DEAL OF THE DAY: Three N.J. Apartment Buildings Sell for More Than $7 Million
Newark, N.J.– Real estate brokerage Gebroe-Hammer Associates recently completed the $7.4 million sale of a three-property portfolio in Newark, N.J.’s Weequahic neighborhood.The portfolio contains 130 rental units in three multifamily complexes. Gebroe-Hammer Sales Associate Elliot Schechter and Executive Vice President David Oropeza represented the seller in the transaction. Senior Vice President David Jarvis secured the investment group who brought the property. Gebroe-Hammer declined to release the name of the buyer or seller.The three-story 129 Chancellor Avenue apartments (pictured) contain 50 units; 603 Elizabeth Avenue is a six-story elevator building with 55 units. With 25 units, 595 Elizabeth Avenue is a…
Non-Profit Developer and Capital Provider Plan to Revamp New Orleans Apartments
By Erin Brereton, Content ManagerNew Orleans–Providence Community Housing and Enterprise Community Investment announced Wednesday that they will use a $41 million investment in Gulf Opportunity (GO) Zone low-income housing tax credit equity to renovate three senior apartment buildings and build one multifamily complex in Hurricane Katrina’s core disaster area.The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by the hurricanes–Louisiana, Mississippi, Alabama, Texas and Florida–with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing.Providence closed on the properties scheduled for renovation, which will have a total of 474 affordable…
Bank of England Holds Interest Rates Steady
London–As generally expected, the Bank of England held interest rates at 5.5 percent on Thursday, The Financial Times reports.The bank is taking time to assess the impact of inflation and the U.K.’s economic decline. Reports next month should reveal whether or not consumers are spending less, as recent reports from Marks and Spencer and other retailers suggest, according to the Times.The Monetary Policy Committee will watch for wage inflation increases, which may be on the rise, and the state of the sterling, which recently declined. “The key argument for waiting is that the news on near term influences on inflation…
U.K. Home Prices Rise in December
London–After a three-month decline, U.K. home prices rebounded in December, according to the nation’s largest mortgage lender.Hailfax said that, based on its loans to homebuyers, average national home prices increased by 1.3 percent last month. British home prices increased by an average of £11,759 in 2007, according to Halifax, who again forecast prices will stay flat for the year.In November, prices had dropped 1.3 percent. Home prices fell 0.7 percent in October and 0.6 percent in September, The Times reports.Home prices now are only 0.8 percent over the last quarter of 2006. The price decreases late in 2007 were enough…
Capital One Says 2007 Profit Short of Expectations Due to Credit Crisis
New York–Stocks fell early on Thursday following a profit warning from Capital One Financial Corp., prompting new panic about the credit markets, The New York Times reported Thursday.McLean, Va.-based Capital One said its 2007 profit will be less than expected due to growing loan delinquencies and legal reserve costs in the fourth quarter. The credit card company is taking a $1.9 billion loan loss provision, which includes about $1.3 billion in charge-offs.The company’s statement corroborated some analysts’ concerns that other credit classes have been damaged by the subprime mortgage market collapse and that future corporate earnings may be lessened by…
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MVE & Partners Designs Contemporary Living Community Next to Shopping Center
By Matthew Marin, Associate EditorIrvine, Calif.–Located near the 1.2-million-sq.-ft. Irvine Spectrum Center, the recently completed Village at Irvine Spectrum Center offers convenience to shops, restaurants and entertainment venues. Locally based MVE & Partners Inc. planned and designed this mixed-use, apartment community, offering contemporary living options for nearly 3,000 young professionals.Situated on a 31.5-acre site, The Village at Irvine Spectrum Center combines 1,550 apartments and 8,000 square feet of retail space in four distinct, four-story mixed-use districts developed by locally based The Irvine Co. The project is at Irvine Center Drive and the 405 Freeway, on a site that formerly was…
Fed Chairman Hints at Further Rate Cuts
Washington, D.C.–Federal Reserve Chairman Ben Bernanke implied Thursday that more rate cuts may be necessary to stimulate the economy, The Wall Street Journal reports.Speaking to the Women in Housing and Finance and Exchequer Club in Washington, Bernanke noted that, because financial and economic conditions can change suddenly, the Fed must be observant and ready to act quickly.Bernanke cited higher oil prices, decreased equity prices and falling home values as growing threats to the economy. “In light of recent changes to the outlook for and the risks to growth, additional policy easing may well be necessary,” he said. Bernanke’s comments–his first…
American Nevada Co. and The Vista Group Join with Place Properties to Develop Student Housing
By Matthew Marin, Associate EditorHenderson, Nev.–American Nevada Co. and The Vista Group, both real estate developers, have formed a joint venture with Atlanta-based Place Properties, a nationwide multifamily developer, to develop Midtown Place, the first major student-housing complex serving UNLV students in Henderson, Nev.The project, located at Maryland Parkway and Cottage Grove adjacent to the UNLV campus, will be the first off-campus, student-housing complex for UNLV. It is also situated where University Park Apartments currently stands. Upon completion, the project will encompass approximately 3,000 suites designed for the UNLV student of the 21st century, including a fitness center with personal…
Dutch Fund Invests $100 Million in Texas Real Estate Company’s Apartment Portfolio
By Erin Brereton, Content ManagerAddison, Texas–Dutch pension fund PGGM has agreed to invest $100 million in Addison, Texas-based commercial real estate company Behringer Harvard’s growing portfolio of Class A apartment communities.PGGM initially committed $100 million to the portfolio in May 2007; the new commitment brings its total investment to $200 million. PGGM also has an option to expand its commitment to $300 million.The funds will allow Harvard to finance and purchase apartment communities from national and regional developers that are planned, currently under construction or recently completed, according to Behringer Harvard Senior Vice President Mark Alfieri.Since PGGM’s initial investment, Behringer…