Archive for March 2009
Green Residences Open at 33.5-Acre Mixed-Use Dallas Community
By Erika Schnitzer, Associate EditorDallas—PM Realty Group (PMRG), a Houston-based full-service commercial real estate firm, is now leasing The Heights at Park Lane—the residential portion of a 33.5-acre mixed-use transit oriented development comprised of 325 units in three rental buildingsThe $750 million Park Lane was developed by Dallas-based Harvest Partners. It is located next to…
Read MoreDeveloper Auctions Condos To Sell Out Project
By Anuradha Kher, Online News EditorDavidson, N.C.–The Condos in South Main Square, a 26-unit project in Davidson, N.C., finished construction in September 2008. But by then, the credit markets had collapsed and buyers who were in contract for 75 percent of the units defaulted, leaving the project largely unsold. To help sell their product, Martin…
Read MoreQ&A with Wendy Rowden: Smart Growth Fund Invests in Properties in Urban Areas and Greens Them
Gwen (Wendy) Rowden (pictured) recently stepped into the role of managing director of Jonathan Rose Cos.’ Investment Practice. In this capacity she will manage the Smart Growth Investment Fund I, LP, the country’s first green real estate investment fund to focus exclusively on providing superior economic returns through the creation of an American portfolio of…
Read MoreNew Renters Will Outstrip the Supply of Apartments Despite Economic Downturn, Says Associated Estates CEO
By Keat Foong, Executive EditorNew York—The number of new renters will exceed the supply of apartments by as much as two times, according to the president and CEO of Associated Estates Realty Corp. Jeffrey Friedman. In an interview with MHN, Friedman argued that demographic patterns in this and next decade dictate that there will be…
Read MoreTODAY’S DEALS: Arbor Closes 3 Fannie Mae DUS Loans Totaling $52.9M, and Other Transactions
By Anuradha Kher, Online News EditorGreensboro and Fayetteville, N.C., Lexington, S.C.–Arbor Commercial Funding, LLC recently completed funding of three loans totaling $52.9 million under the Fannie Mae DUS product line. These loans include:Battleground North Apartments in Greensboro, N.C. a 288-unit complex in the amount of $16.2 million funded under the Fannie Mae DUS product line.…
Read MoreEDITOR’S NOTE: Will Home Sales Continue to Rise in Coming Months?
By Keat Foong, Executive Editor At his press conference yesterday, President Barack Obama said that the home sale market is showing evidence of possible improvements. “We’re also beginning to see signs of increased sales and stabilizing home prices for the first time in a very long time,” said the President. The first thought: It is…
Read MoreMARKET SNAPSHOT: With its Softening Fundamentals, Tampa is Not Forecast to Bounce Back Until 2011
By Erika Schnitzer, Associate Editor Tampa, Fla.—Tampa’s apartment fundamentals have softened considerably, according to Marcus & Millichap’s 2009 National Apartment Report.Asking rents are forecast to fall 0.8 percent, to $834 per month, while effective rents will decline 1.5 percent, to $779 per month. “Before the credit crunch hit and before the employment numbers started to…
Read MoreBlackstar Urban Fund II Completes $3.8M Restoration on Historic Memphis Building
By Anuradha Kher, Online News EditorMemphis, Tenn.–Blackstar Urban Fund II, owned by Blackstar Capital Partners, a real estate private equity fund, recently completed restoration of The Greenstone, the first and only multifamily building to be listed on the National Register of Historic Places in Memphis. The Blackstar Urban Fund II is an internally capitalized fund,…
Read MoreCollegiate Management Launches Property Recovery Division as Student Housing Sector Faces Increasing Woes Due to Downturn
By Anuradha Kher, Online News EditorIrving, Texas–To tackle bankruptcy, foreclosures and other issues the student housing sector is facing as a fallout of the recession, Collegiate Management Group LLC has formed Collegiate Management Group Property Recovery Division, designed to provide owners of struggling student housing properties with turnaround management services. The division will provide operational…
Read Moreyoo Launches Rental Program for Vacation Home Development Near London
By Anuradha Kher, Online News EditorCotswolds, U.K.–The Lakes by yoo, a second home development in the Cotswolds region of U.K., is now offering owners the opportunity to rent their properties to vacationers through a fully managed rental program. Owners at The Lakes can participate in the free rental initiative, which will allow them to offer…
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