MARKET SNAPSHOT: Slow but Steady Wins in the Gateway City
By Erika Schnitzer, Associate EditorSt. Louis—Similar to other midwestern markets, St. Louis has experienced immense job loss and forced early retirement, which has resulted in a softening of the apartment market, according to Ken Aston, Jr., partner in Hendricks & Partners’ St. Louis office.According to the most recent Bureau of Labor Statistics report, St. Louis’ unemployment rate, as of February 2009, sat at 9.2 percent. Last year’s InBev acquisition of Anheuser-Busch and the closing of Fenton’s Chrysler plant resulted in major employment losses throughout the MSA. Despite this, however, the metro’s relatively slow growth means that it never experienced a…
Gross & Cohen Real Estate Investors Forms Property Management Firm
By Anuradha Kher, Online News Editor Amherst, Mass.– Gross & Cohen Real Estate Investors recently formed Gross & Cohen Management LLC, a company that will provide property management and consulting services to student housing owners and investors at campuses across the U.S.“We are currently in the process of looking for clients,” Steve Gross, CEO of Gross & Cohen REI Ltd, tells MHN. “Operating successful student housing properties requires unique skills and knowledge and since we have been successful in our own operations, we have decided to expand our company.”Gross & Cohen Real Estate Investors currently owns and manages more than 1,000…
INSIDE THE DEAL: Apartment Property in Downtown Indianapolis Sells at 7.7% Cap
By Keat Foong, Executive EditorIndianapolis—The owner of a 98-year-old building in downtown Indianapolis put his property on sale in late-2006. It did not sell in 2006 or in 2007, when the market was still strong, or in 2008. It finally sold this year—in the midst of the credit crunch. How did that happen? The owner, Tony Wishart held out on his asking price and refused to go down on it until this year, says the broker George Tikijian, principal of Tikijian Associates, Indianapolis. “The owner stuck pretty close to what he wanted. A number of offers were not high enough,”…
Editor’s Note. Curb Appeal: Working Smarter Not Harder
By Diana Mosher, Editor-in-ChiefIn New York City the daffodils are in full bloom and you don’t have to go to Central Park to see them. You may not find any blooming flowers in Times Square, but in other parts of town urban landscaping is plentiful and quite effective. It provides excellent curb appeal—a concept that takes on a much more literal (and urgent) meaning in city environments where, frequently, only a small bit of sidewalk separates the entrance of an apartment building from the curb. With smaller green footprints to design and care for, urban locales generally mean easier—and less…
MBA Study Names PNC Real Estate Top Multifamily Lender in 2008
By Anuradha Kher, Online News EditorWashington, D.C.–PNC Real Estate was the top multifamily originator in 2008, followed by Wachovia, Capmark Financial Group, Wells Fargo and Deutsche Bank Commercial Real Estate. PNC made $8,130 million in loans while Wachovia made $6,882 million and Capmark Financial Group Inc. made $6,547 597, according to the Mortgage Bankers Association’s latest study. Eight different companies topped the 11 lists reporting originations by investor groups:• Capmark Financial Group as the top originator for Freddie Mac, FHA/Ginnie Mae, and specialty finance; • Bank of America for commercial banks/savings institutions and conduits; • MetLife Real Estate Investments for…
Download ENTRY FORM: 2009 Green Initiative Awards
Make sure your green program/green product or service receives all the attention it deserves. Enter MHN’s Green Initiative Awards Competition. Winners will be published in the November 2009 issue of Multi-Housing News Magazine. Deadline for entries is August 1.THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (writeable pdf format/can not be saved on all computers).THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (in a non-writeable pdf format).The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by apartment communities, developers, suppliers, manufacturers and others in the multifamily sector.There are two ways to enter:1) Corporate Initiative: A program launched by a multifamily…
Riverstone Provides Unemployment Protection to Renters in its Communities
By Anuradha Kher, Online News EditorDallas–Joining the ranks of several other multifamily companies, Riverstone Residential is now offering a pink slip protection program to residents across its communities.Residents who lose their jobs can remain in their apartments under Riverstone’s protection plan. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident’s rent for up to two months.Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential has teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop the Pink Slip…
TODAY’S DEALS: PNC Arranges $101M Fannie Mae Dus Refi Loan, and Other Transactions
By Anuradha Kher, Online News EditorPittsburgh–PNC recently arranged Fannie Mae DUS refinancing totaling $101.9 million by two of its real estate businesses for multiple Associated Estates Realty Corp. properties, along with St. Mary’s Villa Apartments, Mountain View Estates and Convict Hill Apartments. Red Mortgage Capital Inc., now a part of PNC, provided Fannie Mae DUS refinancing loans totaling $54.4 million for Courtney Chase (pictured), a 288-unit complex located in Orlando, Fla., Steeplechase at Shiloh Crossing, consisting of 264 units in Avon, Ind. and Saw Mill Village Apartments with 340 units in Columbus, Ohio. In addition, Red provided Fannie Mae DUS…
Fagor Products are Ideal for Universal Design and ADA-Compliant Kitchens
Fagor’s side-opening 24-in. European convection wall ovens are available in right or left hinge swing door options. This convenient design eliminates the need for bending over a hot oven door and can be installed at any height for added convenience. The ovens can be mounted at any height to suit the layout and limitations of a kitchen space or the user’s preferences or needs. They are installed to fit flush into the cabinetry and can be used comfortably. In addition, Fagor’s dishwasher column storage center is ergonomically designed to position the dishwasher 18 inches above the floor, eliminating the need for…
McShane Construction Completes 352-Unit Apartment Community Ahead of Schedule
By Erika Schnitzer, Associate EditorRincon, Ga.—McShane Construction Co. of Rosemont, Ill. has completed The Springs at Effingham, a 430,000-sq. ft., 352-unit apartment community, for developer/owner Continental Properties Co. Inc., based in Menomonee Falls, Wis.The project, which broke ground in November of 2007 and was completed in February 2009, was finished ahead of schedule, despite the recession. “We had a quality team of subcontractors who were committed to getting the job done quickly,” Scott Hoppa, vice president-Southeast, McShane Construction Co., tells MHN.Located on a 32-acre site in an outlying community of Savannah, the garden-style project encompasses 22 buildings.Designed by Miami-based MSA…