News

By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates has arranged the sale of Somerset Lakes Apartments, a 360-unit waterfront community in Indianapolis. Tikijian Associates represented the seller, Apartment Investment Management Company (AIMCO), in this transaction with Indianapolis-based Gene B. Glick Company. The property was offered un-priced. Somerset Lakes is a picturesque community tucked just south of Keystone Crossing, between Keystone Avenue and Dean Road on the city’s north side. The property has a resort-like setting, offering a full amenity package, mature landscaping and a view of the 80-acre spring-fed lake from every unit. Also, Somerset’s units are among the largest in the…

Las Vegas—Property managers across the United States are experiencing difficulty locating qualified renters, according to a TransUnion survey of more than 870 property managers. The survey results were released today at the National Apartment Association’s Education Conference & Exposition in Las Vegas.Of those surveyed, 81 percent are concerned that they will not find reliable residents for the remainder of the year. This is of particular concern, since 32 percent of respondents stated that vacancy rates are higher than the same period last year, 48 percent viewed it about the same and 20 percent have experienced lower vacancies. “Our survey confirms that…

By Anuradha Kher, Online News EditorLas Vegas–After conducting a study about use of social networking among residents and property managers, NCI, parent company of Apartment Finder, today launched a suite of tools and services for the social web at the National Apartment Association Conference and Expo in Las Vegas. The company conducted a proprietary research in the multifamily industry comparing the social media habits and attitudes of residents to property managers. Key findings show that while 80 percent of residents use social networks with more frequency and intensity than people at management companies, close to 76 percent of multifamily professionals…

By Erika Schnitzer, Associate Editor Cincinnati—Compared to other markets in the midwest, the Cincinnati/Northern Kentucky region has fared well “because it doesn’t have a huge auto influence and has a pretty diverse economic base,” asserts Debbie Corson, CPM, CCIM, principal in Apartment Realty Advisor’s (ARA) Dayton, Ohio office.Effective rents have increased slightly more than 1 percent, and concessions have decreased from one year ago. According to ARA’s first quarter Cincinnati/Northern Kentucky Multifamily Report, both market and effective rents were up $9 from one year ago—to $702 and $673, respectively.Corson attributes this to the “slowdown in apartments coming online with very…

By Anuradha Kher, Online News EditorGilbert, Ariz.–Hendricks & Partners recently arranged the sale of Sky View Ranch, located at 4632 East Germann Rd. in Gilbert, Ariz. for $17,500,000.The 232-unit Sky View Ranch is a class “A” asset constructed in 2007 and featuring 11, three-story rental buildings offering eight floor plans of one-, two-, and three-bedroom units averaging 971-sq.-ft. Units feature nine-ft. ceilings, air conditioning, extra storage, fully-equipped kitchens and high-speed internet. Community amenities include a swimming pool, clubhouse, gated/controlled access, garages, business center, and fitness center. The seller was Fairfield Skyview Ranch L.P. c/o Fairfield Residential LLC of San Diego…

By Anuradha Kher, Online News Editor Washington, D.C.–The Mortgage Bankers Association recently lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The $84 billion drop is due to lower purchase originations and the rest is due to lower rate/term refinancings and very low volumes in the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP). MBA is now forecasting $737 billion in purchase originations and $1,297 billion in refinance originations. MBA’s Chief Economist Jay Brinkmann explained, “In March we boosted our forecast of mortgage originations by over $800 billion…

By Anuradha Kher, Online News EditorWashington, D.C.–There has been a recent moderation in the downturn in design services billings, but the Architecture Billings Index (ABI) reveals that an economic recovery has stalled for now. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the May ABI rating for multifamily was 45.5 while for overall it was 42.9, nearly identical to the 42.8 mark in April. Both these scores still indicate an overall decline in demand for design…

By Keat Foong, Executive EditorElkton, Md.—The owner of Apartments at Iron Ridge here has made a good deal on his 1999 development. The property was originally developed using a construction loan which rolled over into a 30-year permanent loan rollover financing under the FHA 221(d)(4) mortgage insurance program. Ten years later, the development company, MHTJ Enterprises LLC, which still owns the property, refinanced the original loan, dropping the interest rate from 7.75 percent on the FHA 221(d)(4) loan to a below-6 percent Fannie Mae 10-year fixed-rate loan obtained from Love Funding. As a result, the borrower was able to save…

By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP) will team with Western Union Global Payment Services, an operating division of The Western Union Co., to offer a new Pay by Cash payment feature, which will become part of NWP’s Resident ePay service for the multifamily industry. The service will enable residents to pay both rent and utility bills in person at more than 44,000 Western Union Agent locations in the U.S.   NWP currently offers billing and payment transaction support services including resident rent and utility billing, electronic rent payment and utility management services.   “More walk-in payment locations mean…