$7.8M Investment to Help Big Six Towers Remain Affordable
By Anuradha Kher, Online News EditorNew York–The AFL-CIO Housing Investment Trust (HIT) has committed to invest $7.8 million in the Big Six Towers, a cooperative housing complex in Queens, New York with long ties to the labor movement. The investment will allow the complex to remain affordable for middle-class working families and retirees.Approximately one-third of the residents of The Big Six Towers, developed in 1961, are active or retired union members. Big Six Towers participates in New York’s Mitchell-Lama program, which provides affordable rental and co-op housing for middle-income families.”We are pleased to make an investment that will keep Big…
Safe-T-element: A Fire Prevention System
Pioneering Technology’s Safe-T-element is an affordable fire prevention system for the electric stove. It minimizes the risk of fire with round, cast iron plates that fit over each burner, plus individual controllers to regulate temperature. The cast iron plates over the burners and internal controllers keep heat from exceeding 662°F, below the point where the contents of pots and pans can ignite. In comparison, a burner on an unregulated electric range can reach 1300°F, igniting cooking oil in as little as eight minutes. There’s reportedly no noticeable difference in cooking time and Safe-T-element-equipped stoves are said to use far less…
Fore Begins Construction on 300-Unit Upscale Project
Sparks, Nev.–Fore Property Co. (FORE) recently started construction on a 300-unit luxury apartment community in Sparks, Nevada.Located in the Spanish Springs area of Sparks, FORE’s newest luxury apartments will be built on a 20-acre parcel in the Pioneer Meadows master-planned community.“FORE has a longstanding history of developing and building apartment communities throughout Nevada,” says Jonathan Fore, of Fore Property Co. “We believe strongly in the Reno-Sparks market and are pleased to provide the community with an unmatched, luxury Class A development that is part of the Pioneer Meadows master planned area.”The two-story garden-style buildings, designed by Biltform Architecture Group, will…
First Advantage SafeRent Releases MAR Index
By Anuradha Kher, Online News EditorRockville, Md.–First Advantage SafeRent Inc. released its second quarter 2008 multifamily applicant risk statistics. The Multifamily Applicant Risk Index (MAR Index) is based on traffic quality scores from First Advantage SafeRent’s statistical screening model and is updated quarterly to provide property owners and managers with a benchmark they can use to compare their portfolio’s performance. With this applicant risk index, property managers and owners are able to compare their applicant quality trends with that of the average MAR Index trends. This comparison indicates whether their portfolio is performing above, below or at market levels with…
DEAL OF THE DAY: 270-Unit Apartment Building Acquired for $17M
Hartford, Conn.–MATP LLC recently acquired the 270-unit apartment building at 600 Asylum Ave. in Hartford, Conn. from Capitol Garden LLC for $17 million, or about $62,963 per unit.The 10-story, 227,500-sq.-ft. building, known as Morgan at the Park, is on 1.27 acres. It was built in 1955 and has about 82 parking spaces. The building also features 10,000 sq. ft. of retail space. It contains studios, one- and two-bedroom units.Steve Witten and Victor Nolletti represented both the buyer and seller.
Multi-Housing Executives on the Move
Pinnacle Appoints New PresidentSeattle–Pinnacle President and CEO Stan Harrelson has named Rick Graf as his successor. Graf is currently Pinnacle’s central region president, responsible for a management portfolio of over 60,000 multifamily units throughout the south central and midwestern regions of the United States.Harrelson will continue on in his role as CEO, guiding the company he started with John Goodman in 1980.”Rick’s appointment is an investment in Pinnacle’s continued role as an industry leader,” says Harrelson.Graf will continue to work out of Pinnacle’s Dallas office. Under Graf’s lead, Dallas will be the primary focal point of operations for Pinnacle, based…
Condo, Co-op Sales Rise 1.7 Percent in June
By Anuradha Kher, Online News EditorWashington, D.C.–Existing condominium and co-op sales rose 1.7 percent to a seasonally adjusted annual rate of 590,000 units in June from 580,000 in May, according to the National Association of Realtors’ (NAR) latest report. This figure is 19.7 percent below the 735,000-unit level a year ago. The median existing condo price was $224,200 in June, which is 2.2 percent lower than it was in June 2007.Meanwhile, overall existing-home sales, including single-family, townhomes, condominiums and co-ops, fell 2.6 percent to a seasonally adjusted annual rate of $4.86 million units in June from a pace of 4.99…
Atlanta-Based Resort-Style Property Obtains FHA-Loan Approval Status
By Erika Schnitzer, Associate EditorAtlanta–Villa Sonoma, a 321-unit resort-style condominium, has obtained FHA-loan approval status. Since the property received approval, 50 percent of the loans have been FHA loans.”For buyers, FHA approval of the site essentially facilitates the home purchasing process by creating relaxed conditions to obtain a mortgage,” explains Collin Ellingson, senior vice president of sales, Coldwell Banker The Condo Store. “If a developer is able to secure FHA approval at a community, it typically opens up that property to a group of purchasers who might not otherwise be able to finance a home purchase.”If a property is FHA-approved,…
Hansgrohe Introduces Low-Flow Versions of Croma 100 Series
Hansgrohe recently introduced low-flow versions of its Croma 100 showerheads and handshowers. The Croma C 100 3-Jet Handshower and Showerhead are more traditional, with decorative bell-shaped heads. The Croma E 100 3-Jet series is streamlined and transitional. The spray channels of both series utilize silicone, which is designed to repel the buildup of lime scale deposits.The products feature a four-in. spray face and three spray modes—full spray, pulsating massage and intense turbo jet settings. The green versions of the two Croma 100 series use Hansgrohe’s AIR injection technology, which infuses the water with a three-to-one, air-to-water ratio, expanding the droplet…
NMHC Study Suggests Foreclosure Crisis Will Not Threaten Financial Health of Apartment Sector
By Anuradha Kher, Online News EditorWashington, D.C.–Homeowners of foreclosed properties have not been flocking to the apartment sector, according to new research by the National Multi Housing Council (NMHC). As a result, the credit quality of prospective renters is holding steady, suggesting that the foreclosure crisis is not spilling over to threaten the financial health of the apartment sector, the study reveals.Conducted by Bruce Innes of Innes Works Consulting and presented in a new NMHC white paper titled Renter Credit Quality in a Volatile Housing Market, the report finds that evicted house owners represent only between two and six percent…