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R. Scott Ziegler (pictured), AIA, is one of the founding principals of Ziegler Cooper Architects. Ziegler is involved in all phases of work on every project. With a strong belief in modern architecture Ziegler endeavors to explore a building’s limits. Ziegler’s management experience encompasses high-rise condominiums, high- and low-rise office buildings, retail facilities, educational institutions and corporate interiors. Ziegler talks to MHN Online News editor Anuradha Kher about the Austonian, which is set to be the tallest building West of the Mississipp,i and about urban development. MHN: What is special about the Austonian?Ziegler: Upon completion in 2010, The Austonian will…

By Anuradha Kher, Online News EditorWashington, D.C.–Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3. “There is a slight trend showing that people are beginning to realize that houses are a good buy right now,” Jed Smith, managing director of quantitative research at NAR, tells MHN. “The pending…

By Erika Schnitzer, Associate EditorReston, Va.—JBG Companies, a real estate investor, owner and developer in the Washington, D.C. metropolitan area, has achieved LEED-ND (Leadership in Energy and Environmental Design for Neighborhood Development) Silver certification for its Reston Heights, a 35-acre, mixed-use, transit-oriented development and the first in Virginia to achieve this designation.“The focus of the project is that it is a transit-oriented development, which we regard to be a model of Smart Growth,” notes John Schlichting, executive development officer, JBG Cos. Two new metro stations are being built in close proximity to the community, and the first station has recently…

By Anuradha Kher, Online News EditorSomerville, Mass.–Ishay Grinberg has recently re-branded and launched his rental listing company as RentalBeast.com. RentalBeast is almost six years old but was born as Grand Central Apartments.The web site aims to make the process of finding a rental unit easier by putting seekers directly in touch with property owners and managers, thus avoiding a broker’s fee. The web site currently features about 60,000 rental listings a majority of which are apartments, with 600 management companies and 4-,000 to 50,000 private companies listing their rentals on the site.RentalBeast is free for property owners and managers but…

By Anuradha Kher, Online News EditorPalisades Park, N.J.–Phoenix Realty Group (PRG) has purchased 71 units in The Trio (pictured) high-rise condominium project in Palisades Park, N.J., for $18M. The property comprises two adjacent nine-story towers featuring 140 units and a 200-space attached parking structure. The unsold units and parking spaces were purchased by PRG’s Metropolitan Workforce Housing Fund.These units will be offered for lease, and future tenants will enjoy the property’s condo-level amenities and finishes.Ralph Raciti, PRG managing director, says that the acquisition represents a near perfect intersection of PRG’s market focus and real estate experience. “By acquiring highly desirable…

By Erika Schnitzer, Associate Editor Philadelphia—In the next three years, the city of Philadelphia will be a sweet spot for multifamily investment, asserts Carl Dranoff, president and CEO of Dranoff Properties, a developer and owner of Class A multifamily communities in Philadelphia.Dranoff notes that while home prices throughout the nation have dropped from about 12 percent in New York to 40 percent in Phoenix, Philadelphia is weathering the storm relatively better, having seen only a 10 percent decline in value—which, though substantial, seems to point to the relative health of the state’s largest city.“I would say we are probably more…

By Anuradha Kher, Online News EditorEssex County, N.J.–A community coalition led by HANDS Inc is acquiring first mortgages of 47 vacant properties in Essex County, N.J., which will be converted to affordable housing or rental units. The properties were acquired for a concession price of about $2 million.New Jersey Community Capital, a community development financial institution working throughout New Jersey, took a lead role in this transaction, coordinating the provision of debt and equity from its socially responsible partners, Prudential Social Investment, Local Initiatives Support Corporation-Greater Newark & Jersey City (LISC), NeighborWorks America, and Enterprise Community Partners.NeighborWorks America put in…

By Anuradha Kher, Online News EditorMarlton, N.J.–Interstate Realty Management Company (IRM), a property management firm and an affiliate of the Michaels Organization, has appointed Mark Morgan, CPM as president. Morgan succeeds James Henderson, who retired as IRM President in October 2008, after 26 years.Morgan, a 24-year veteran of the company whose first job was on-site leasing specialist, will oversee a portfolio of more than 33,000 apartment homes at 250 communities in 26 states, Washington D.C. and the U.S. Virgin Islands.“Morgan brings tremendous knowledge of every facet of our operations to his new role as president of Interstate Realty Management,” says…

By Anuradha Kher, Online News EditorAnnapolis, Md.–The credit crisis is now beginning to show its impact on the seniors housing industry—the last bastion of commercial real estate. The sector has recorded lower transaction volumes and rising capitalization rates during the last quarter of 2008, according to data tracked by the National Investment Center for the Seniors Housing Care Industry (NIC). Every quarter, NIC collects financial- and performance data from leading senior living lenders, owners and operators, and appraisal professionals. The result is the NIC Key Financial Indicators (KFIs). During the fourth quarter, about $1 billion in loan volume was placed in…