Demographics and Demand Drive Floor Plan Evolution
By Daniel P. Gehman, Thomas P. Cox: Architects (TCA)There was a time in the multifamily universe when product differentiation was not the holy grail of apartment design. In fact, one size basically fit all. Some iteration of the simplest 25-ft. x 36-ft., side-by-side one-bedroom dwelling has been used–successfully–for decades by everyone in this field. A venerable workhorse, it provided a comfortable habitat for many singles, new couples and tiny families. As the families grew, they moved up to a two-bedroom dwelling, which was often a clone of the one-bedroom with an additional bedroom suite stitched on. Everybody was happy. Then…
Local Investor Scoops Up Property in Midwest Market with Attractive Potential
By Keat Foong Executive Editor St. Charles, Ill.—This market has seen some rent decreases in the past year, but that may just mean it is a good time to make apartment investments. St. Charles Place Apartments, a 126-unit apartment property built between 1968 and 1970, was purchased by a local investment group that owns other apartment properties in the area, says Bob Edminston, vice president of Inland Real Estate Sales, who was the broker for the buyer. The property’s occupancy has been at about 93 to 95 percent, which is a “good” rental market, says Edminston. Residents have also stopped…
RentBureau Hires Co-Directors of Membership Services
By Anuradha Kher, Online News EditorAtlanta–RentBureau recently hired Kateri Bain and Benjamin Goodman as co-directors of membership services. Bain and Goodman will be leading RentBureau’s membership growth initiative in major cities throughout the country, by creating partnerships for RentBureau with industry associations and multifamily owners and managers.Kateri Bain has 12 years of experience in the apartment industry. Most recently, she served as sales manager at American Furniture Rental. In addition, Bain has held leadership positions in the Triangle Apartment Association in North Carolina, including serving on the board of directors and the relocation board of directors. She has also served…
J Street Companies Merges with Woodmark
By Erika Schnitzer, Associate EditorWashington, D.C.–The J Street Cos., a Washington, D.C.-based provider of sales, leasing, property management and development services, has reached a merger agreement with the Woodmark Cos., a commercial real estate firm, also headquartered in Washington, D.C.The merger announcement follows a year-long growth period following the acquisition last year by J Street of Randall Hagner, a real estate firm specializing in residential properties, commercial leasing, mortgage financing and property management.“This merger allows both companies to expand and improve their existing platforms,” says Petch Gibbons, president of Randall Hagner. “It allows J Street to greatly expand its property…
DEAL OF THE DAY: 49-Unit Rental Community Sold for $2.25M
By Anuradha Kher, Online News EditorDenver–Hendricks & Partners recently arranged the sale of the three-building Cherry Tree Apartments, located at 1969, 1975 &1995 South Decatur St. in Denver, for $2.25 million or $45,918 per unit.The 49-unit rental community was built in 1981 and 1987. Erik Robinson and Frank Farrell of the Denver office of Hendricks & Partners negotiated on behalf of the seller, Colorado Housing and Finance Authority of Denver. The buyer was Triad Properties Limited of Englewood, Colo., which owns another apartment community in the neighborhood.Cherry Tree was 97 percent occupied at the time of closing.
YOO by Starck’s First Project in Uruguay to be Ready by Mid-2009
By Anuradha Kher, Online News EditorPunta del Este, URUGUAY–YOO Punta del Este, the $20 million project developed and designed jointly by YOO and K-Group Holdings, has sold 90 percent of all its units. YOO by Starck’s first project in Uruguay, Punta del Este is expected to be ready for occupancy by mid-2009.The 150-unit, 22-story luxury high-rise has been designed by YOO to include a club house featuring a bar with plasma TV, a solarium atop a gorgeous wooden deck, infinity pool with bar and restaurant, children’s pool, a movie theatre equipped with special seating, and a state-of-the-art audio and video…
Food and Wine Themed Rental Community Opens in Phoenix
By Erika Schnitzer, Associate EditorPhoenix– Tempe, Ariz.-based Trillium Residential LLC has opened its 292-unit Trillium Cave Creek in Phoenix. Move-ins begin May 3.The garden-style apartment community features a food and wine theme and includes a Chef’s Demonstration Kitchen that will host guest chefs, as well as a custom temperature-controlled wine storage room for residents.“What we’re trying to do is create a community based around social activities. When you walk in, you see the kitchen that’s there for events, and the seating area is arranged around that,” David Dewar, principal for Trillium Residential tells MHN. “There’s a wine cellar where residents…
Jig-A-World’s New Wall Repair Kit
Jig-A-World’s new wall repair kit in a can unites three key elements needed for wall repair and paint preparation: spackle, putty knife and sanding pad. Jig-A-Patch shortens preparation times and reduces mess as it fixes cracks and holes in walls.Jig-A-Patch can be used in three easy steps. Spray Jig-A-Patch spackle into damaged area and wait for two minutes. Use the integrated putty knife/cap to spread the spackle evenly and wait for two hours. Finally, sand the area with the included washable and reusable sanding pad for a smooth finish.Jig-A-Patch has been designed for use by apartment managers, maintenance companies and…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorCatherine Cabell Joins Altman Management CompanyBoca Raton, Fla.–Catherine Cabell has been appointed senior vice president of southeast operations with Altman Management Co. (AMC), where she will oversee the management for all the south division communities in Florida, North Carolina, Tennessee and Texas.Cabell formerly served as SVP with Trammell Crow Residential in Houston where she oversaw 54 communities, and as SVP of REIT operations with Gables Property Trust, where she was responsible for 35,000 units in Texas, Tennessee, Georgia and Florida.Cabell has been active in regional apartment associations and the NMHC.Sperry Van Ness Appoints Caplan as…
DEAL OF THE DAY: 15-Story Oklahoma City High Rise Sold for $3.23M
By Anuradha Kher, Online News EditorOklahoma City, Okla.–Sperry Van Ness recently completed the sale of Lakeview Towers, a 15-story/192-unit apartment community located at 6001 North Brookline in Oklahoma City, Okla.Boston-based Lakeview Towers LLC purchased Lakeview Towers, the last of a 775-unit, three-property 501c3 tax-exempt bond portfolio, for $3.23 million.Lakeview Towers, one of only a few high-rise residential buildings in Oklahoma City, is located within a mile of Northwest Expressway and Penn Square Mall, and is in close proximity to Integris Baptist Medical Center, one of the region’s largest medical centers. Built in 1959, the property is situated on 2.31 acres…