News

By Erika Schnitzer, Associate EditorPalm Springs, Calif.–RentBureau, a credit bureau for the multifamily industry, launched RentConfirm.com, a Web site providing immediate verification of rental history, at the National Multi Housing Council (NMHC) Annual Meeting today.“What is unique is that it is automated,” says Eric Hartz, president and CEO of RentBureau, pointing to the apartment industry’s history of operating manually. “We get the data pushed to us from all software packages.”RentConfirm.com utilizes RentBureau’s database, which collects rental payment histories daily from its national network of property owners and managers, who provide their rental data directly to RentBureau. In exchange, members can…

By Anuradha Kher, Online News EditorFort Myers, Fla.–Management Group 1, a seven-person company based in Fort Myers, Fla., says it grew 25 percent in the fourth quarter of 2008 and plans to add an additional 25 percent to its workforce in the coming months. “We entered the market a-year-and-a-half back as a property management company, but now we provide loss mitigation services, help in case of foreclosures, help with finding buyers and negotiations with banks,” Michael Aranda, president of Management Group 1, tells MHN. Unlike a number of companies cutting down staff or re-organizing at a time of economic difficulty (click…

By Anuradha Kher, Online News EditorCincinnati–London Computer Systems Inc. (LCS), developer of Rent Manager property management software, is partnering with CBCAmRent, a resident screening company that allows rental applications to be processed by checking criminal, eviction and credit reports.“The demand has doubled every month since incorporating it into Rent Manager,” says Dave Hegemann, president and founder of LCS. “In today’s world, it’s more important than ever to know who you’re renting to, and our customers have been very pleased with this product.”LCS’s partner, CBAmRent is an affiliate of CBCInnovis, a consumer reporting company for real estate support businesses in the…

By Keat Foong, Executive Editor Los Angeles— CB Richard Ellis Capital Markets provided a $78.3 million loan for a trophy high-rise asset, in what the company says is one of the largest multi-family transactions of the year in Southern California.    The sponsor, The Kor Group, wanted to recapitalize its equity on the property. And it also wanted to initiate renovations to bring up the building rents substantially. The challenge was that the borrower was seeking a high-leverage loan, according to Brian Eisendrath, senior vice president, Debt and Equity, at CBRE Capital Markets. The Kor Group also wanted a fixed-rate loan…

By Anuradha Kher, Online News EditorLexington, Ky.–Grandbridge Real Estate Capital LLC has closed a $17,662,000 refinance loan for the Summit (pictured), a 240-unit, class A garden-style apartment community in Lexington, Ky. Funded by Grandbridge, the loan was sold to Freddie Mac under its Early Rate Lock loan program. Constructed in 2007, the property is located on approximately 15 acres near the prestigious Brighton Place Shoppes, and is considered one of Lexington’s premier apartment communities. The development is comprised of one-, two- and three-bedroom units, each of which features nine-ft. ceilings, fireplaces, deep Roman tubs, gourmet kitchens, private balconies and patios…

By Anuradha Kher, Online News EditorAtlanta–Lane Co. and real estate private equity firm, Lubert-Adler, have formed a $250 million multifamily venture that will invest in acquisitions of multifamily properties, primarily in the Southeast and Southwest. The initial funds will be used for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers.“In this climate, with the credit markets in the shape they are in, Lane wanted a ready and reliable source of capital to invest in the opportunities we see in the market,” Eric Hade, general counsel and VP of Capital Markets at Lane Co., tells…

By Erika Schnitzer, Associate EditorIrvine, Calif.–NWP Services Corporation (NWP) has launched an automated process for generating final utility bills to apartment residents. Previously, a final utility bill could be generated in two ways: the property manager could move out residents on NWP’s Website up to 35 days in advance or NWP would receive move out information, but the property manager would still need to enter final charges manually.This process does not necessarily provide for the most current or accurate billing information, however. NWP’s automated final bill process “puts it into [property managers’] hands later, so residents get a bill that…

By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc. recently released OneSite Leasing & Rents Military Housing, a focused version of the RealPage property management software, which handles the requirements of managing privatized military family housing. This on-demand tool enables property managers to manage prospective military residents, service member housing assignments, collection of housing allowance and provision of maintenance for on-base residents. It accommodates the demographic information relevant for housing entitlements and provides for automatic processing of clearinghouse transactions in each branch of service.”United Communities is excited to be the first Air Force/Army Privatization contractor to deploy the RealPage property management…