Plans Unveiled for Independent Living Facility on Seniors Campus
By Anuradha Kher, Online News EditorPalos Park, Ill.–The Catholic Charities Housing Development Corp. recently broke ground on St. Francis of Assisi Residence at the Holy Family Villa Campus in Palos Park, a suburb of Chicago. Designed by Harley Ellis Devereaux, the St. Francis of Assisi Residence will feature 81 independent living apartments.The project features one-bedroom senior-friendly layouts and features. Residents-shared amenities include a large multipurpose room, flexible activity spaces for fitness and wellness programs and a library.The primary design goals for the Harley Ellis Devereaux design team were two-fold. It was important to maintain the open prairie character of the…
Banking on its Own Fund, Laramar Opens California Office in Tough Market Conditions
By Anuradha Kher, Online News EditorIrvine, Calif.–Chicago-based Laramar Group has opened an office in Irvine, Calif. The office will be dedicated to pursuing value-add multifamily assets throughout the state, with an emphasis on the Bay Area and southern California, as part of the company’s strategy to acquire and manage such investments nationwide. Laramar’s first acquisition out of the new office is Archstone San Jose (pictured), which the company purchased for approximately $190 million. Located at 355 Kiely Blvd. in San Jose, Calif., the 948-unit, garden-style apartment complex will be renamed “The Park Kiely.”The Park Kiely was purchased on behalf of…
DEAL OF THE DAY: Care Investment Acquires 12 Senior Housing Properties for $100.8M
By Anuradha Kher, Online News EditorIll., Ind., Iowa, Neb.–Care Investment Trust Inc. recently acquired a portfolio of 12 senior housing facilities from affiliates of Eby Realty Group LLC for $100.8 million. An affiliate of Bickford Senior Living Group LLC master leased the facilities from Care YBE for 15 years with four 10-year renewal options. Each facility has been subleased to the original seller/operator of the facility.The portfolio, developed and managed by Bickford, contains 569 units and is located in Illinois (five facilities), Indiana (one facility), Iowa (five facilities) and Nebraska (one facility). The properties were all constructed in the last…
HUD Appoints Assistant Secretaries for Intergovernmental Relations, Community Development
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has appointed Sheila M. Greenwood (pictured) as the new assistant secretary for congressional and intergovernmental relations and Susan Peppler as HUD’s new assistant secretary for the department’s office of community planning and development.”As congressional and intergovernmental relations increasingly become the focus of our nation’s housing recovery, there is no better person than Sheila to serve as our principle liaison to Capitol Hill and our local communities,” says HUD Secretary Steve Preston. “Sheila also has a keen appreciation for the needs of Gulf States as they…
Plans Unveiled for Student Housing Project Next to Rowan University
By Anuradha Kher, Online News EditorGlassboro, N.J.–Harkins Builders has unveiled its plans with SORA Housing LLC to build new student housing for Rowan University in Glassboro, N.J. The $21.5 million Glassboro Student Housing is part of the Rowan Boulevard development partnership between Rowan University and the Borough of Glassboro, N.J., which is also being developed by Harkins Developers.The 154-unit student housing component will be four-story wood frame construction with slab-on-grade, comprising mostly four-bed, two-bath units, each with a kitchen and living area. Construction is planned in two phases, with Phase I featuring 568 beds.The building wraps around the site, creating…
Developer Completes $14M Renovation of Historic Warehouse
By Erika Schnitzer, Associate EditorSt. Louis, Mo.–The $14 million renovation of G.W. Lofts, a six-building, 60-unit rental community in St. Louis, has been completed. The development was originally a warehouse for the Edwin F. Guth Lighting Co.“The original aesthetic was maintained as much as possible,” says Gary Rogowski, the project architect for Rosemann & Associates, the architecture and interior design firm that worked on the project. “The floor plans are generally very open and we were able to maintain that character. Each building still has its individual aesthetic and character to it.”Developed by St. Louis, Mo.-based Blue Urban (formerly McGowan…
MCZ Takes Advantage of Weak U.S. Dollar to Sell its Florida Properties to International Buyers
By Anuradha Kher, Online News EditorMiami, Fla.–MCZ Development Corp. is betting on the weak U.S dollar to sell its remaining units in Florida to overseas buyers. “The South Americans have been interested in this market for nearly a decade now,” Michael Lerner, president of MCZ, tells MHN. “In recent years, we have seen a lot of interest from Europeans, the British, Italians and French, in particular.”International buyers, says Lerner, are mostly interested in Florida, in specific in South Beach, Aventura, Orlando and Sarasota. “They either want it as an investment or as a holiday home in many cases,” says Lerner.To…
Wind Crest Introduces Energy-Efficient Induction Cooktops
Induction cooktops are reportedly more energy efficient than traditional electric cooktops because they heat up quickly and the pan or pot conducts the energy. Whereas traditional electric coil elements are 50 to 55 percent energy efficient, induction cooktops by comparison are 90 percent efficient on average.Wind Crest has introduced an Induction Cooktop that offers 11 temperature settings, allowing residents to effectively control the heat distribution. Additionally, the product’s AutoPanSizing feature is designed to sense the diameter of a pan and adjust its power accordingly.The cooktop also includes an AutoOff feature, which turns off a cooking zone within 30 seconds of…
How Top CEOs Are Dealing With Rising Energy Costs, Other Challenges
By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–What Keeps You Up at Night? might seem like a personal question but five leading multifamily CEOs were willing to share their industry concerns at a general session held during the 2008 National Apartment Association (NAA) Education Conference & Expo at the end of June in Orlando, Fla. in the Gaylord Palms Resort & Conference Center.“One of the things I think about daily is the high cost of energy,” said Steven D. Bell (pictured at far right), chairman & CEO of Steven D. Bell & Co., noting that he is concerned about Congress’ inability…
Profile: ‘Amateur Hour Is Over,’ Says IREM President
By Teresa O’Dea Hein, Managing EditorProfessional management is key in tough economic times, believes Regina (Reggie) T. Mullins, CPM. With more than 24 years of industry experience, Mullins brings a lot of expertise to her role as the 2008 president of the Institute of Real Estate Management (IREM). This year marks IREM’s 75th anniversary. In Mullins’ nine months as IREM’s 2008 president, she has reached out to real estate professionals all over the U.S. and overseas as well through speaking engagements and meetings. Her travels have taken her from Des Moines, Iowa to El Paso, Texas, to Japan, Korea and…