Archive for April 2009

Little Rock, Ark.–With the aim of expanding its reach in the South, Marcus & Millichap Real Estate Investment Services recently opened a new office in Little Rock, Ark. Matthew Fitzgerald will be the regional manager based in this office. “Little Rock fits into our strategy for the mid-market office program,” Fitzgerald tells MHN. “The multihousing…

By Anuradha Kher, Online News EditorBloomfield Hills, Mich. and Dallas–Pulte Homes Inc. and Centex Corp. have signed a merger agreement under which Pulte and Centex will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.In 2008, Pulte completed a total of 21,022 unit closings, of which one-quarter or about…

Kenneth Goldring was a real estate developer with G Development LLC for 18 years. He is now working on the idea of urban farming. Goldring has two pieces of land in Florida that he hopes will house urban farms in the next two years. He talks to MHN Online News Editor Anuradha Kher about his…

By Erika Schnitzer, Associate EditorMinneapolis—Multifamily housing remains a bright spot in Minneapolis, according to Colliers Turley Martin Tucker-Minneapolis/St. Paul’s first quarter 2009 multifamily market report.Multifamily is performing the best of all real estate sectors in the metro, notes Gina Dingman, CCIM, vice president of multifamily investments, Colliers Turley Martin Tucker in Minneapolis.The lack of supply…

By Anuradha Kher, Online News EditorAtlanta–Cousins Properties has created the Cousins Assurance Program, which will assume most risks for qualified condominium buyers at its newest development called 10 Terminus (pictured).The 32-story luxury condominium tower that opened in Buckhead, Atlanta in the fall of 2008, sold 36 units in the pre-construction phase. As the economy starting…

New York–While the fundamentals of the apartment industry have continued to erode over the past several months, multifamily REITs have taken steps to shore up liquidity and most continue to have stable outlooks, according to Moody’s Investors Service. “Multifamily REITs have increasingly adopted defensive postures with their balance sheets and operating activities, seeking to maximize liquidity…

By Anuradha Kher, Online News EditorNew York–311 E 11: Village Green could become the first LEED-Gold certified building in the New York’s East Village. The project’s developers, Michael and Izak Namer, planned the building, conscious of a change in the way people think about the environment. The eight-story, 36-unit project combines sustainable and renewable materials,…

By Anuradha Kher, Online News EditorMinneapolis–Colliers Turley Martin Tucker (Colliers) recently completed the sale of Riverview at Upper Landing Apartments (pictured) to Boston-based Intercontinental Real Estate Corp., which acquired the property on behalf of U.S. Real Estate Investment Fund LLC for $43.3 million.Riverview at Upper Landing Apartments is a Class A urban infill project consisting…

By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $100 million credit facility addition for two multifamily complexes, featuring a combined total of 776 units, located in Southern California. Bunker Hill Towers (pictured) is located in Los Angeles and comprises 456 units. Meadowood Apartments is located in Simi Valley and features 320 units.…