By Keat Foong, Executive Editor New York—A webinar recently addressed the question “Is the Sky Falling on Commercial and Multi-Housing Property Developers?”While the answers may not have been a resounding “yes,” the presenters were grave in their analyses. Speakers at the webinar, organized by Commercial Property News, Multi-Housing News and Contract magazines, generally agreed that although at the beginning of the year the forecast for the economy may have started to look up, and the housing market had seemed as though it may begin to bottom, the prognosis has worsened considerably since then. “In just the past few months, as…

By Teresa O’Dea Hein, Managing EditorDallas—BlackRock Realty Advisors, Inc., the real estate equity arm of BlackRock Inc., has engaged Riverstone Residential, a CAS Partners company, to manage its portfolio of apartment communities. Located in a variety of markets in nine states, the 62 communities in the portfolio represent more than 15,000 units and are Riverstone’s largest outsourcing agreement to date. Previously, these communities were managed by Metric Property Management Inc., a wholly owned subsidiary of New York-based BlackRock Realty Advisors, one of the world’s largest publicly traded investment management firms. Today marks the final stage of the management transition, which…

By Keat Foong, Executive EditorWashington, D.C.—The severity of the financial crisis may have done its part in scaring off homebuyers in October. Sales of existing condominiums and cooperatives fell 1.8 percent in October, according to the National Association of Realtors (NAR). Total existing home sales, including single-family homes, fell 3.1 percent to a seasonally adjusted rate of 4.98 million units in October, down 1.6 percent from October 2007. The New York Times reported that home values as a result fell at their fastest annual rate since NAR records began in 1968. “Many potential home buyers appear to have withdrawn from…

By Erika Schnitzer, Associate EditorReno, Nev.—Sperry Van Ness recently completed a $56 million sale of Montebello at Summit Ridge, a 450-unit luxury apartment community.Michael Miyagishima, CCIM of Sperry Van Ness in San Francisco, and Dewey Struble, CCIM of Sperry Van Ness in Reno, Nev., represented the buyer, while Marcus & Millichap represented the seller, I & G LLC.Montebello at Summit Ridge, originally built in 1997, offers one-, two- and three-bedroom residences, many of which include one- or two-car attached garages. Monthly rents range from $950 to $1,739. Amenities include a pool and spa, a 9,000-sq.-ft. fitness center, clubhouse and business…

By Teresa O’Dea Hein, Managing Editor San Jose, Calif.–Residents have begun moving into The 88, San Jose’s newest and tallest high-rise residential tower, which was just honored as “Design Project of the Year” in the Silicon Valley/San Jose Business Journal’s annual Structures Awards.Named for both its address, at 88 E. San Fernando St., and its height, at just about 88 meters tall, The 88 contains 197 condominiums. Designed by SB Architects and developed by Wilson Meany Sullivan, both based in San Francisco, The 88 also was the runner up in both the “Mixed-Use Project of the Year” and “Community Impact Project…

By Erika Schnitzer, Associate EditorWashington, D.C.—David M. Johnson has been appointed executive vice president and chief financial officer of Fannie Mae by Herbert M. Allison, Jr., the company’s CEO.“With his broad and deep financial services and capital markets experience, David will help lead Fannie Mae as we assist the market during this unprecedented correction and weather the challenges facing all financial companies today,” Allison said. “Going forward, as the financial system and industry undergo significant change, David will also help to lead Fannie Mae’s transition to the future.”Previously, Johnson served as executive vice president and CFO at Hartford Financial Services…

By Erika Schnitzer, Associate EditorWashington, D.C.—Proposed Standard 189.1P: Standard for the Design of High-Performance Green Buildings, Except Low-Rise Residential Buildings (SPC 189.1P), which will apply to all buildings that are four stories and higher, is being created by ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), the Illuminating Engineering Society of North America (IESNA), and the United States Green Building Council (USGBC).Late last month, ASHRAE disbanded the volunteer committee working on the standard’s development, raising doubt that the code would ever come to fruition. However, ASHRAE recently issued an open call for members interested in serving on the project…

By Erika Schnitzer, Associate Editor Avon Lake, Ohio—Capmark Finance Inc. recently arranged a $13.5 million loan through its Freddie Mac CME program for the acquisition of Somerset Apartments, a 221-unit garden-style apartment community.The 6.02 percent fixed-rate, 77 percent LTV loan features a 10-year term with two years of interest-only payments followed by a 30-year amortization.Stewart Campbell, vice president of Capmark’s New York office originated the transaction for the borrower. The loan closed within 60 days of application.The 19-acre Somerset Apartments, which was constructed in 2005, is 98 percent occupied. Average monthly rents are $851.HFF Secures $10M in Financing for 55-Unit…

By Erika Schnitzer, Associate EditorArlington, Va.—Ed Peete Company’s Zoso Flats, a 114-unit loft-style apartment community in Arlington, Va., has opened its resident lounge and fitness center. Leasing and move-ins are currently underway.Denver-based Simpson Housing LLLP is currently managing Zoso Flats and will be purchasing the development from Ed Peete Company.The project was originally intended to be a condominium, but Ed Peete Company decided to convert it into apartments last year. “We thought it had more value as an apartment development than as a condo development,” Ed Peete, president, tells MHN. Peete converted many of his Arlington, Va. buildings in 2007.Designed…