ARA Launches National Affordable Housing Group
Houston–Atlanta-headquartered Apartment Realty Advisors (ARA) recently launched its National Affordable Housing Group, which will be based in Houston, with satellite offices in New Orleans and Atlanta.ARA’s Cliff McDaniel and the recently recruited Dave Fournier, former managing director of Holliday Fenoglio Fowler’s (HFF) tax credit housing group in Atlanta, will head the ARA National Affordable Housing Group.This group is based out of the Houston office because McDaniel is based in that office and he has been ARA’s de facto affordable housing broker since ARA’s inception. “It seemed logical to keep the group based in Houston once the decision was made to…
Condo Community Reminiscent of Late 19th-Century New England to Open This Summer
By Erika Schnitzer, Associate EditorHinsdale, Ill.–Hinsdale, a suburb of Chicago known for its historic residential architecture, will soon have a new condominium/townhome community that will seek to blend in with the existing neighborhood.GSH Development, a partnership of Wexford Development of Hinsdale and HJH Homes of Oak Brook, worked with BSB Design to create three- and four-story buildings using the Shingle Style, a design reminiscent of late nineteenth-century New England.Located near downtown Hinsdale, the Hamptons of Hinsdale is one block from Hinsdale Central High School and two blocks from Elm Elementary School.“It was kind of a friendly style that we liked,…
DEAL OF THE DAY: 284-Unit Property in Oakland Sold for $108M
By Katelyn McWatters, Editorial InternOakland, Calif.– General Investment & Development Cos. recently sold the 284-unit Windsor at Metropolitan Complex to investors Richard Ross and Socorro Vasquez for $108 million. The four-story multifamily building was built last year, and was about 66 percent occupied at the time of sale. The Windsor at Metropolitan, located at 5684 Bay St., is part of Bay Street Emeryville, a mixed-use retail and residential complex. Located four miles from Oakland, the complex features 114 one-bedroom/one-bath units and 170 two-bedroom/two-bath units, ranging from 715 sq. ft. to 1,424 sq. ft. Twenty percent of the complex’s 275,000 sq….
Industry Reacts to HUD Secretary Resignation
By Anuradha Kher, Online News EditorWashington, D.C–“The HUD secretary had lost credibility among people in Washington, D.C. a long time ago,” Sheila Crowley, president of the National Low Income Housing Coalition, tells MHN. “His resignation has been long overdue and not at all unexpected.”Secretary Alphonso R. Jackson resigned this morning amidst intense speculation regarding his alleged involvement in giving lucrative housing contracts to friends. However, in his official statement, Jackson said he is leaving the post because he needed to devote more time to his family.“Regardless of the ethical issues, the operation and survival of HUD’s programs has also been…
Boyd Lighting
The Lantern Series of exterior lighting from Boyd, which includes the Twilight and Circolo designs, is made from 1/8-in. thick, water-jet cut solid brass. Available in finishes of Satin Nickel, Satin Brass, Antiqued Boyd Brass and Blackened Brass, the designs in both families offer a range of product types suitable for indoor and outdoor use. They include ADA-compliant sconces (including a UL WET LABEL version), pendants, ceiling fixtures and a UL WET LABEL bollard, which will be available in summer 2008. The designs are offered in incandescent lamping or long life, energy efficient, compact fluorescent lamping with cold weather ballasts….
Less Capital Allocations for Multifamily This Year
By Keat Foong, Executive EditorOrlando, Fla.— In the current environment, it may be more imperative than ever that multi-housing developers have to “play smart.” The fact of the matter is, capital suppliers are concentrating their attention on only certain deals, confirms Martin Kamm, managing director of Jones Lang LaSalle, a real estate investment manager and advisor. Kamm says lenders are looking for well-capitalized developers with whom they can build a strong relationship. If you do not fall into this group, it may be harder to get the debt financing you want. “Lenders want to focus their allocations on relationships tested…
Silverado Senior Living Selects Yardi Voyager Software to Manage Multi-State Portfolio
By Anuradha Kher, Online News EditorSanta Barbara, Calif.–Silverado Senior Living has selected Yardi Voyager senior housing software to manage its multi-state portfolio.As a provider of specialized care for senior citizens with Alzheimer’s, Parkinson’s, vascular and other memory impairment diseases, Silverado offers services for treatment during earliest onset of the disease through end-of-life care.Silverado operates 16 communities (1,021 beds) as well as care management, home care and hospice services throughout Texas, California and Utah, with further expansion planned for 2008. Silverado, a privately owned organization with multiple investors, needed a transparent system that could centralize operations and streamline workflow throughout their…
DEAL OF THE DAY: Laramar Group Acquires Suburban Seattle Property at About $60,000 per Unit
Burien, Wash.–The Laramar Group has acquired Vintage Park, a 543-unit property in Burien, Wash., 11 miles south of Seattle at a rate of low $60,000s per unit.Vintage Park, to be renamed The Heights at Burien, is the fifteenth property acquisition for Laramar Group’s Multifamily Value Fund, which launched in December 2006. The property was acquired directly from the seller.Jeff Elowe, president of the Laramar Group, says, “With major renovations planned, the upgraded property will offer residents high-quality, centrally located apartments in a growing community that otherwise presents a wide affordability gap to home ownership.”Constructed in the mid-1940s, the 543-unit garden-style…
Multi-Housing Executives on the Move
BCArchitects Names Adan Fons Principal Miami–BCArchitects, an architectural firm specializing in design, production and construction administration of luxury residential, hospitality, retail and mixed-use projects, has named Adan Fons principal. “Adan has tremendous experience and great passion for his work which results in innovative architectural solutions that are consistent with BCA’s standards of excellence,” says Kenneth L. Tobin, principal and CFO of BCArchitects who heads the firm’s Celebration, Fla. office.In addition to continuing to serve as the director of design, Fons’ new role will include the day-to-day management of operations at the firm’s Miami office.Fons has been involved in the architectural design…
New Program Offers Teachers in Costly N.C. Area Affordable Housing
By Erin Brereton, Midwest Correspondent Kill Devil Hills, N.C.–Dare County, located on the Outer Banks of North Carolina, is a popular tourist location–but its cost of living is extremely high compared to neighboring counties. As a result, local teachers had a hard time finding a place to live. However, a new program sponsored by local counties is offering area teachers reasonably priced housing options, such as an apartment building with 24 two-bedroom units in Hertford County, where 31 teachers now live. The SECU Foundation also broke ground this month on a new affordable housing project for Dare County teachers. Approximately…