News
Restructuring Expert Recap Advisors Changes Name to CAS Financial Advisory Services
By Keat Foong, Executive EditorDallas—Financial advisor and asset manager Recap Advisors has changed its name to better reflect its broadened capabilities. CAS Partners announced that Recap Advisors, its financial advisory services and asset management business unit, is now rebranded as CAS Financial Advisory Services. The 20-year old CAS Financial Advisory Services “has been an acknowledged expert in the finance, restructuring and asset management of multifamily residential properties,” said Toni Portmann, CAS Partners CEO. Headed by CEO David Smith, the company had provided financial solutions for nearly 800 multifamily and affordable properties with assets of more than $4 billion.Since it was…
Rents Still Increasing in Seniors Housing Industry
By Anuradha Kher, Online News EditorNew York–Rents for nursing homes, in-home care and assisted living kept growing in 2009, according to a new study conducted by Richmond, Va.-based insurer Genworth Financial Inc. The average annual rent for a private room in a nursing home is $74,208, or $208 per day, a 4.7 percent boost over the past year and 4.3 percent annually over the past five years, according to the study. The annual rent ranges from $50,594 in Louisiana to $125,925 in Connecticut. Overall, the Northeast clocks in with the highest rents of the nation for nursing homes.(IL = independent…
Apartment Market Conditions Worsen Further, But at Slower Pace
By Anuradha Kher, Online News EditorWashington, D.C.–Apartment market conditions continue to worsen, though the pace is decelerating, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions. While all four market indexes remained below 50 (index numbers below 50 indicate conditions are worsening; numbers above 50 indicate conditions are improving), they all rose from three months ago. In particular, about half of respondents thought conditions were unchanged in the sales volume, equity finance, and debt finance markets.“It still does not look like the apartments sector has reached its bottom,” Mark Obrinsky, NMHC’s Chief Economist, tells…
Market Pulse for May
Multifamily Starts:A hefty bounce in February dribbled back down in March to a seasonally adjusted annual rate of 152,000 units—about half of what has met the needs of the market in recent years. Even though there is still quite a bit of empty and foreclosed condo and single-family inventory, failure to start new communities is likely to result in a crunch down the road.CPI vs. Rent:The Consumer Price Index (CPI) fell one-tenth of one percent in March—the first time it recorded a decline on a year-over-year basis since 1958. The decline is primarily due to falling food and energy prices….
Other Market Niches…
By Keat Foong, Executive EditorTo what extent are other multifamily niche markets—namely senior and military housing—potential investment alternatives at this time of the business cycle? The challenges faced by senior housing could be even greater than for conventional apartments. But Robert G. Kramer, president of the National Investment Conference, argues that by early- to mid-2010, when the last of senior housing in the pipeline is delivered, there will be no new supply for at least two years. “There is a great opportunity here. There is virtually no new supply at the same time we expect demand to increase because of…
Guest Column: Is it Still Possible to Secure a Local Partner Abroad?
By Amy Jakubowski, BBG-BBGMOver the last two decades, the forces that created emerging economies, as well as recessions, provided an impetus for U.S. design firms to diversify globally. In the late 1980s, for instance, the great emerging Asian economies offered relief to U.S. design firms experiencing the fall-out of the savings and loan scandal and the subsequent recession. Eager to establish their cities as global centers of economic activity, developers in China, Thailand, Malaysia and Indonesia were literally desperate for firms who could offer quality design, often for large mixed-use projects encompassing residential, retail, hotel and office components. BBG-BBGM’s own…
Southeast Rebound
and all properties that could be converted [from condos into rentals] were,” says Horner. “When we come out of this cycle and there are no new projects, the properties that went to a rental strategy are ideal to be converted [back] to condos,” he predicts. In terms of Atlanta’s condo market, Horner says that the MSA has “a nice inventory of product geared to the first-time homebuyer,” which is also particularly advantageous, as they do not have another home to sell and can take advantage of price reductions and historically low rates.As far as Miami goes, Olds admits there is…
MULTI-HOUSING NEWS EXECUTIVES UPDATE: Keystone Pacific Promotes Susan Seifen to Director of Training, and Other Moves
Irvine, Calif.–Keystone Pacific Property Management Inc. has promoted Susan Seifen (pictured) from insurance coordinator to director of training in its Irvine office. A designated Certified Community Association Manager (CCAM) through the California Association of Community Managers (CACM), Seifen plans and coordinates structured in-house training programs for the property management division, as well as oversees the training of all community association managers on all aspects of management.Darryl J. Seavey Joins Raymond James Tax Credit Funds St Petersburg, Fla.–Darryl J. Seavey has joined Raymond James Tax Credit Funds Inc., a syndicator of affordable housing, as vice president and director of acquisitions. He…
TODAY’S DEALS: Hendricks & Partners, CBRE Arrange Sale of Three Properties for Over $200M, and Other Transactions
By Anuradha Kher, Online News EditorAliso Viejo and Rancho Santa Margarita, Calif.– Hendricks & Partners and CB Richard Ellis recently arranged the sale of three South Orange County apartment communities with 1,368-units for a total $201,250,000.The properties include:Aventine at Aliso Viejo, a 386-home luxury rental community located at 22501 Chase in Aliso Viejo. which sold for $56,250,000;Alize at Aliso Viejo, a 484-unit luxury rental community located at 2 Enterprise St. in Aliso Viejo, which was sold for $75 million; andAvila at Rancho Santa Margarita, a 498-unit luxury rental community located at 22751 El Prado Ave. in Rancho Santa Margarita was…
Tips for Protecting and Preparing Properties and Residents against Swine Flu
By Erika Schnitzer, Associate EditorWashington, D.C.—With the World Health Organization raising the worldwide pandemic alert of swine flu to Phase 5 , apartment owners and operators need to be aware of the risks of the virus and take certain precautions toward protecting residents and employees.Experts say that with the growing number of swine flu cases growing, communication is especially crucial. “Even if you have done nothing else, the most important thing is to communicate with staff and residents and provide accurate and clear information, even if that’s pointing them in the direction of resources,” says Eileen Lee, vice president of…