Study Finds Multifamily Builders Are Embracing Green
Washington, D.C.–More of the nation’s apartments and condos are going green as multifamily builders and developers respond to growing consumer interest in sustainable building practices, according to a recent survey by the National Association of Home Builders (NAHB).”Apartments and condos are inherently green, because they offer more compact development to begin with,” says Steve Patterson, chairman of NAHB’s Multifamily Leadership Board and an apartment and condo developer from Orlando, Fla. “With today’s heightened consumer interest in green, multifamily builders are embracing more green and recyclable products, and are more willing to invest in energy efficiency.”While a majority of the survey…
Development Perspective: Impact Fees Frequently Impact Multi-Housing Unfairly
By Arthur C. Nelson, Ph.D. FAICP, University of Utah.Denser neighborhoods tend to reduce residents’ automobile usage and the costs for services such as roads, storm and waste water systems. But it is common practice to charge impact fees as flat rates per housing unit for these services, leaving residents of multi-housing developments to carry the largest load.During the earlier part of this decade, Volusia County, Fla., charged a flat impact fee of $1,927 per housing unit for fire protection, parks, and public school facilities—regardless of unit type or size. The county perhaps reckoned that with an average of 2.02 persons…
TODAY’S DEALS: 20,000-Sq.-Ft. Property Sold for $3.8M, and Other Transactions
Los Angeles–Charles Dunn Co., has negotiated the sale and purchase of a 20,000-sq.-ft. apartment building located at 4262 Lindblade Dr. in Los Angeles for more than $3.8 million. “The apartments, which are located just north of the Playa Vista Development, will be upgraded as new tenants move in,” says Michel Hibbert, senior managing director for the investment services group in the West Los Angeles office. Hibbert represented the buyer, West End Properties LLC as well as the seller, Durell Hensley. “It’s a good location, the building has stable tenancy and there is strong growth potential.”Arbor Closes $1.1M Loan Under Fannie…
Sales Start for Luxury Beach Condo Development in Florida
By Anuradha Kher, Online News EditorSouth Jacksonville Beach, Fla.–Valencia Condominiums, a luxury beachside community located in South Jacksonville Beach in Florida has begun selling homes in the development’s third building. Located at 4300 South Beach Parkway, Valencia Condominiums offer high-end amenities such as European-style courtyards, garden pathways, manicured common green areas, clubhouse, pool, dry sauna and fitness center. The community provides a wealth of activities and entertainment as well as a full service concierge and the opportunity to become a member of Queen’s Harbour Yacht & Country Club and Jacksonville Society.The units feature 10-ft. ceilings, solid 8-ft. doors, graceful archways,…
NMHC’s New Resource Center Aims to Increase Workforce Housing
By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) recently launched an online Workforce Housing Resource Center, including an interactive project estimator tool that allows real estate firms and policy makers to evaluate the financial viability of proposed “workforce housing” apartment properties. “The lack of affordable housing for service workers, healthcare workers and first responders is a well-known problem with no easy solution,” says Doug Bibby, NMHC president. “In a perfectly functioning market, housing providers would simply increase production to meet the tremendous demand for what is generally referred to as workforce housing. But housing is far…
AmeriSphere Partners with Mutual of Omaha, Stearns Bank to Provide Construction to Permanent Financing for LIHTC Properties
By Erika Schnitzer, Associate EditorOmaha, Neb.–AmeriSphere Multifamily Finance LLC has partnered with Mutual of Omaha and Stearns Bank to provide a single source for construction and permanent financing for multifamily projects developed using Low Income Housing Tax Credits (LIHTC). The AmeriSphere program will provide construction and permanent financing in a single execution. “The benefit for this is for the borrower to lock the interest rate for the permanent loan at the commencement of development,” Scott Suttle, senior vice president at AmeriSphere, tells MHN. The borrower thus won’t have to pay double interest, which would be the case if the rate…
Market is Doing Pretty Well, Says Developer of Condo Project That Recently Started Selling
By Anuradha Kher, Online News EditorPhoenix–The Century Plaza, a 145-unit luxury condominium project located in downtown Phoenix, has recently been completed and move-ins have now begun.Located at 1 Lexington Ave., the project features one-, two- and three-bedroom units. Prices range from $250,000, to $2.5 million for penthouses on the 16th floor.The Century Plaza condominium tower used to be a 15- story office building, which Equus Corp. acquired nearly three years ago. To transform the commercial space into a residential space, Equus gutted the interiors of the building sparing only the skeleton and walls. “Everything inside the building is brand new,”…
EDITOR’S NOTE: The Industry Prefers Status Quo for Fannie and Freddie
By Keat Foong, Executive EditorIn the past week, press reports seem to be intensifying in regards to the need for a government bailout of Fannie Mae and Freddie Mac. Financial conditions at the Government Sponsored Enterprises (GSE), it is reported, are continuing to worsen; their stock prices have fallen by a chunk so far this year; investor confidence in the GSEs’ debt securities is falling and consequently, the agencies’ cost of capital is rising. In the midst of all these reports, there is speculation that Fannie Mae and Freddie Mac cannot continue in their present structures in the long term…
TODAY’S DEALS: Northland Acquires 2,985-Units Portfolio for $270M, and Other Transactions
By Anuradha Kher, Online News EditorAustin, Texas–Northland Investment Corp.’s Northland Fund III has acquired a portfolio of nine Class A communities comprised of 2,985 apartment units for $270 million. The transaction is the largest multifamily acquisition in Austin’s history.The newly acquired portfolio includes River Stone Ranch (pictured), Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek. With this acquisition, Northland’s Austin portfolio totals 4,500 apartment units. “This acquisition follows one of our core strategies of building a significant presence in select…
TransUnion Launches Online Rental Application Tool
By Erika Schnitzer, Associate EditorChicago–TransUnion, a credit and information management company, has launched MySmartMove (www.mysmartmove.com), an online solution to help small multifamily operators and independent rental owners evaluate prospective residents’ rental applications.TransUnion’s goal was to take the level of sophistication of its Credit Retriever product and apply it to the market of smaller property management companies, says Mike Mauseth, vice president of business strategy and development for TransUnion’s rental screening solutions. The target market for this tool is managers of 300 or fewer units, though Mauseth asserts that managers with larger portfolios have also shown interest.With MySmartMove, property managers and…