Sperry Van Ness Expands Troubled Asset Expertise in Inland Empire
By Anuradha Kher, Online News EditorOntario, Calif.–Sperry Van Ness Real Estate Services LLC has expanded its expertise in the Inland Empire commercial real estate market. Brad Freeman has joined the company as senior advisor in the firm’s Ontario, Calif. office located at 800 N. Haven Ave. Irene Ryn, managing director for Sperry Van Ness Real Estate Services, oversees the region’s advisors and is responsible for the growth of the Inland Empire offices.“Freeman has consistently been one of the region’s premier investment brokers specializing in troubled assets and we are very excited to have him join the Sperry Van Ness team,”…
January 2009 Market Pulse
Multifamily Starts: You have to go back to January 1994 to find 5+ multifamily starts numbers that are lower than those for November 2008. So the near-15-year boom cycle is clearly slamming to a halt—helped along by banks that are either refusing to make construction loans, calling loans on work in progress, or refusing to lend to consumers who want to buy condos…or all three. The problem with this scenario is that the pipeline for 5+ multifamily construction is quite long, and the industry may find itself with sharply restricted supply in three years.CPI vs. Rent: Preliminary numbers show that…
San Francisco Tops Apartment Market Again
By Linwood Thompson, senior vice president and managing director of the National Multi Housing Group for Marcus and Millichap Real Estate Investment Services Inc.San Francisco claimed the top spot of Marcus & Millichap Research Services’ National Apartment Index for the second consecutive year. While the metropolitan area’s large concentration of professional and financial firms is expected to result in job cuts, it ranked close to the top in almost all of the other measurements used in the index.The index, a snapshot analysis that ranks 43 apartment markets based on their cumulative weighted-average scores for a series of 12-month forward-looking supply-and-demand…
TODAY’S DEALS: Marcus & Millichap Arranges Sale of 560-Unit Community for Over $54M
By Anuradha Kher, Online News EditorVallejo, Calif.–Marcus & Millichap Real Estate Investment Services recently arranged the sale of Blue Rock Village, a 560-unit multifamily community in Vallejo, Calif., for $54.4 million.Stanford Jones, an executive vice president and senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Palo Alto, and Phil Saglimbeni and Sal Saglimbeni, both senior directors of the firm’s NMHG in Palo Alto, represented the seller, a publicly traded REIT. Marcus & Millichap also represented the buyer, a San Francisco-based private ownership group.“While capital markets turmoil has rendered it very difficult for most institutional buyers to…
HUD to Speed Process for Awarding Grants
By Anuradha Kher, Online News EditorWashington, D.C.–In an effort to accelerate the process of awarding grants to state and local governments, non-profit organizations and other community-based applicants, the U.S. Department of Housing and Urban Development (HUD) recently launched a new streamlined funding process.HUD will now announce funding notices on a program-by-program basis, which is expected to speed up the application process for prospective grantees that would otherwise be required to wait for the publication of HUD’s comprehensive funding notice.”This new process is intended to make certain HUD grants are awarded in a much more timely and efficient manner,” says HUD…
January Guest Column: Is the Luxury Market Dead?
By Yosi Gil, principal, J. Milton & Associates In preparing this column, I am working backwards, addressing the outlook for the next three to five years. This approach allows me to tackle the relevance of luxury real estate to our economy faster than walking you through a history of the term. Therefore, let’s start by looking at luxury in today’s climate and where it’s headed.In the short term, true luxury product will hold its value, and will see the quickest rebound in price. This holds especially true for boutique product because there is less of it around.Conversely, large buildings tend…
Developer Sells-Out Ariel Square, Reports 50% Sold At The Emsee
By Anuradha Kher, Online News EditorNewark, N.J. — Despite a slowing economic cycle and troubles in the current housing market, TreeTop Development is reporting significant sales milestones at its two luxury condominium buildings in the historic Hudson County City of Hoboken, N.J.The developer has recently completed its sales and marketing program at Ariel Square (pictured), a collection of 21 residences in a four-story building at the corner of Jackson and Fifth Streets. “Economic concerns and a lack in consumer confidence have been the main contributors to the decline in sales for luxury condominiums in housing markets throughout the country,” says…
TODAY’S DEALS: Post Continues $360M Disposition Plan with Atlanta MF Sale, and Other Transactions
By Anuradha Kher, Online News Editor MHN and Barbra Murray, Contributing Editor, CPNAtlanta–In its third quarter earnings report issued last month, Post Properties Inc. noted that it would sell six assets with the hope of pocketing approximately $360 million. With the latest disposition of Post Lenox Park (pictured) in Atlanta, the company has one down, five more to go.Post Properties sold the 206-unit apartment community to an entity formed by Greensboro, N.C.-headquartered Steven D. Bell & Co. for $22.7 million. Developed in 1995, Post Lenox Park is a Class A, garden-style multifamily property located at 100 Lenox Park Circle in Atlanta’s…
Two Lakeshore East Towers Receive Architectural Awards
By Anuradha Kher, Online News EditorChicago–The Regatta, a 44-story, 325-unit condominium project located at 420 E. Waterside Dr. in Chicago, recently won a Design Excellence Award from the Association of Licensed Architects (ALA) and the Society of American Registered Architects (SARA) and The Chandler (pictured), a 35-story, 304-unit condo project also located at the same address, received the SARA Award.The two condominium towers are part of Lakeshore East, and were designed by DeStefano Partners along with Loewenberg Architects LLC.In all, DeStefano Partners was the winner of 10 design awards, topped by the American Institute of Architects (AIA) Chicago Chapter’s prestigious…
Sales Start for 21-Unit Luxury Condo Building in TriBeCa
By Anuradha Kher, Online News EditorNew York–Sales have started for The Fairchild (pictured), a new project featuring 21 custom built town homes, penthouses and lofts designed by David Howell, and located at Manhattan’s TriBeCa North Historic District at 55 Vestry St. The nine-story doorman building features two-, three- and four-bedroom residences with 22-ft. high ceilings. Prices for the units range from $1.965 million to $8.995 million, with floor plans including up to three baths and spanning from 1,350 to 2,835 sq. ft. It also includes three oversized triplex town homes with private street-level entrances. Select residences also feature spacious terraces…