Freddie Mac Releases U.S. Economic and Housing Market Outlook
Mclean, Va.–Freddie Mac has released its U.S. Economic and Housing Market Outlook for August, showing that despite the recent ups and downs in the capital markets the likelihood of an extended period of both relatively low short- and long-term interest rates is helpful news for the housing market’s recovery as it continues to struggle.
Yardi Acquires Multifamily Insurance Group
Santa Barbara, Calif.–Yardi has acquired Dallas-based Multifamily Insurance Group (MIG), allowing the company to provide ResidentShield renters insurance products to its clients. Yardi will now offer insurance coverage through ResidentShield for personal liability, personal property and living expenses for losses caused by fire, theft and other unexpected events. “Our goal is to provide our clients with a full-business solution—including dynamic rental pricing, online resident services, utility billing and resident screening—using a single platform. That integrated offering now includes the reduced insurance risk for property owners and the peace of mind for renters that ResidentShield makes possible,” says Gordon Morrell, executive…
USGBC Joins Global Reporting Initiative as an Organizational Stakeholder
Washington, D.C. –The U.S. Green Building Council (USGBC) has joined the Global Reporting Initiative (GRI) as an Organizational Stakeholder (OS), becoming a member of GRI’s global network of organizations and companies that are committed to transparency, accountability and sustainable development. GRI is a network-based organization that produces a consensus-based, globally used sustainability Reporting Framework, allowing users to produce transparent, fully disclosed reports on environmental, social and governance performance. Working with the United Nations, governments and many prominent companies, GRI is the world’s most widely used corporate social responsibility reporting mechanism. The GRI OS program broadens participation around transparency in sustainability,…
ARA Arranges Sale of Texas Community
ARA has arranged the sale of Beaumont Trace Apartments, a 160-unit community located in Beaumont, Texas.
Jones Lang LaSalle Expands Financing Expertise in D.C. and Florida
Washington, D.C.–Jones Lang LaSalle has hired two real estate investment banking experts in the Washington, D.C. office. Shawn McDonald and Mike Yavinsky join the firm’s Capital Markets practice as executive vice presidents. McDonald will partner with multifamily investment sales Managing Directors Al Cissel and Scott Melnick to advance the firm’s financing expertise in the apartment sector throughout the Mid-Atlantic. Yavinsky will work under the direction of Managing Director Wes Boatwright to enhance the firm’s real estate investment banking offerings in the region. McDonald joins the firm from Freddie Mac, where he was a regional director of production and sales for…
Walker & Dunlop Announces VP, Deputy Chief Underwriter of FHA Finance Division
Bethesda, Md.–Walker & Dunlop has announced that Ernest Benjamin has been promoted to vice president and deputy chief underwriter of Walker & Dunlop’s FHA Finance program. Benjamin joined Walker & Dunlop in March of 2009 as senior underwriter, and was then promoted to assistant vice president of FHA Finance, where he was responsible for managing the underwriting and due diligence process for FHA/HUD insured multifamily and healthcare loans. Prior to joining Walker & Dunlop, Benjamin was a consultant with Deutsche Bank Berkshire Mortgage and a Risk Officer/Underwriter with Wachovia Multifamily Capital, Inc. where he worked primarily as a FHA &…
Campus Apartments Adds Over 3,000 Beds to Its Property Management Portfolio
Philadelphia–Campus Apartments has expanded its third-party management portfolio in four markets. Recently, Campus Apartments was awarded new contracts to manage student housing portfolios in four different states. In addition to assuming new management accounts of 506 beds in Ann Arbor, Mich., and 756 beds under development in Tucson, Ariz., the company has assumed management of properties in two new markets, with 928 beds in Morgantown, W.Va. and 933 beds in Norfolk, Va. “Our long history of being developers, owners and operators gives us a unique perspective in the industry,” says Miles Orth, executive vice president and chief operating officer of…
Colin Edelstein Named Director of NorSouth Construction Co.
Atlanta–NorSouth Construction Co. recently announced that Colin Edelstein has been named to the position of director. In his new role, Edelstein will service existing clients and cultivate new relationships to augment NorSouth’s growing third-party construction portfolio. Previously, Edelstein was president of Atlas Development, a full-service real estate consulting firm specializing in affordable housing finance. He also served as development director at Cortland Partners and vice president of development at Capitol Development Group. Edelstein’s experience spans in excess of $600 million in the capitalization of more than 6,000 residential units. “We are delighted to welcome Colin to the NorSouth team,” says…
CB Richard Ellis Remains No. 1 in U.S. Investment Sales Activity in First-Half 2011
CB Richard Ellis’ market share in multi-housing sales was an industry-leading 14.4 percent, with $3.1 billion in sales.