Archive for July 2008

By Anuradha Kher, Online News EditorLos Angeles–The Pegasus Apartments, a 322-unit luxury apartment community was recently recapitalized at a value of approximately $100 million with Buchanan Street Partners.The Kor Group purchased this 425,000-sq.-ft. former General Petroleum Headquarters building in 2001 and converted it into luxury rental apartments with modern amenities.The Pegasus Apartments features ground floor…

By Anuradha Kher, Online News EditorNew York–The first building to benefit from the Inclusionary Zoning Provision of the historic Greenpoint-Williamsburg Land Use and Waterfront Plan, approved by city officials in 2005, was recently rededicated as part of a $20 million plan to preserve affordable housing in North Brooklyn for more than 600 low-income New York…

Douglas Pope is the co-founder of hotpads.com, a Web site that offers a map-based search for buying, selling or renting homes. Recently, PC magazine named hotpads one of the top real estate websites. Twenty-six-year-old Pope (pictured), who founded the company with his college friends, talks to MHN Online News Editor, Anuradha Kher about his site,…

By Anuradha Kher, Online News EditorNew York–Multifamily property prices, while down 2.3 percent for the March/April period, reported the highest value change at 5.7 percent compared to a year ago, according to Standard and Poor’s April results for the S&P/GRA Commercial Real Estate Indices.“There has been a 5.7 percent gain in multifamily property prices in…

By Anuradha Kher, Online News Editor Salt Lake City–Apartment Realty Advisors (ARA) recently arranged the sale of four multifamily properties including Foothill Place, Park Capitol, Somerset Village and Southwillow, all located in Salt Lake City, for more than $120 million. The four properties together comprise 1,511 units. This exceeds last October’s record-breaking sale in Utah of 1,215…

By Erika Schnitzer, Associate Editor Washington, D.C.–In response to the rising number of injuries and deaths caused by the suction of swimming pool drains, President George W. Bush has signed into law the Virginia Graeme Baker Pool and Safety Act. This Act will affect all public pools and spas, including those in apartment and condominium communities. Suction…

By Anuradha Kher, Online  News EditorAtlanta–The Place/BV Student Housing Fund LLC recently  invested $38 million in First Street Place and Maverick Place (pictured), two student  housing properties located in Greenville, N.C. and Arlington, Texas, respectively. When complete, First Street  Place will serve the students of East Carolina University (ECU) and Maverick  Place will serve the students…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush signed into law today a comprehensive package of housing legislation including broad authority for the Treasury Department to safeguard Fannie Mae and Freddie Mac and a plan to help hundreds of thousands facing the possibility of foreclosure.Bush signed the legislation, which Congress approved last week,…

By Anuradha Kher, Online  News Editor Irvine, Calif.–Guardian Management LLC, through a  newly formed corporation will acquire the southern  California and Arizona offices of Sperry Van Ness. With this acquisition,  Guardian will hold the development and franchise rights for Sperry Van Ness in  Southern California, Arizona and Oregon. Guardian’s president, Tom Brenneke,  will become a member…

is Lend LeaseArchitect/Interior Designer: WHA Architecture and Planning PCCategory: UnbuiltMirabella South WaterfrontPortland, OROwner/Investor: Pacific Retirement ServicesArchitect/Interior Designer: Ankrom Moisan Associated ArchitectsBuilder: Hoffman Construction CompanyFifteen Twenty-One Second AvenueSeattleDeveloper/Builder: Opus NWR LLCArchitect of Record: Opus Architects and EngineersDesign Architect: Weber ThompsonInterior Designer: Susan Marinello InteriorsBarn Lofts Los AngelesDeveloper: The Borman Group LLCArchitect/Interior Designer: Rockefeller Partners ArchitectsBuilder: Carr…