Tours are Now Available for St. Paul’s Newest Apartments, Liffey on Snelling
Construction of St. Paul’s newest apartments, Liffey on Snelling, has been underway since late 2020. Now, prospective residents can schedule an appointment to take a tour of the brand new property.
Tours will include a walk-through of the beautiful studios, 1 bedroom and 2 bedroom apartments. Prospects will be able to visit the courtyard terrace, the library and conference rooms, the fitness center, and more. These tours will be the perfect opportunity for those who want to move in early 2022.
Liffey on Snelling is conveniently located in St. Paul at HWY 94 and Snelling Ave, only a short walking distance to the light rail and bus stops. The surrounding area is also bike-friendly, so prospective residents have a number of easy options for getting to their tour without needing a car. There are plenty of cafes and restaurants within a short distance from the apartments for all to explore.
“Our team is excited to introduce the newest addition to this thriving neighborhood. Our number one priority is to provide a space that aligns with our residents lifestyle” – Nate Schmidtke, Portfolio Manager
Gaughan Multi-Family will be opening Liffey on Snelling in February 2022 and prospective residents can now pre-lease their apartment. View your floor plan availability now.
Call (651) 369-9963 today for early access and to claim your preferred future home.
Gaughan Community Manager, Lauren Cichy, awarded the Certified Manager of Community Associations certification
In case you haven’t heard – Gaughan Community Manager, Lauren Cichy was awarded her Certified Manager of Community Associations (CMCA®) certification last month! The CMCA certification is the only internationally accredited certification program in the Community Association industry. The CMCA recognizes individuals who have demonstrated the fundamental knowledge required to manage community associations.
Lauren joined the team at Gaughan Association Management in July of 2017 and has been knocking it out the park since day one. In 2018, she earned the Rookie of the Year award from the Community Associations Institute – Minnesota Chapter. After taking a brief sabbatical the beginning of 2020, she rejoined the team last Fall and we are very happy to have her back, as are the clients she works with on a daily basis.
An estimated 70 million people live in America’s nearly 345,000 community associations. Running a community association is like running a business. The best way for homeowners to protect their investment is by hiring a management company who invests in training and certification for their management team. Therefore, during the process of managing their communities, homeowners and managers look for qualified professionals to manage their communities. By obtaining the CMCA certification, you will be able to demonstrate to your employer and your community that you have the specialized skills needed. By staying current about community association issues and holding themselves to a high standard of professionalism, CMCA holders demonstrate their dedication to their profession. It is the key to building a successful community management career.
“The ISO/IEC accreditation of the CMCA program provides assurances to homeowners, developers, regulators, and legislators that professional managers who have earned and maintained the CMCA credential have the comprehensive competency and ethical standards to serve their communities.”
Dawn M. Bauman, Former Executive Director of CAMICB
Learn more at www.gaughanhoa.com
St. Paul’s Newest Apartments, Liffey on Snelling
Gaughan Multi-Family has a new apartment complex opening in Spring 2022, Liffey on Snelling.
Located conveniently in St. Paul at HWY 94 and Snelling Ave, Liffey will provide beautiful studios, 1 bedroom, and 2 bedroom apartments. Residents will be able to enjoy an array of amenities including cozy fire pits on a courtyard terrace, gas grills, private workstations, pet wash stations, a state-of-the-art 24/7 fitness center, heated underground parking, bicycle stations, and more.
Liffey, will be the perfect living space to enjoy sporting events, the Minnesota State Fair, concerts and more St. Paul events. Liffey is a short walking distance to the light rail and bus stops, so that residents can easily access cafes, restaurants, entertainment, and a number of parks including trails without needing a car.
“We are thrilled to offer a project that will provide a smart and balanced lifestyle for our future residents. Live Liffey!” – Dan Hebert, Senior Vice President
Gaughan has a reputation for successfully completing and managing multi-family residential communities throughout the Midwest. Each property is carefully maintained by on-site management and caretakers, with emergency maintenance service and exceptional customer service.
Prospective residents can pre-lease their apartment at Liffey on Snelling as soon as Fall 2021.
Learn more on www.liffeyonsnelling.com.
Introducing the Right Financial Partnership
In every industry, it is key to introduce the right partnerships to our customers. Recently, our Association Management team chose to partner with Pacific Premier Bank.
Pacific Premier Bank is ranked in 2020 as one of America’s Best Banks by Forbes and has received a 5-Star Superior rating from BauerFinancial for the last 55 consecutive quarters. Pacific Premier is a Member FDIC bank.
Their specialists are experienced in Condominium, Townhome, Homeowner’s Associations, Community Associations and Planned Unit Development loan programs to meet the specific needs required.
While considering the best partnership for our customers, we were driven to ensure that the selection was a group that was forward-thinking, their services would integrate with our softwares and they had the capabilities for us to grow with.
In addition to meeting the aforementioned criteria and services, a primary focus was to find the banking relationship that efficiently and securely provided the following:
- Online payment channels for collecting homeowner assessments
- Integration with bill pay services to convert homeowner initiated payments to electronic transactions
- No bank service fees for the Association
- Positive Pay to protect the Association’s payables
- Bank data accessible through our management software to speed responsiveness to homeowners
- Enhanced authentication features to protect the Association’s accounts
- Integration to submit new account requests through the management software to streamline the account opening process
- Money market accounts at the most competitive rates; and one-stop investment options for reserves
- A dedicated HOA & Property Banking business unit provides banking services to thousands of HOAs with CAI designated bankers
Ease of access, reporting and most importantly the fraud and security protection tools Pacific Premier Bank tailors to meet the communities’ needs is sure to elevate the communities’ banking experience.
On Tuesday, February 25, 2020 Gaughan Institute hosted an introductory educational event for our Boards and Community Managers. We are excited to share the benefits of this partnership and the momentum this change provides our communities.
Feel free to contact us for additional information.
Pacific Premier Bank is not an affiliate, subsidiary, related party, agent or fiduciary of Gaughan Companies and does not represent or warrant the validity, accuracy, content, completeness, legality or reliability of the information contained in this webpage.
Shakopee Apartments Development Progressing
The Shakopee Apartments Development in Shakopee, MN is progressing well.
This development consisting of luxury market rate apartments, townhomes, restaurant and retail/fitness is on track to break ground this year.
The Riverside Redevelopment project is intended as a vehicle to revitalize and extend development to the westside of downtown Shakopee. This project seeks to be a catalyst for future development. With 170 units, it will
add a significant number of residents into downtown Shakopee. The project seeks to make connections to the Minnesota River and the downtown core.
The site context is dominated by the presence of the Minnesota River, which has great significance both today and historically. The restaurant will provide residents a convenient opportunity to take in the splendor of the
river and surrounding beauty.
Given the Businesses to the west along 1st Street, the project seeks to become a gateway to the City from the west and will add a significant architectural presence. Its design will emphasize the qualities of elegant and durable materials that speak both to its historic nature
and a revitalized future.
For further details on this exciting addition to Shakopee, contact Dan Hebert.
Choosing to Pre-Treat for Maximum Ice & Snow Removal Results
This year we have partnered with Hantho Outdoor Services as one of our snow removal vendors. They are leading the industry with cutting edge technology and exceptional customer service. When we recently spoke with Charles Gossip (owner) and Michael Vollmers (account manager) about building relationships and ways of partnering together to meet our clients’ needs, not only were they receptive, they were active in discussing options and capabilities needed to improve the level of service and quality that we are striving for.
Liquid pre-treating allows melting to sidewalk and parking lot surfaces as soon as any precipitation begins. The benefits to moving from the traditional granular treatments to liquid pre-treating are astounding.
Below are pictures taken at the same time following the storm that came through this past weekend (courtesy of Hantho). You can easily see the difference between the sidewalks that had been pre-treated in comparison to those that had not.
Pre-treating prevents snow and ice from adhering to the surfaces making the snow removal process easier. This has proven to be instrumental in decreasing slip and fall incidents in areas where snow and ice pose issues in our region.
The knowledge gained from this partnership has positioned our organization in excelling our service to next level.
Understanding the Basics of 1031 Exchanges
When a business owner or investor sells a piece of property, the taxes on that sale can be significant. Using a 1031 exchange can help you defer tax payments, under qualifying circumstances. Here, we will explain how this process works and help you understand the basics of 1031 exchanges.
WHAT IT IS
The 1031 exchange gets its name from Internal Revenue Code Section 1031. Under this law, a taxpayer can postpone taxes from the sale of an investment or business property by reinvesting those earnings into another property or properties of equal or greater value to the one sold.
Some of the most common properties exchanged include:
• Apartment buildings
• Retail shopping outlets
• Office buildings
• Duplexes and triplexes
• Industrial buildings
Exchanges once were allowed for any type of investment property, including vehicles, collectibles, equipment, and even patents. Because of changes made by the Tax Cuts and Jobs Act of 2017, exchanges of personal property and intangible business resources are no longer permitted.
IRS GUIDELINES
To qualify as a 1031 tax-deferred exchange, the IRS has a list of rigorous guidelines that must be followed.
• Relinquished property (any property being sold) and replacement property (the property being acquired) must be real estate, or “like-kind” assets. But exchange properties can be of different types, i.e. a duplex seller can buy a retail property, or a land seller can buy an apartment building.
• Replacement property should be of equal or greater value, though that value can be spread across several properties. If replacement property is of lower value, you will be taxed on the difference.
• The most common type of property ID is the Three Property rule. Here the property seller can identify up to three replacement properties within a 45-day window, which includes weekends and holidays. This timeline is activated as soon as your relinquished property sale closing occurs.
• Any replacement property or properties must be fully purchased within 180 days of the relinquished property’s sale. This includes an official transfer of ownership title.
• You are prohibited from holding any money from the sale of the relinquished property you want to exchange. A qualified intermediary, or accommodator, is required to hold onto your money until the new property is purchased.
Failure to follow these regulations will repudiate the 1031 exchange provision, resulting in tax impositions.
BENEFITS
The most obvious benefit of a 1031 exchange is the capital gains tax deferment. By delaying (or ultimately eliminating) the tax burden, you will have more money available for your next investment or investments.
Additionally, a 1031 exchange can be reapplied any time you sell a property. This allows you to increasingly trade into investment properties and significantly grow your net worth.
LET OUR EXPERTS GUIDE YOU
If you have questions about whether this tax strategy can work for your investments, contact us. Tom Opsahl or John Chirhart from our team of real estate brokerage experts can help you navigate the details to ensure you understand the basics of 1031 exchanges.
Gaughan Institute Releases 2020 Schedule
Over the years, Gaughan Association Management has not only recognized the need to ensure their staff is well educated but also the knowledge the Board of Directors and Homeowners need to receive.
The more education provided to the Board and Homeowners, the more efficiently the associations can operate.
Each member of the Board of Directors volunteers their services while taking on significant responsibilities and liabilities. Through our educational sessions, the Boards can become more confident in their decisions. Educated Homeowners also feel secure in their Boards’ leadership.
Gaughan Association Management is excited to release the following schedule of educational sessions for 2020:
Board Basics Insurance: Types of Policies, Market Trends
Presented By: Eric Skarnes, Insurance Warehouse
When: Tuesday, January 21, 2020
Location: Water’s Edge Clubhouse in Hugo
Time: 6:00 pm – 7:30 pm
HOA Lending Solutions
Presented By: George Toubekis, Pacific Premier Bank (PPBI)
When: Tuesday, February 25, 2020
Location: The Tavern Grill in Blaine
Time: 3:30 pm – 4:30 pm
Roundtable Presentations & Discussions
Reserves: Components, Updates and Statutory Requirements
Presented By: Finn Jacobsen, Smith Jadin Johnson
Landscape – Winter Kill/Pet Damage/Grub Control/Chemical Applications
Presented By: Lunseth
Irrigation – Make Every Drop Count: The New Reality of Negligent Irrigation
Presented By: Matt Kuha, Irrigation By Design
Directors and Officers Liability Insurance (D&O): Non-Monetary/Personal/Individual Protection
Presented By: Tony Ciro, American Family Insurance
When: Saturday, March 7, 2020
Location: Smith Jadin Johnson Conference Room in Bloomington
Time: 9:00 am – 11:00 am
Board Basics: Efficient Board & Annual Meetings
Presented By: Smith Jadin Johnson
When: Wednesday April 22, 2020
Location: Smith Jadin Johnson Conference Room in Bloomington
Time: 6:00 pm – 7:00 pm
Board Basics: Landscape & Snow Removal Contracts
Presented By: Birch, Inc
When: Monday, September 21, 2020
Location: Birch, Inc in Little Canada
Time: 6:00 pm – 7:30 pm
Roundtable Presentations & Discussions
Maintenance Obligations: Limited Common vs Common vs Unit – Who is Responsible?
Presented By: Nancy Polomis, Hellmuth & Johnson
Surplus Funds/Minutes and Conducting Reviews/Audits
Presented By: Michael Mullen, Michael P Mullen CPA|PLLC
Insurance: Crime/Fidelity/Employee Dishonesty
Presented By: Jake Nelson, Wise Insurance Agency
Slip & Fall Liability
Presented By: KC Ahrens, Hellmuth & Johnson
When: Saturday, November 7, 2020
Location: Hellmuth & Johnson in Edina
Time: 9:00 am – 11:00 am
Contact us today to register for one or all of the sessions.
We look forward to you joining us!
Employee Education Returns Employee and Customer Reward
At Gaughan, we prioritize in empowering our employees through educational opportunities for their personal and professional growth, which results in our company being able to better serve our customers.
Recently, Rozeanna Berg our Director of Commercial Accounts & Facility Services attended a week long ASM track consisting of Financial Analysis courses, where you learn about the importance of Asset Management and Loan Analysis.
Certified Property Manager (CPM)
The Certified Property Manager (CPM) designation, administered by the Institute of Real Estate Management (IREM), is a professional real estate designation recognized by the National Association of Realtors (NAR). The course schedule for this designation:
- Ethics for the Real Estate Manager
- Budgeting, Cash Flow, and Reporting for Investment Real Estate
- Marketing and Leasing Strategies for retail, multifamily or office buildings
- Leading a Winning Property Management Team
- Managing Maintenance Operations and Property Risk
- Financing and Loan Analysis for Investment Real Estate
- Performance and Valuation of Investment Real Estate
- Asset Analysis of Investment Real Estate
Due to the difficulty of the course load, studying to become a CPM has its challenges. However, the information and knowledge gained from the courses sets you apart from other professionals in the industry.
Rozeanna’s dedication to providing stellar service to our customers, inspired her to enroll in the fast track curriculum to obtain her CPM. She has already completed 9/10 courses necessary for this achievement and has began passing on the educational value to the clients we serve. We will track her progress along the way to reaching this goal.
In addition to Rozeanna being on the cusp of obtaining her CPM, Kelley Lemon, our Director of Multifamily & Facility Services and our Senior Residential Property Manager, MJ Fleming, have just obtained their Multifamily Housing Manager (MHM) designation administered by Quadel.
Multifamily Housing Manager (MHM)
The MHM certification provides staff with the knowledge and skills needed to ensure your multifamily housing properties are in regulatory and occupancy compliance with all HUD program requirements.
Our Multifamily Management team manages a significant portfolio of Class A to C Market Rate and Subsidized assets in the Twin Cities market.
Contact us to inquire about how our Management and Facility Services can provide for your Office, Retail, Industrial or Multifamily investments.
What to Expect in Heavy Snow Conditions
While every provider has slightly different rules when it comes to snow removal, here are a few general guidelines to keep in mind during the winter season:
Trigger Depth:
Each association will decide their trigger depth for when the provider will begin services but on average, trigger depth is 1.5” to 2”.
Open-Ups:
An open-up is when the snowfall has accumulated more than 4” to 5” (and hasn’t yet stopped) prior to the morning or evening commute. An open-up is a pass or two of the plow on the walkway side of the driveway and middle of the private streets. This is done to allow emergency vehicles access. Open-ups do not include snow removal from the sidewalks. One the snow has stopped, the provider will return to do a thorough cleanup of the contracted areas.
Blizzard Conditions:
During blizzard conditions, any time winds exceed 25 to 35 MPH or temperatures/wind-chill are below -15 degrees F, the deadline for shoveling services will be extended until conditions are safe. In many cases, if MN Dot closes freeways due to inclement conditions, the provider will resume once it is safe to travel.
Parked Vehicles:
Often times driveways and/or other areas with vehicles parked in them during snow removal services will be skipped. Some providers will remove snow from the driveway with a parked vehicle but will stop 2 feet away from the vehicle. If the provider is asked to return to plow these areas at a later date, there will likely be an additional charge for this service.
Proper Communication:
It is important to keep in mind that communication to the snow removal crews must go through the proper channels. The crews in the field are instructed to only take direction from their supervisor and supervisors communicate through the assigned community contact, which is the community manager and/or an assigned board member.
