Archive for July 2009
Community Associations Get Creative
By James Donnelly, Castle Group It wasn’t long ago when conversations in South Florida communities were centered on the quality of schools, parks, restaurants and politics. Those seemingly benign discussions have been replaced by conversations about assessments, foreclosures, trustees and receiverships. South Florida has one of the highest concentrations of community associations in the country;…
Read MoreTODAY’S DEALS: Meridian Capital Group Arranges Over $17M in Financing for Several Chicago Properties, and Other Transactions
By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged financing in the amount of $14,128,000 for multiple multifamily properties located throughout the Chicago area.The first group of properties are located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. (pictured). This four-building portfolio is part of a five-building, 283-unit portfolio…
Read MoreEDITOR’S NOTE: Good News for the Housing Market?
By Keat Foong, Executive Editor The latest media reports appear to involve some mini-celebration about a brightening housing market, or at least a suspension, temporary or otherwise, of the continuing drop in home sales/prices. Some commentators suggest that the trends may signal that the bottom of the housing market has been reached. The Commerce Department…
Read MoreHUD Recognizes Apartment Community’s Computer Facilitator for Personal Outstanding Achievement
By Anuradha Kher, Online News EditorMarlton, N.J.–Sharlotte Giberson (Left in the photo, to the right is Delores A. Pruden, Director of HUD’s Neighborhood Networks) a computer facilitator at Shirley Futch Plaza who has helped the apartment community’s elderly residents start blogging and learning a variety of other computer skills, has been recognized for outstanding achievement…
Read MoreRenter Credit Quality Improves in 2nd Quarter as Least Qualified Renters Exit Market
By Anuradha Kher, Online News EditorRockville, Md.–The overall national renter credit quality has considerably improved compared to the first quarter of 2009, according to the second quarter Multifamily Applicant Risk Index (MAR Index) recently released by First Advantage SafeRent. The MAR Index is also up 1 point from the second quarter 2008 value of 105,…
Read MoreMARKET SNAPSHOT: West San Gabriel Valley Outperforms the East
By Erika Schnitzer, Associate Editor San Gabriel, Calif.—The West San Gabriel Valley is outperforming the East San Gabriel Valley, asserts Daniel Withers, senior associate-National Multi Housing Group in Marcus & Millichap’s Encino, Calif. office.“As you get closer to the east—El Monte, West Covina, Covina—there are huge increases in vacancies in those areas [6.8 percent, 5.8…
Read MoreJasper Stone Selects Portfolio Maximizer for Centralizing and Automating Investment Analysis
Needham, Mass.–Jasper Stone Partners has selected Resolve Technology’s Portfolio Maximizer software to centralize and automate investment analysis and reporting. “As we acquire more properties and create new investment portfolios at different locations, using Excel spreadsheets has become increasingly time consuming,” says Joshua Meyer, Jasper Stone’s Chief Financial Officer. “Portfolio Maximizer enables us to scale our…
Read MoreMarketing Lessons from Gump
Life is like a box of chocolates; you never know what you’re gonna get. Multifamily properties can be the same. Whether it’s condos on Urban Street or apartments on Suburban Drive, a property is just a property unless its developer, owner, broker or manager can craft that property into a brand that can be, well,…
Read MoreEconomic Update – New Home Sales See Uptick
By Dees Stribling, Contributing Editor Washington, D.C.–New single-family home sales recorded an uptick in June, increasing 11 percent compared with May, to an annualized rate of 384,000, the Commerce Department said. It looks like a little pent-up demand for new homes is being unleashed, especially since prices are still falling. The Commerce Department also reported…
Read MoreTODAY’S DEAL: Boston Capital Invests Over $7M in 53-Unit Affordable Housing Community in Harlem
By Anuradha Kher, Online News Editor New York– Boston Capital has invested $7,392,761 in Harriet Tubman House Apartments (pictured), a to-be-built, 53-unit multifamily development in Harlem, N.Y. The general partner is West Harlem Group Assistance Inc. (WHGA). “Boston Capital is excited to be involved in the rehabilitation and production of much-needed affordable housing in Harlem, expanding…
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