Driving east on Burlington Street, amidst the successive stop lights and business signs, the Sheraton Hotel slowly moves from sight to expose its neighbor – the modern, lofty, steel constructed Plaza Tower.
Its metallic tone, however, is illuminated by the icicle lights that hang from each and every balcony. The building’s tenants are not the ones responsible for the holiday lights. They were provided and hung with care by an unlikely source – the building’s owner, Marc Moen.
Moen, being the man commonly referred to in Iowa City as a real-estate powerhouse, owns dozens of prominent buildings within the area. One thing that may come as a surprise to those who don’t know him is the fact that he personally purchases and hangs icicle lights for his tenants.
But those who do know him wouldn’t expect any less.
“This is a guy worth over $100 million, and here he is hanging Christmas lights,” says George Etre, one of Moen’s long time renters.
Etre, who previously lived in the Whiteway apartment above Joseph’s Steakhouse, another Moen-owned building, has resided in one of Moen’s newest and most successful buildings, the Plaza Tower, since it was constructed in 2006.
It has been Moen’s personal relationships with his tenants and his hands-on approach that keeps Etre coming back, he says. And it’s not just him.
“The repeat customers are how [Moen] makes his money,” says Etre. “People want to come back because of that X-Factor.”
That X-Factor may as well include the Y and the Z. Apart from Moen’s light-hanging, he is revered by tenants as the man who they can call to come personally fix anything, count on to invite them to his Christmas party, give personal tours of his buildings for prospective buyers, and, most importantly, almost always guarantee a full refund of a security deposit.
“With security deposits we bend over backwards to refund,” says Moen. “A security deposit is meant to cover real damage. From an economic point of view it may not make sense, but our goal is to refund every tenant of every deposit.”
A goal that would be a nightmare for some landlords in Iowa City. In 2000 alone, Apartments Downtown made $7 million off of security deposits.
Moen’s definition of damage proves to be different.
Moen and his co-manager, Bobby Jett, employ a cleaning worker for a modest fee, and offer the tenant with the choice to clean their living quarter themselves, deduct the fee from the deposit to have it done for them.
Small items that the tenant forgot to clean, like an oven for example, would gladly be taken care of free of charge, says Moen. Only large damages would be taken into account, such as a hole in the wall or a broken window.
This rare desire of pleasing the customer over making money is what Etre says earns Moen his repeat customers – a feat other Iowa City landlords seldom accomplish.
Moen’s buildings holding these recurring customers range from commercial to residential.
Some of the commercial buildings include restaurants like The Mill, and Graze. Other residential buildings consist of the Woodlawn apartments on Evans Street, the Blackstone apartments on Dubuque, and Brewery Square on 123 North Linn.
These are three of many residential buildings owned by Moen, ranging in price from $620 to $2,500 a month.
The higher scaled prices of Moen’s residential properties are worth the money, says Etre.
“[Moen’s] places are secluded and exclusive. People like it, that’s why they pay.”
The exclusive nature of the apartments and lofts is what draws Moen’s primary customer-base: young professionals and older tenants.
Moen’s goal for student apartments that separates them from the rest caters to those wanting to live in a quieter setting. The apartments primarily appeal to single or couple tenants, providing single bedrooms, kitchens, and bathrooms.
His apartments and penthouses range from 400 to 3,000 square feet.
With the private nature of his residential buildings, Moen believes he has achieved a certain “niche” within the predominantly student populated downtown Iowa City.
Another contributor to the Moen buildings’ exclusive character is his screening process.
“Not only is he selective in people he rents to, but the properties he buys,” says Etre.
Moen and Jett are so selective about the properties they own, that they, themselves, live within their walls. Initially it was above Mondo’s restaurant, now Joseph’s Steakhouse, on Clinton Street. Currently they live in their loft found in the Plaza Towers.
“Our motto really is if the apartment isn’t good enough for live in it ourselves, then it’s no good,” says Jett.
Jett and Moen have been living together in their own buildings for fifteen years. The two are partners in business and domestically.
Their close working relationship, Jett says, provides an advantage for their practice.
“I’m the more laid back ‘whatever.’ I also get too involved,” says Jett. Marc is much more direct and serious.”
Jett says their personal traits allow them to assume different roles within their business. Moen being the one to lay down the law and terminate a lease, and Jett the one to “hold a hand,” or simply patch things up when it comes to his tenants.
The two assume the same responsibilities, however, when it comes to personally managing all of their buildings. Those responsibilities being leasing, meeting with clientele and occasionally their parents, read emails and answer calls, taking care of waiting lists, sending out renewal letters, and giving tours to those interested in buying.
The long list of tasks isn’t too overwhelming for Moen and Jett, however. Their desire to personally manage all of their buildings far outweighs the paper work and maintenance tasks.
“Once you hire out a manager you lose control, and you’re one step away from your tenants,” says Jett.
This hands-on approach is what gives Moen and Jett their respected reputation, a characteristic often overlooked in the business world.
Aside from the personal involvement, Moen has also come to make his company synonymous with another groundbreaking attribute – his innovative collection of old and new buildings.
Moen’s first investment was the side by side duplex on 412 North Dubuque Street, located next to City High School. The building was in shambles when Moen purchased it, and it was the first brick house to have ever been built in Iowa City. Now he has added modern creations like the Plaza Towers to his wide array of buildings.
“The mixture of stark, new buildings next to historical buildings is intriguing and beautiful,” says Moen.
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