News

By Keat Foong, Executive EditorWashington, D.C.—Home sales remain in a stable range despite the troubles in the economy, according to the National Association of Realtors (NAR).NAR’s Pending Home Sales Index, a forward indicator based on contracts signed in October, dropped 0.7 percent to 88.9 compared to September. It is 1.0 percent below October 2007. The indicator includes both single family homes and condos and coops. Nevertheless, Lawrence Yun, NAR chief economist, said “the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range.”  Yun suggested in a statement that there…

By Erika Schnitzer, Associate Editor Olmsted Falls, Ohio—Marcus & Millichap has retained the listing for Fawn Lake Apartments, a 288-unit community, for $12,585,000. The price represents $43,698 per unit, or $53.94 per sq. ft.Gary Cooper, vice president investments and director, and Ben Baker, senior associate and associate director, both of Marcus & Millichap’s National Multi Housing Group in Cleveland, are representing the seller, an investment partnership based in Northeastern Ohio.The 233,328-sq.-ft. rental community is comprised of 11 buildings on 17.35 acres. Fawn Lake Apartments offers one-, two- and three-bedroom residences, with community amenities that include a clubhouse, party room, swimming…

By Teresa O’Dea Hein, Managing EditorChicago—Distressed property sales are a growth industry in this economy. While brokerage firms have already been selling more and more distressed assets this year, three national brokerage firms have recently created or expanded teams to streamline the handling of distressed deals.Apartment Realty Advisors (ARA) has formed a Distressed Assets Solutions Group (DASG), under the direction of Chicago-based ARA principal, Debbie Corson (pictured). Sperry Van Ness International has launched the Sperry Van Ness Asset Recovery Team (SVNART), led by David Gilmore, current managing director of Sperry Van Ness Accelerated Marketing Co. Inc., and Jerry Anderson, CCIM,…

By Erika Schnitzer, Associate EditorAtlanta—Jamestown Partners, a real estate investment and management company, recently announced its acquisition of Green Street Properties, an eco-conscious consulting and development company best known for its master-planned, mixed-use urban communities.“We believe that the future of real estate is closely linked with green initiatives. The acquisition helps us to be at the forefront of this movement,” explains Matt Bronfman, managing director at Jamestown. “We see Green Street as able to bring some unique new opportunities to Jamestown. We also see them providing insights into our existing portfolio, such as ‘greening,’ as well as adding value in…

By Keat Foong, Executive Editor Washington, D.C.—Delinquency rates for multifamily and commercial real estate in the third quarter remain historically low, less than 1 percent, although they have ticked up, according to the Mortgage Bankers Association (MBA). The third quarter Commercial/Multifamily Delinquency Report from MBA shows that between the second and third quarters, the 30-plus-day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 0.10 percentage points to 0.63 percent.  The 60-plus-day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.05 percentage points to 0.16 percent. The 60-plus-day delinquency rate on multifamily loans held…

By Erika Schnitzer, Associate EditorMonrovia, Calif.—Urban Housing Group, a subsidiary of the Marcus & Millichap Company, has broken ground on The Courtyards at Old Town, a mixed-use community that will include 163 luxury apartments and 6,000 sq. ft. of commercial space.The city of Monrovia features many examples of turn-of-the-century architecture, says Jirair Garabedian, AIA, LEED AP, studio director at KTGY Group, the architecture firm that worked on the project. “We approached the design of the project to be sensitive to that, to compliment Old Town, whether with the massing or the choice of materials.”Monrovia, a town of approximately 50,000 people,…

By Erika Schnitzer, Associate EditorParsippany, N.J.—NorthMarq Capital Inc. recently arranged a $26 million construction facility for a 73-acre, 156-unit adult community.“The successful outcome illustrates there is still financing available for well-conceived, for-sale development projects that have a viable exit strategy,” says Martin Klebanoff, senior vice president and co-manging director of NorthMarq.NorthMarq secured a revolving, interest-only construction facility from a regional bank for the age-restricted community, which offers 96 condominiums and 60 detached single-family homes. PNC ARCS Arranges $4.1M for 49-Unit Calif. PropertyHawthorne, Calif.—PNC ARCS has arranged a $4.162 million loan for Eucalyptus Villas Apartments, a 49-unit apartment community in Hawthorne,…

By Teresa O’Dea Hein, Managing EditorLos Angeles–In true Hollywood fashion, the recent well-choreographed topping out ceremony for the W Hollywood Hotel & Residences included a dramatic performance by aerial acrobats unfurling celebratory banners from the rooftop. The $600 million Hollywood & Vine mixed-use development includes 143 W Residences, an adjacent 305-room W Hotel, Legacy Partners’ 1600 Vine apartment homes, approximately 50,000 square feet of retail space, and transit plaza improvements at the Hollywood/Vine Red Line Metro Station in Hollywood. The whole project is slated for completion in Fall 2009.The W Residences are condos that are hotel branded, not condo-hotel rooms,…