Pub. 4 2019 Issue 4

13 ISSUE 3 2019 East Meadow Condominiums, an 82-unit complex in Manchester, was able to replace their roofs and upgrade their boilers while unlocking $26,000 in annual free cash flow after debt service. Visit www.ctgreenbank.com/ctaa for information or email multifamily@ctgreenbank.com The Connecticut Green Bank offers financing that drives a holistic energy and water-savings approach to your multifamily property. Solutions include: • Standardized and custom pre- development technical assistance • No money-down, unsecured financing options (efficiency & solar) • Potential to finance additional capital improvements • Enhanced property cash flow from energy savings • Health and safety improvement financing Unlock Savings with Green Energy & Efficiency Upgrades “Some people will go out of business and people will be acquired,” Herndon says. “I think the most sophisticated operators, from both a technology and an operations perspective, are going to garner favor with the most sophisticated [operators].” Gandhi, who came from the hotel world, sees the short-term-rental sector following a similar trajectory. “I think the best analogue is when you look at the hotel industry,” Gandhi says. “It’s not a winner- takes-all market. ere are quite a few global hotel brands, and there are a lot of smaller boutique operators. I think there may be four or ve [short-term-rental] companies that will become well-known brands, and you’ll start to see some di erentiation as far as experience, service and product quality. Apartment owners, operators and developers will want to work with groups that have a track record and are leasing a meaningful level of inventor y—often full oors.” But what about the others? “A lot of smaller operators likely will either get acquired or nd it more di cult to lease inventory,” Gandhi says. “ ere might be some consolidation just to hit [unit] targets, but I suspect that a handful of companies will continue to help create this new class of accommodations that’s unique from the typical hotel or vacation rental.”