Edgewater Project Lowers Prices to Attract Buyers
By Anuradha Kher, Online News EditorEdgewater, N.J.–The Peninsula at City Place condominiums in Edgewater, N.J., which has been a rental building for nearly 10 years, is now in the process of condo conversion. Given the economic conditions, the developer has lowered prices by about 3 to 5 percent and the results have been favorable.“Part of the reason for improved demand is the drop in prices, low interest rates and the low common charges and Edgewater’s low property taxes,” said Angela Ferrara, vice president of sales at The Marketing Directors, which is handling sales of the Peninsula.Of the 201 units, 125…
Huge Discounts on Luxury Manhattan Condos
Manhattan Market Snapshot: Diana Mosher, Editor-in-Chief of MHN Interviews Shaun Osher, CEO CORE Marketing GroupMHN recently visited with Shaun Osher, founder and CEO of CORE Marketing Group, a boutique residential brokerage and marketing firm based in Manhattan. We toured CORE’s new 3,500 square-feet Chelsea storefront sales office and chatted with Osher about the health of the Manhattan real estate market. Osher notes that the lower end of the market has stabilized and is becoming more active. The upper end is not faring as well. There were only 15 new deals over $5 million in the city in May out of…
TODAY’S DEALS: Meridian Capital Arranges Acquisition Financing of Over $9M, and Other Transactions
By Anuradha Kher, Online News EditorCamarillo, Calif.–Meridian Capital Group has arranged acquisition financing of $9,750,000 for Mountain View Apartments, located at 659 N. Las Posas Road. Meridian’s Los Angeles office negotiated the non-recourse, 6.36 percent fixed interest rate for 10-years via a Freddie Mac Program/Plus Lender utilizing its Capital Markets Execution (CME) program. Built in 1980, Mountain View Apartments offers 106 units in a two- and three-story garden-style community. Arbor Closes $2,400,000 Fannie Mae DUS LoanPhiladelphia–Arbor Commercial Funding LLC recently completed funding of a $2.4 million loan under the Fannie Mae DUS Loan product line for the 68-unit property known…
Creating Amenities Residents Can get Excited About
By Susan Knowles, Connexion TechnologiesWhen it comes to managing the needs of apartments residents, it can be nearly impossible to find solutions that please every resident all of the time. People take for granted the benefits derived from property management and they consider rent a mandatory assessment. As a result, no one raves to family and friends about the amazing trash collection service their management has selected, or the quality of the new vinyl siding on the building. Of course, all of these things are critical to the functionality of the community, but no one wants to get out their…
Saving Space with SieMatic’s Kitchen Organization Systems
SieMatic’s SmartDesign kitchen and its MultiMatic, onWall and +PlusPoints organizational systems can help gain space in multifamily homes.SmartDesign is a collection that combines functionality with storage for optimal space usage. Designed by SieMatic with Dutch designer, Marcel Schepers, the SmartDesign kitchen combines the linear, contemporary features of the popular SieMatic SL and SC collections. The SL 101 countertop and side panels are strong, yet thin with a linear, streamlined appearance. The sliding-door cabinet accentuates the horizontal lines, while providing smart functionality.Another SmartDesign, the SC 10, displays clean lines and a striking Lotus White color scheme that extends handles to countertop…
Mercedes Marquez Confirmed as Assistant Secretary of HUD
By Anuradha Kher, Online News EditorWashington, D.C.–Mercedes Marquez has been confirmed as an assistant secretary at the U.S. Department of Housing and Urban Development. As the former general manager of the City of Los Angeles Housing Department (LAHD), Marquez will lead HUD’s Office of Community Planning and Development, which administers nearly $8 billion in programs designed to stimulate community development, affordable housing, and a variety of special needs assistance programs. “Marquez brings a vast wealth of experience to HUD as she joins the front lines of our efforts to help cities and counties recover from our economic challenges,” says HUD…
SPECIAL REPORT: Multi-Housing Needs to Focus on “Working Smart” While Waiting for Market to Turn
By Erika Schnitzer, Associate EditorLas Vegas—Every industry, including multifamily, is tethered to what happens in Washington, noted Jim VandeHei, co-founder and executive editor of Politico and moderator of the general session, “Knowledge is Power: How to Survive These Times,” at last week’s National Apartment Association Conference and Exposition.The panel featured Ric Campo, chairman and CEO of Camden Property Trust; Bob Faith, CEO of Greystar Real Estate Partners LLC; and Christopher Lee, president and CEO of CEL & Associates, a consulting firm that provides strategic planning, satisfaction surveys and compensation advice to the real estate industry.With this correlation in mind, the…
Sustainable Cities Research Center to Be Built in Middle East
By Anuradha Kher, Online News EditorAbu Dhabi, UAE–Masdar, Abu Dhabi’s multi-faceted renewable energy initiative, a wholly owned subsidiary of the Mubadala Development Co. (Mubadala), has partnered with one of the world’s leading applied research organizations, Fraunhofer-Gesellschaft, to develop a Sustainable Cities Research Center in Masdar City. Masdar City, currently under construction, will be the world’s first carbon-neutral, zero-waste city completely powered by renewable energy. The city is said to be the most ambitious sustainable development in the world, and will be a guinea pig for clean technologies. The Sustainable Cities Research Center would be the Fraunhofer-Gesellschaft’s first Middle Eastern research hub….
MHN Extends Deadline Until July 31 for Design Excellence Awards
The deadline for Design Excellence Awards presented by Multi-Housing News has now been extended until July 31.The awards recognize outstanding multi-housing and mixed-use projects. Entries are judged based on a combination of criteria including aesthetics and functionality of exterior and interior architecture, design solution, overall cohesiveness of composition, and (when applicable) landscaping and curb-appeal. Entries will be judged in August by a panel of industry experts. All finalists will be mentioned online by MHN. (Click here for the entry form and competition guidelines.)(Click here for the entry form and competition guidelines (in a non-writeable pdf format.)Choose from 16 categories: High-Rise Mid-RiseLow-Rise/Garden Apt. Seniors:…
SPECIAL REPORT: First Signs that Market is Beginning to Turn Are Appearing
By Erika Schnitzer, Associate EditorLas Vegas—The first signs have appeared that suggest things are starting to get better for the apartment industry, said Greg Willett, vice president of research and analysis for MPF Research, in a National Apartment Association (NAA) Conference and Exposition session entitled “U.S. Apartment Market Outlook.”As Willett noted, the supply picture is the simplest to envision. Completions are slowing; since 2006, quarterly completions averaged about 50,000 units. However, by the last half of 2009, MPF Research predicts that this figure will be reduced to about 30,000 units. And by 2010, only about 20,000 units are predicted to…