Archive for September 2008
TODAY’S DEALS: 15-Unit Rental Property Sells for Over $2M
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPN Los Angeles–Sperry Van Ness has completed the sale of a 15-unit Koreatown apartment community for $2,850,000. The property, located at 868 S. Kingsley Dr., is in the heart of Koreatown near the intersection of Wilshire Boulevard and Western Avenue. Built in 1929, the…
Read MoreEnergy-Efficient Top-Load Washers from Maytag
Maytag’s latest model of high-efficiency top-load washers and steam dryers, Bravos, is CEE Tier III energy qualified, offering the highest efficiency in the industry, delivering 70 percent water and 67 percent energy savings. Bravos offers the largest washer capacity at 4.7 cubic feet (IEC) and has a window in the lid.It includes a commercial-grade stainless…
Read MoreImpending Bailout Package To Have Little Impact on Multifamily Financing
By Anuradha Kher, Online News EditorWashington, D.C.–Days into debate and discussions on Capitol Hill regarding a $700 billion bailout package to stabilize the financial industry, the House of Representatives voted this afternoon against the bill in its current state. The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in…
Read MoreCarmel Partners Selects LRO Revenue Optimization Solution for 57 Communities
By Anuradha Kher, Online News EditorSan Francisco–The Rainmaker Group, maker of automated revenue management software and services for the multifamily housing and gaming hospitality industries for property profitability, has recently announced that Carmel Partners, with over 19,000 units, will implement the LRO (Lease Rent Options) multifamily housing revenue optimization solution after a successful 12-month pilot…
Read MoreMulti-Housing Executives Update: Alliance Residential Appoints Heather Slack as Development Director, and Other Moves
By Anuradha Kher, Online News EditorAlliance Residential Appoints Heather Slack as Development DirectorPhoenix–Alliance Residential Co. has appointed Heather Slack (pictured) as development director. In this new role, Slack is responsible for development and acquisition activities in the northern California Region, which includes the markets of Portland, Ore., Seattle and Las Vegas. Her primary duties are…
Read MoreTODAY’S DEALS: AvalonBay Nets Its Largest Bond Financing for San Fran Mixed-Use, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Coreen Bailor, Research Editor, CPNWashington, D.C.–AvalonBay Communities Inc. has received $135 million in financing–the multifamily REIT’s largest bond financing ever closed–to fund construction of Avalon Walnut Creek at Contra Centre, a $400 million mixed-use, transit-oriented development next to the San Francisco Bay Area Rapid Transit’s Pleasant Hill…
Read MoreSales Begin at Murray Hill’s First Green Building
By Erika Schnitzer, Associate EditorNew York–Sales have begun at Toll Brothers Inc. and The Kibel Companies’ 303 E. 33rd, the first green development in New York City’s Murray Hill neighborhood.The 128-unit project is designed for LEED (Leadership in Energy and Environmental Design) certification. “We thought our customers would probably be concerned with these issues and…
Read MorePROPERTY MANAGEMENT: Are You Leveraging The True Value of Internet Listing Services?
Jeff Smedley of CallSource makes the case for implementing an effective lead management systemBy Jeff Smedley, CallSourceToday’s multifamily industry is faced with a never-ending challenge: To increase revenues while getting the most from their investments. But in this age of rapidly advancing technologies, the multifamily industry has an ally that can drive traffic to apartment…
Read MoreDavid Cutler Group Expands into 55+ Housing Market
By Anuradha Kher, Online News EditorMontgomery and Worcester County–The David Cutler Group is making a foray into the 55+ active adult housing market with two new projects located in Montgomery (pictured) and Worcester counties in Pennsylvania. Montgomery Walk is a 254-unit townhome community located in Montgomery County and Stony Creek Farms is a 209-unit townhome…
Read MoreHUD Announces $3.92B Package to States for Neighborhood Stabilization
By Anuradha Kher, Online News EditorWashington, D.C.–U.S. Housing and Urban Development Secretary Steve Preston today allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD’s new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire…
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