhelms them. At the same time, costs for insurance and building materials continue to rise. Without adequate cash flow or management expertise, some multifamily property owners let their buildings lapse into poor condition. A lack of maintenance and updates hastened the demise of the cachet of such properties, with managers unable to sign enough renters to fill a majority of the units.

Paredim Partners LLC invests in undervalued multifamily family properties in areas that accommodate young families and professionals. Restorations such as the efforts at River’s Edge in Waterbury benefit both the residents and the community.

About the author: Considered an expert in the real estate industry, David Parisier preserves neighborhoods in the Tri-State area by restoring distressed multifamily communities and creating rental housing to serve young professionals and families.

About the Author: David Parisier serves as the founder and Principal of Paredim Partners, LLC, a property development and management company with holdings throughout the New Haven, Connecticut, area.

Located in New Haven, Connecticut, adjacent to the beaches of the Long Island Sound, the apartment community of Edgewater Tower provides the perfect blend of luxury and beauty. As New Haven’s premier oceanfront high-rise apartment community, Edgewater Tower offers a complement of luxury amenities, including a private pool, a complete fitness center, and landscaped walkways. These amenities accompany the natural beauty of this beachside city and the breathtaking views of the Long Island Sound and the surrounding beaches and parks available from each tower-level apartment.

Edgewater Tower offers the ideal setting to fit most any lifestyle. Our residents may be found lounging by the outdoor pool, jogging or strolling along the beachfront promenade, or working out in our state-of-the-art fitness facility. The Edgewater Tower community features four uniquely elegant layouts, each including spacious closets, large modern kitchens, stainless appliances, and wall-to-wall carpeting. Additionally, most apartment homes at Edgewater Tower come with their own private balcony or patio area, ocean views, and a washer-dryer set. Apartments range in size from 760 square feet for a one-bedroom/one-bathroom to more than 1,700 square feet for a two-bedroom unit with a den and two baths. Additional property features include covered parking, elevators, and an attentive and easily reachable staff.

Edgewater Tower’s supreme location features nearby beach access and remains walking distance to downtown New Haven and its assortment of shopping areas, restaurants and eateries, and other stores. Situated in the village of West Haven, the apartment is located within close proximity to schools, a hospital, and a number of city parks and playing fields.

By David Parisier

Managing Director, Paredim Partners LLC

Multifamily housing continues to play a major role in community development. Many people interested in such properties, including recent college graduates, senior citizens, and young families, offer a community an important source of volunteers, workers, and support. The same community might not attract such residents without ample livable multifamily housing.

While some believe that single-family home ownership supersedes other types of housing, most community planners and developers understand that such properties may not be accessible or even desirable to all. Senior citizens often wish to downsize to more convenient properties, while young families may need to save for several years before purchasing their own home. At the same time, retirees hope to live near their children and other family members, and young families prefer to live near good schools and shopping. Young professionals, on the other hand, often want to get a feel for a community and the security of their job before they decide to undertake home ownership. They require well-managed, appealing rental housing within easy reach of major roads or public transportation.

New construction in the multifamily sector tends to be costly because of land prices and the cost of materials and labor. Moreover, developers in many communities find it difficult to obtain zoning for such projects, which extends the time needed to complete the projects and drives up expenses. Existing properties, however, may lack amenities that are important to renters today, such as swimming pools and fitness rooms. These facilities, as well as upgrades to units and exteriors that make them more up-to-date, prove relatively simple to rehabilitate. This type of preservation saves the need for demolition and removal and dumping of debris. It also incorporates current infrastructure, saving money for local governments and service providers and promoting strong programs at schools. 

About the Author:

David Parisier, a well-known real estate professional, earned his Master of Business Administration from New York University Stern School of Business. He currently serves as the Managing Director of Paredim Partners LLC. In this capacity, he focuses on undervalued and underused multifamily properties. Using clearly defined strategies, David Parisier renovates such properties, preserving their original purpose and creating new housing opportunities for hundreds of people.

By David Parisier

Managing Director, Paredim Partners LLC

With increased focus on the multifamily housing market, companies such as Paredim Partners LLC strive to identify apartment buildings and complexes that can be made more attractive to young families and professionals. These potential renters generally want to live in a conveniently located complex that offers solid construction and upscale amenities. However, the high cost of land makes new development expensive and drives up the per-unit cost. This means that rents for new properties can be out of reach for many. Moreover, much of the land available near business and commerce centers is already developed. 

In some cases, multifamily units currently exist in such areas but have fallen into disrepair or financial straits. Paredim Partners LLC acquires such properties, rehabilitates them, and creates management strategies that ensure these communities thrive. This eliminates the need for demolition that causes waste and disruption, as well as new construction that necessitates new materials and higher rents. 

In some areas, the rising and falling popularity of real estate tends to be an unfortunate reality. Some multifamily complexes fall victim to this syndrome. As urban sprawl extends commute times for renters who live in areas better served by the older properties, however, people try to find leasing opportunities closer to their workplace. Many multifamily developments fail simply because of management problems caused by inexperience, sale, and other factors. 

In years past, developers often dismissed the potential of such properties to reverse their downward slide. They purchased the parcel, knocked down whatever stood on it, and built new multifamily units that necessitated higher rents, or simply worked to rezone the property for another purpose. This approach misses a significant preservation possibility that could be used to revitalize a community and provide affordable, appreciable housing for young professionals and families. 

About David Parisier:

Having worked in the real estate industry for nearly 25 years, David Parisier possesses significant expertise in the identification of properties that could benefit from renovation and new management, including such success stories as Hillcroft at Danbury. In his current capacity at Paredim Partners LLC, David Parisier handles financing, acquisition, and management strategies for multifamily properties in New York, Connecticut, and New Jersey.