Igor Krivoruchko is an authoritative voice in real estate, having acted as a residential partner and overseeing manager to many building projects in the industry. Here, he explains to readers how upgrades in technology can draw in residents to apartment communities and multi-family properties.
For two decades, Igor Krivoruchko has been a major force in the real estate market where he’s overseen a range of building and management projects. He’s found success building Class-A luxury apartment communities across the United States and turned his sights strictly to the development of multi-family properties since 2004.
In this time, he’s helped uncover the drive behind the surge in popularity of multi-family communities like apartments and condominiums. Igor Krivoruchko believes the lifestyle change and the outstanding amenities of modern, community-type housing are two of the biggest drives behind the rising trend. Among those amenities, he says, are a range of state-of-the-art tech features that utilize elements such as the Internet of Things (IoT) to maximize each resident’s living experience.
“In the past, owning a sizeable house with a big yard was the American Dream with people saving every penny to achieve this lifestyle,” says Igor Krivoruchko. “The maintenance required for such a lifestyle has lost a lot of followers in recent years. People today want easy living with built-in features and tech amenities that streamline life at home.”
Multi-family developments have sprung up around the U.S. in the last decade, with some sources projecting as many as a quarter-million new units to be completed by the end of 2019 alone. Developers like Igor Krivoruchko know that the right tech upgrades can mean all the difference in the world for potential renters at multi-family communities.
Advanced technology ultimately improves the renter’s way of life and expedites many chores or tasks at home. New, more sophisticated dishwashers in kitchen units can wash and dry dishes at a much faster rate while lowering water bills. Some community buildings install USB outlets during construction so all their units have charging ports for renters in nearly every room. More advanced appliances can connect with smart devices and programs to automate many processes and save renters valuable time and energy.
Additionally, remote work is a growing trend in America with many more people electing to work partially or entirely from home each year. Tech advances in apartments or condos are especially useful for these workers; resources like high-speed internet connections and savvy business or conference rooms on-site will certainly attract professionals who work remotely.
“Developers can see first-hand how the growth in technology and consumer products like smartphones are influencing buyer purchases on a massive scale,” says Igor Krivoruchko. “People crave technology and streamlining, and that’s exactly what developers should strive to provide in modern complexes.”
Real estate professional Igor Krivoruchko has been an integral part of development projects for decades and today is recognized as an expert on multi-family housing units. He helps readers understand below how the multi-family real estate market has skyrocketed in recent years to an all-time high.
Igor Krivoruchko is a real estate professional who’s overseen building projects across the country for decades. He’s spent years studying trends in the multi-family real estate market (focusing primarily on the field since the early 2000s) and believes that now is the golden age for these types of properties.
“The idea of the perfect house with the yard is growing stale to a lot of people today, especially baby boomers and the generations that follow them,” says Igor Krivoruchko. “There are plenty of factors driving the trend to downsize and find lodging in multi-family properties, but one of the biggest determiners is lifestyle preference.”
Apartment communities and other complexes eliminate a lot of regular chores that a standalone home would require. For one, residents in apartments never have to worry about mowing their lawns, power-washing sidewalks, and cleaning or repainting building exteriors. A lot of issues within the home can be solved by maintenance teams and property staff, such as repairing a dishwasher or unclogging a toilet. Immediately, moving over from a single-family home to a community-style complex takes away a lot of the daily responsibilities of owning a home and gives people more free time to spend on whatever they please.
Igor Krivoruchko believes that the baby boomer generation is finally buying into the multi-family property lifestyle instead of setting their sights on traditional suburban homes. Ultimately, downsizing saves them a lot of money and provides amenities that set them up for a more enjoyable retirement. Because boomers are embracing city life and moving to more urban and populated areas to find housing, the popularity of multi-family developments in larger cities climb higher every year.
Another major reason there’s an increase in multi-family real estate is that the Millennial generation has begun to leave home and set up on their own. Buying a house is typically too expensive for this generation right from the start, so they opt-in for multi-family complexes that are more financially lenient. In addition, they appreciate the lack of responsibilities, and it allows them to spend their time doing things they love or working towards an alternative lifestyle.
“The people who seek out urban hotspots have to sacrifice things like lawns, individual driveways or parking spaces in addition to square footage,” says Igor Krivoruchko. “However, sustainable amenities like wellness facilities, on-site parking, maintenance, and in-house cleaning crews prove to be some of the most attractive components to people right now. Without being slowed down by traditional responsibilities of owning a home, residents in multi-family developments gain more freedom and time to pursue growth, which is what most people seem to be after these days.”
Having worked on multi-family real estate projects for decades, Igor Krivoruchko has become an authoritative voice on residential development projects. Here, he shares details of the fall opening of the Millennium on LaSalle building in Chicago and how the apartment high-rise raises the bar for multi-family real estate across the country.
Igor Krivoruchko serves as counsel to his peers and an informative voice in real estate to online readers, and he regularly shares growing trends and thought pieces to developers in the industry and interested readers. Recently, he’s followed the progress of the Chicago building project Millennium on LaSalle and explains to readers how its state-art-of-the-art offerings set the standard for future builds.
“The Millennium on LaSalle is shaping up to be one most the most advanced and resource-rich multi-family building developments of the century,” says Igor Krivoruchko. “The project is set to wrap up this fall season and open its doors to residents and businesses from all over Chicago.”
Millennium on LaSalle is a high-rise that will feature hundreds of upscale rentals with industry-leading amenities while allowing residents to live in the heart of the financial district of downtown Chicago. In addition to a range of lodging types, the Millennium features a year-round sky deck, an advanced fitness center with on-demand classes, and a variety of other innovative amenities.
“It’s an incredible building that will sure to be labeled as the new industry standard for futuristiccommunity-style living,” says Igor Krivoruchko. “In addition to hundreds of modern apartments, the ground floor will also include around 7,000 square-feet of retail space to meet all residents’ buying needs.”
The Chicago property originally featured a 13-story office building that was converted into the apartment structure and redesigned with contemporary decor and modern finishes throughout. However, the architects were careful to highlight some of the building’s more historic elements, too. In total, the Millennium will host 216 apartments and feature a mix of studios, single bedroom apartments, and two-bedroom apartments. The building is decked out in “smart” mechanical systems and technological conveniences such as integrated USB power sources, pre-wired media hubs, and Bluetooth audio speakers and interfaces.
“People who are making the move from typical single-family homes want to upgrade all their amenities and live in more convenience,” says Igor Krivoruchko. “This usually means more built-in smart tech, and the Millennium delivers. In the end, it offers the exact modern lifestyle that residents in tech hubs like Chicago are looking for.”
The Millennium is set to open this fall, though pre-leasing hasn’t begun yet for residents. Interested parties can complete the form on the official contact page to be added to a list and receive periodic updates about the construction progress, renderings of the apartment spaces, and more.
As one of the country’s leading voices in multi-family developments, Igor Krivoruchko has helped countless baby boomers downsize their homes while upgrading their lifestyle. He shares some of the most notable indicators that boomers should seek out multi-family housing options with readers below.
Igor Krivoruchko specializes in developing multi-family units and is recognized as an industry leader for his state-of-the-art facilities. He’s followed growing trends in the real estate industry for decades and has learned the intricacies behind people’s need to downsize or convert to multi-family housing.
“The American Dream with the house and the yard and the picket fence is outdated,” says Igor Krivoruchko. “People are choosing to opt-in for the resources and unique perks of multi-family housing, including many retirees such as baby boomers who are glad to accept less responsibility at home.”
The boomer generation generally refers to those people born between the end of the 1940s and the beginning of the 1960s. They make up a tremendous portion of the American population with some statistics stating as much as 20%. As this generation begins to retire, Igor Krivoruchko believes many have started to realize the pros of investing in multi-family real estate. Besides meaning less immediate responsibilities at home, these properties offer a more practical and affordable approach to living.
For those baby boomers still wondering if multi-family properties are right for them, Krivoruchko shares three signs they should downsize their homes and leave the life of the yard and the picket fence behind.
You’re on a Tighter Income
Inevitably, retirement means budgeting and relying on a predictable but typically lower salary. If you’re a boomer looking to cut back on spending, downsizing your home (and ultimately the cost of upkeep) will have a significant impact on your savings. At multi-family complexes, there’s a good chance that water bills are covered, electric bills will be lower, lawn care will be included, and free maintenance will be available on-site.
You’re Finished with Maintaining
“Keeping up a large home is a full-time job in itself,” says Igor Krivoruchko. “The regular maintenance required to make a home look nice inside and out is time-consuming and very costly.”
Homeowners usually must dust, vacuum, mow their lawns, wash the sides of their houses and much more. Living at a multi-family complex usually comes with the added bonus of maintenance crews who do all the hard work for residents.
Your Nest is Empty
Once the last child has moved out and the empty bedrooms exceed the occupied ones, things can feel lonely for homeowners. In addition, the work and upkeep likely don’t come with as much gratification as they used to. This is the perfect time for boomers to transfer over to a smaller unit in a multi-family complex, which feels more suited for retiring couples or empty nesters than larger homes do.
“If you’re a boomer, there’s never been a better opportunity to downsize and cash in on the exciting and low-key lifestyle of multi-family housing,” says Igor Krivoruchko. “There are multi-family developments springing up in most cities across the country right now.”
Igor Krivoruchko is a real estate professional with decades of experience that have led him to become an expert on the subject of multi-family housing units. Below, he shares how Better World Properties, LLC is an industry leader in multi-family real estate and what elements other developers should model after their practices.
A major voice in multi-family housing, Igor Krivoruchko has had his hand in developments across the country where he’s implemented a range of sophisticated features and resources. Recognizing Better World Properties as an industry leader, he believes other multi-family unit developers can model their practices after the LLC to optimize their own successes.
“The Better World family of companies lend some exceptional resources to real estate professionals, from property management and holdings to facility optimization and staff training,” says Igor Krivoruchko. “And it’s more than just their highly-beneficial offerings. Better World Properties shows true dedication and care for their Texas projects, employees, and residents.
Recently, the company shared this message,
“This week many are heading back to school. From kindergarten to grad school, students are our future leaders. We want to take this time to wish all of our staff, our apartment residents, apartment owners and their families, teachers, faculty and administrators a wonderful new school year filled with bright, new and endless possibilities. Thank you for helping us to make it a better world.”
Igor Krivoruchko says this small detail embodies why they’re such a successful company and why so many consider them an industry leader in multi-family housing.
“In addition to their caring attitude, they really do know apartments inside and out,” says Igor Krivoruchko. “Few organizations offer as many state-of-the-art offerings and unique vantage points for residents, employees, managers, and developers to take advantage of.”
Better World Properties provides full service apartment management solutions in addition to apartment process, performance consulting, and multifamily equity and financing solutions. They set themselves apart from similar companies by carefully crafting their business model to address the full life cycle of apartment investments. Instead of outsourcing to various companies to achieve a full range of solutions, they offer a variety of services to meet multi-family housing needs.
Among other areas of expertise, the company offers apartment property management, multifamily equity, deal formation, creative and custom financing solutions, multifamily investor services, training, staffing, apartment rehabilitation and reposition, multifamily acquisition, uncovering hidden value, disposition and multifamily process improvement.
With a focus on Texas, and with headquarters in Houston, Better World Properties leads the lucrative multi-family investments in the state. Having operated in Texas for years, the company intimately understands the state’s multifamily real estate market and where opportunities abound. Today, they offer full solutions to the ever-growing population in Texas with industry-leading properties and resources.
Igor Krivoruchko is a real estate expert with decades of industry experience to his name, especially in apartment communities and other multi-family housing. Below, he helps readers understand how trends in multi-family real estate are rising and what’s driving the move from single-family units.
For over two decades, Igor Krivoruchko has been an instrumental component of many residential housing projects across the country, focusing on multi-family real estate since the early 2000s. He’s become a major voice in the trending multi-family development field and frequently shares his insights with his peers and with online readers.
After working in real estate for a few years, Krivoruchko recognized the growing potential of multi-family developments: the opportunity for high rental cash flow and the decreasing trend of single-home ownership. He formed his own ventures in the field and managed a range of construction projects to meet the growing need for multi-residential style buildings.
“Multi-family housing provides unique benefits and a lot of reliability that purchasing a single-family home can’t compete with,” says Igor Krivoruchko. “The housing market right now, plus shifting priorities as new generations invest in real estate, have convinced many people to find alternative housing.”
In addition, Igor Krivoruchko believes three other major factors are driving the popular multi-family real estate trend:
Baby Boomers Want Smaller Houses
The American dream of the big house and yard––space for the whole family––is getting old for a lot of Boomers now that their children are grown and out of the house. Downsizing can save them a lot of money, and they can acquire amenities that set them up for a more enjoyable retirement elsewhere. Boomers are embracing city life and moving to more urban and populated areas to find housing.
Millennials Branching Out on Their Own
Just as millennials were beginning to invest in real estate or move out of their parents’ houses, the housing crisis hit hardest and changed the industry. Fluctuations in housing prices have turned many of the millennials branching out on their own to invest in amenity-rich apartments and similar community-style housing. They are often the last to invest into single-family homes, preferring the ease of condos and apartments.
Those who seek out urban hotspots will inevitably have to sacrifice lawns, individual driveways or parking spaces, and square footage. However, people are choosing to lose these components if they can find sustainable amenities like wellness facilities, on-site parking, maintenance, and in-house cleaning crews, among others. This allows them to continue living busy, often hectic lives without being slowed down by traditional responsibilities of owning a home.
“These elements are enough of a tradeoff to convince a huge percentage of people to avoid investing in suburban houses and to seek out the affordability and sustainability of multi-family real estate,” says Igor Krivoruchko.
As a residential partner, Igor Krivoruchko has worked in the real estate industry for two decades where he’s overseen projects focused on modern apartment communities and multi-family properties.
Igor Krivoruchko has worked in real estate since 1999, but he took a more focused approach in 2004 when he centered his career on the development of multi-family properties (such as condominiums and apartments). Thanks to the industry’s strong growth, he found success building Class-A luxury apartment communities across the United States.
As the population rises, more individuals and families look to apartments and other multi-family properties that come with many enticing amenities. Igor Krivoruchko explains how the recent growth in technology, such as the Internet of Things (IoT), is helping to fuel this trend.
“When people buy houses, they take on a world of responsibilities and expenses that used to be attractive in the past, but seem more like unreasonable chores now,” says Igor Krivoruchko. “Today, multi-family complexes offer solutions with their own built-in amenities and new tech features that streamline home-living processes.”
According to a recent study, multi-family developers are on pace for the second-highest annual completions count, with over a quarter-million units expected this year.1 Developers like Igor Krivoruchko look to the tech industry to gain an understanding of what renters and buyers need now and what will likely be trending in the near future.
Tech advances prove to optimize time spent on various tasks such as washing dishes (newer, more capable dishwashers in units) and offer unique benefits like the ability to charge phones and devices in any room (some complexes come with standard USB outlets). In addition, smart home technology connects people with products like refrigerators, ovens, and air conditioning units right from their smartphones.
“Developers have seen how the growth in technology and consumer products sways buyer’s purchases,” says Igor Krivoruchko. “People crave technology and streamlining, and that’s exactly what we want to give them in modern complexes.”
Well-built complexes will likely feature amenities like pet care, lawn care, and cleaning services, but they will also utilize technology to optimize other aspects of residents’ lives. This may mean faster entry to complex gates, unique fitness programming at on-site gyms, car charging stations, and smartphone applications.
Tech advances in apartments or condos are especially useful for remote workers, who are a growing trend in professional establishments across the country. Increased accessibility of services at home–such as high-speed internet connections and savvy business or conference rooms on-site–draws in many working professionals. Igor Krivoruchko believes the communities hoping to succeed must focus on convenience in more ways than one, giving residents upgrades in their professional and personal day-to-day lives through technology.
“There’s a lot of competition for land and rights to build new multi-family communities,” says Igor Krivoruchko, “but the winners will be the ones who are tech-centric, since they have the most to offer residents.”
Igor Krivoruchko Says Current Olive Garden Site Will Be Home to 207-Unit Apartments This Fall
Igor Krivoruchko, a multi-family residential developer, says this fall, he anticipates breaking ground on a six-story, 207-unit apartment complex in St. Louis Park.
Currently, an Olive Garden is in the location at 5235 Wayzata Blvd and has been in business for 25 years. The restaurant plans to reopen in Minnetonka.
According to the Minneapolis/St. Paul Business Journal, the apartment complex will be E-shaped and have two courtyards. Work on the apartment complex is slated to continue through 2021, Igor Krivoruchko said. It will boast 207 apartments, including 66 two-bedroom apartments and 12 three-bedroom apartments. Eight of these units will be priced at rates considered affordable to tenants making 60 percent of the area median income.
In addition, a draft ordinance requires electric vehicle charging in the parking lot. Igor Krivoruchko said the multifamily real estate property will also comply with St. Louis Park’s green housing policy, creating an environmentally friendly building. According to Igor Krivoruchko, the apartment complex will also have a rooftop terrace, outdoor decks with pools and a park with a dog run, bringing outdoor communal spaces to the city.
“This apartment complex will be a huge benefit to St. Louis Park,” Igor Krivoruchko said. “It will provide housing that is luxurious and affordable in an area that is in need of additional housing solutions.”
St. Paul is the second-largest city in Minnesota by population, with a population of more than 306,000 people.
Igor Krivoruchko has been involved with real estate ventures since 1999. In 2004, after realizing the trend away from home ownership, he moved his focus solely to multi-family housing in the United States. Igor Krivoruchko targets areas with strong growth and upwardly-mobile populations, like St. Louis Park. His company builds luxury apartment communities in these cities.
Igor Krivoruchko’s company focuses on the concept, development, construction and project management of the income-producing property in the country. Igor Krivoruchko focuses on integrity, cost control and market research to create assets and cash flow for his investments. These investments benefit the communities as well, bringing jobs and housing opportunities to each city.
Igor Krivoruchko has also pioneered a new construction model by forming an in-house general contractor and awarding his team on a performance-based system.
A real estate guru, Igor Krivoruchko has spent decades researching and sharing his professional knowledge of multi-family properties and apartment communities. Keeping up with local developments, he shares updates on the new project, which is slated to open its doors later this fall.
Igor Krivoruchko has participated in a range of real estate ventures both in his immediate community and afar, paying careful attention to and applying advancements in apartment communities and multi-family housing.
Beginning his career in real estate in 1999, Igor Krivoruchko was able to enter the market as it was on a steep rise, giving him the critical insight to its highest potential. It wasn’t until five years later that he shifted his focus to multi-family housing once he realized the immense benefits of rental cash flow. The growing trend away from homeownership also sparked his interest and drove him to invest in properties that acted as communities versus standalone homes.
Before he set up any new properties, he homed in on targeted areas that suggested the strongest potential for attracting this new wave of buyers. Once he developed a wide understanding of the multi-family market, he assembled a team to begin construction on a series of Class-A luxury apartment communities, which catapulted him to success.
“Before the housing market burst in the late 2000s, people were already shifting their investments from single-family homes to community-style living,” says Igor Krivoruchko. “Today, it’s the preferred style of living in the majority of major cities across the country.”
Paying attention to other community developments in his area, Igor Krivoruchko reports on the new project in the heart of Chicago’s Loop. The property is set to open later this fall and will feature a remodeled 13-story office building that will be home to a highly amenitized development. The design is described as contemporary with modern finishes all around, but will also highlight some of the building’s historic elements.
The new project will host 216 apartments (a mixture of studios, single bedroom, and two-bedroom lodging), which will all include “smart” mechanical systems and technological conveniences. Among other modern resources, residents will enjoy integrated USB power sources, pre-wired media hubs, and Bluetooth audio.
“It’s an incredible building that will sure to be labeled as the new industry standard for futuristic community-style living,” says Igor Krivoruchko. “In addition to hundreds of modern apartments, the ground floor will also include around 7,000 square feet of retail space to meet all residents’ buying needs.”
The building that the new project will take over is already precious to Chicago, making the remodel a way of preserving its history instead of demolishing it. The building was initially erected as the National Life Building and was designed by Jenney & Mundie in 1902. It was previously renovated in 1940 but will witness its most extensive and advanced upgrades when completed in September.
With two decades of real estate industry experience, Igor Krivoruchko brings an insightful understanding of apartment communities and multi-family properties to readers. Below, he discusses a few of the major trends behind the steep increase in the popularity of multi-family real estate.
Researching and participating in real estate ventures for years, Igor Krivoruchko is now an industry leader. His career in real estate began in 1999, but his focus on multi-family housing came about in 2004 after he realized the benefits of rental cash flow and the growing trend away from homeownership.
Igor Krivoruchko began by focusing on targeted areas with demonstrated strong growth and many renters to set up new properties. After selecting from the most opportune locations within emerging markets, he and his team started construction on a range of Class-A luxury apartment communities.
It’s from this expert perspective that Igor Krivoruchko shares four insights into multi-family real estate that he believes are instrumental in its growth today.
Fewer Millennials Living at Home
After the housing market crash of 2008, many millennials were forced to either relocate to faraway places to find affordable housing or else move back into their parents’ homes. Today, however, millennials are leaving home for multifamily developments and amenity-rich apartment communities. This migration fuels today’s multi-family housing market and encourages other millennials to get on board.
Baby Boomers Downsizing Houses
As the housing market builds more and more steam, baby boomers who own properties find it useful to downsize to either profit from selling their home or to minimize living costs. This, in turn, is many times the push that gets millennials out the door and closer to multi-family housing units. Baby boomers, on the other hand, are also embracing city life and the affordability (and smaller size) of most multi-family homes.
Developments in Large Cities
Because a growing job market is prompting graduates, millennials, and others to seek out larger cities for work, multi-family units are getting a lot more attention than in the past. Working in densely-packed cities typically causes residents and commuters to rely on local transportation like monorails and bus lines. These transit-oriented developments almost always consist of apartments, condominiums, and other more affordable multi-family home setups that cater to the busy city lifestyle.
Trends in Sustainability
As millennials and city-goers adapt to the city lifestyle, they focus on sustainable elements like on-site parking, wellness features, amenities that out-perform homeownership, and more. In addition, these residents value social connectivity and top amenities that will benefit their busy and often hectic lives. The multi-family housing unit is a clear solution that fits their needs and many times exceeds expectations.
“We’re already seeing how as people change the way they live, work, and interact with each other, multi-family housing provides a lot of benefits that haven’t really been in high demand before now,” says Igor Krivoruchko.