News
Today’s Deals: Hendricks & Partners Arranges Sale of Rental Community for $18.4M, and Other Transactions
By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Skyline Gateway (pictured), a 246-unit apartment community located at 4601 East Skyline Dr. in Tucson, Ariz., for $18.4 million.Constructed in 1985, Skyline Gateway is a gated community featuring 14 three-story, garden-style buildings. The property features one- and two-bedroom units in six floor plans. Each unit is equipped with air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators, a private balcony or patio, and cable television. Select units include fireplaces, stacked or full-sized washers and dryers, and walk-in closets. Community amenities include a clubhouse with kitchen, billiards, a…
Post, Skyrise, Greenway Mark Grand Opening of Dallas Suburb Mixed-Use Community
By Erika Schnitzer, Associate EditorRichardson, Texas–Post Properties, Skyrise Properties, and Greenway Investment Co. recently celebrated the grand opening of Eastside, a mixed-use development located in the Dallas suburb of Richardson, Texas that will offer 435 apartments, 80,000 sq. ft. of retail and 200,000 sq. ft. of office space upon its build out, slated for late March 2009.“This was a really good retail-driven intersection at Central Expressway and Campbell Road in Richardson, and it is adjacent to the Telecom Corridor, which includes several million sq. ft. of Class-A offices built in the ‘90s,” David Ward, executive vice president, regional investment director…
Affordable Housing Project Opens in Yonkers
By Anuradha Kher, Online News Editor Yonkers, N.Y.–Croton Heights Apartments, a $23 million, 60-unit affordable rental community in southwest Yonkers, N.Y. opened today.Developed by The Richman Group Development Corp., and built on the site of an old, unused parking lot formerly owned by the Yonkers Parking Authority at 193 Ashburton Ave., the building features one-, two- and three-bedroom rental units, and 1,500 sq. ft. of community space with a well-appointed community room, a fitness facility, a resident computer center, broadband wiring, on-site storage space, parking and a children’s tot lot. “The benefits of creating safe, affordable housing go well beyond bricks…
MF Mortgage Debt Outstanding Grows 1.7 percent in One Quarter
By Anuradha Kher, Online News Editor Washington, D.C.–Multifamily mortgage debt outstanding in the third quarter grew to $890 billion, an increase of $15.2 billion or 1.7 percent from second quarter, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.In dollar terms, commercial banks saw the largest increase in their holdings of multifamily mortgage debt, an increase of $34 billion, or 19.4 percent. Government Sponsored Enterprises increased their holdings of multifamily mortgage debt by $12 billion, or 6.8 percent. Agency- and GSE-backed mortgage pools increased by $3 billion, or 1.8 percent and savings institutions…
California Architect Wins Gold Nugget Merit Award in Best Senior Housing Category
Thousand Oaks, Calif.–Van Tilburg, Banvard & Soderbergh, AIA (VTBS Architects,) has received a Gold Nugget Merit Award in the “Best Senior Housing Project” category for its design of University Village Thousand Oaks in California. The continuing care retirement community (CCRC) accommodates residents in a variety of living arrangements. Designed to embody an “age-in-place” philosophy, University Village is a resort-style community that caters to residents in every stage of the retirement years; from independent living to assisted living and skilled nursing facilities. The community provides significant indoor and outdoor amenities to encourage an active lifestyle. The site design leaves nearly 25…
Benjamin Moore’s Zero-VOC Natura Available in Range of Hues and Sheens
Benjamin Moore’s zero-VOC (volatile organic compound) paint, Natura Interior Acrylic Latex, is now available in thousands of hues and a wide range of sheens. Because the paint is based on the company’s waterbourne colorant system, the VOC level is unaffected by the addition of colorant.Natura is available in all of Benjamin Moore’s colors and is designed to be color-matched to any hue without adding VOCs.Tested by a lab that performs California’s Collaborative for High Performance Schools (CHPS) indoor air tests, Natura was found to release fewer VOCs than other zero-VOC paints. In addition, it reportedly exceeds Greenguard, Green Seal and…
Case Study: Investing in Carbon-Neutral Luxury in the Philippines
The Cacao Pearl, located in Palawan, Philippines, is designed to become the world’s first non-profit and luxury eco-resort community to commit 100 percent of operating profits to environmental protection and social improvements. It is a low-density boutique resort being built in accordance with sustainable development principles, with 60 condominiums achieving zero carbon cost. Units range from $210,000 to $250,000.Joel Cere, CEO, Barefoot Investments, talks to MHN Associate Editor Erika Schnitzer about the company’s initiatives and objectives, as well as the development’s green features.Type of project: 60 exclusive eco-friendly villas on a private tropical island. Most investors are looking at the…
TODAY’S DEALS: KeyBank Real Estate Capital Closes $52.6M in Loans for Four Texas Multifamily Properties
By Anuradha Kher, Online News EditorHouston, Dallas, Plano, Texas–KeyBank Real Estate Capital recently closed $52.6 million in loans for four multifamily properties in Texas through Freddie Mac and Fannie Mae. KeyBank provided $50 million in Freddie Mac ARM funding for three apartment complexes. In Houston, Key provided $22 million to Pearland Apartments for Cobblestone Park Apartments, a 292-unit Class A complex. Key also provided $16 million to FCLC Dallas for Hidden Creek Apartments (pictured), a 244-unit Class A complex in Dallas. In Plano, Key provided $12 to Bristlecone Texas for Cottages at Tulane, a 268-unit garden apartment complex. Key also…
Trammell Crow Residential, Equal Rights Center Implement New Program for FHA, ADA Compliance
By Erika Schnitzer, Associate EditorAtlanta–Trammell Crow Residential (TRC) and the Equal Rights Center (ERC) have come to an agreement after ending accessibility litigation initiated by ERC against the developer.“Our settlement provides that, for those projects we still own that were finished within 30 months of the date we were sued, we would have them inspected and brought up to standards based on some tolerances that we negotiated with the ERC,” Ron Terwilliger, CEO of Trammell Crow Residential, tells MHN. “In addition, we agreed to establish a housing center in hopes that we can get the industry to focus on the…
Multifamily Is Bright Spot, Will Continue to Be in 2009
By Anuradha Kher, Online News EditorWashington, D.C.–With the exception of the apartment rental market, which continues to benefit from weak home sales, all commercial real estate property types are showing grim results for 2008, with an equally grim forecast for 2009, according to the Commercial Real Estate Outlook of the National Association of Realtors (NAR). “If anything, multifamily is the bright spot,” George Ratiu, economist at NAR Research, tells MHN. “This is in large part due to a high number of foreclosures, and the fact that people still need housing, no matter what is going on in the economy.” Demand…