News

By Anuradha Kher, Online News Editor  Scottsdale, Ariz.–Realty DataTrust and Rent.com have signed an agreement to integrate rental rate data from over 25,000 property listings on Rent.com into apartment market data and trends website, PadZing.com. The inclusion of Rent.com property data with data from current content provider VaultWare, an online apartment availability and reservation system, will make PadZing.com a comprehensive online source for up-to-date apartment rent and vacancy data. PadZing.com provides subscribers, such as property managers, with a tool to obtain competitive information on demand. Rather than relying on manual collection efforts and dated information, PadZing.com provides instant access to current…

By Anuradha Kher, Online News EditorMiami–More than 200 condominium and townhome projects with blocks of 20 units or more are currently presenting investors with potential acquisition opportunities in Miami-Dade County according to CondoReports.com’s 1Q09 Miami Bulk Buyer Report.   The report differs from previous studies of unclosed inventory as it is both countywide and includes recent construction and conversions projects of 50 units or more. The report draws a distinction between the 2007 and prior projects and the more recent 2008 and 2009 projects.“As 2008 and 2009 projects are still closing out existing sales contracts, the exact number of units in…

By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group arranged purchase financing in the amount of $3,025,000 for a total of 24 multifamily units. The two Southern California properties are located at 3101 Canfield Ave. in Los Angeles and 1132 Elm Avenue in Glendale. Canfield Avenue was a purchase that went into escrow several months ago and kept getting extended as the seller tried to identify his exchange property. The buyer purchased this property with tremendous upside in the current rents and has plans to extensively renovate the units and re-lease them at market rents. Meridian managed to identify a…

By Anuradha Kher, Online News EditorWashington, D.C.–Julie Stalknecht (pictured) has been named vice president of membership, marketing and meetings for the National Multi Housing Council (NMHC).   Most recently, Stalknecht was vice president of sales for the National Apartment Association (NAA), where she doubled revenue dollars in her first three years. “Joining NMHC is a true honor,” says Stalknecht. “They have one of the most competent and professional staffs in real estate and a membership that is a ‘who’s who’ of the apartment sector. Their meetings are the most sought-after industry gatherings, and they are routinely recognized for outstanding leadership and…

By Anuradha Kher, Online News EditorPhoenix–While the student housing sector has so far been a safer bet than conventional multifamily, industry professionals are becoming more and more uncertain and even highly suspect of this idea, acknowledging that student housing may not be as recession resistant as was initially believed.Cap rates for student housing increased approximately 100-150 basis points between the summer of 2008 and the first quarter of 2009, which is nearly half of conventional multifamily cap rates (which increased 150-250 basis points). However, student cap rates are extremely vulnerable to an upward spike in the fall of 2009, which could…

By Anuradha Kher, Online News EditorNew York–Move ins have begun at The Absolute, a boutique condominium located at 111 Steuben St. in Brooklyn’s Clinton Hill neighborhood.The Absolute, designed by architect Gary Shoemaker, is a six-story steel framed structure, with a green-tinted insulated glass curtain wall. The building features 35 units, ranging in size from 684-sq.-ft. to 1,877-sq. ft. The project comprises one-, two and three-bedroom units, many with terraces or balconies. All units feature eco-friendly maple micro-strip hardwood floors, high ceilings and video intercom systems. The building also offers a fully equipped fitness center, onsite parking available for purchase and…

By Erika Schnitzer, Associate EditorSan Francisco—Urban Housing Group of Palo Alto, Calif., a subsidiary of The Marcus & Millichap Company, is on track to lease 25 units per month at its recently opened Strata at Mission Bay, a 192-unit mixed-use luxury community that includes 10,000 sq. ft. of ground-level retail.Despite the recession, the San Francisco market has shown strength in its occupancy numbers, with many properties maintaining 90 percent rates, Dan Deibel, vice president of development for Palo Alto-based Urban Housing Group, tells MHN. Since the Strata’s opening two weeks ago, Urban Housing Group has leased 20 units, which Deibel…

By Anuradha Kher, Online News EditorEl Cajon, Calif.–Hendricks & Partners recently arranged the sale of The Grove (pictured), located at 346 Jamacha Rd. in El Cajon, Calif. for $14.7 million. Constructed in approximately 1973, The Grove features 144 units in 12 two-story buildings. It comprises 24 one-bedroom/one-bathroom units, 40 two-bedroom/one-bathroom units and 80 two-bedroom/two-bathroom units. Interior amenities include air conditioning (wall units), vertical blinds, refrigerators, and dishwashers in select units. Common area amenities include a swimming pool and spa, sauna, fitness room, playground, and on-site laundry facilities.NorthMarq Arranges Over $8M in Permanent Financing for 167-Unit Rental Community Denver–The Denver regional…

By Erika Schnitzer, Associate EditorDallas—PM Realty Group (PMRG), a Houston-based full-service commercial real estate firm, is now leasing The Heights at Park Lane—the residential portion of a 33.5-acre mixed-use transit oriented development comprised of 325 units in three rental buildingsThe $750 million Park Lane was developed by Dallas-based Harvest Partners. It is located next to the Park Lane station of the Dallas Area Rapid Transit (DART) and across from NorthPark Center, one of the top-grossing malls in the nation. Residents will have easy access to 700,000 sq. ft. of retail, restaurant and entertainment space, including Dallas’ flagship Whole Foods Market…

By Anuradha Kher, Online News EditorDavidson, N.C.–The Condos in South Main Square, a 26-unit project in Davidson, N.C., finished construction in September 2008. But by then, the credit markets had collapsed and buyers who were in contract for 75 percent of the units defaulted, leaving the project largely unsold. To help sell their product, Martin Grimes Development is now auctioning 17 units through Sperry Van Ness Interstate Auction Co. The project is part of a mixed-use, live-work-play community, located in the heart of the Davidson Main Street Arts District. Three units are reserved for workforce housing and will not be auctioned….