Post Forays into Foreclosure, Distressed Debt Arena
By Anuradha Kher, Online News EditorAmarillo, Texas–Marking the company’s initial foray into the foreclosure and distressed debt arena, Post Investment Group LLC recently acquired the 328-unit Foxfire Apartments in Amarillo, Texas. The project, which is currently in an advanced state of disrepair, was purchased out of foreclosure.“The company has developed a new alternative investment platform which will target distressed debt and non- performing multifamily transactions,” says Jack Ehrman, principal and director of acquisitions for Post. “The over-leverage and asset aggregation associated with the Commercial Mortgage Backed Securities (CMBS) era has resulted in banks being forced to take back quality investments…
Second Phase of Buckhead’s Mixed-Use, Transit-Oriented Terminus Development Completed
By Erika Schnitzer, Associate EditorAtlanta–The second phase of Atlanta-based Cousins Properties’ Terminus, the 32-story, 137-unit luxury condominium dubbed 10 Terminus Place, has been completed. Terminus 100 and 200, mixed-use office towers are the first and third phases, respectively, of the Buckhead project. Terminus 200 is expected to be complete in 2009. Two additional residential towers are in the planning phases. All towers have a mixed-use component.The development uses Atlanta’s historic name, Terminus, which was located at the crossroads of two railroad lines, explains Lyle Green, project manager at Cooper Carry, the design firm who worked in collaboration with Durham, N.C.-based…
RentGrow’s Tenant Screening Solution
ScreeningWorks, a new Web-based tenant screening solution for independent rental owners (IROs) and managers from RentGrow Inc offers access to comprehensive and affordable background screening that improves their decision-making process for finding the most qualified tenants.A recent national survey of IROs shows a sharp decline in the quality of rental applicants over the last few years, underscoring the need for more comprehensive background screening, according to RentGrow. In this same survey, owners and managers indicated that they are very eager to leverage new technologies that streamline the applicant screening process and deliver convenient access and instant results on tenant quality…
Enterprise Homes Breaks Ground on 83-Unit Senior Affordable Housing Project
By Anuradha Kher, Online News EditorBaltimore County, Md.–Enterprise Homes recently broke ground on the Greens at Rolling Road, a $12 million, 83-unit senior affordable housing community located at 1505 North Rolling Rd. in Baltimore county, a suburb of the city of Baltimore.The Greens at Rolling Road is designed to meet the standards of Enterprise Green Communities initiative, designed to reduce energy costs and provide a healthy environment for seniors. When completed in summer 2009, the community will feature 65 one-bedroom and 18 two-bedroom energy-efficient units.“There is an elderly population in this area that was waiting to be served,” Ron Wilson,…
Sales Start for 157-Unit Project Adjacent to Nature Preserve
By Anuradha Kher, Online News EditorMatawan, N.J.–Sales have started for American Properties Realty’s newest luxury community, The Preserve at Matawan, located at 59 Freneau Ave. in Matawan, N.J.The project, expected to be complete late this year, is named after the lush 10-acre preserve that the new community will back up to. Once complete, The Preserve at Matawan will feature 157 condominiums with two bedrooms and two bathrooms and up to 1,635 square feet of living space. The Preserve at Matawan is comprised of 10 three-story buildings. All condominiums are equipped with Formica laminate countertops in the kitchens and master bathrooms, Kitchen…
August Market Pulse
Commentary and Data Supplied by Dean Crist, Senior Economist, National Association of Home Builders (NAHB)Multifamily Starts: Does the huge spike in multifamily starts signal a healthier development climate? Afraid not. The spike reflects a very large number of New York City projects that were started in June in order to avoid having to meet more stringent building code requirements that became effective in July. Once you factor out NYC, the starts picture remains pretty much the same, with an increase of less than 1 percent. Expect a steep drop in next month’s starts, when the projects that otherwise would have…
2008 Technology Choice Award Winners
Dear Reader, Technology impacts nearly every aspect of the multi-housing business, from marketing to property management, resident payments to security. For multi-housing executives trying to squeeze out profits and tighten efficiencies, the implementation of new technologies and systems can make all the difference. It is therefore with great pleasure that MHN honors the 2008 winners of our annual Technology Choice Awards. The companies shown here represent the leading edge in a highly competitive field. You and your peers have voted these firms as the “best of the best” in terms of providing innovative system design, system reliability, return on investment,…
Market Report: Sunshine State?
By Teresa O’Dea Hein, Managing EditorWhile the Sunshine State continues to attract new residents and create some jobs, the multifamily market there is still dealing with the housing crisis fallout on a variety of fronts.”Other than Las Vegas, Miami is the most overbuilt condominium market in the U.S.,” says Lewis Goodkin, CRE, FRICS, MIRM, president and CEO of Goodkin Consulting, based in Miami. “I think we haven’t yet seen the worst of this mess, with all the condominium units yet to close.” In fact, Goodkin predicts that a number of units under construction won’t close and notes that a major…
Bright Ideas
Does your lighting save energy, reduce operating costs and increase occupancy? As property owners, investors and managers strive for energy efficiency and cost savings, lighting becomes an increasingly significant factor. “The biggest trend right now is value engineering,” says Doug Lauck, vice president of Multifamily Lighting Solutions based in Columbus, Ohio. “Developers are trying to get the best value for the money. They want a good-looking light for as little as possible.”Value engineering, Lauck explains, involves determining the most cost-effective solution for the buyer, which often includes bulk purchasing and using the same lights at multiple projects. Energy efficiency and…
DEAL OF THE DAY: Los Angeles-Based Company Buys 12-Unit Rental Community for $1.28M
By Anuradha Kher, Online News EditorImperial Beach, Calif.–Hendricks & Partners recently arranged the sale of Grove, a 12-unit apartment community located in Imperial Beach, Calif., for $1,280,000. The property is located at 1423-1433 Grove Ave. between 14th and Granger streets.Los Angeles-based Coronado Avenue Associates LLC sold the property to Yaroslav Kushnir (or assignee) of Chula Vista, Calif.