News
Rehabbing Historic Properties: Where to Start?
By Keat Foong, Executive EditorSee the main feature “Renovating in a Recession.”According to Steven Lovci, project architect at Beyer Blinder Belle Architects & Planners LLP, New York, one of the first steps in a historic rehabilitation is to accumulate information about the physical structure of the existing property. Adaptive reuse typically comes with a lot of surprises, he points out. Obtaining as much information as possible about the physical building will minimize the unexpected circumstances that could cost the developer money. For example, on a recent development, transfer beams were discovered in the interior partitions which led to the need…
Market Pulse for February
Median Condo Sale Price — The median price of existing condos in December 2008 was $181.400 — the ninth straight month of price declines. That number was $2,300 less than November’s figure, and $40,600 less than Dec. 2007’s median price. The only saving grace in this set of numbers is that the fire sale prices are finally producing buyers for some of the unsold and foreclosed condo inventory.Multifamily Starts — For nearly a decade, multifamily starts have hovered around 300,000 a year, give or take a few tens of thousands in either direction. This past December’s 152,000 number — down…
New Orleans/Gulf Coast Stalls
nt (Shaun Donovan, New York City’s former commissioner of Housing Preservation and Development) who understand rental housing, and are eager to make it a reality, says Greer. “There are a large number of people in our industry who are celebrating.”To comment, e-mail diana.mosher@nielsen.com
Renovating in a Recession
By Keat Foong, Executive EditorRead the side bar “Rehabbing Historic Properties: Where to Start?”Renovation strategies need to be readjusted in a recessionary environment. Apartment owners may not get a return on their rehab investment as market rents can stagnate or decline down the road. And prospects who are out of work, earning less, or insecure about their jobs may not want to pay for the improvements. Further, financing is difficult to obtain, especially during the current credit crisis. In such an environment, many apartment owners have simply stopped renovating properties. “Overall, until the credit situation, as well as the economy,…
MARKET SNAPSHOT: Indianapolis
By Erika Schnitzer, Associate Editor Indianapolis—The apartment market in Indianapolis grew in 2008, according to Tikijian Associates’ annual Indiana Apartment Market Overview. Occupancy increased from 90.1 percent in 2007 to 90.8 percent in 2008, despite the delivery of 1,000 new units. These figures, however, do not take into consideration the fourth quarter of 2008. “The Indiana economy held up better than other Midwestern economies until December, outperforming Ohio, Illinois and Michigan when it came to jobs, but that’s no longer the case,” George Tikijian, principal broker of Tikijian Associates, notes.Average rents in each submarket increased, with rent growth for the…
TODAY’S DEALS: NorthMarq Capital Secures $25M Mortgage for Four Apartment Communities, and Other Transactions
By Anuradha Kher, Online News EditorBeverly Hills, Calif.–NorthMarq Capital Inc. has arranged combined first mortgage financings of $25.268 million for LandBanc Capital Inc. of Beverly Hills, Calif., and its Aragon Holdings subsidiary.The Aragon Holdings portfolio features four multifamily properties located in San Antonio, Texas. These include the 72-unit Lexington Apartments (pictured); 176-unit Las Brisas Apartments; 296-unit Timbermill Apartments; and 276-unit Windridge Apartments.Financing for the properties was based on a 10-year term with a 30-year amortization schedule and was arranged by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Alliant Capital Closes $2.4M Apartment Loan Topeka, Kan.–Alliant…
Charles Dunn Taps Figueroa Capital Group to Grow Business
Los Angeles–Figueroa Capital Group has reached an agreement with Charles Dunn Real Estate Services Inc. to develop asset management business for them with financial institutions. Figueroa Capital Group will identify and approach financial institutions needing assistance with management of their real estate assets, providing comprehensive asset services including: property management, long-term investment and risk analysis, and reposition and disposition of assets.“With foreclosures on the rise for all property types, financial institutions have a greater need for guidance and services,” says Walter F. Conn, president and CEO of Figueroa Capital Group. “Our banking relationships and proven marketing abilities, and Charles Dunn’s…
30% of Atlanta Condo Tower was Sold Prior to Construction Completion
By Anuradha Kher, Online News EditorAtlanta–Luxe (pictured), the recently completed 22-story condominium tower at 222 12th St. between Piedmont Avenue and Juniper Street in Atlanta has opened its sales center. The project has already sold 30 percent of the units before construction was completed, a fact that co-developers Paces Properties Inc. and Trammell Crow Residential attribute to its location. Luxe is the first high-rise to be built on Piedmont Park in over 20 years.The project features 112 one-, two- and three-bedroom units priced from $249,000 to over $700,000 as well as five penthouses with prices starting at $1 million. Luxe…
LeasingDesk Launches Criminal Record Search Logic in Resident Screening
By Anuradha Kher, Online News EditorIrvine, Calif.–LeasingDesk recently launched advanced criminal record search logic in its resident screening offering. This enhancement increases the accuracy of the returned data, reducing the possibility of false positive matches, and improves an owner’s ability to identify quality residents, according to the company.According to LeasingDesk, the weakened economic landscape reinforces the importance of comprehensive resident screening techniques and data to ensure multifamily owners can identify the most qualified prospective residents. False positive criminal matches, often caused by ambiguous identification data found in electronic records, can hinder an owner’s ability to effectively evaluate a prospective resident….
Case Study: Archstone Online Leasing Stations Provide Prospects, Residents with Convenience and Choices
By Robin Wilson Carrier, ASID, CID, Robin Wilson Interior Design With our lifestyles based on an ever-increasing demand for immediate gratification, online leasing caters to the expectations of a 24/7 clientele well adapted to the computer. Apartment residents are using the internet to make hotel and restaurant reservations, do banking, and purchase clothing, movie tickets, and electronics—it just makes good business sense for property management companies to provide the technology that enables residents to lease apartments online as well.Properties that offer online leasing technology are no longer restricted by leasing office hours because online leasing is available 24/7. A prospective…