Archive for June 2008

Abu Dhabi–During a four-day trip to the Persian Gulf, U.S. Treasury Secretary Henry Paulson said that the current financial market trouble will last for months, Bloomberg reported Monday.”We’re talking about months, and there will continue to be bumps in the road,” Paulson said, in response to a question about what the U.S. was doing to…

Dallas–The Dallas Housing Authority’s future is unclear following a federal audit and allegations of poor accounting, the Dallas Morning News reports.In December, the U.S. Housing and Urban Development Office of Inspector General’s audit found that the housing authority couldn’t account for nearly $3.8 million in HUD funds that were earmarked for providing rental assistance. The…

By Erika Schnitzer, Associate EditorHANGZHOU, Zhejiang Province, China–Oakwood Worldwide, a Los Angeles-based provider of serviced apartments, has announced its plans to open Oakwood Residence Hangzhou at the end of this year. This will make it the first internationally serviced apartment operator in this city.“Guests are increasingly opting for serviced apartments, as they not only offer…

By Anuradha Kher, Online News EditorAlbuquerque, N.M.–Sperry Van Ness recently completed the sale of Theta Apartments, a 49-unit apartment community in Albuquerque, N.M., for $2,301,750. The property is located near Interstates 40 and 25 and the Albuquerque International Airport/Sunport at 3900 Tulane NE.Littleton, Colo.-based Sidmar LLC sold the property to Philadelphia-based NWJ Albuquerque Investment Fund…

By Anuradha Kher, Online News EditorCharlotte, N.C.–Crosland LLC is developing a 400-unit, eight-story luxury apartment building at Trade and Graham streets in uptown Charlotte. The $100 million project is located on a 2.7-acre site at 500 West Trade St., which currently houses a vacant building and surface parking.Crosland has secured a capital commitment from a…

By Anuradha Kher, Online News EditorIrvine, Calif.–Jaime Chandler, district manager of the Inland Empire division of Keystone Pacific Property Management Inc., an Irvine, Calif.-based property management firm, was recently honored with the firm’s Excellence in Service Award at its annual meeting. Chandler has since been promoted to director of new project development and is now…

By Rachel Block, ReporterNew York–In the past year, the total number of residential building permits issued in New York City has plummeted 50 percent.  After a record high in 2007, this is a huge drop for the city’s “building boom.”According to the U.S. Census Bureau, the number of city building permits issued in April alone…