News
Q&A with Wendy Rowden: Smart Growth Fund Invests in Properties in Urban Areas and Greens Them
Gwen (Wendy) Rowden (pictured) recently stepped into the role of managing director of Jonathan Rose Cos.’ Investment Practice. In this capacity she will manage the Smart Growth Investment Fund I, LP, the country’s first green real estate investment fund to focus exclusively on providing superior economic returns through the creation of an American portfolio of green real estate assets in smart growth, mass transit accessible locations. Most recently, Rowden served as vice president, general counsel and secretary of Rockefeller Group International Inc., the U.S. subsidiary of Japan’s Mitsubishi Estate Co. She talks to MHN Online News Editor Anuradha Kher about…
New Renters Will Outstrip the Supply of Apartments Despite Economic Downturn, Says Associated Estates CEO
By Keat Foong, Executive EditorNew York—The number of new renters will exceed the supply of apartments by as much as two times, according to the president and CEO of Associated Estates Realty Corp. Jeffrey Friedman. In an interview with MHN, Friedman argued that demographic patterns in this and next decade dictate that there will be strong demand for apartments that will outstrip supply. Friedman explained that the homeownership rate is about 65 percent currently, and that the total number of households in the US is about 120 million. “If 35 percent of the population rents, we are talking about 40…
TODAY’S DEALS: Arbor Closes 3 Fannie Mae DUS Loans Totaling $52.9M, and Other Transactions
By Anuradha Kher, Online News EditorGreensboro and Fayetteville, N.C., Lexington, S.C.–Arbor Commercial Funding, LLC recently completed funding of three loans totaling $52.9 million under the Fannie Mae DUS product line. These loans include:Battleground North Apartments in Greensboro, N.C. a 288-unit complex in the amount of $16.2 million funded under the Fannie Mae DUS product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.24 percent.Eagle Point Village, Fayetteville, N.C., a 300-unit complex in the amount of $18.7 million funded under the Fannie Mae DUS product line. The 10-year loan amortizes on a 30-year schedule…
EDITOR’S NOTE: Will Home Sales Continue to Rise in Coming Months?
By Keat Foong, Executive Editor At his press conference yesterday, President Barack Obama said that the home sale market is showing evidence of possible improvements. “We’re also beginning to see signs of increased sales and stabilizing home prices for the first time in a very long time,” said the President. The first thought: It is nice to hear housing, let alone multi-housing or rentals, mentioned by a President in a major address. The second thought: President Obama’s statement is borne out by news that has been reported on. The latest article by MHN Online Editor Anuradha Kher on the condo…
MARKET SNAPSHOT: With its Softening Fundamentals, Tampa is Not Forecast to Bounce Back Until 2011
By Erika Schnitzer, Associate Editor Tampa, Fla.—Tampa’s apartment fundamentals have softened considerably, according to Marcus & Millichap’s 2009 National Apartment Report.Asking rents are forecast to fall 0.8 percent, to $834 per month, while effective rents will decline 1.5 percent, to $779 per month. “Before the credit crunch hit and before the employment numbers started to soften, it was a 2 to 3 percent annual rent increase market, but I don’t think anyone realistically thinks we’ll return to that until 2011,” Jeffrey Meyer, senior investment associate and director of Marcus & Millichap’s National Multi Housing Group in Tampa, Fla., tells MHN.Vacancy…
Blackstar Urban Fund II Completes $3.8M Restoration on Historic Memphis Building
By Anuradha Kher, Online News EditorMemphis, Tenn.–Blackstar Urban Fund II, owned by Blackstar Capital Partners, a real estate private equity fund, recently completed restoration of The Greenstone, the first and only multifamily building to be listed on the National Register of Historic Places in Memphis. The Blackstar Urban Fund II is an internally capitalized fund, which has no set amount of equity, and an agenda to invest in distressed properties. The Greenstone is one such property. The building itself, which was built in 1927 and operated as a multifamily rental community for 82 years, hadn’t been given the appropriate attention….
Collegiate Management Launches Property Recovery Division as Student Housing Sector Faces Increasing Woes Due to Downturn
By Anuradha Kher, Online News EditorIrving, Texas–To tackle bankruptcy, foreclosures and other issues the student housing sector is facing as a fallout of the recession, Collegiate Management Group LLC has formed Collegiate Management Group Property Recovery Division, designed to provide owners of struggling student housing properties with turnaround management services. The division will provide operational and market consulting, property management, repositioning and re-branding, and due diligence.“We will continue to see troubled student housing assets in the future,” Christina Aclin director of business development at Collegiate Management Group, tells MHN. “Student housing has been in its own bubble for a while…
yoo Launches Rental Program for Vacation Home Development Near London
By Anuradha Kher, Online News EditorCotswolds, U.K.–The Lakes by yoo, a second home development in the Cotswolds region of U.K., is now offering owners the opportunity to rent their properties to vacationers through a fully managed rental program. Owners at The Lakes can participate in the free rental initiative, which will allow them to offer their vacation homes up for lease when not in use, potentially offsetting the costs of ownership and maximizing their investment.“This new rental program offers a way for buyers to effortlessly capitalize on their investment at The Lakes,” says John Hitchcox, chairman of yoo. “Participating in…
Improve Accountability, Improve Results
By Dave Clements, president and CEO of Lasso When it comes to sales organizations, “accountability” can be one of those words that get plenty of lip service, but very little execution. Sales people like to avoid it because it means that their process will be placed under close analysis by their superiors, while most managers tend to dodge it because it suddenly makes them a potential “villain,” following the team’s every move and disrupting the normal flow of the sales process.That’s all well and good… except in tough economic times, when the process needs to work better than it ever…
TODAY’S DEALS: NorthMarq Arranges Permanent Loan of $19.5M for 336-Unit Community, and Other Transactions
By Anuradha Kher, Online News EditorDenver–NorthMarq has arranged a permanent loan of $19.5 million for South Fork Apartments. The newly constructed, garden-style apartment community features 336 units in 15 three-story buildings. Amenities include an outdoor swimming pool, heated spa, detached garages available for additional monthly cost, along with a clubhouse, business and fitness centers. Unit amenities consist of patio or balcony, gas fireplaces, vaulted ceilings, high-speed data wiring, walk-in closets and washer/dryer connections. HFF Arranges $9M Refinancing for 256-Unit Rental CommunityFlorham Park, N.J.–HFF (Holliday Fenoglio Fowler L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments,…