News
Community Associations Get Creative
By James Donnelly, Castle Group It wasn’t long ago when conversations in South Florida communities were centered on the quality of schools, parks, restaurants and politics. Those seemingly benign discussions have been replaced by conversations about assessments, foreclosures, trustees and receiverships. South Florida has one of the highest concentrations of community associations in the country; with Florida foreclosures ranking third in the nation during February and March, the news is bad and there seems to be no end in sight for associations.Community associations are essentially non-profit corporations that manage condominiums and single-family home communities. In better days, associations meant nicely…
TODAY’S DEALS: Meridian Capital Group Arranges Over $17M in Financing for Several Chicago Properties, and Other Transactions
By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged financing in the amount of $14,128,000 for multiple multifamily properties located throughout the Chicago area.The first group of properties are located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. (pictured). This four-building portfolio is part of a five-building, 283-unit portfolio totaling approximately $15 million on the north side of Chicago. Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse for a 10-year term.The second property portfolio is located at 6600 N. Glenwood Ave. It features a total of 18…
EDITOR’S NOTE: Good News for the Housing Market?
By Keat Foong, Executive Editor The latest media reports appear to involve some mini-celebration about a brightening housing market, or at least a suspension, temporary or otherwise, of the continuing drop in home sales/prices. Some commentators suggest that the trends may signal that the bottom of the housing market has been reached. The Commerce Department reported that new single-family home sales increased in June by 11.0 percent from the previous month, to an annualized rate of 384,000 units. This is the third consecutive month of increase in the sales figure. The seasonally adjusted estimate of new houses for sale at…
HUD Recognizes Apartment Community’s Computer Facilitator for Personal Outstanding Achievement
By Anuradha Kher, Online News EditorMarlton, N.J.–Sharlotte Giberson (Left in the photo, to the right is Delores A. Pruden, Director of HUD’s Neighborhood Networks) a computer facilitator at Shirley Futch Plaza who has helped the apartment community’s elderly residents start blogging and learning a variety of other computer skills, has been recognized for outstanding achievement by the U.S. Department of Housing and Urban Development (HUD). In addition, the center itself also received an award of recognition. “Giberson inspires our apartment residents to be creative and to have fun while introducing them to the value of 21st Century technology,” says Mark…
Renter Credit Quality Improves in 2nd Quarter as Least Qualified Renters Exit Market
By Anuradha Kher, Online News EditorRockville, Md.–The overall national renter credit quality has considerably improved compared to the first quarter of 2009, according to the second quarter Multifamily Applicant Risk Index (MAR Index) recently released by First Advantage SafeRent. The MAR Index is also up 1 point from the second quarter 2008 value of 105, indicating a better applicant pool compared to one year ago.“This is the most significant time of the year for Class A properties, and the period until September-October is the time to capture the best applicants,” Jay Harris, VP of Business Services at First Advantage SafeRent,…
MARKET SNAPSHOT: West San Gabriel Valley Outperforms the East
By Erika Schnitzer, Associate Editor San Gabriel, Calif.—The West San Gabriel Valley is outperforming the East San Gabriel Valley, asserts Daniel Withers, senior associate-National Multi Housing Group in Marcus & Millichap’s Encino, Calif. office.“As you get closer to the east—El Monte, West Covina, Covina—there are huge increases in vacancies in those areas [6.8 percent, 5.8 percent and 5.5 percent, respectively]. They are demographically the working class, and there’s a lot of pressure from the Inland Empire, which for so many years was employing so much of the workforce and that’s no longer there,” Withers explains.According to Marcus & Millichap’s Submarket…
Jasper Stone Selects Portfolio Maximizer for Centralizing and Automating Investment Analysis
Needham, Mass.–Jasper Stone Partners has selected Resolve Technology’s Portfolio Maximizer software to centralize and automate investment analysis and reporting. “As we acquire more properties and create new investment portfolios at different locations, using Excel spreadsheets has become increasingly time consuming,” says Joshua Meyer, Jasper Stone’s Chief Financial Officer. “Portfolio Maximizer enables us to scale our operations with efficient and reliable analysis capabilities.”Jasper Stone will use the Portfolio Maximizer software to perform scenario analyses on prospective properties to be acquired and conduct hold/sell analysis on current fund properties. “Being able to run multiple scenarios in a quick and efficient manner allows…
Marketing Lessons from Gump
Life is like a box of chocolates; you never know what you’re gonna get. Multifamily properties can be the same. Whether it’s condos on Urban Street or apartments on Suburban Drive, a property is just a property unless its developer, owner, broker or manager can craft that property into a brand that can be, well, branded into the minds of the public.Even during economic freefall—where the masses feverishly reach for their own piece of a much smaller box of chocolates—you can gain market share and strengthen your competitive position by identifying what makes your property unique—and then telling that story….
Economic Update – New Home Sales See Uptick
By Dees Stribling, Contributing Editor Washington, D.C.–New single-family home sales recorded an uptick in June, increasing 11 percent compared with May, to an annualized rate of 384,000, the Commerce Department said. It looks like a little pent-up demand for new homes is being unleashed, especially since prices are still falling. The Commerce Department also reported that the median price for a new house stood at $206,200 in June, down 12 percent from last June.An uptick, but how serious an uptick? When compared with June 2008, new housing sales were still down 21.3 percent, so the housing market has a ways…
TODAY’S DEAL: Boston Capital Invests Over $7M in 53-Unit Affordable Housing Community in Harlem
By Anuradha Kher, Online News Editor New York– Boston Capital has invested $7,392,761 in Harriet Tubman House Apartments (pictured), a to-be-built, 53-unit multifamily development in Harlem, N.Y. The general partner is West Harlem Group Assistance Inc. (WHGA). “Boston Capital is excited to be involved in the rehabilitation and production of much-needed affordable housing in Harlem, expanding the options available to individuals and families with low- to moderate-incomes,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. Harriet Tubman House Apartments will include the rehab of two existing buildings that formerly served as a homeless shelter, and…