Archive for December 2008

By Erika Schnitzer, Associate EditorBahía Beach, Puerto Rico–St. Regis Hotels & Resorts recently broke ground at The St. Regis Resort and Residences in Bahia Beach, Puerto Rico, a 483-acre master-planned community that will include golf villas, townhomes and estate homes, in addition to the St. Regis Residences. The $173 million community, which is scheduled to…

By Eugene Gilligan, Multifamily EditorBruce Robinson, president & CEO of Balfour Beatty Communities L.L.C.—a developer and operator of military privatization housing projects for the Army, Navy and Air Force—talks  about military-housing trends and the sector’s 2009 outlook.CPN: Have any amenities become must-haves in military housing?Robinson: Community centers are a big plus, a place where Cub…

By Anuradha Kher, Online News EditorNew York–A new residential condominium building, located at 456 West 19th St., in New York’s Chelsea neighborhood, has officially launched sales. The architecture is inspired by the neighborhood’s classic industrial modern architecture, with a hand-laid black brick exterior and multi-paned steel windows reminiscent of the nearby Starrett-Lehigh Building. Architect and…

By Anuradha Kher, Online News EditorWaterbury, Conn.–PNC ARCS recently provided a loan in the amount of $8.573 million for the River’s Edge Apartments, a 156-unit property in Waterbury, Conn.Built in 1974, River’s Edge Apartments is a gated, Tudor style apartment community.Common amenities include secured entry with intercom, laundry rooms, swimming pool with a cabana area…

By Erika Schnitzer, Associate EditorFort Lauderdale, Fla.—Boca Raton, Fla.-based Altman Development is now offering unit customization for early leasers at its Satori, a 279-luxury mixed-use rental community in Fort Lauderdale, Fla.The option, which is free for early pre-leasing residents, marks the first time a Florida rental community is offering renters customization of their apartments, the…

By Keat Foong, Executive EditorHow bad can it get? What a question to ask just before we head into the peak of the holidays. Nevertheless, here are some forecasts for the apartment industry for the new year. Among the industry experts we are in touch with, at worst there is the prediction that the vacancy…

By Anuradha Kher, Online News EditorNew York–Following years of robust growth, the upheaval on Wall Street will soften fundamentals in the New York City apartment market, according to Marcus and Millichap’s recently released 2009 market forecast. Vacancy is expected to climb 130 basis points to a still-tight 4.7 percent and asking rents in large, market-rate…

By Anuradha Kher, Online News EditorChicago–Ventas recently closed the sale of five seniors housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The assets are located in four states and feature 432 units in total.The purchase price represents a 6.7 percent capitalization rate on current annualized cash rent of…