News
Q&A with Thomas K. Shelton: Possible Increase in Capital Gains Tax is Concern for Real Estate Owners Looking to Dispose Assets in Near Future
Thomas K. Shelton (pictured), CAPS, CPM, is the new president of Western National Property Management, the multifamily management arm of Western National Group. Western National Property Management currently oversees the management of more than 20,000 residential units valued at more than $3 billion. In his new position, Shelton will lead a team of real estate professionals that supervises a portfolio of assets owned by Western National Group, as well as a portfolio of assets owned by third-party clients.Prior to joining Western National Property Management, Shelton served as regional partner of Greystar Real Estate Partners where he supervised a portfolio of…
Viridian Introduces Program to Green Foreclosed Properties
By Erika Schnitzer, Associate EditorAtlanta—Viridian Asset Management LLC, a newly formed nationwide asset management and advisory company, recently launched its BankonGreen program, which is designed to provide energy-efficient rehabilitation to properties owned by banks and financial institutions.“We started looking at how to make the home more energy-efficient and do it where the bank is the bottom line. From the social responsibility side, we knew they wouldn’t buy into it unless we came up with a process of netting them out. The selling of the property is what is really getting bogged down with depreciating values and the number of [foreclosed]…
Legacy Partners Residential Takes Home 11 AAMD Awards, including Best Management Company
By Teresa O’Dea Hein, Managing EditorDenver—The Apartment Association of Metro Denver (AAMD) recently recognized Legacy Partners Residential, Inc.’s Denver regional office with 11 of its 2008 Tributes Awards, including the prestigious Grand Tributes Award for Best Management Company. In all, Legacy took home the most awards of any finalist.The association presents these awards every three years, Betty Knecht, AAMD manager of special events, tells MHN. This year, Knecht reports, saw record numbers both of entries and attendees at the awards ceremony, held at the Colorado Convention Center.Pat Hutchison, vice president of Legacy’s Denver regional office, tells MHN, “The foremost reason…
Market Snapshot: Washington, D.C. Voted as a Top 10 Metro for 2009
By Teresa O’Dea Hein, Managing EditorA change in presidential administrations is always good for the real estate market in the nation’s capital, which was relatively strong already, points out Greg Willett, vice president for research and analysis at M/PF YieldStar Inc., based in Carrollton, Texas.Both M/PF YieldStar and The Urban Land Institute (ULI) ranked Washington, D.C. as one of their top metros for 2009. ULI’s 2009 “Emerging Trends in Real Estate” ranked Washington, D.C. in the number-three slot. ULI particularly values a metro’s 24-hour fundamentals and access to major airports. Already, Washington, D.C. is the healthiest of the nation’s very…
TODAY’S DEALS: Fantini & Gorga Arranges $29.7 Loan for 240 Units, and Other Transactions
By Erika Schnitzer, Associate Editor Pembroke, Mass.—Fantini & Gorga has arranged $29.7 million in first mortgage financing of Alexan Pembroke Woods, a 240-unit Class-A apartment community in Pembroke, Mass.The loan was placed on behalf of BC Pembroke Woods LLC, a joint venture between Boston Capital Real Estate LLC and Trammell Crow Residential. George J. Fantini, Jr., chairman; Tim O’Donnell, principal; and Derek Coulombe, analyst; arranged the financing.Alexan Pembroke Woods features a fitness center, swimming pool, community center and business center.PNC ARCS Provides $8.7M for 168 Units in Las VegasLas Vegas—PNC ARCS recently provided an $8.769 million loan for Autumn Ridge…
Printers Guild Launches Environmentally Friendly Wallpaper
Printers Guild Productions has released its newest wallpaper portfolio, the eco-friendly Rimini. The collection uses water-based inks and is printed on non-woven substrate comprised of a blend of renewable materials and synthetic fabrics.In 18 patterns and 92 colorways, Rimini is available in a number of motifs, including zebra striping, feathery scrolls, flowing vines, flowers integrated with modern scrolls, damasks and harlequin patterns. It features semi- and high-sheen metallic and opaque combinations.www.wallquest.com/rimini
Reduce Cooling Costs in Multifamily Homes with Radiant Barrier Sheathing
By David Nelson, P.E., market support engineer, iLevelEnergy efficiency is a top priority for many multifamily builders and developers when planning projects. Features such as energy-efficient windows and appliances can be key selling points with renters and condo owners. Going another step, the choice of roofing materials can further boost energy savings. Radiant barrier sheathing (RBS), for example, provides a simple, cost-effective way to reduce energy use while helping ensure strong and long-lasting roof framing. Roofs built with standard sheathing allow solar energy to penetrate through it, heating up the air in the attic space. The heated air can then…
RULES & REGS: City Drops Lawsuit Against Page Mill Properties; Says Rent Increases are Legal
By Erika Schnitzer, Associate EditorEast Palo Alto, Calif.—The City of East Palo Alto has dropped its lawsuit against Page Mill Properties, which represent the owners and investors of over 1,700 apartments, or 53 properties, in East Palo Alto’s Woodland Park neighborhood, maintaining that rent increases for 1,000 of its units are legal after all.The debate is based on a rent control ordinance that includes a provision allowing owners to increase rents in line with increases in the cost of living index. “Under the ordinance, landlords were allowed to cumulate or ‘bank’ authorized cost-of-living rent increases that had not been charged…
Property Managers Can Check Renters Insurance Coverage via Internet
By Teresa O’Dea HeinAtlanta–A Web-based insurance confirmation system enables property managers to quickly verify the status of their residents’ required coverage. Assurant Specialty Property, a provider of renters insurance programs to the multifamily industry, recently launched this service through VerifyIns.To access the service, property managers and leasing consultants log in into aspecial database via an external URL. This process allows property managersto quickly verify whether residents are complying with the insurancerequirement for the duration of their lease agreements.Steve Hein, vice president for national sales at Assurant Specialty Property,says this tool helps property managers avoid exposure to claims involvinguninsured residents. “If,…
Developers Obtain Guidance on Alternative Funding Sources, Business Strategies
By Keat Foong, Executive EditorWashington, D.C.—Chapter 11 may not be such a bad thing after all. It can provide the borrower leverage in negotiating with the lender on project loans. That was among the suggestions made by experts at a recent teleseminar sponsored by the National Association of Home Builders entitled “Alternative Funding Sources: Ideas and Perspectives to Keep Your Business on Track.” “Banks know what their rights are. You need to know what your rights are,” said Harley Riedel of Sticher Riedel, Blain & Prossner, P.A., Tampa, Fla. Riedel has served as counsel for the debtor in possession in…