SPECIAL REPORT: Boston “LEEDs by Example” with Green Building Initiatives
By Erika Schnitzer, Associate EditorBoston–As the first major U.S. city to mandate green building guidelines for private developments, the city of Boston is looking toward the future with a number of additional eco-friendly initiatives, as well as setting a standard which other cities can follow.Boston is leading by example in terms of energy efficiency, renewable energy, green building, urban forestry and recycling, explained James Hunt, III, the chief of environmental and energy services for the city of Boston, at the 2008 AIA National Convention which ends May 17.In addition to the standard LEED points, the city of Boston has already…
DEAL OF THE DAY: Hendricks & Partners Arranges Sale of Two Properties for $6.5M
By Anuradha Kher, Online News EditorTroutdale, Ore./Walla Walla, Wash.–Hendricks & Partners recently arranged the sale of two properties located in the Northwest region of the U.S. Hampton Heights, a 64-unit apartment community located at 496-628 SW 257th Ave. in Troutdale, Ore., was sold for $4.8 million and Centennial West a 62-unit apartment community located at 1501 West Rose St. in Walla Walla, Wash., was sold for $1.7 million.Saint Helens, Ore.-based Hampton Heights LLC, owner of Hampton Heights, sold the property to B3R Properties LLC of Gresham, Ore. and Burbank Investor Services, headquartered in Santa Rosa, Calif. sold Centennial West to…
Multifamily Market Drives New Home Construction Up in April
Washington, D.C.–Giving hope to the industry, new home construction rose 8.2 percent last month–due mostly to multifamily housing, the Commerce Department said Friday.Single-family home groundbreakings fell to a 17-year low–dropping from seasonally-adjusted annual rate of 704,000 to 692,000, the New York Times said.Housing starts increased to a seasonally adjusted annual rate of 1.032 million. Multifamily unit construction skyrocketed 36 percent after a 35 percent decline in March. “The bump in starts owes entirely to multifamily dwellings,” Michael T. Darda of MKM Partners told the Times. Darda also said that the single-family results show that builders are removing supply from the market,…
U.S. Homebuilder Sentiment Hits Second Lowest Level on Record
Washington, D.C.–U.S. homebuilder confidence registered at just one point above its lowest-ever level in May, according to the National Association of Home Builders.The NAHB’s housing market index was 19 in May–after registering at 20 from February through April, the San Jose Mercury News said Friday.The May reading was the second lowest on record for the index, which dates back to 1985. The low record–18–was set last December.Derived from about 400 residential developers, the index measures builders’ take on current buyer interest and home sale expectations in the next six months. Readings over 50 show that builders feel positively about the…
ECB Fears Banks Are Misusing Its Liquidity Plan
Frankfurt–The Frankfurt, Germany-headquartered European Central Bank expressed concern on Thursday about banks taking advantage of its efforts to unfreeze funding markets by abusing its liquidity plan to offload more risky assets than it had planned, the Financial Times said.Because signs persist that some banks are fashioning low-rated assets in order to trade them for treasuries at the ECB, governing council member Yves Mersch said that the ECB was “looking very hard at whether there is not a specific deterioration of collateral” that the bank is accepting in exchange for funds.As some mortgages have become harder to sell, central banks have…
Fannie Mae To Cut Down Payment Requirements in Regions With Falling Home Values
Washington, D.C.–Fannie Mae will eliminate a policy that requires homeowners to provide a higher down payment in areas where home values are falling, The Wall Street Journal reported Friday.The National Association of Realtors, National Association of Home Builders and organizations encouraging affordable housing for low-income residents have urged the Washington, D.C.-based agency to change its downpayment policy because they feel it’s cutting the number of buyers and hurting the housing market, according to the Journal.The current down payment policy will end June 1; a new policy “equalizing the down-payment requirements for borrowers in all parts of the country, regardless of…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorG. Reid Teaney Becomes SVP of ARA Chicago OfficeKansas City, Mo.–Atlanta-headquartered Apartment Realty Advisors (ARA) has hired G. Reid Teaney as senior vice president of ARA’s Kansas City office.In this new role, Teaney will work in the ARA central office, located in Kansas City, Mo., and will work together with current ARA principal, Mac Crowther, to expand this office’s existing multifamily investment advisory services in the Missouri, Kansas, Iowa and Nebraska markets.“Reid has more than 30 years of experience concentrated in investment and user sales, leasing and executive-level brokerage management and is highly regarded in…
Leasing Starts for Four-Story Wrap Configuration Building in Orange County
By Anuradha Kher, Online News Editor Irvine, Calif.–Shea Properties, based in Aliso Viejo, Calif., has started the leasing and move-in process at Calypso Apartments and Lofts, a 177-unit urban boutique rental community in Irvine, Calif.The four-story wrap configuration building is situated on 3.67 acres at the intersection of Jamboree Road and Alton Parkway. Designed with urban young professionals in mind, the residences feature funky contemporary colors and steel awnings, with warm finishes such as Pergo flooring, maple wood cabinetry, stainless steel appliances and modern granite countertops. “You walk into the community and you get a feel of the Caribbean,” Kirk…
Products from the AIA Show Floor
Pella Doors and WindowsPella’s new collection of windows and doors, called the designer series, features optional blinds, cellular shades, decorative panels and removable grilles between panes of glass, protected from dust and damage, thus reducing lifecycle costs associated with the maintenance and replacement of room side blinds and shades. Designer series windows and doors reduce noise up to 80 percent.With the blinds closed, between-the-glass blinds offer a 43 percent reduction in solar heat gain when compared to room-side blinds, thus reducing potential air conditioning costs. Pella’s designer series of shades and blinds extend to the inside edge of the interior…
Calif. Congressman Suggests Making Higher Loan Limits Permanent
Pleasanton, Calif.–Congressman Jerry McNerney, D-Pleasanton, has written legislation to change the current Freddie Mac, Fannie Mae and Federal Housing Administration loan limits permanently, the San Jose Mercury News reports.The single-family home loan limits were raised until the end of the year to $729,750 as part of the Economic Stimulus Package to help homeowners in high-cost areas such as Northern California. “The foreclosures in San Joaquin County are horrendous,” McNerney told the Mercury News. “It’s affecting all sections of the real estate market, and we need something that will help stabilize the market and instill confidence in the market.”