Archive for January 2009
MBA Predicts Employment Won’t Recover Until More than 2 Years After Recession Ends
By Keat Foong, Executive EditorWashington, D.C.–Ten-year Treasury interest rates are likely to fall further this year, according to Mortgage Bankers Association (MBA).MBA projects that the 10-year Treasury yield will fall to an average of 2.8 percent in 2009 compared to 3.7 percent in 2008 and 4.6 percent in 2007. Speaking this week at MBA’s state…
Read MoreTODAY’S DEALS: Hendricks & Partners Completes Sale of Rental Community for $19M, and Other Transactions
By Anuradha Kher, Online News EditorNorth Olmsted, Ohio–Hendricks & Partners recently arranged the sale of Madison at Butternut Ridge (pictured), located at 5800 Great Northern Blvd. in North Olmsted, Ohio. The 261-unit apartment community was sold for $19 million.Constructed in 1992, the property features 102 one-bedroom/one-bath units, 119 two-bedroom/two-bath units and 40 three-bedroom/two-bath units. The…
Read MoreJudith A. Calogero Replaces Late Clara Fox as CEO of New York Housing Conference
By Anuradha Kher, Online News EditorNew York–Judith A. Calogero (pictured), 51, former New York State Commissioner of the Division of Housing and Community Renewal, has been appointed CEO of the New York Housing Conference, a coalition of nonprofit and profit-motivated developers, owners, managers, professionals and funders of affordable housing. Calogero will replace NYHC Founder Clara…
Read MoreHarvard University, NMHC Paper Prompts Government to Look at MF Financing Issue Closely
By Anuradha Kher, Online News EditorWashington, D.C.–A new policy paper issued by Harvard University’s Joint Center for Housing Studies with support from the National Multi Housing Council (NMHC), is urging policymakers to recognize the important differences between single-family and multifamily financing and take steps to ensure an adequate supply of capital to the multifamily sector…
Read MoreGables Residential Tops Mystery Shopping Survey
By Anuradha Kher, Online News EditorAtlanta–Gables Residential’s leasing performance of its on-site associates is better than that any other participating company, according to the fourth quarter 2008 Ellis, Partners In Mystery Shopping’s (EPMS) quarterly EPMS Benchmark Survey.The company scored 97.82 percent, the highest individual company score in the eight-year history of the survey.”Obviously, this overall…
Read MoreMARKET SNAPSHOT: Houston
By Erika Schnitzer, Associate EditorHouston—Despite the economic crisis, the forecast for Houston’s apartment market offers a relatively positive outlook, according to the 2009 National Apartment Report by Marcus & Millichap.According to the firm’s National Apartment Index (NAI), an annual analysis of 43 apartment markets based on 12-month forward-looking supply and demand indicators, Houston has moved…
Read MoreFOONG ON FINANCE: Meditations on Urbanism
As Aretha Franklin sang “My Country ’Tis of Thee” at President Barack Obama’s swearing in ceremony last Tuesday, ABC News panned to images of the Lincoln Memorial, the Statue of Liberty, Capitol Hill and other scenes of architecture and nature from across the nation. It was hard not to be moved, not only by the…
Read MoreINSIDE THE DEAL: Sale of Affordable Housing Surmounts Difficulties in LIHTC Market
By Keat Foong, Executive EditorCarpentersville, Ill.— Marcus & Millichap Real Estate Investment Services recently helped facilitate the $23.05 million sale of an affordable housing project despite turmoil in the housing tax credit market. The company arranged the sale of Fox View Apartments, a 373-unit project-based Section 8 community in Carpentersville, Ill. Scott Harris, senior vice…
Read MoreTODAY’S DEALS: PNC Provides $278.9M in Financing to Three Multifamily Properties, and Other Transactions
By Anuradha Kher, Online News EditorJersey City, N.J., Spokane Valley, Wash. and Herriman, Utah–PNC has recently completed financing totaling $278.9 million, either arranged or provided by its real estate businesses, for three projects including the Monaco North Urban Renewal LLC, Whimsical Pig Apartments and Farmgate Apartments at Midas Creek. PNC Real Estate Finance arranged a…
Read MoreThe Apartment Channel TV Expands to National Markets
By Erika Schnitzer, Associate EditorJacksonville, Fla.—RAD Media LLC, a Jacksonville, Fla.-based full-service advertising agency, has announced a national expansion of The Apartment Channel TV, taking it to the top 30 markets in the country.The Apartment Channel TV posts videos of apartment communities on cable On Demand channels as well as its Website, apt-tv.com. The 30-…
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