Archive for July 2008

By Anuradha Kher, Online News EditorNovato, Calif.–Average rents across the West Coast, Midwest and Florida increased by only 0.6 percent since March 2008 and by 2.5 percent in the past year, according to a recent survey released by RealFacts, a multifamily data company. The company currently has data only on these three regions.Based on the…

By Anuradha Kher, Online News EditorSacramento, Calif.–The California Building Standards Commission recently adopted the nation’s first statewide “green” building code, which is intended to lead to improved energy efficiency and reduced water consumption in all new construction throughout the state, while also reducing the carbon footprint of every new structure in California.“Once again, California is…

By Anuradha Kher, Online News EditorNew York–This August, The Edge, a condominium project in Brooklyn’s Williamsburg neighborhood, and the New York State Office of Parks, Recreation and Historic Preservation will host an outdoor movie series called “Mondays Under the Moon.”Edge buyers as well as neighborhood residents and film buffs throughout New York are invited to…

By Anuradha Kher, Online News EditorOmaha, Neb.–The Seldin Co. recently completed the sale of Old Market Lofts Building, a 266-unit, mixed-use project, located in Omaha, Neb., for $30,650,000.MFR Partners VII LLC acquired the Old Market Lofts Building from NuStyle Development. The property is located at 10th and Jones Street in downtown Omaha’s old market area. …

By Erika Schnitzer, Associate EditorDallas, Texas–Though still nearly a year from opening, The Tower Residences at The Ritz-Carlton, Dallas has pre-sold 65 percent of its residences. Developed by Fort Worth, Texas-based Crescent Real Estate Equities Company, the 23-story, 96-unit luxury condominium is the second phase of the project, which cost a total of $300 million.“When…

Thomas Christopher Appointed Director in Arbor’s Darien, Conn. Office Darien, Conn.–Arbor Commercial Mortgage recently appointed Thomas Christopher as director in Arbor’s Darien, Conn. office. Christopher will be responsible for all of Arbor’s loan products including Fannie Mae, Federal Housing Administration (FHA) and Commercial Mortgage Backed Security (CMBS). Prior to joining Arbor, he was a banker…

By Anuradha Kher, Online News EditorOrlando, Fla.–The National Apartment Association Education Institute (NAAEI) recently recognized outstanding property management at its 2008 Paragon awards ceremony in Orlando, Fla. NAA Chairman of the Board Michael Tompkins, CPM, CCIM, presented national honors to the Apartment Leasing Professional of the Year, Apartment Manager of the Year, Apartment Maintenance Technician…

By Anuradha Kher, Online News EditorWashington, D.C.–Affordable housing has become one of the silent victims in the ongoing housing crisis. While multifamily industry experts have largely been optimistic about apartments, this is not the case with low-income housing.“The Low Income Housing Tax Credit program (LIHTC) has suffered greatly because banks have faced great losses recently…

By Anuradha Kher, Online News EditorSan Francisco–John E. Wai, a multifamily investor, purchased the 48-unit apartment building at 245 Leavenworth St. in downtown San Francisco for $4.53 million, or approximately $94,000 per unit, at a 7.04 percent cap rate.The six-story, 28,728-sq.-ft. building was built in 1910 and is comprised of 24 studios and 24 one-bedroom…