Archive for June 2009

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development, on the occasion of the tenth anniversary of the Supreme Court’s Olmstead decision, announced that it will offer rental assistance to 4,000 non-elderly families with disabilities, including 1,000 vouchers specifically targeted to those transitioning out of nursing homes and other care…

By Anuradha Kher, Online News EditorOak Creek, Wis.–Hendricks & Partners recently arranged the sale of Oak Park Apartments (pictured), located at 8828 South Oak Park Dr. in Oak Creek, Wis. for about $12,200,000, which was the asking price.Constructed in 1964, Oak Park Apartments is a 235-unit rental community that features 22, two-story buildings offering a…

Irvine, Calif.–Western National Group has appointed Annie McClinton (pictured) as vice president of training and development. McClinton will serve Western National Group by developing, managing and implementing training curriculum and mentorship for more than 1,100 associates.  Prior to joining Western National Group, McClinton was with the Irvine Company Apartment Communities for 10 years, where she…

By Erika Schnitzer, Associate Editor   Washington, D.C.—The Women’s Housing and Economic Development Corporation (WHEDCo), a Bronx, N.Y.-based non-profit organization that builds affordable homes, has received a Charles L. Edson Tax Credit Excellence Award in Green Housing for its Intervale Green, the largest affordable Energy Star-certified building in the nation.“It’s a first of its kind…

By Keat Foong, Executive Editor Greenwood Village, Co.—Distressed properties will become more widespread in the next three to five years, says the founder of a consulting firm that was recently launched to specialize in resolving such assets. Caldera Asset Management, based in Colorado and Atlanta, has teamed with RAM Partners, an Accredited Management Organization, to…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) will make more than $58 million available for a broad range of housing counseling programs to help families find and preserve housing. The funding is an increase of $11 million, or 23 percent, over last year. These grants will be…

By Anuradha Kher, Online News EditorBethesda, Md.–NorthMarq Capital’s Washington, D.C. office has arranged first mortgage financing of $51.4 million for Columbia Town Center, a 531-unit multifamily property (pictured), located in Columbia, Md. Financing was based on a 10-year term with four-year interest only followed by a 30-year amortization schedule and was arranged for the borrower,…

Newport Beach, Calif.–Stoneridge Capital Partners has acquired the 498-unit Avila Apartment Homes community in Rancho Santa Margarita, Calif. from The Northwestern Mutual Life Insurance Co. for $70 million. The private investor now plans to put in several hundred million dollars of discretionary capital in attractively priced assets over the next two to three years. Greg…

By Anuradha Kher, Online News EditorSanta Barbara, Calif.–Arcadia Management Group Inc, has purchased Yardi Portal to expand its tenants’ rent payment options and enable online work orders. Arcadia and Yardi are collaborating to implement the Portal. “Letting our residents pay rent online by credit card or ACH will set us apart by giving our residents…