vitodragone
vitodragone
Vito Dragone - Tumblr
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A graduate of Carnegie Mellon University’s Tepper School of Business, Vito Dragone earned a bachelor of science degree in industrial management. Vito Dragone subsequently embarked on a career in the real estate industry and served with an established firm before starting his own company. Early in his career, Mr. Dragone accepted a role with Oxford Realty Financial Group. Key responsibilities in this role included managing special projects, producing an annual report for the company, and creating comprehensive, computer-based financial models to project and track the revenues generated by properties. After being promoted to the role of vice president of the investment management group at the company, he oversaw an extensive portfolio of properties valued at $150 million. When Oxford Realty Financial Group was sold to AIMCO, he led a transition team to ensure the correct accounting of cash distributions. Mr. Dragone currently serves as the founder and president of Dragone Realty Investments. Under his leadership, the company has been in operation since 2006 and conducted over $700 million worth of purchases and upgrades of multi-family properties.
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vitodragone · 4 months ago
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Budgets and Timetables for Popular Property Renovation Projects
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A large-scale property renovation project involves completely renovating three or more units within a property. The goal is to improve the aesthetic appeal and better serve the functional needs of residents. Remodeling projects of this scale can take a long time, so property owners may want to prioritize the most valuable and beneficial renovations.
Introducing new flooring to one or more rooms can take several weeks, though the materials used, the state of the original flooring, and the square footage of the remodeling space can affect that timeline. For example, property owners using hardwood need to schedule the wood to arrive several days before renovations begin so that the wood can be stored in the unit and adjust to the climate. This process alone can add almost a full week to the timetable. That said, once owners begin removing the original flooring, the installation process should only take a few days.
A hardwood floor renovation project costs an average of $5,500, though the factors mentioned above can also influence the price tag. Property owners may need to pay more for soundproofed wood flooring but this feature can increase interest among renters.
Developing a master bathroom is another impactful property renovation project. The job involves completely gutting the original space, which involves the removal of plumbing, electrical and structural work, flooring, and various bathroom amenities. Bathroom renovations make it impossible to use a key space in the unit for three to 10 weeks on average, underscoring the importance of properly planning out the renovation. Generally, residents will not be able to live in the space until renovations are complete, which impacts the property owner's bottom line. Furthermore, the multitude of moving parts of a bathroom renovation project means that property owners should expect an extended timeline.
Kitchen remodeling projects are similar to master bathroom renovations in that they compromise the functionality of an important space in the unit for up to four months, rendering the unit unrentable. That said, updated kitchens can add thousands of dollars of value to a unit.
Optimizing the function and aesthetic appeal of outdoor spaces is one of the most valuable multifamily property renovations property owners can undertake. Outdoor spaces are typically shared spaces in multi-unit apartment complexes and, therefore, bring value to all residents. Green spaces are particularly coveted in urban areas, where residents lack easy access to nature. Outdoor furniture and cooking areas, pet-friendly green spaces, and outdoor lighting can all increase curb appeal and property value. Other outdoor amenities provide residents with peace of mind, such as privacy fencing.
Speaking of green spaces, a First Insight study found that nearly three in four renters born between 1995 and 2012 are willing to pay for more environmentally friendly products, with more than half stating they would pay more than 10 percent. Energy-efficient home renovation projects may also provide property owners with tax incentives and other opportunities for savings and rebates.
These are only a few of the popular home renovation projects that can add value to a property. Other options include making technology upgrades and investing in updated amenities, such as stainless steel appliances and washer-dryer units.
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vitodragone · 5 months ago
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Understanding the Scope of Full-Scale Property Renovations
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A full-scale property renovation is about more than altering the look of one or more interior spaces within a unit. Renovating a unit is a huge undertaking that involves blending personal style with functionality. Before embarking on a renovation project, property owners need to properly plan and budget the project, a process that should involve enlisting the aid of design and construction professionals.
Attention to detail is an important aspect of planning a full-scale property renovation. Property owners need to plan the general layout and the various materials, finishes, and architectural flourishes. Each fixture must be accounted for, and individuals must consider both the aesthetic value and durability of the unit's new features.
Modern renovations offer many options for integrating technological innovations with a unit's form and function. Popular features range from temperature control systems to automated lighting. However, renovators should not introduce technologies simply for the sake of it; all renovations should serve convenience and style.
A full-scale renovation allows property owners to reevaluate space planning throughout a unit. Space planning is the art of assessing and optimizing a room's size and shape, focusing on climate and orientation, the individuals who most frequently use the space, and what they do in the room. Space planning processes integrate these considerations with basic elements of interior design, such as room furnishings and lighting arrangements.
As is the case with many aspects of interior design, space planning is largely about optimizing a living unit's efficiency without sacrificing aesthetic appeal. Property owners will rarely have a better opportunity to reconsider the layout of a room, down to the studs, than during a full-scale renovation project. If individuals are renovating more than one room within a unit, they can apply space planning principles to the entire space, providing a sense of room-to-room continuity.
Renovators can also apply continuity to exterior spaces, allowing seamless transitions between indoor and outdoor spaces. With this in mind, property owners should consider using glass doors and outdoor communal spaces. Ambitious renovators may even take on landscaping projects, such as gardens, which link exterior spaces to nature and bring a sense of calm and luxury to interior spaces.
For some property owners, renovations involve transforming basic or unused spaces into valuable amenities and features. Examples of luxury additions include wine cellars, sunrooms, and private theaters. Individuals can turn large but aesthetically disjointed bathrooms into spa-like retreats, while unused basements can be converted into private gyms.
These are only a few examples of full-scale property renovation projects and strategies. Due to the scale and sheer number of renovations available, property owners must carefully schedule each job. The average full-scale property renovation project takes at least 12 months, though this timeline can vary considerably in either direction. The construction of an access dwelling unit usually takes between nine and 10 months, while kitchen and master bathroom projects range from two to three months on average. Finishing a basement and replacing flooring are also multi-month projects. The scope of these projects not only underscores the need for planning but also the advantages of working with professionals familiar with renovation scheduling and budgeting.
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vitodragone · 6 months ago
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Multifamily Investment Market Experiences Return to Growth
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Dragone Realty Investments (DRI) and its affiliated construction company have a track record of completing multifamily rehabilitation and renovation projects, such as managed properties across the Washington DC metro area. Its high-profile projects include renovating Lynnhill Condominiums in Prince George’s County, Maryland, rebranded as Verona at Naylor Metro.
The Temple Hills/Hillcrest Heights community comprises two seven-story buildings. The three-bedroom apartments and studio units have spacious floor plans. Situated near the expansive Oxon Run National Parkway, the location is within walking distance of the Naylor Road Station Metro, which provides an accessible commute to downtown Washington, DC.
In planning the renovation project, DRI focused on incorporating amenities that enhanced the residential experience, meeting contemporary life-safety standards. Before embarking on cosmetic renovations, the company oversaw extensive repairs that ensured the structural integrity of a property that had become dilapidated over time.
The DRI team undertook masonry and brick repairs and installed new energy-efficient balcony doors and windows on all units. It replaced balcony railings and designed and installed a custom metal louver, a fixed or adjustable horizontal slats system, for heating and cooling units. The louver provides airflow into the HVAC system, preventing dirt and debris intrusion. Louvers also help modulate and control airflow and temperature within the building and are part of energy-efficient design. They provide an aesthetic upgrade to bulky heat and cooling units attached to the exterior of buildings,
Moreover, the team focused on installing sturdy metal and concrete pan stairs instead of dangerously crumbling emergency stairs and removing all health-hazardous lead paint and asbestos.
Next, the team restored power building-wide. The electrical system had become stripped of cables and electrical wires, making the panels and circuits non-operational. While construction proceeded, temporary electrical panels, generators, and conducting cables ensured the functionality of equipment and fixtures. Ultimately, this provisional system gave way to a permanent system that included switch gears, wiring, electrical panels, and three-phase backup generators.
The old building lacked a fire suppression system. DRI designed a dedicated fire sprinkler system and fire pump room, with a transfer switch connecting the equipment with municipal power sources and backup generators. The team also replaced smoke detectors in common areas with interlinked regular and carbon monoxide smoke detectors, installing them in all hallways, elevator shafts, confined spaces, and units.
In addition, the DRI replaced the nonfunctional elevators with next-generation energy-efficient 4-traction passenger elevators. It also replaced the gravel roof on both buildings with a new TPO white flat roof, strengthening it and preventing leaks. Insulation crickets helped create a slope for better roof drainage, and they retrofitted new metal copings and roof pipes. Corridors and common areas received a state-of-the-art HVAC system mounted on the roof.
At this point in the project, subcontractors could finally tackle interiors, demolishing the insides of all units and installing kitchen cabinets, granite countertops, high-efficiency LED lighting, Venetian mini and vertical blinds, and sturdy kitchen cabinets. The county-code-compliant upgrades complemented exterior work, including a resurfaced and newly striped parking lot and the replacement of the old, decaying perimeter fencing.
Finally, the new gated community features a sophisticated access control system at building entrances and parking lots designed for cars and pedestrians. The result is an upgraded standard of living in a safe, secure, and comfortable community environment.
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vitodragone · 6 months ago
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Choosing the Right Location for Your Multifamily Apartment Investment
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Choosing the right location for a multifamily apartment investment requires careful deliberation. This process involves a thorough analysis of several interrelated factors that can affect the long-term success and profitability of the investment, such as the region's economic health.
Economic health, such as low unemployment and a varied economy, affects population growth and housing demand. Multifamily investments thrive in cities with growing tech, healthcare, and manufacturing sectors, which attract renters.
Demographic trends determine the composition and growth trajectory of the population and can offer valuable insights into the sustainability of rental demand. Locations with a growing population of young professionals, families, or retirees may offer distinct opportunities. Understanding the income levels, education, and lifestyle preferences of potential tenants ensures that the property aligns well with market expectations, which can improve occupancy rates and tenant satisfaction.
The availability and quality of infrastructure also play pivotal roles in determining a location's suitability. Prospective tenants prefer properties close to well-kept roads, public transit systems, and basic facilities, including stores, hospitals, and schools. Parks, cultural events, and leisure activities nearby enhance the attraction even further and help explain better occupancy rates and possible long-term value appreciation.
Safety remains a crucial factor for any real estate investment. Areas with low crime rates are more attractive to tenants and help secure consistent rental income and property appreciation over time. Investors should research crime statistics and trends to ensure a secure neighborhood environment. A safer area reduces tenant turnover and strengthens the property's reputation.
The regulatory environment of the location also warrants careful attention. Local laws and policies regarding property taxes, zoning, rent control, and tenant rights can significantly impact an investment's profitability and manageability. For example, landlord-friendly regulations provide greater operational flexibility, while stringent rent control measures limit revenue potential. Familiarity with these factors can help investors avoid unexpected challenges.
Environmental considerations, such as vulnerability to natural disasters, can have substantial implications. Properties in regions prone to floods, hurricanes, or earthquakes may carry higher insurance premiums and maintenance costs. Understanding these risks and implementing mitigation strategies can protect investments against unexpected financial burdens while ensuring tenant safety.
Market dynamics, such as rental trends, vacancy rates, and housing supply and demand balance, will also provide insights into communities. An area with high occupancy levels and strong rental price growth indicates robust tenant demand, which bodes well for consistent returns. On the other hand, oversupplied markets may result in prolonged vacancies and reduced profitability.
Investors should also consider the potential for future development in the area. New projects like commercial centers, transportation hubs, or urban redevelopment can considerably raise property values. On the other hand, massive new rental house construction could put downward pressure on rents, creating more competition. Knowing local development plans helps investors predict changes that might influence their approach to investing.
While many factors revolve around present conditions, a location's long-term adaptability is equally important. Investing in regions that exhibit resilience to economic shifts and demographic changes ensures that properties remain relevant and profitable over time. This perspective encourages investors to think beyond immediate gains and consider how the location will perform in an evolving landscape.
Job markets, demographics, and infrastructure start the analysis of a community's viability for housing investments. Multifamily apartment investments depend on community vitality and stability. Investors may prosper in volatile markets and maintain value by considering location selection as part of a larger strategy.
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vitodragone · 9 months ago
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vitodragone · 10 months ago
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vitodragone · 11 months ago
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vitodragone · 1 year ago
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Why Property Managers Should Invest in a Property Management Software
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Property managers are increasingly looking to adopt effective strategies to assist them in managing multifamily properties. Embracing technology is a game changer in multifamily property management as it helps property managers streamline various management tasks to improve efficiency. Investing in the right property management software can help enhance tenant satisfaction, which is key for any property manager. It’s advisable for property managers to choose a software/platform that provides comprehensive features suitable for managing multiple properties. A good property management software should have features that can automate management tasks such as rent collection (online payment processing), tenant communication portals, and maintenance request portals.
For instance, embracing an online platform to submit maintenance requests streamlines the process as property managers respond promptly to maintenance issues. Online rent payment options save tenants and property managers time and lower the risk of errors associated with manual payment processing. A tenant communication portal simplifies communication between landlords/property managers and tenants. Tenants can submit their requests or questions anytime, irrespective of a property manager’s business hours. Property management software can also provide key insights into the performance of properties, allowing property managers to make data-driven decisions. Features such as property performance analytics and financial reporting allow property owners and managers to improve management to boost profitability and enhance tenant experience consistently.
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vitodragone · 1 year ago
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Stages of Property Renovation
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Following the proper steps can be a rewarding experience when renovating a property. Whether looking to upgrade, improve, or increase a property's value, it is crucial to understand the stages involved in property renovation.
Before starting a renovation project, it is important to clearly understand the phases and what to expect. These stages include budgeting, obtaining permission, and working with building professionals to plan the renovation.
Once planning is complete, renovation work can begin. This typically starts with stripping out the existing fixtures and fittings, followed by structural work such as flooring, ceilings, and walls. The next process is fixing plumbing, electricians, heating, plastering, and flooring. The bathroom and kitchen fixtures are installed, and all properties are decorated.
In each stage of the refurbishment, the age of a property, its special features, access to the property, and the sequence of the works must be taken into account. This will help to avoid or at least minimize situations that would cause a project to experience a less favorable timeline.
It's also necessary to define the work schedule for the whole renovation period, which means that all the jobs that should be done during the process must be listed in order. In addition, it is crucial to undertake the surveyor's snagging check to resolve any problems that may occur when undertaking the renovation works. By following these stages and considering these factors, renovation projects can run as smoothly as possible.
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vitodragone · 1 year ago
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Benefits of Investing in Multifamily Property
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Multifamily housing properties offer a lucrative investment opportunity for real estate investors. With high demand and a lower vacancy rate, multifamily properties provide a stable source of income and a valuable addition to any investment portfolio.
The major benefit of multifamily housing investments is the cash flow. Since several units are packed in a single building, there will be a higher occupancy percentage and, consequently, more monthly income for investors. Multifamily housing properties also have low acquisition prices, making it easier for investors to expand their portfolios. Furthermore, real estate mortgage financing for constructing multifamily housing is cheaper than other property types, and construction costs are relatively low. This cuts down on expenses and boosts the returns that investors can make.
Another benefit is the management process. Managing a multifamily housing property is easier than managing multiple single-family units. With all units under one roof, investors can optimize their investment by hiring a property manager, making it a practical and efficient investment option.
Multifamily housing properties allow one to establish a real estate portfolio quickly. Investing in a single building with several units means an investor can diversify his portfolio much more effectively than acquiring several houses.
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vitodragone · 1 year ago
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Multifamily Investing Best Practices
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Investors who decide to invest in multifamily must consider several factors. They must also take several steps before completing a transaction.
Multifamily property investors benefit from assembling a team of like-minded professionals. It helps with budgeting and property management, improving the odds of success. A team can also lessen stress for investors who may not possess the prerequisite expertise in these fields or have the time to acquire it.
Finding a promising multifamily property requires researching desirable areas and renters’ demographics. Many tenants prioritize housing near amenities like schools, hospitals, and shopping centers. Then, investors must match the costs to their budgets and require a 10 percent buffer for unforeseen expenses for tenants, like apartment repairs.
After buying a property, investors must fix urgent property problems. Then, they must schedule regular maintenance and upgrades. Prioritizing aesthetic and functional upgrades based on tenants’ feedback can attract new clients and shorten vacancy times.
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vitodragone · 1 year ago
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An Overview of the Home Remodeling Sector in 2024 and Beyond
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According to the National Association of Home Builders, new multifamily construction projects will decline in 2024. However, the remodeling sector should hold steady in 2024 and increase by two percent in 2025. Several remodeling trends will influence the sector in 2024 and beyond, particularly for homeowners taking on remodeling projects with the intention of selling their homes in the future.
Several homeowners and homebuyers have shown an interest in sustainable, eco-friendly residential features and upgrades. Bamboo, for example, grows to maturity in just five years, making it an eco-friendly alternative to other hardwood flooring materials. Remodeling professionals can also complete hard flooring projects using salvaged or reclaimed wood. Other sustainable options for hard flooring include linoleum, cork, and recycled porcelain and tiles.
Paints made with low- and zero-volatile organic compounds (VOC) have trace amounts of chemicals like formaldehyde emitting gasses into the atmosphere. Oil-based paints are particularly high in VOCs. Natural and organic paints do away with all VOCs and avoid petrochemicals, making them ideal for eco-friendly remodeling projects. Similarly, homeowners and construction leaders can improve sustainability by using non-toxic stains and sealers.
Additional sustainable remodeling project materials range from recycled content drywall to grasscloth wallpaper finishes.
Regarding remodeling projects with future buyers in mind, kitchen projects have gained considerable traction in recent years. In addition to various sustainable, eco-friendly kitchen renovations, homebuyers are investing in several kitchen hardware additions. Textured finishes are particularly impactful, such as brushed or hammered finishes on kitchen knobs and handles. This simple project adds depth and character to kitchen spaces at a relatively low cost.
Similarly, homebuyers have expressed an interest in artisanal and handcrafted designs; whether it is unusual materials or complex wallpaper designs, families have explored living in custom spaces. Other kitchen remodeling trends in 2024 include using multiple metals in the same space, such as patina copper and flamed bronze.
Other additions that can make a home more attractive to future buyers involve enhancing existing spaces, such as outdoor renovations and added smart home features. Popular outdoor spaces for 2024 and beyond include landscape lighting and outdoor kitchens, while security cameras and smart light bulbs rank among the most in-demand smart home features. Integrated smart home features are even more desirable for homeowners and homebuyers, increasing convenience and energy efficiency.
Next, tile upgrades, fixture replacements, and multi-functional spaces are other ways for property owners to increase the value and functionality of their residences.
Multiple factors will influence the remodeling market's growth in 2024 and beyond. America’s low inventory of homes, the increasing age of available homes on the market, and growing equity for longtime homeowners will positively influence remodeling sector growth. Remodeling professionals have noted that a lack of labor power may hinder growth. Labor shortages have been a particular issue when hiring carpenters, framing crews, masons, and concrete professionals. Labor shortages will continue throughout 2024 and 2025, though the overall impact on the remodeling sector remains unclear.
Material and product shortages will also impact growth for the remodeling sector. Appliances, windows and doors, plumbing fixtures, cabinets, and HVAC equipment, all critical to remodeling projects, have suffered shortages in recent years. Fortunately, shortages have improved compared to 2022.
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vitodragone · 1 year ago
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Benefits of Living in an Apartment Community
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Living in an apartment community presents many advantages that are often overlooked during the stressful process of finding the perfect home. Apartment living can be an ideal choice for individuals and families due to various benefits that enhance daily life. From modern amenities to a built-in social network, apartment communities offer a lifestyle that combines comfort and convenience.
One of the primary benefits of living in an apartment community is the convenience it offers. Apartment complexes are typically located in urban or suburban areas with easy access to essential services like grocery stores, pharmacies, and healthcare facilities. Public transportation is often nearby, making commuting simpler and reducing the need for a car. Many apartment communities are also designed to be walkable, with pathways and sidewalks that connect residents to local shops and parks.
Similarly, apartment communities often come with a range of amenities that enhance the quality of life for residents. These can include fitness centers, swimming pools, playgrounds, and community rooms. Such amenities provide convenient and cost-effective alternatives to external memberships or subscriptions. For instance, having an on-site gym eliminates the need for a gym membership, while a community pool offers a place to relax and unwind without leaving the premises.
Home ownership comes with the responsibility of maintaining the property and handling repairs, which can be both time-consuming and expensive. In contrast, apartment living typically includes maintenance services as part of the rental agreement. This means that if an appliance breaks or there’s a plumbing problem, the management team will handle the repairs at no cost to the tenant.
Living in an apartment can be more cost-effective than owning a home. The initial costs of moving into an apartment are usually lower, as there’s no need for a large down payment and no closing costs. Utility bills can be lower in apartments due to smaller living spaces and shared walls that help insulate against temperature extremes. Many apartment communities also include utilities like water, gas, and trash removal in the rent, further reducing monthly expenses.
Apartment communities often foster a sense of camaraderie and social interaction among residents. Community events such as barbecues, holiday parties, and fitness classes provide opportunities to meet neighbors and build friendships. This social aspect can be particularly beneficial for individuals new to an area, helping them to quickly establish a support network. Moreover, living in close proximity to others can enhance the sense of social welfare, as neighbors are more likely to look out for each other.
Many apartment communities prioritize the safety and security of their residents. Properties in the Dragone Realty Investment portfolio have security cameras along with a security service. Additionally, the presence of a dedicated management team means that any safety concerns can be promptly addressed. Living in a community setting also means there are always people around, which can deter criminal activity more compared to a single-family home.
Apartment leases typically offer more flexibility than mortgage agreements. Short-term lease options are often available, which are ideal for those who may need to relocate for work, education, or personal reasons. This flexibility allows individuals to adapt to life changes without the long-term commitment and financial burden of owning a home.
Living in an apartment can also be a more environmentally friendly choice. The smaller living spaces require less energy to heat and cool, and the shared walls provide better insulation. Additionally, many apartment complexes are incorporating green practices, such as recycling programs, energy-efficient appliances, and sustainable landscaping. This collective effort can significantly reduce the overall environmental footprint of the community.
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vitodragone · 1 year ago
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vitodragone · 1 year ago
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vitodragone · 1 year ago
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vitodragone · 1 year ago
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