NMHNC/NAA Ad Criticizes U.S. Housing Policy’s Over-Emphasis on Homeownership
By Anuradha Kher, Online News EditorWashington, D.C.–As lawmakers struggle to complete their work on a comprehensive housing stimulus bill, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) have released a new advertisement, urging lawmakers to learn from the country’s past mistakes and adopt a more balanced housing policy.“NMHC/NAA and others have been warning as far back as 2004 that the nation would likely pay a high price for its ‘homeownership at any cost’ housing policy,” says NMHC/NAA Senior Vice President of Government Affairs, Jim Arbury. “The silver lining in the financial and housing crisis, which was both…
Los Angeles, Banks Make Available $100M Fund for Predevelopment, Acquisitions
By Anuradha Kher, Online News EditorLos Angeles–The first multimillion-dollar financing tool for the creation and preservation of affordable housing in Los Angeles has recently been unveiled. The New Generation Fund is a $100 million predevelopment and acquisition fund created through a partnership of the city of Los Angeles and a consortium of banks, financial institutions, foundations and community development financial institutions (CDFIs).The fund is designed to combat homelessness and reduce the housing burden on poor and working families by offering affordable housing developers early-stage financing for properties intended for low- and moderate- income residents.“Housing is a cornerstone of prosperity in…
IndyMac Acquisition Not Likely to Affect the Bank’s Multifamily Business
By Anuradha Kher, Online News EditorNorthbrook, Ill.–After Prospect Mortgage completes the acquisition of IndyMac, the bank’s multifamily loan business will likely remain intact, according to Bill Hughes, SVP and managing director of Marcus & Millichap Capital Corp. “I would think the buyer wants to keep that division intact. Why would they take IndyMac on if they did not want to continue with the bank’s services,” Hughes tells MHN. Though it is too early to tell the impact of this acquisition and what the company will do going forward, closing down multifamily does not seem like a possible next step.Prospect Mortgage…
DEAL OF THE DAY: ARA Arranges Sale of 390 Units for $47M
By Anuradha Kher, Online News EditorAtlanta–Apartment Realty Advisors (ARA) recently represented Centerville, Ohio-based The Connor Group in the $47 million sale of two multifamily properties, totaling 390 units, located in Atlanta’s Perimeter Center and Decatur markets.Glen Lake (pictured) is a 29.89-acre, garden-style community featuring 270 units in the Perimeter Center’s “Golden Triangle.” Constructed in 1980/1982, the property comprises one- and two-bedroom units, as well as three-bedroom townhouses with amenities such as controlled gate access, attached garages, a car care center, tennis courts and pool with sundeck. Glen Lake was 92 percent occupied at the time of acquisition by West Palm…
Delta’s Touch-Sensitive Kitchen Faucet
Delta’s new Pilar pull-down kitchen faucet with Touch2O technology is designed to be a smarter, cleaner and more efficient way to work in the kitchen.The Touch2O technology enables users to start and stop the flow of water with a tap anywhere on the spout or the handle, making it easier to turn off the water flow when hands are dirty or when water flow is not needed between tasks, saving water and energy.Pilar operates manually as well as with the Touch2O functionality, while the handle adjusts flow rate and temperature. A blue LED light indicates when Touch2O technology is engaged,…
Apartment Guide Launches Spanish Language Listing Website
By Erika Schnitzer, Associate EditorAtlanta–Apartment Guide recently launched its Spanish language Website, RentRentar.com, to help Spanish-speaking apartment seekers find a home.“We launched the Website because we knew there was a growing population in the country of Hispanic residents, and we thought there was a need to branch into that space,” Arlene Mayfield, president of Apartment Guide, tells MHN.The site, which can be accessed at www.rentrentar.com or through the “En Espanol” link on ApartmentGuide.com, currently includes basic existing listings that include on-site Spanish-speaking employees. The client, or property manager, has the opportunity to purchase an enhanced listing, for $50 to $80,…
Weakness in Economy Slows Rent Growth
By Anuradha Kher, Online News EditorNovato, Calif.–Average rents across the West Coast, Midwest and Florida increased by only 0.6 percent since March 2008 and by 2.5 percent in the past year, according to a recent survey released by RealFacts, a multifamily data company. The company currently has data only on these three regions.Based on the findings of this report, apartment rent has become even more affordable, relative to other items in the household budget.Of the 31 metro areas covered in the RealFacts synopsis, 23 experienced quarterly rent growth.Although rents are still increasing very slowly, the rate of increase has declined…
California Gets New Green Building Code
By Anuradha Kher, Online News EditorSacramento, Calif.–The California Building Standards Commission recently adopted the nation’s first statewide “green” building code, which is intended to lead to improved energy efficiency and reduced water consumption in all new construction throughout the state, while also reducing the carbon footprint of every new structure in California.“Once again, California is leading the nation and the world in emissions reductions and finding new ways to expand our climate change efforts,” says Commission Chair, Rosario Marin. “The commission should be commended for bringing everyone to the table including representatives of the construction and building trades industry, environmental…
Multi-Housing World Countdown: Downtown Denver Bus Tour, TOD
Join industry experts and network with colleagues while seeing one of multi-housing’s most important new trends in action! Transit oriented development (T.O.D.) is revitalizing urban cores across the country. Multi-Housing World attendees will walk away with a better understanding of how to develop mixed-use properties near a variety of mass transit modes. Tour guides will also touch on the benefits of T.O.D. including obtaining LEED credits, the ability to introduce a higher density product, and the applicability of brownfield sites. Don’t miss this fantastic learning and networking opportunity.Itinerary:Colorado Convention Center. From 8:30am – 9:00am, T.O.D. experts from Denver highlight the…
New York Developer Hosts Free Movie Series for Residents, Film Buffs
By Anuradha Kher, Online News EditorNew York–This August, The Edge, a condominium project in Brooklyn’s Williamsburg neighborhood, and the New York State Office of Parks, Recreation and Historic Preservation will host an outdoor movie series called “Mondays Under the Moon.”Edge buyers as well as neighborhood residents and film buffs throughout New York are invited to watch free films at the East River State Park. Complimentary popcorn will be provided.“We are excited to offer an evening at the movies, as this is something that the entire community can enjoy,” says Jeffrey Levine, whose company, Douglaston Development, is sponsoring the event and…