News

By Anuradha Kher, Online News EditorMinneapolis–The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (Colliers) has completed the sale of Uptown City Apartments (pictured) to Invesco Real Estate, for $30,085,000.Uptown City Apartments features two mixed-use buildings located at 714 and 1220 West Lake St. in Minneapolis’ uptown neighborhood. The buildings include 163 apartment units, 4,000-sq. ft. of retail space, and 222 enclosed parking spaces, including a 59-unit public parking garage. Uptown City Apartments was the first true Class A, urban infill, multifamily property to come to market in Minneapolis in 10 years.Hendricks & Partners Arranges Sale of  23-Unit Community for…

By Erika Schnitzer, Associate EditorHaverhill, Mass.–Forest City Enterprises Inc. recently celebrated the opening of the first building at Hamel Mill Lofts, a 305-unit adaptive reuse project in Haverhill, Mass. The community is comprised of three mid-rise buildings, two of which are masonry and the third, brick.Located in an old mill town about 25 miles north of Boston, Hamel Mill Lofts was formerly a leather-tanning factory, says David Levey, executive vice president of East Coast development at Forest City Residential Group and the senior developer on the project. “It keeps with the Forest City philosophy of sustainability and adaptive reuse, when…

By Anuradha Kher, Online News Editor McLean, Va.–In the final week of 2008, Freddie Mac has named Raymond G. Romano as the company’s new chief credit officer, a position that is responsible for enterprise-wide credit risk management activities.Romano has served as senior vice president of credit risk oversight since he joined the company in 2004. In September 2008, Romano also assumed the role as acting chief credit officer while the company conducted a nationwide search for the position.”Managing credit effectively is the cornerstone of this company, particularly in a turbulent economy,” says Freddie Mac CEO David Moffett. “Romano has really demonstrated…

Irvine, Calif.–Sperry Van Ness International will kick off 2009 with a new president. The real estate brokerage firm’s board of directors has voted unanimously to promote COO Kevin Maggiacomo (pictured) to the new position.Maggiacomo will take on responsibility for the Irvine, Calif.-headquartered company’s day-to-day operation and execution of its vision, which CEO Mark Van Ness had been supervising.Maggiacomo tells MHN Online News Editor Anuradha Kher about why Sperry Van Ness is growth potential for multifamily in 2009. What are some compromises the company will have to make in light of the economic downturn?Last December, very early on in this economic…

By Erika Schnitzer, Associate EditorPearland, Texas—Historic Real Estate Inc., a Houston-based private real estate investment and development company, has released plans for the WaterLights District, a  $700 million, 155-acre master planned community designed for LEED (Leadership in Energy and Environmental Design) Gold certification.WaterLights will offer up to 1,400 residences, in addition to retail, offices, restaurants, two hotels, a conference facility, up to 5,900 parking spaces and a public park along a Grand Canal waterway. The site will also create interest with an unusual Presidential Park & Gardens, which will feature busts of all U.S. Presidents.Groundbreaking is slated for April 2009,…

By Anuradha Kher, Online News EditorEverett, Wash.–Alliant Capital LLC recently provided $4.5 million in financing for the Parkview Apartments (pictured), an 84-unit garden-style apartment community built in 1981. The property is comprised of seven residential buildings. Parkview is financed under Alliant’s Fixed + One program and it has a 10-year term with 30-year amortization.   Meridian Capital Arranges $1M for 12-Unit PropertyChicago–Meridian Capital Group recently arranged $1 million in financing for a multifamily property situated in the Edgewater neighborhood on the north side of Chicago. The 12-unit property is located in the 5600 block of N. Winthrop Ave. Meridian’s Illinois office…

(This story first appeared on the Commercial Property News Web site.)New York–On a global level, there are no geographical boundaries when it comes to affordable housing shortages. And with that topic in mind the United Nations Economic Commission for Europe (UNECE) recently held a seminar in New York City along with its Real Estate Market Advisory Group (REM) and the International Real Estate Federation (FIABCI) to address the affordable housing issue and the role it can play in rebuilding the real estate market. In addition to examining the source of the current real estate development plight and its social consequences,…

By Anuradha Kher, Online News EditorWashington, D.C.–Apartment firms benefited from lower insurance costs across the board and more insurance availability in 2008, according to the National Multi Housing Council’s (NMHC) annual Apartment Cost of Risk Survey (ACORS).  On average (nonweighted), apartment firms saw a 17 percent price decrease in 2008.  This compares favorably with the 10 percent to 25 percent reductions recorded in the broader commercial property sector. All three components of the total cost of risk for apartment firms (property, general liability and workers’ compensation) fell in 2008 compared to 2007.According to Conning Research and Consulting, which conducted the…

By Anuradha Kher, Online News EditorCarrollton, Texas–Henry Pye and his JPI Resident Solutions team of multifamily technology advisors will join RealPage, effective January 1, 2009. They will continue to provide resident services and technology consulting to multifamily owners, developers, managers and builders under the newly created Resident Technology Solutions group within the Velocity division of RealPage.”The ever-increasing development of new resident services and technologies, and the complexity of coordinating their relative financial, technical, legal and operating aspects are a challenge for every owner, developer and manager,” says Jared Schenk of Schenk Realty Group. “Pye and his team excel at crafting…