MARKET SNAPSHOT: Charleston Has Bottomed Out and is On the Rebound

The apartment market in Charleston bottomed out at the beginning of 2009, asserts Jenny Shelden Pauswinski, multifamily market analyst at Charlotte, N.C.-based Real Data, which tracks apartment markets in the major metro markets of the Southeast, including statistics on over 900,000 units.

Humphreys & Partners Launches New Design for Seniors Housing that Can be Financed Now

Humphreys & Partners Architects recently launched a new senior housing community design, e-Senior(SM).

New Index Provides Information on Condo Building Health in Miami

By Erika Schnitzer, Associate EditorMiami—CondoReports.com recently launched a BuildingHealth Index, the first measure of condominium building health county-wide throughout Miami Dade County. The index will provide ratings on nearly 2,000 condominium and townhome communities. “It is vitally important for buyers to know the stability and potential risk of the buildings they are buying into. Just because a unit appears to be cheap, doesn’t mean it may not drop in price further,” says Adam Cappel, president of CondoReports.com and creator of the index. “Beyond pricing dynamics, lower-rated buildings are more prone to special assessment or higher maintenance simply because of the…

First Green Affordable Townhomes in Marrero, La. Add to GO Zone Housing Supply

By Erika Schnitzer, Associate EditorMarrero, La.—Providence Community Housing, CLB Porter LLC and Enterprise Community Investment recently celebrated the grand opening of St. Bakhita Apartments, a 100-unit green affordable rental property and a first of its kind in Jefferson Parish. Providence Community Housing, a non-profit affordable housing developer founded in the aftermath of Hurricane Katrina, and CLB Porter LLC, a New Orleans-based real estate development and financial advisory firm, developed the community, which also encompasses a 4,000-square-foot clubhouse.Financing for the $21.7 million development includes over $17 million in Low-Income Housing Tax Credit equity, a $3 million mortgage from Enterprise and a…

A10 Capital Raises $100M in Capital to Launch Lending Group to Fund First Mortgage Loans

By Erika Schnitzer, Associate EditorBoise, Idaho—A10 Capital, a firm that finances commercial real estate and provides advisory and management services to resolve troubled assets, has announced the establishment of its Lending Group to originate first mortgage commercial real estate loans and provide financing to investors for distressed debt purchases secured by commercial real estate. “We fill a void in the marketplace today between conventional lending sources and hard money lenders,” Jerry Dunn, CEO of A10 Capital, tells MHN.A10 Capital positioned itself for today’s market by raising over $100 million in committed capital from large institutions, Dunn says. “We essentially had…

Southeast Rebound

and all properties that could be converted [from condos into rentals] were,” says Horner. “When we come out of this cycle and there are no new projects, the properties that went to a rental strategy are ideal to be converted [back] to condos,” he predicts.   In terms of Atlanta’s condo market, Horner says that the MSA has “a nice inventory of product geared to the first-time homebuyer,” which is also particularly advantageous, as they do not have another home to sell and can take advantage of price reductions and historically low rates.As far as Miami goes, Olds admits there is…

AIA Top Ten Green Project Achieves Many Firsts in the Sustainable World

By Erika Schnitzer, Associate EditorSan Jose, Calif.—Gish Apartments, a 35-unit transit-oriented, mixed-use affordable housing community, was named as one of the American Institute of Architects Committee on the Environment (AIA-COTE)’s Top Ten Green Projects of 2009.Gish Apartments is the only affordable housing development in the nation to receive both LEED (Leadership in Energy and Environmental Design) for Homes Gold and LEED NC (LEED for New Construction) Gold certification. In addition, the community received 145 points from Build it Green—a non-profit organization that promotes energy-efficient homes in California—GreenPoint rating, the highest ever achieved for a multi-housing project. Developed by First Community…

NAHB Recognizes Industry Achievement at 2009 Pillars of the Industry Awards

By Erika Schnitzer, Associate EditorSan Diego—The National Association of Home Builders (NAHB) has announced the winners of the 2009 Multifamily Pillars of the Industry Awards in 28 categories. The winners represent the best in multifamily development, design and execution, marketing and individual achievement.Bozzuto Management Company was named Property Management Company of the year for the second time—the first was in 2000. The Greenbelt, Md.-based company manages 27,500 units in 97 properties throughout the East Coast.Julie Smith, president, Bozzuto Management Company, says, “I credit the team we have built at Bozzuto to receiving this award, because everything we have done is…

Kips Bay Receives Largest Multifamily Solar Panel Installation in New York

By Erika Schnitzer, Associate EditorNew York—Solar Energy Systems LLC (SES), a Brooklyn-based integrator of commercial solar power systems, has installed New York’s largest multifamily residential solar array at Kips Bay Towers, a 1,120-unit property designed in the 1960s by I.M. Pei and known for its use of cast-in-place concrete.In late 2007, the new management, New York-based Cooper Square Realty, approached SES—a company that typically focuses on warehouses due to their flat roofs—to determine whether installing solar panels on a new roof would be feasible for the project, David Buckner, president of SES, tells MHN. “We went to the site—it’s a…

MARKET SNAPSHOT: Vacancy in New York Remains Tight, Despite Increasing Unemployment

By Erika Schnitzer, Associate Editor New York—New York’s reliance on rental housing is expected to prevent significant revenue declines, according to the 2009 National Apartment Report by Marcus & Millichap.However, due to the increasing number of job cuts that have taken place in the last 60 days, as well as those expected to occur within the next six months, Peter Von Der Ahe, vice president-investments and director of the Manhattan office of Marcus & Millichap’s National Multi Housing Group, predicts that occupancy rates will be greatly affected. “My biggest question is, how long is the time delay between the event…

Most Recent