Q&A with Kevin Wolfgang: 2009 Will be Difficult Year with Companies Making Operations a Priority
Kevin Wolfgang is the president of Evergreen Realty Inc. and a principal owner of the many apartment communities they manage. He has provided leadership and vision to establish Evergreen Realty as one of the premier apartment management companies in the state of Delaware. Wolfgang serves as the president of the Delaware Apartment Association, which represents owners and managers of over 26,000 units in the state.He talks to MHN Online News Editor Anuradha Kher about the state of multifamily in Delaware and the downturn and its impact on the apartment market in 2009.MHN: What is the state of the multifamily industry…
Broker Launches Co. Specializing in Multifamily Deals Below $100M
By Anuradha Kher, Online News EditorNew York–Moses Sioni has launched Sioni & Partners, a company specializing in the sale of multifamily buildings in New York. Sioni, who is the managing director, previously worked as an investment sales broker for Marcus & Millichap and Besen & Associates. Since the company launched just over three months ago, it is still in the process of closing four contracts.“We focus on multifamily deals below $100 million because over $100 million is hard to finance these days, and we specialize in multifamily because it is the most stable and less risky product in this market,”…
Case Study: Marketing Green Condos to an Eco-Conscious Consumer
By Erika Schnitzer, Associate Editor As the green movement continues to expand and evolve, more and more people are beginning to understand the value of living in a green apartment home. While there may have been some initial hesitation over paying a premium for such a residence, people are now weighing the costs against the benefits—and they are finding that the advantages are greatly outweighing the drawbacks. For multifamily residents, green has taken on a whole new meaning in New York’s Battery Park City, where Garden City, N.Y.-based developer The Albanese Organization accomplished many of the nation’s green “firsts” in…
TODAY’S DEALS: Colonial Properties Trust Closes $350M Fannie Mae Credit Facility, and Other Transactions
By Anuradha Kher, Online News EditorBirmingham, Ala.–Colonial Properties Trust, a multifamily real estate investment trust (REIT), has closed a $350 million secured credit facility originated by PNC ARCS LLC for repurchase by Fannie Mae. The facility has a 10-year term, carries a weighted average fixed interest rate of 6.04 percent, and is secured by 19 multifamily properties totaling 6,565 units. The proceeds from the credit facility will be used to repay all but approximately $35 million of the outstanding balance on the company’s $675 million unsecured line of credit. This facility will provide additional liquidity to address the debt maturities…
In Wake of Slowing Economy, Developers Offer Incentives to Attract Renters, Buyers
By Anuradha Kher, Online News EditorNew York–This is the year of incentives. The housing crisis, followed by the economic downturn and loss of jobs, is putting a downward pressure on demand in the multifamily market. To tackle this problem, many developers, owners and managers are offering incentives such as one month’s rent free, free gym memberships, waivers on broker’s fees and in the case of condos, reduced prices and special events to attract more buyers. For example, in the past month, several renters signed up at 140 Mayhill, a 158-unit luxury rental community in Bergen County, N.J. due to…
Market Snapshot: Hartford, Conn.
By Erika Schnitzer, Associate Editor Hartford, Conn.—Hartford County was supposed to be “New England’s Rising Star,” following New Haven, Conn. as a prime market for development, according to Marcus and Millichap’s National Multi Housing Group. Historically, the city—known as the insurance capital of the country—shut down after 6pm, when workers fled to their suburban homes, explains Steve Witten, senior director in the New Haven, Conn. office of Marcus & Millichap’s National Multi Housing Group. Over the past few years, however, new multifamily developments have been delivered and Hartford was beginning to build momentum.But then there were massive job cuts and…
Apartment Guide’s Parent Company Saves Nearly $3M by Becoming Greener
By Anuradha Kher, Online News EditorNew York–Private Equity firm, Kohlberg Kravis Roberts & Co. L.P. (KKR) and Environmental Defense Fund (EDF) recently released initial results of their partnership, confirming that environmental management can drive business success even in today’s challenging economic climate. At three of its portfolio companies—U.S. Foodservice Inc., PRIMEDIA Inc., owner of Apartment Guide and Rentals.com, and Sealy Corp.—the partnership has saved $16.4 million and prevented more than 25,000 metric tons of greenhouse gas emissions in 2008.“These initial results provide a high note in this low economy,” says Gwen Ruta, vice president of corporate partnerships, EDF. “By generating…
Del-Sano Contracting Completes Construction on $16.8M Redevelopment Project
By Anuradha Kher, Online News EditorHoboken, N.J.–Del-Sano Contracting Corp. has completed construction of Garden Street Lofts (pictured), a luxury residential building in Hoboken, N.J. Garden Street Lofts’ certification is pending as New Jersey’s first luxury residential project to earn the Silver LEED (Leadership in Energy and Environmental Design) rating. The $16.8-million redevelopment project will also be Hoboken’s only LEED-certified residential building upon certification. The project took 25 months to complete and is already 50 percent sold. Garden Street Lofts was redeveloped from an existing 42,888-sq.-ft. structure erected in 1919. This former coconut processing and storage warehouse was constructed of structural steel,…
RentBureau and RentGrow Announce Integration of Screening Data
By Erika Schnitzer, Associate EditorWaltham, Mass.—RentBureau, the credit bureau for the multifamily industry, and RentGrow, a provider of online resident screening services, have announced that they will team to integrate their solutions. RentGrow will begin implementing RentBureau’s data this week.“For a long time, we’ve been providing our services directly to apartment companies, but we believe it’s important to make it easier for to get information. RentGrow aggregates the information to get the best screen. We know we can add a lot of value because we are based on rental histories,” Eric Hartz, president and CEO of RentBureau, tells MHN. “This…
Quality Cabinets’ New Line with Knotty Maple Wood
Quality Cabinets has introduced knotty maple, a new wood species known for its rustic look to its existing product offerings. The new species is available in two new door styles, Meriwether (pictured) and Wayfarer. “Knotty maple is a species of wood that offers an informal charm of a forest cabin or a mountain lodge,” says Mary Jo Mosiniak, product manager. Knots of varying size and color throughout the wood characterize knotty maple. The maple also has mineral streaks, bark pockets, worm holes, heartwood, sugar tracks as well as clear, unmarked wood, providing a distinctive character to every board. No two…