Archive for May 2009

Raintree Partners, a Laguna Niguel, Calif.-based real estate investment company, has completed its first multifamily acquisition. CEO Jeffrey B Allen (pictured) formed Raintree Partners, a private real estate investment company, to pursue multifamily development and redevelopment opportunities, in December 2007. Shortly after its formation, Raintree secured a $200 million equity commitment from a major institutional…

By Anuradha Kher, Online News EditorWashington, D.C.–President Barack Obama has signed into law the Helping Families Save Their Homes Act of 2009. The law expands the reach of the Administration’s Making Home Affordable Programs, improves the Federal Housing Administration’s (FHA) Hope for Homeowners program and streamlines how the U.S. Department of Housing and Urban Development…

By Anuradha Kher, Online News Editor New York–New York City’s multifamily market has been fairly buoyant through the downturn, but there has been a marked decrease in rents and a slowdown in the condominium market. Adjusting to these shifts, developer 119 Third Avenue Associates LLC has converted its for-sale luxury condo tower at 119th Street &…

By Erika Schnitzer, Associate EditorBoston—The bright spot in the near term of Boston’s multi-housing market will be the “urban core Class B product,” predicts Greg Willett, vice president of research and analysis at M|PF Yieldstar.Willett predicts the city’s transit-oriented development will outperform other building types. Meanwhile, he anticipates that “the struggles will be when you…

By Anuradha Kher, Online News Editor Washington, D.C.–How will 25,000 apartment units become more energy efficient in the next two years? With the help of approximately $250 million in grants and loans being offered by the U.S. Department of Housing and Urban Development (HUD). This money is being made available through the American Recovery and Reinvestment…

By Diana Mosher, Editor-in-ChiefThe green movement has many of us rethinking everything from the fibers in the clothes we wear to the way we transport our groceries back from the supermarket. Now President Barack Obama has called for a new national standard for fuel efficiency that’s as strict as the California program and will set…

By Anuradha Kher, Online News EditorAnderson, Ind.–Tikijian Associates has arranged the sale of Hilltop Apartments (pictured), a 132-unit community in Anderson, Ind. The listing price was $2,250,000 but sales price was not disclosed.Hilltop Apartments was formerly owned by Wextrust Capital LLC, a Chicago-based real estate investment firm that purchased the property in 2000. In 2008…

By Anuradha Kher, Online News EditorEnglewood, Colo.–Jeff Adler, former chief property operations officer at AIMCO and Jack Kern, former investment research director at Archstone-Smith and vice chair of the NMHC Research Committee, have formed a new multifamily investment vehicle, Sanctuary Multifamily Advisors. The asset management firm, one of Sanctuary Group’s companies, which Adler formed in…