News
International Groups to Tackle Affordable Housing as Global Real Estate Challenge
(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,…
Average Cost for Apartment Property Insurance Fell 11% YOY
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…
RealPage Adds New Resident Technology Solutions Group
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…
Guest Column: Overcome NIMBY Opposition Before it Stalls Your Project
esolved in other ways. When negotiation is the only answer, then there are three types of concessions to consider during negotiation:Your project can be modified to remove the real or perceived threat to neighbors’ interests. Project modifications often involve physical changes related to density, height, acreage, use and so on.Unavoidable negative impacts can be reduced to less offensive levels through the incorporation of mitigation measures. For example, attractive landscaping can mitigate the view impacts of a new mixed-use project. Like project modifications, mitigation measures are aimed at meeting neighbors’ negative interests to preserve the status quo.It may be possible to…
TODAY’S DEALS: Kennedy Wilson Sells 153-Unit Rental Community for $21.9M, and Other Transactions
By Anuradha Kher, Online News EditorNorwalk, Calif.–Following its carefully constructed three-year asset disposition plan, Kennedy Wilson Multifamily Management Group (KW Multifamily) has sold The Courtyards, a 153-unit apartment community at 12401 Studebaker Rd. in Norwalk, Calif., for $21.9 million. Advanced Real Estate Services Inc., a tenants in common (TIC) syndicator purchased The Courtyards.Located at the junction of the 105, 605 and 5 freeways, The Courtyards is a garden-style apartment community with 16 two-story and one-story wood-frame structures. The project offers 72 one-bedroom/one-bath apartment homes and 20 three-bedroom/two-bathroom units. Common area amenities include two swimming pools, a whirlpool spa, arbor-covered picnic/barbeque…
Multi-Housing Executives Update: Jon Red Appointed Director in Arbor’s Spokane Office, and Other Moves
By Anuradha Kher, Online News Editor Spokane, Wash.–Arbor Commercial Mortgage has appointed Jon Red (pictured) to director in Arbor’s Spokane, Wash. office. Red is responsible for originating Fannie Mae, FHA and structured transactions throughout the northwest and western U.S.Prior to joining Arbor, Red served as vice president, wholesale regional sales director of the Commercial Real Estate Group for IndyMac Commercial Lending Corp. In this position, he was responsible for the origination of small balance loans in the northwest and west (excluding California) and was the highest producer among six directors in the country, funding over $150 million. BIA/SC 50+ Housing Council Appoints…
St. Regis Breaks Ground at Master Planned Puerto Rico Community
By Erika Schnitzer, Associate EditorBahía Beach, Puerto Rico–St. Regis Hotels & Resorts recently broke ground at The St. Regis Resort and Residences in Bahia Beach, Puerto Rico, a 483-acre master-planned community that will include golf villas, townhomes and estate homes, in addition to the St. Regis Residences. The $173 million community, which is scheduled to open in the fall of 2010, is being developed by BBP Partners LLC, a venture between developers Interlink Group LLC and Muñoz Holdings Inc., both of Puerto Rico. Fort Lauderdale, Fla.-based EDSA is serving as the land planner, and Miami-based SB Architects and Hill-Glazier Architects,…
Military-Housing Outlook with Balfour Beatty Communities
By Eugene Gilligan, Multifamily EditorBruce Robinson, president & CEO of Balfour Beatty Communities L.L.C.—a developer and operator of military privatization housing projects for the Army, Navy and Air Force—talks about military-housing trends and the sector’s 2009 outlook.CPN: Have any amenities become must-haves in military housing?Robinson: Community centers are a big plus, a place where Cub Scout meetings and other community events are held. These centers are very well received. Also, in family housing, a lot of storage space is necessary because military families move around a lot, and they tend to accumulate a lot of stuff.CPN: Will there be a…
Condo Construction in Chelsea, N.Y. Creates Classic Artists’ Loft Features
By Anuradha Kher, Online News EditorNew York–A new residential condominium building, located at 456 West 19th St., in New York’s Chelsea neighborhood, has officially launched sales. The architecture is inspired by the neighborhood’s classic industrial modern architecture, with a hand-laid black brick exterior and multi-paned steel windows reminiscent of the nearby Starrett-Lehigh Building. Architect and developer Cary Tamarkin designed the building.Drawing on the classic artists’ studio spaces of the early twentieth century, 456 West 19th St. will offer 22 duplex residences with custom-designed windows, double-height living rooms and open floor plans.The project offers one- to three-bedroom units, each with double-height…
TODAY’S DEALS: PNC ARCS Provides $8.573M for 156-Unit Property, and Other Transactions
By Anuradha Kher, Online News EditorWaterbury, Conn.–PNC ARCS recently provided a loan in the amount of $8.573 million for the River’s Edge Apartments, a 156-unit property in Waterbury, Conn.Built in 1974, River’s Edge Apartments is a gated, Tudor style apartment community.Common amenities include secured entry with intercom, laundry rooms, swimming pool with a cabana area and secured storage.The loan was for a 10-year term/2 Years Interest Only at a fixed rate of 6.5 percent. PNC ARCS originated the loan through Fannie Mae.Hendricks & Partners Arranges Sale of Six-Unit Rental Community for Over $1MNewport Beach, Calif.–Hendricks & Partners has arranged the…