Archive for October 2008
Latest Fed Rate Cut Will Have No Impact on Apartment Sales Volume, Say Market Participants
By Anuradha Kher, Online News EditorNew York–The Federal Reserve yesterday cut its target for the Federal Funds Rate—the rate at which banks lend to each other—from 1.5 percent to 1 percent, the lowest level since June 25, 2003 when the U.S. economy was grappling with the aftermath of the dot-com bubble. But this latest rate…
Read MoreThe Big Picture with Erin Brereton: Energy-Efficiency’s Vitalizing Effect on Affordable and Low-Income Housing
Green design has become a popular way to market new homes. Now, it’s catching on in a new segment of the housing market: Affordable and low-income housing building renovations. With benefits that include savings and a better overall residential experience, it’s a trend that’s likely to continue. Increasing Energy Efficiency and Savings LINC Housing Corp.…
Read MoreHUD/FEMA to Launch Housing Assistance Program for Hurricane Victims
By Erika Schnitzer, Associate EditorHouston—The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have announced plans for a rental assistance program to provide intermediate and long-term rental housing to families who lost their homes during Hurricane Ike.After Hurricane Katrina, FEMA relied primarily on short-term housing solutions, such as…
Read MoreTODAY’S DEALS: Charles Dunn Co. Negotiates Sale of 18-Unit Rental Building for $7.3M, and Other Deals
By Anuradha Kher, Online News EditorLos Angeles–The Charles Dunn Co.’s West Los Angeles office has negotiated the $7.3 million sale of an 18-unit luxury apartment building at 1317 S. Westgate Ave. in Los Angeles. The property, located south of Wilshire and north of Santa Monica boulevards, totals an area of 21,656 sq. ft.“The seller was…
Read MoreThree Indexes Set Record Lows in NMHC Quarterly Survey that Shows Weakening of Apartment Market
By Anuradha Kher, Online News EditorWashington, D.C.–The apartment industry has performed better than other real estate sectors since the start of the global financial crisis, but the economic downturn is now threatening this sector as well, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions. With three of the…
Read MoreULI Presents First Annual Awards for Excellence in Workforce Housing
By Anuradha Kher, Online News EditorMiami–The Urban Land Institute ULI Terwilliger Center for Workforce Housing has selected The Boulevard in Anaheim, Legacy at Lincoln Park, and Morgan Woods as winners of the first annual ULI/J. Ronald Terwilliger Workforce Housing Models of Excellence Awards. The awards are given to workforce housing developments that represent outstanding achievements…
Read More312-Unit Rental Community Opens in North Las Vegas
By Anuradha Kher, Online News EditorLas Vegas–Broadstone Sonata, a 312-unit apartment community located at Craig Road and Lamb Boulevard in North Las Vegas, is now open and ready for immediate occupancy. The project features one- and two-bedroom units with an average rent of $1,200.The project is being developed by Alliance Residential Co., which has invested…
Read MoreScary Times?
By Teresa O’Dea Hein, Managing Editor Being scared is socially acceptable this week, with Halloween creeping up fast. But with job losses and fewer households being formed and tighter credit, even multi-housing executives are wise to be nervous. FDR’s famous phrase about “the only thing to fear is feat itself” has taken on new life,…
Read MoreTODAY’S DEALS: KeyBank Real Estate Capital Closes $21.5M in Fannie and Freddie Loans for Ohio Multifamily Properties, and Other Transactions
By Anuradha Kher, Online News EditorColumbus, Ohio–KeyBank Real Estate Capital recently closed $21.5 million in loans funded by Fannie Mae and Freddie Mac for four multifamily properties in Columbus, Ohio. KeyBank Real Estate Capital relied on its strong relationships with Fannie Mae and Freddie Mac and deep community roots in Ohio to close the multifamily…
Read MoreDigital Services, Systems Attract Renters, Buyers in Ailing Economy
By Anuradha Kher, Online News EditorDallas–High-tech amenities like broadband, security and energy controls positively influence the sale and rental of multifamily properties, new research from Parks Associates indicates. Multifamily Residences: Opportunities for Digital Systems and Services, a new primary research project of executives managing multifamily properties in the U.S., found nearly 50 percent are seeking…
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