News
MHN Interview: Pushing Electric Vehicles Forward through Multifamily Partnerships
Car Charging Group CEO Michael Farkas talks to MHN Managing Editor Erika Schnitzer about the trend of electric vehicles, the difficulties in implementing charging stations, and how multifamily owners and operators can help move the trend forward.
Two Ribbon Cuttings Cap Affordable Housing Effort in Albany
Albany, N.Y.–On Tuesday, July 12, officials of Omni Housing Development attended a pair of ribbon cuttings marking completion of two different affordable apartment renovations in the Albany area.
Campus Apartments Adds Over 3,000 Beds to Its Property Management Portfolio
Philadelphia–Campus Apartments has expanded its third-party management portfolio in four markets. Recently, Campus Apartments was awarded new contracts to manage student housing portfolios in four different states. In addition to assuming new management accounts of 506 beds in Ann Arbor, Mich., and 756 beds under development in Tucson, Ariz., the company has assumed management of properties in two new markets, with 928 beds in Morgantown, W.Va. and 933 beds in Norfolk, Va. “Our long history of being developers, owners and operators gives us a unique perspective in the industry,” says Miles Orth, executive vice president and chief operating officer of…
Joint Venture Formed to Recapitalize Two Archstone Apartment Properties
Washington, D.C.–Allianz Real Estate and the Canada Pension Plan Investment Board (CPPIB) have acquired an 80 percent interest in two Archstone apartment properties. The deal was done through a joint venture structure formed by the two with Archstone.
TODAY’S DEALS: NorthMarq Arranges $25M Mortgage for Missouri Community
NorthMarq arranges $25 million for a 412-unit community in Missouri; Oak Grove Capital closes a $437.8 million credit facility for Brookdale Senior Living; and the Largo Group of Companies arranges a $4.2 million mortgage for lofts in Buffalo, N.Y.
Related to Preserve, Renovate Affordable Apartment Communities
New York–Keeping families in affordable apartments not only enhances their quality of life, but does a great deal to stabilize neighborhoods. That’s why the recent acquisition, renovation and preservation of the 48-unit New Horizons affordable housing development on West 111th St. in Harlem was cause for rejoicing.
Carroll Organization Fund Sets Sites on Apartment Acquisitions
Atlanta–Carroll Organization has closed its first private equity fund, Carroll Co-Invest Fund I, for the purpose of jumping into the heated world of multifamily investment.
Colin Edelstein Named Director of NorSouth Construction Co.
Atlanta–NorSouth Construction Co. recently announced that Colin Edelstein has been named to the position of director. In his new role, Edelstein will service existing clients and cultivate new relationships to augment NorSouth’s growing third-party construction portfolio. Previously, Edelstein was president of Atlas Development, a full-service real estate consulting firm specializing in affordable housing finance. He also served as development director at Cortland Partners and vice president of development at Capitol Development Group. Edelstein’s experience spans in excess of $600 million in the capitalization of more than 6,000 residential units. “We are delighted to welcome Colin to the NorSouth team,” says…
Economy Watch: The Yo-Yoing of Wall Street
“Roller coaster” might not be a fitting metaphor for Wall Street during this nervous summer of 2011. Yo-yo might be better.
Luxury Apartment Project in Charlotte Cleared for Construction with HUD Financing
Charlotte, N.C.–The construction of Phillips Mallard Creek, a premier 300-residence apartment project scheduled to sprout up just a stone’s throw from the University of North Carolina at Charlotte, is due to get underway as Phillips Development & Realty LLC secures financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) program.