News
The Global Forecast
If MHN’s global market report was a weather forecast, it might begin with gloomy clouds settling in over most of the multifamily world, with the possible exception of Washington, D.C. and Houston in the United States. The forecast would then call for steadily brightening skies, especially over a number of coastal California cities and high-growth regions in the American South. Sun might also be expected to peek through clouds earlier than later in France, while in China, a downpour of easy credit has for-sale residential prices already on the rise. Longer-term projections would trumpet the imminent arrival of cheerful, sunny…
Community Living
When one traditionally thinks of garden apartments, sprawling suburban communities with plenty of open green space often come to mind. But with suburban sprawl quickly becoming a thing of the past, and with an emerging demographic of Generation Y renters who tend to desire closer proximity to the city, the new garden apartment communities are more urban than ever before.
Lead Management
Multifamily communities move heaven and earth to acquire new-resident leads. However, leads often aren’t thoroughly captured, often falling through the cracks in the lead-management process.
First Impressions
In the universe of multifamily properties, some apartment communities just stand out from the rest. These are often the properties with great curb appeal, the much sought-after quality known to exert a powerful hold over renters. It is curb appeal that lures new residents, and at the same time makes it difficult for existing ones to depart.
Great Third Spaces Give Residents Energy
Inspired by the term “Third Places,” coined by sociologist Ray Oldenburg in the late 1980s, I’ve come up with my own, more modern take on these easily accessible public spaces away from home and work where people can enjoy interacting. I prefer calling today’s gathering spots in residential buildings “Third Spaces,” where residents can form a sense of community by regularly gathering in inviting areas to socialize.
TODAY’S DEALS: Ritz Plaza Receives $151M in Financing, and Other Transactions
By Anuradha Kher, Online News EditorNew York–On behalf of Stonehenge Management, Meridian Capital Group has arranged $151 million in financing for The Ritz Plaza (pictured left), a multifamily property located at 235 West 48th St. in New York City. The Ritz Plaza is a 43-story building featuring 479 luxury rental apartments and 30,000 square feet of retail and office space. The 10-year fixed rate loan has an interest rate of 5.34 percent and features two years of interest only payments. “The timing of the rate lock was precise,” says Abe Hirsch of Meridian. “The borrower was able to take full…
Results of LoopNet Survey Regarding Recovery, Pricing, When Market WIll Hit Bottom
LoopNet, Inc., which operates an online commercial real estate marketplace with more than three million members, recently announced the results of a just-closed “LoopNet Pulse Poll.” More than 2,000 LoopNet members responded to the poll, which was conducted from July 16, 2009, through July 24, 2009. LoopNet members include commercial real estate investors, brokers and owners who use the LoopNet marketplace to search for available space and investment opportunities, as well as to market available properties. Commercial Real Estate Market Recovery Timing?Investor sentiment regarding the timing of a recovery in commercial sales transactions has slipped since our last survey in May. Only…
First Phase of Transit-Oriented New Jersey Development Opens for Leasing
By Erika Schnitzer, Associate EditorMorristown, N.J.—Leasing has begun at The Highlands at Morristown Station, a new 217-unit rental building located in the heart of downtown Morristown, N.J.Developed by Rosewood—a joint venture between Roseland Property Co. and Woodmont Properties—the development is part of the state’s Transit Village Program, which encourages development at and around major train centers.The project is a public-private partnership with New Jersey Transit, who originally owned what was once a 300-parking space surface lot for the train station, Debra Tantleff, vice president at Roseland Property Company, tells MHN. The new five-story development features 772 parking spaces—415 of which…
USGBC Accepted as First Education Reviewing Body for GBCI
Washington, D.C.–The Green Building Certification Institute (GBCI) has accepted the U.S. Green Building Council (USGBC) as the first Education Reviewing Body (ERB). With ERB status, USGBC is now authorized to review and approve continuing education offerings under the LEED Professional Credentialing Maintenance Program. ERBs must meet organizational and technical criteria established by GBCI, demonstrating capacity, subject matter expertise and compliance with best practices.“GBCI’s commitment to providing a suite of LEED professional credentials that keep pace with the demands and the evolution of the marketplace is dependent on a credential maintenance program that sets the bar for cutting-edge, innovative and diverse…
Your Customers Want to Pay Electronically and You Should Let Them
MasterCard Worldwide’s Steve Carnevale argues that credit card rent payments benefit both the customer and the apartment owner’s bottom line. He reveals, for example, why residents prefer to use credit cards, according to the company’s researchBy Steve Carnevale, MasterCard Worldwide It is clear that we are moving towards a cashless society. Electronic payments are replacing cash and checks as consumers increasingly turn to plastic and go online to make everyday purchases. While checks have traditionally been the predominant payment method for household expenses, such as rent and utilities, today more and more customers are opting to pay their bills electronically,…