Archive for April 2008
DEAL OF THE DAY: Boston Capital Invests in Rehabilitation of 586 Public Housing Units
By Anuradha Kher, Online News EditorSeattle–Boston Capital has recently invested in the rehabilitation of 586 apartment units in seven mid- and high-rise buildings located on scattered sites in Seattle. This investment completed the third and final phase of the homeWorks project, the rehabilitation of 21 of the Seattle Housing Authority’s (SHA) 28 high-rise, public housing…
Read MoreCanyon-Johnson Closes New $1 Billion Canyon-Johnson Urban Fund III
By Anuradha Kher, Online News EditorLos Angeles–The Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and retired basketball player, Earvin “Magic” Johnson, recently closed its $1 billion Canyon-Johnson Urban Fund III.The third fund, which is more than the $900 million combined equity of the two predecessor funds, will facilitate more than $4 billion…
Read MoreL.A. to Have Mandatory Green Building Measures
By Anuradha Kher, Online News EditorLos Angeles–On the occasion of Earth Day, the Los Angeles City Council voted today on the city’s Green Building Program. The green-building ordinance will provide a platform for more integrated sustainable design and environment throughout the city of Los Angeles. The initiative is based on Leadership in Energy and Environmental…
Read MoreForeclosed Properties Put Budget Pressures on Florida Communities
By Anuradha Kher, Online News EditorFt. Lauderdale–Rising mortgage foreclosures are causing revenue shortfalls that pose significant threats to operating and maintenance budgets and to the health and security of many communities, according to a Florida community association mortgage foreclosure survey.The statewide study was conducted online from March 26-April 8 by the Community Association Leadership Lobby,…
Read MoreNYC Buildings Commissioner Resigns Following Construction Accidents
By Anuradha Kher, Online News EditorNew York–In the wake of a recent spate of high-profile construction accidents on multifamily high rises in New York City, the city’s buildings commissioner, Patricia Lancaster, has resigned.Patricia Lancaster submitted her resignation to Mayor Michael Bloomberg today morning, amid accusations that the department failed to adequately deal with safety violations…
Read MoreWinning Advice for Property Managers
Colorado Springs, Colo.–While property management sometimes seems to be taken for granted, outstanding management performance was recently recognized in the form of four prestigious Multifamily Pillars of the Industry Awards, presented during the National Association of Home Builders (NAHB) conference in Colorado Springs, Colo. attended by apartment and condominium developers. NAHB presents the Pillars awards…
Read MoreDo NAR, OFHEO Reports Mean Housing is Ready to Recover?
New information from the National Association of Realtors and the Office of Federal Housing Enterprise Oversight released today provides a fresh look at the housing crisis–but not necessarily a clear one. The OFHEO said today that home prices grew 0.6 percent from January to February. In the 12-month period ending in February, prices fell 2.4…
Read MorePerspective: Solution to Decaying Communities
By Kenneth Olson, CEO, POKO Partners LLCTowns throughout the Northeast are engaged in an interesting discussion that is surely happening across the country: what’s the best way to revive a dying community? At POKO, we work with communities to address this situation and although every solution is unique, our initial conversation is almost always the…
Read MoreDEAL OF THE DAY: Five-Unit Rental Property Sold for $1,175,000
By Anuradha Kher, Online News EditorLos Angeles–Sperry Van Ness has completed the sale of Jessie D’Arche Apartments, a five-unit apartment community near University of Southern California (USC), to Malibu, Calif.-based L33T Student Housing for $1,175,000.The property is located near the 10 and 110 Freeways at 1155–1157 West 27th St. in Los Angeles.Omar Ting and Jeff…
Read MoreGreen Affordable Housing Project Opens for Former Homeless, Disabled Adults
By Erika Schnitzer, Associate EditorSan Francisco–The Essex, an 84-unit green affordable housing redevelopment project, recently opened in San Francisco. Originally a mixed tourist and residential hotel, the property was rehabilitated for homeless adults with disabilities.Citi Community Capital and Enterprise Community Partners financed the project, located in San Francisco’s Tenderloin neighborhood.“It’s a neighborhood with a large…
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