News
First Joint-Use Housing/School Development in L.A. Completes Entitlement Process
By Erika Schnitzer, Associate EditorLos Angeles—Abode Communities, in collaboration with the Los Angeles Unified School District (LAUSD), has completed construction documents for Glassell Park, a new joint-use community that will co-locate housing and an LAUSD school on the same site, the first development of its kind in Los Angeles.“This program was thought of as an opportunity to utilize surplus land to produce housing, if possible for the workforce,” explains Robin Hughes, president and CEO of Abode Communities. “It’s an initiative that allows the school district to support affordable housing and workforce housing for district employees.”Hughes tells MHN that the Southern…
Three Gables Residential Communities Receive EarthCraft Multifamily Certification
By Erika Schnitzer, Associate Editor Atlanta—Gables Residential has received EarthCraft Multifamily certification for three new apartment communities. The EarthCraft program is a residential green building program of the Greater Atlanta Home Builders Association in partnership with Southface. In addition to achieving the certification, the company received the 2009 EarthCraft Multifamily Developer of the Year.“The City of Atlanta has a program that [will incentivize] developers to build toward a green standard,” Joe Wilber, senior vice president of investments for the East, tells MHN. “We feel like we are pioneers in the city because we did it without incentives being offered and…
TODAY’S DEALS: Hendricks & Partners Arranges Sale of 210-Unit Affordable Housing Portfolio for Over $8M, and Other Transactions
By Anuradha Kher, Online News EditorMadison, Wis.–Hendricks & Partners’ National Affordable Housing Group has arranged the sale of the 210-unit Wisconsin Affordable Housing Portfolio (pictured) for $8,068,000.The seller was Dunn County Realty Group (DCRG), Housing Development Services (HDS), and Housing Management Services (HMS) of New Richmond, Wis. and the buyer was WHPC- Dunn County, LLC, WHPC- Washburn County, LLC and WHPC- St. Croix County II, LLC of Madison, Wis.The 14-property portfolio was primarily developed as HUD Project-Based Section 8 housing for the benefit of qualified low-income elderly residents via Wisconsin Housing & Economic Development Authority (WHEDA) and USDA Section 515…
Increasing Number of Americans Are Saving Household Energy
Alex Palmer, ContributorNew York–Consumers are open to making energy-saving lifestyle changes. But, they are still far from becoming active managers of their household energy use, per new research from Nielsen Claritas. The annual Convergence Audit drew on data from more than 32,000 respondents replying both online and through the mail about their energy behavior.While consumers are generally on board with energy conscious products, their green behavior has yet to extend to their habits in monitoring and paying for the energy in their homes.Services offered by local utilities such as whole house energy audits, energy efficient HVAC rebates and weatherization services…
Maytag Commercial Laundry’s Latest Dryer Cuts Utility Bills by Nearly 25 Percent
Maytag Commercial Laundry has launched its latest Energy Advantage Multi-Load Stack Dryers which save owners nearly 25 percent in energy and utility costs without increasing the average dry time, which makes it ideal for multifamily properties.The dryers’ fast-drying axial airflow system, increased insulation and double-paned windows keep heat contained in the basket, enabling clothes to dry faster with the lowest BTU output of perhaps any other commercial dryer on the market.“These dryers outperform the competition, using only 28,900 BTUs per load—far less than the nearest competitor,” says Craig Kirchner, global director of Maytag Commercial Laundry. “This can save owners and…
Growth in Green Building Materials to Continue
Alex Palmer, MHN ContributorNew York–The already substantial market for green building materials for both the commercial and residential properties will continue to grow, per NextGen Research. The global green building materials market valued at $455.3 billion last year is expected to reach $571 billion by 2013, per its new report “Green Building Materials: Making Cement, Insulation and Wood Products Increasingly Environmentally Friendly.” NextGen Research conducts research on the potential of new technologies, forecasting and quantifying near and mid-term market opportunities, and assessing the strengths and weaknesses of the players involved.The greatest growth is forecast in green insulation, which is expected…
Preiss Co. Partners with SIFE to Promote Environmental Sustainability to Student Residents
By Anuradha Kher, Online News EditorCharlotte, N.C.–University Village at Charlotte and University Club recently joined with University of North Carolina at Charlotte’s Students in Free Enterprise (SIFE) to participate in the SIFE/University Village GREEN3 Project. The GREEN3 community project is meant to serve as an interactive learning experience between the university, property residents, and the property management company.Both Charlotte properties are owned and managed by The Preiss Co., provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, the University of Texas in Austin and at UNC Charlotte.Five apartments participated in the project, which…
TODAY’S DEALS: HFF Secures Financing Totaling Nearly $50M on Behalf of TCR, and Other Transactions
By Anuradha Kher, Online News EditorHouston, Texas–HFF (Holliday Fenoglio Fowler, L.P.) has secured nearly $50 million in financing on behalf of Trammell Crow Residential for Alexan Woods and Alexan Main Street, two Class A multifamily complexes in Houston, Texas. Working on behalf of the borrower, HFF placed two, seven-year adjustable-rate loans with Freddie Mac (Federal Home Loan Mortgage Corp.). A $22.16 million loan was secured for Alexan Woods and a $27.63 million loan was arranged for Alexan Main Street. Proceeds will be used to retire the existing construction loans, while recapitalizing both assets with assumable, non-recourse financing and flexible prepayment…
VP of Energy Initiatives at CPC, Padian Selected to Judge MHN’s Green Initiative Awards
New York—Andrew Padian, vice president for energy initiatives for the Community Preservation Corporation (CPC), has been selected to judge MHN’s second annual Green Initiative Awards. At CPC, Padian assists with the implementation of the Energy Efficiency Loan Program, working with CPC staff and building owners across the tri-state area. The Green Initiative Awards, presented by MHN, recognize eco-friendly corporate initiatives by apartment communities, developers, suppliers, manufacturers and others in the multifamily sector. Winners will be published in the November 2009 issue of Multi-Housing News magazine. Deadline for entries is August 1. Click here for more information and to enter MHN’s…
Multi-Housing Executives Update: Pinnacle Hires New Central Region VP, and Other Moves
Dallas—Pinnacle has hired Lynne Shirley as its new central region vice president. She will be responsible for new business development, recruiting and developing strong management teams for Pinnacle’s Gulf Coast portfolio.Shirley has over 26 years of property management experience. Before joining Pinnacle, Shirley worked for Greystar Real Estate Partners for 15 years and held numerous positions within Greystar’s several divisions including management, development and most recently as a senior director in their Charleston, S.C.-based asset management division. Kaled Management Forms Asset Management GroupNew York–Kaled Management Corp. has formed a new division to provide third-party asset and property management to institutional…