By Anuradha Kher, Online News EditorBloomfield Hills, Mich. and Dallas–Pulte Homes Inc. and Centex Corp. have signed a merger agreement under which Pulte and Centex will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.In 2008, Pulte completed a total of 21,022 unit closings, of which one-quarter or about 5,255 were multifamily units (condominiums and townhomes only). Centex and Punte together delivered more than 39,000 closings with combined pro forma revenues of $11.6 billion. The combined company will have the strongest liquidity position among its peer group with more than $3.4 billion of cash…

Kenneth Goldring was a real estate developer with G Development LLC for 18 years. He is now working on the idea of urban farming. Goldring has two pieces of land in Florida that he hopes will house urban farms in the next two years. He talks to MHN Online News Editor Anuradha Kher about his vision, how he plans to execute it and how he thinks urban farming can help reduce our collective carbon footprint.MHN: What is urban farming?Goldring: Urban farming is generally practiced for income-earning or food-producing activities. It contributes to food security and food safety by increasing the…

By Erika Schnitzer, Associate EditorMinneapolis—Multifamily housing remains a bright spot in Minneapolis, according to Colliers Turley Martin Tucker-Minneapolis/St. Paul’s first quarter 2009 multifamily market report.Multifamily is performing the best of all real estate sectors in the metro, notes Gina Dingman, CCIM, vice president of multifamily investments, Colliers Turley Martin Tucker in Minneapolis.The lack of supply in the pipeline has contributed to the metro’s steady apartment fundamentals, including high occupancy rates, as well as rental rate stability. The MSA’s occupancy rate, which currently sits at 95 percent, has remained at this level, or within a few basis points, for the last…

By Anuradha Kher, Online News EditorAtlanta–Cousins Properties has created the Cousins Assurance Program, which will assume most risks for qualified condominium buyers at its newest development called 10 Terminus (pictured).The 32-story luxury condominium tower that opened in Buckhead, Atlanta in the fall of 2008, sold 36 units in the pre-construction phase. As the economy starting slowing down and the housing market took a big heat, many defaulted on those contracts. Now, only 14 out of 142 units have been closed on. “As we were working through the question of why people weren’t buying condos, we realized that they were fearful…

New York–While the fundamentals of the apartment industry have continued to erode over the past several months, multifamily REITs have taken steps to shore up liquidity and most continue to have stable outlooks, according to Moody’s Investors Service. “Multifamily REITs have increasingly adopted defensive postures with their balance sheets and operating activities, seeking to maximize liquidity via a number of initiatives, including the use of Fannie and Freddie debt, ratcheting down development activities, and asset sales,” says Chris Wimmer, vice president at Moody’s. “As management teams appropriately focus on the challenging conditions, most balance sheets are well-prepared for the next 12…

By Anuradha Kher, Online News EditorNew York–311 E 11: Village Green could become the first LEED-Gold certified building in the New York’s East Village. The project’s developers, Michael and Izak Namer, planned the building, conscious of a change in the way people think about the environment. The eight-story, 36-unit project combines sustainable and renewable materials, and features water-conserving fixtures. A green roof will be installed to provide natural insulation and to reduce the “heat island effect,” and special drains will recover rainwater to reduce potable water required to irrigate gardens in the building.The building is set to open for occupancy…

By Anuradha Kher, Online News EditorMinneapolis–Colliers Turley Martin Tucker (Colliers) recently completed the sale of Riverview at Upper Landing Apartments (pictured) to Boston-based Intercontinental Real Estate Corp., which acquired the property on behalf of U.S. Real Estate Investment Fund LLC for $43.3 million.Riverview at Upper Landing Apartments is a Class A urban infill project consisting of two buildings located at 400 Spring St. in St. Paul, Minn. The buildings include 344 apartment units and 482 below grade parking.  Hendricks & Partners Completes Sale of 984-Unit Portfolio for $24MTulsa, Okla.–Hendricks & Partners recently arranged the sale of the Tulsa Four Portfolio,…

By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $100 million credit facility addition for two multifamily complexes, featuring a combined total of 776 units, located in Southern California. Bunker Hill Towers (pictured) is located in Los Angeles and comprises 456 units. Meadowood Apartments is located in Simi Valley and features 320 units. Financing was based on a five-year term with two one-year extensions with a full-term interest only revolving facility and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac. After Being on Market for Three Years, The Argyle Sells for Over…

By Erika Schnitzer, Associate EditorBellevue, Wash.—Puget Sound Energy (PSE), Washington state’s oldest and largest energy utility, and a subsidiary of Puget Energy, recently awarded $650,000 in grant agreements for the company’s Multifamily New Construction program, which helps new communities that are incorporating energy conservation into their buildings.”Conservation is a big priority,” notes Rebekah Anderson, corporate communications program manager at PSE. “People are using more electricity and there’s a lot of population growth in Washington. The combination means more demand for electricity,” but if energy conservation measures are taken, “we can supply it without adding to the infrastructure.”Six developers were awarded…

By Anuradha Kher, Online News EditorLawrenceville, Ga.–Apartment Finder has signed on an online partnership with OLX.com to publish its apartment rental listings on the web. Through this alliance, Apartment Finder hopes to deliver greater online exposure and leads for its advertisers to apartment shoppers in the 84 countries that OLX.com serves. “We understand how vitally important it is for consumers to interact with our advertisers’ listings when they are shopping for an apartment,” says Marcia Bollinger, president, Apartment Finder. “That is why we look for every opportunity to help make that connection, especially on the web. Our partnership with OLX.com allows…