DEAL OF THE DAY: Siegel Group Acquires 330-Unit Bankrupt Apartment Complex for $19.10M
By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. and Great American Capital together recently completed the acquisition of the Deer Creek Apartments, a 330-unit bankrupt apartment complex in Las Vegas, for $19.10 million.Deer Creek Apartments is situated on approximately 6.68 acres of land adjacent to the corner of Flamingo and Swenson.In late June 2007, the Siegel Group had been negotiating the purchase of Deer Creek with the prior owner of the property, Atherton Newport Investments, which acquired the property in February of 2006 with the intention of demolishing and constructing a condominium development. In early 2008, the…
Hakatai’s New Collection of Mixed-Media Mosaic Tiles
The Horizon series from Hakatai features mixed-media mosaic blends, offering blends of glass, glass and metal, and glass and stone. The random blends offer versatility and color options of glass mosaic tile, combined with the diversity of textures presented by polished stone, stainless steel or copper mosaics.The Horizon series of 7/8-in. by 7/8-in. tiles comes in a range of attractive colors, finishes and materials, offering a wealth of choices. The Horizon glass blends combine glossy and matte finish tile for a modern look. The contrasting finishes create depth and dimension, bringing surfaces to life. The Horizon glass and metal blends…
Ground Broken on 83-Unit Affordable Seniors Housing Project in Bronx
By Anuradha Kher, Online News Editor New York–The Ursuline Bedford Park Community, Fordham Bedford Housing Corp. and Enterprise, along with the U.S. Department of Housing and Urban Development (HUD) and the New York City Department of Housing Preservation and Development (HPD), recently broke ground on Serviam Gardens, an 83-unit affordable housing project for medium- to low-income senior citizens. The project, located in Bedford Park in the Bronx, New York, is part of Mayor Bloomberg’s New Housing Marketplace plan to build or preserve 165,000 units of affordable housing over 10 years. It will be ready in 2009.The land for Serviam Gardens was…
IREM, USGBC Sign MOI to Promote Sustainable Building
By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) and the U.S. Green Building Council (USGBC) recently signed a Memorandum of Intent outlining collaborative efforts to promote green building development, energy efficiency and environmentally responsible building operations across all property types.The memorandum establishes a cooperative working relationship between IREM and the USGBC that will include educational webinars and conferences available to IREM’s members for a discounted price, as well as a research publication. Also, through this memorandum, IREM will be able to offer Leadership in Energy and Environmental Design (LEED) certification to its members.IREM has 18,000 members…
Affordable Housing Company Successfully Redevelops Brownfield
By Lisa Iannucci, Green Building Corresspondent New York–According to the Environmental Protection Agency (EPA), a “brownfield” is a property where the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. Although some developers are hesitant to work with brownfields, especially because of the costs, other developers, such as the New York City-based The Arker Cos., are transforming brownfields into high-quality, affordable housing. The Arker Cos. transformed one Bronx brownfield that was formerly occupied by a shuttered gas station into the White Plains Courtyard. The Courtyard is a 100-unit,…
DEAL OF THE DAY: Fully Entitled Multifamily Site Bought for $1.85M
By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613…
Barcelona Developer to Open First U.S. Condominium
By Erika Schnitzer, Associate EditorNew York–The first U.S. development by Barcelona-based Espais Promocions Immobiliàries will open in New York later this summer. The property is currently 60 percent sold.”We have a very diversified demographic,” says Andres Hogg, general manager of Espais. “We have singles, married couples and small families.”The 142-unit Twenty9th Park Madison will offer studios, one- and two-bedroom residences, ranging from the low $600,000s to $2.4 million, as well as 10 two-bedroom penthouses, two of which have been sold. The penthouses range in size from 1,255 to 2,070 sq. ft. and are priced from $2.3 million to $4.5 million.Each…
SureDeposit Integrates with Resident Data
By Rachel Block, ReporterLivingston, N.J.–SureDeposit, which offers a security deposit system, has recently integrated with Resident Data to combine the two companies’ product services for their customers.SureDeposit offers a residents opportunity for paying a lower priced “surety bond,” rather than an expensive security deposit, which both improves a property owner’s risk management and lowers a resident’s move-in cost. SureDeposit is now going one step further by integrating with Resident Data, ChoicePoint’s resident screening service, to help their clients utilize both services. SureDeposit will automatically be offered to prospective residents during Resident Data’s resident screening process. The integration will be advantageous…
Q&A: Jack Kern of Kern Investment Research Counselors Discusses the Florida Housing Market
Jack Kern is the managing director of Germantown, Md.-based Kern Investment Research Counselors. He talks to MHN’s Online News Editor, Anuradha Kher about when Florida’s skyline is likely to return to normal, the oil crisis and its effects on housing and how he believes transit-oriented developments will become commonplace–not anytime soon.MHN: What is the likely impact of foreclosures in South Florida on the existing condo inventory? Kern: At least initially, the foreclosures in South Florida are proceeding along at a fairly orderly pace. Because there are a large number of unsold condo units, the foreclosure actions will ultimately add to…
DESIGN: How to Create Community Identities through Architecture
By Keat Foong, Executive EditorEstablishing a community identity is one of the critical elements of a successful project, and it can be accomplished through design. Not only does a well articulated and attractive identity differentiate a development from its competitors, but it also makes it more warm and inviting to prospects and therefore delivers clear marketing benefits.“Always try to create an identity from the time the prospects approach the project all the way to the time they enter their homes,” advises Ken Tobin, principal in the Celebration, Fla.-based Kenneth L. Tobin Architects, which is part of a collaboration with BCArchitects,…