Development
Oden Hughes Set for Construction of 950-Unit Community Starting in 2014
Austin-based Oden Hughes and Desarrollos Delta of Monterrey, Mexico, have announced that they will begin the first phase of construction on a 950-unit, multifamily community in the Northwest area of San Antonio beginning in early 2014.
MHN Interview: Jill Pilaroscia on the Art and Science of Multifamily Color Choices
Colour Studio offers full service color consulting for exterior and interior color selection. An ‘art and science’ approach takes into consideration the architecture, site, geographic location and the demographic profile of the users.
Micro Units: Living Large in Small Spaces
An acute lack of inventory and soaring rents are providing New York City developers with an opportunity to turn the concept of living in small apartments into an art form. One such developer organization, LifeEdited, was launched in 2009 by Graham Hill, a trained architect turned entrepreneur who believes in simplifying life and living large in tiny spaces. LifeEdited began as a “crowd-sourced” micro design competition that invited proposals for a 420-square-foot SoHo apartment owned by Hill.
Liability Rolls Downhill: How Flow Down Clauses Can Harm You
Since the construction of multifamily projects typically involves several parties, it is crucial to craft your contracts with the utmost care. Failure to do so could greatly increase your risk of contractual liability to third parties, particularly when those provisions known as flow down clauses are involved.
TODAY’S DEALS: HFF Arranges $22.5M Permanent Loan from Life Insurance Company
HFF arranges $22.5 million in financing from a life insurance company; Parse Capital closes a $8.9 million mezzanine loan for a Los Angeles development; and Berzack Investment Property Advisors brokers a 40-unit sale in Santa Clarita, Calif.
Apartment and Condominium Market Gains Momentum in Second Quarter, According to NAHB
Production of apartments and condominiums gained momentum in the second quarter of 2013, according to the latest Multifamily Production Index, released today by the National Association of Home Builders.
TODAY’S DEALS: Northwestern Mutual Provides Gables with a $233M Refinance
Northwestern Mutual helps Gables Residential refinance a 19-property portfolio; HFF secures $21.4M for a Oregon development; and Alliant Capital completes an $8.99 million 10-year refinancing loan.
Do Not Rush to Construction: Make Sure Final Designs are Really Final
After construction has commenced, design changes to add value can lower your rate of return.
MHN Interview: Philadelphia Freedom—An Interesting Opportunity for Multifamily
LCOR recently announced that Donald Tracy, the company’s new vice president, would be leading the Philadelphia development team. MHN talks with Tracy about his plans on expanding LCOR’s development pipeline in that market, as well as why he considers Philadelphia a unique area for the multifamily industry.
APARTMENT MARKET STATISTICS: August 2013
Apartment prices continue to increase. According to PPR/Costar, price per unit of apartments in the first quarter was $147,257—increasing from $110,380 in the fourth quarter.