Archive for October 2008

By Anuradha Kher, Online News EditorDallas–Consolidated American Services (CAS) has appointed Toni Portmann (pictured) as CEO.Portmann brings more than 30 years of executive and management experience to her new role and is focused on building and expanding the company’s property and asset management services platform. CAS goes beyond traditional property management services with value-add businesses…

By Erika Schnitzer, Associate EditorSan Pablo, Calif.—GMH Capital Partners’s Bella Vista at Hilltop in Richmond recently received the 2008 Greater Excellence in Management and Maintenance (GEMM) Award in four categories from the California Apartment Association (CAA) Contra Costa Region.GMH won “Management Company of the Year” and “Resident Relations Program of the Year.” In addition, “Community…

By Anuradha Kher, Online News EditorDowners Grove, Ill.–Chicago-based RMK Management Corp. recently opened the Residences at the Grove, a 294-unit luxury rental community in Downers Grove, Ill. Located at 2845 Easton St., the community features three mid-rise buildings offering studio, one- and two-bedroom residences with one to two baths and 24 rowhome floor plans.Rents for…

By Anuradha Kher, Online News EditorAtlanta–BPG Properties Ltd. recently acquired Post Woods, a 494-unit Class B+ community located in suburban Atlanta, from Post Apartment Homes L.P. for $52,750,000.The community will be managed by BPG’s multifamily operating arm, Madison Apartment Group L.P. The purchase was made on behalf of BPG Investment Partnership VIII  VIIIA, L.P., a…

By Anuradha Kher, Online News EditorNew York–With Nov. 4 approaching fast, most questions about the two presidential candidates’ policy positions have been answered. But there is one question that hasn’t been asked too often—who between the two presidential candidates, Republican Sen. John McCain, or Democrat Sen. Barack Obama would be better for multifamily housing? We…

By Anuradha Kher, Online News EditorJeffersonville, Ind.–Arbor Commercial Funding recently completed funding of a $3,000,800 loan under the Fannie Mae DUS product line to refinance 244-unit Mayfair Apartments in Jeffersonville, Ind.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.Gross & Cohen Real Estate Investors Completes Acquisition, Renovation of…

By Patrick S. SimonsStrategic Residential AdvisorsBefore we get to the strategies, I’m going to throw out some time-tested adages. 1) Real estate is cyclical, 2) Buy low – sell high, 3) Go against the grain, 4) Make lemonade out of lemons.There’s a lot of wisdom in these sayings that we can apply to the apartment…

By Erika Schnitzer, Associate EditorRancho Cucamonga, Calif.—Workforce Homebuilders LLC and National Community Renaissance have broken ground on their Villaggio at Route 66, a 166-unit mixed-income workforce housing community. Approximately 80 percent of Villaggio’s units will be reserved for residents earning 35 to 60 percent of the area’s median income, which is approximately $67,750. The development…

By Anuradha Kher, Online News EditorBangalore, INDIA–Oakwood Worldwide has recently opened its newest corporate apartments project, Oakwood Premier Prestige Bangalore, located in UB City, the largest commercial property project in Bangalore, India. The development features 177 fully-equipped studio, one-, two- and three-bedroom apartments and includes amenities such as on-site five-star restaurant and room service; health…