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…
Joint Venture Formed to Recapitalize Two Archstone Apartment Properties
Washington, D.C.–Allianz Real Estate and the Canada Pension Plan Investment Board (CPPIB) have acquired an 80 percent interest in two Archstone apartment properties. The deal was done through a joint venture structure formed by the two with Archstone.
PODCAST: Economy Watch Weekly with Dees Stribling
What a long, strange week it’s been. For the week ending August 12, the Dow had four consecutive 400-point swings; the national median (existing) single-family home price was down 2.8 percent from the second quarter of 2010; and the government has proposed to sell thousands of foreclosed properties that Fannie, Freddie and the FHA now own, for conversion into rental properties.
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.
Colliers Names Sherman and Koskovich Associate Vice Presidents
Phoenix —Colliers International in Greater Phoenix recently promoted Jeffrey Sherman and Trevor Koskovich to the position of associate vice president. Sherman and Koskovich specialize in the evaluation, marketing, acquisition and disposition of investment-grade, income-producing multifamily properties and portfolios ranging in size from 40 units to 300 units. They have extensive experience working with private capital buyers and sellers, lenders, commercial mortgage servicers and governmental entities. Sherman and Koskovich partner with Bill Hahn, senior vice president, as the Colliers HSK Multifamily Specialists team. The trio joined Colliers in 2009. In 2010, they were ranked as the No. 3 top-producing team in…