News
Buyers Assurance Program Guarantees Equity in Condo for First Three Years
By Anuradha Kher, Online News EditorAtlanta–Cousins Properties has created the Cousins Assurance Program, which will assume most risks for qualified condominium buyers at its newest development called 10 Terminus (pictured).The 32-story luxury condominium tower that opened in Buckhead, Atlanta in the fall of 2008, sold 36 units in the pre-construction phase. As the economy starting slowing down and the housing market took a big heat, many defaulted on those contracts. Now, only 14 out of 142 units have been closed on. “As we were working through the question of why people weren’t buying condos, we realized that they were fearful…
Apartment Fundamentals Weaken, But Multifamily REIT Ratings Show Stability
New York–While the fundamentals of the apartment industry have continued to erode over the past several months, multifamily REITs have taken steps to shore up liquidity and most continue to have stable outlooks, according to Moody’s Investors Service. “Multifamily REITs have increasingly adopted defensive postures with their balance sheets and operating activities, seeking to maximize liquidity via a number of initiatives, including the use of Fannie and Freddie debt, ratcheting down development activities, and asset sales,” says Chris Wimmer, vice president at Moody’s. “As management teams appropriately focus on the challenging conditions, most balance sheets are well-prepared for the next 12…
Condos at Eco-Friendly Project Will Sell at 30% Lower Than Average Area Price
By Anuradha Kher, Online News EditorNew York–311 E 11: Village Green could become the first LEED-Gold certified building in the New York’s East Village. The project’s developers, Michael and Izak Namer, planned the building, conscious of a change in the way people think about the environment. The eight-story, 36-unit project combines sustainable and renewable materials, and features water-conserving fixtures. A green roof will be installed to provide natural insulation and to reduce the “heat island effect,” and special drains will recover rainwater to reduce potable water required to irrigate gardens in the building.The building is set to open for occupancy…
TODAY’S DEALS: Colliers Completes $43.5M Sale of Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorMinneapolis–Colliers Turley Martin Tucker (Colliers) recently completed the sale of Riverview at Upper Landing Apartments (pictured) to Boston-based Intercontinental Real Estate Corp., which acquired the property on behalf of U.S. Real Estate Investment Fund LLC for $43.3 million.Riverview at Upper Landing Apartments is a Class A urban infill project consisting of two buildings located at 400 Spring St. in St. Paul, Minn. The buildings include 344 apartment units and 482 below grade parking. Hendricks & Partners Completes Sale of 984-Unit Portfolio for $24MTulsa, Okla.–Hendricks & Partners recently arranged the sale of the Tulsa Four Portfolio,…
TODAY’S DEALS: NorthMarq Capital Arranges $100M Credit Facility Addition for Two Rental Communities, and Other Transactions
By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $100 million credit facility addition for two multifamily complexes, featuring a combined total of 776 units, located in Southern California. Bunker Hill Towers (pictured) is located in Los Angeles and comprises 456 units. Meadowood Apartments is located in Simi Valley and features 320 units. Financing was based on a five-year term with two one-year extensions with a full-term interest only revolving facility and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac. After Being on Market for Three Years, The Argyle Sells for Over…
Puget Sound Energy Awards $650,000 to Multifamily Communities with Energy Conservation Plans
By Erika Schnitzer, Associate EditorBellevue, Wash.—Puget Sound Energy (PSE), Washington state’s oldest and largest energy utility, and a subsidiary of Puget Energy, recently awarded $650,000 in grant agreements for the company’s Multifamily New Construction program, which helps new communities that are incorporating energy conservation into their buildings.”Conservation is a big priority,” notes Rebekah Anderson, corporate communications program manager at PSE. “People are using more electricity and there’s a lot of population growth in Washington. The combination means more demand for electricity,” but if energy conservation measures are taken, “we can supply it without adding to the infrastructure.”Six developers were awarded…
Apartment Finder Signs on OLX as Partner
By Anuradha Kher, Online News EditorLawrenceville, Ga.–Apartment Finder has signed on an online partnership with OLX.com to publish its apartment rental listings on the web. Through this alliance, Apartment Finder hopes to deliver greater online exposure and leads for its advertisers to apartment shoppers in the 84 countries that OLX.com serves. “We understand how vitally important it is for consumers to interact with our advertisers’ listings when they are shopping for an apartment,” says Marcia Bollinger, president, Apartment Finder. “That is why we look for every opportunity to help make that connection, especially on the web. Our partnership with OLX.com allows…
EDITOR’S NOTE: Is Your Laundry Room Working For You?
By Diana Mosher, Editor-in-ChiefNew apartment communities are being constructed with eco-friendly materials and processes, but older properties can also implement a green agenda. Whether your communities have laundry rooms or in-unit appliances, this is an easy place to start and one that’s sure to build resident awareness of environmental concerns. You can also use a green laundry project to generate interest in other eco-initiatives like submetering and recycling that require their participation in order to be successful. Gauging the energy and water efficiency of equipment used in common laundry areas is increasingly important to apartment owners and managers, whether the…
Building High Performance/Green Buildings is Critical to Multifamily Real Estate’s Future
By Adrienne Faulkner, Faulkner Design GroupWhile many real estate professionals are skeptical that going green is the right thing to do—much less that it makes economic sense—it is important that we all commit to it. Whether you are a lender, investor, developer, architect, contractor or owner, it really does make economic sense that equates to dollars in your pocket.Industry professionals continue to say and believe that it costs more money to go “green” or to get a LEED (Leadership in Energy and Environmental Design) certification for a building or home. While it does take time to do the paperwork and…
CertainTeed Adds Recycled Content to ToughGard Duct Liner
CertainTeed Corp. has added 25 percent recycled content to its ToughGard duct liner, which is primarily used as an acoustical liner in HVAC duct systems.The liner has received GreenGuard Indoor Air Quality certification and can help earn U.S. Green Building Council (USGBC) LEED (Leadership in Energy and Environmental Design) points.The liner, which is designed to help fight moisture and mold growth, as well as improve energy efficiency in heating and cooling systems, is composed of rotary-type glass fibers. ToughGard duct liner has a durable airstream surface—containing an EPA-registered antimicrobial agent—and moisture protection. It is also extremely durable, and provides resistance to…