By Keat Foong, Executive Editor Cincinnati, Ohio—It was no surprise that a REO property brokered by Apartment Realty Advisors (ARA) sold so quickly: It was a classic value-add investment opportunity, according to the company.  ARA’s Distressed Assets Solutions Group arranged for the the $1.1 million Real Estate Owned property sale to Tritex Real Estate Advisors Inc. Tritex represented the holder of the foreclosed property, the 45-unit Oakley Terrace apartments located in Cincinnati. Brian Pace, sales person at ARA’s Midwest office, said prospective buyers were attracted by the fact that the property was Real Estate Owned and that the upside potential…

By Erika Schnitzer, Associate EditorAtlanta—Coro Realty Advisors LLC’s 05 Buckhead, a new 20-story, 155-unit high-rise luxury apartment community, recently opened its doors to new residents.“The developers were aware that a lot of condos were going up and didn’t want to dive into that market,” Mick Wilkinson, construction administration project manager at Atlanta-based Ai Group Design LLC, the architecture firm that designed 05 Buckhead, tells MHN. “Other apartments around here were being converted to condos, so they saw a shortage of high-end rental.”The community is approximately 30 percent leased, which, Wilkinson notes, is at a pace ahead of the schedule the…

By Anuradha Kher, Online News EditorBoston–With job losses still high and the economy not yet picking up, demand in the apartment market continues to slow. As vacancies rise, owners need to attract new tenants and maintain existing residents by doing one of the two 1) decrease asking rent or 2) maintain and even increase asking rent while compensating the tenant with a month or two of free rent, paid moving expenses, or a number of other concessions. In the face of immense declines in demand, apartment landlords are now responding with both strategies simultaneously, according Brad Dillman of Portfolio and…

By Anuradha Kher, Online News EditorChicago, Norfolk, Va.–Apartments.com launched its new application for the iPhone on the Apple App Store. Renters can use their iPhone or iPod touch to look for apartments. The application delivers access to millions of apartments through location-based searches in a visually enhanced media format including walk through videos, photos, floorplans and integrated mapping.  “Unique features like walk through videos, photos, floorplans and integrated mapping allow us to offer a superior apartment search experience for iPhone and iPod touch users,” says Chris Brown, vice president of product management at Apartments.com. “Apartments.com has provided access to its…

By Anuradha Kher, Online News EditorLittle Rock, Ark.–Walker & Dunlop provided $61,021,300 in HUD-insured financing for a portfolio of nursing homes in Arkansas. The 12-property, 1,255-bed portfolio was purchased by CSCV – Arkansas. Each loan was structured with a 35-year term and a 35-year amortization utilizing HUD LEAN 232/223(f) loans. The loans were underwritten to an 85 percent loan-to-cost. This deal marks the first portfolio closed through the LEAN process and demonstrates the growing acceptability of FHA financing in the healthcare industry. Steve Ervin, senior vice president and Group Head of FHA Finance, says, “Before the LEAN program, acquisitions of…

By Tonie Auer, Contributing EditorGreen building efforts continue to gain momentum with the House passage of energy and climate legislation that provides incentives while accelerating the benefits of sustainability and environmental performance. But the bill isn’t ready for the Senate yet.“The American Clean Energy and Security Act of 2009 (ACES), informally known as the Waxman-Markey bill, narrowly passed the U.S. House of Representatives on June 26 and is headed for the Senate at the end of July,” Dan Probst, chairman of Energy and Sustainability Services for Jones Lang LaSalle, tells CPN.But most experts believe there will be several amendments before…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development is awarding 2,500 rental assistance vouchers to 37 public housing authorities across the U.S. to reunite more than 7,500 children with their parents. The children are currently in foster care. “As a father of two sons, I can’t imagine the pain parents must feel when the family is separated because of the lack of affordable housing,” says HUD Secretary Shaun Donovan. “These vouchers will allow thousands of children to live with their families.” HUD is providing nearly $20 million in funding through its Family Unification Program…

By Erika Schnitzer, Associate EditorGainesville, Fla.—Coral Gables-based Fullerton Diaz Architects has been tapped by Roger Development Group Inc. to design One College Park, a mixed-use project containing three buildings conveniently located to the University of Florida, Gainesville campus.  The $55 million project, which sits on 1.77 acres, will include a 56-unit loft apartment building, a 170-suite hotel, 15,000 square feet of retail, and a 580-space subterranean parking garage.    “It’s a perfect location for [the area’s] revival, and a very convenient location to the [Ben Hill Griffin] Stadium and campus in general and to all the commercial areas that surround the…