News

By Erika Schnitzer, Associate EditorSan Pablo, Calif.—GMH Capital Partners’s Bella Vista at Hilltop in Richmond recently received the 2008 Greater Excellence in Management and Maintenance (GEMM) Award in four categories from the California Apartment Association (CAA) Contra Costa Region.GMH won “Management Company of the Year” and “Resident Relations Program of the Year.” In addition, “Community Manager of the Year” was awarded to Diana Silva and Dennis McKoy was named “Maintenance Technician of the Year.”GMH also won a GEMM award in 2007 when Bella Vista, which the company bought in May 2005, was named “Repositioned Property of the Year.”“I think some…

By Anuradha Kher, Online News EditorDowners Grove, Ill.–Chicago-based RMK Management Corp. recently opened the Residences at the Grove, a 294-unit luxury rental community in Downers Grove, Ill. Located at 2845 Easton St., the community features three mid-rise buildings offering studio, one- and two-bedroom residences with one to two baths and 24 rowhome floor plans.Rents for 507-sq.-ft. studios start at $830 per month. One-bedroom floor plans range from 772 to 820 sq. ft., with rents from $1,196 to $1,246 per month. Residences with two bedrooms and two baths are available from 1,101 to 1,206 sq. ft. and are $1,570 to $1,792…

By Anuradha Kher, Online News EditorAtlanta–BPG Properties Ltd. recently acquired Post Woods, a 494-unit Class B+ community located in suburban Atlanta, from Post Apartment Homes L.P. for $52,750,000.The community will be managed by BPG’s multifamily operating arm, Madison Apartment Group L.P. The purchase was made on behalf of BPG Investment Partnership VIII  VIIIA, L.P., a fully discretionary private equity fund with total equity commitments of $850 million.“The acquisition of Post Woods provided us with the opportunity to expand our multifamily portfolio in the southeastern region of the United States,” says BPG Vice President Steve Pogarsky, who was responsible for the…

By Anuradha Kher, Online News EditorNew York–With Nov. 4 approaching fast, most questions about the two presidential candidates’ policy positions have been answered. But there is one question that hasn’t been asked too often—who between the two presidential candidates, Republican Sen. John McCain, or Democrat Sen. Barack Obama would be better for multifamily housing? We posed this question to a few industry experts and found there is no consensus on the overall multi-housing issues but when it comes to affordable housing, as expected, the Democratic candidate is the preferred choice.Jim Arbury, senior vice president of government affairs, is on the…

By Anuradha Kher, Online News EditorJeffersonville, Ind.–Arbor Commercial Funding recently completed funding of a $3,000,800 loan under the Fannie Mae DUS product line to refinance 244-unit Mayfair Apartments in Jeffersonville, Ind.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.Gross & Cohen Real Estate Investors Completes Acquisition, Renovation of Student Housing PropertyJohnstown, N.Y.–Gross & Cohen Real Estate Investors Ltd, a Massachusetts-based student housing investor, has completed the acquisition, renovation and lease up of Campus Green Apartments adjacent to Fulton-Montgomery Community College (FMCC).Today, Campus Green is 100 percent occupied with a waiting list and FMCC…

By Patrick S. SimonsStrategic Residential AdvisorsBefore we get to the strategies, I’m going to throw out some time-tested adages. 1) Real estate is cyclical, 2) Buy low – sell high, 3) Go against the grain, 4) Make lemonade out of lemons.There’s a lot of wisdom in these sayings that we can apply to the apartment industry right now. The cyclicality of real estate has been well established over more than five decades; the market goes up, goes down and rises up again. Significant profits are made primarily by those who buy assets before they rise in price. Those low buys…

By Erika Schnitzer, Associate EditorRancho Cucamonga, Calif.—Workforce Homebuilders LLC and National Community Renaissance have broken ground on their Villaggio at Route 66, a 166-unit mixed-income workforce housing community. Approximately 80 percent of Villaggio’s units will be reserved for residents earning 35 to 60 percent of the area’s median income, which is approximately $67,750. The development is designed to respond to the existing neighborhood, explains Charles Addington, principal for Irvine, Calif.-based KTGY Group, the architect for Villaggio at Route 66.“Rancho Cucamonga has a historical vineyard mentality,” Addington tells MHN. Thus, Villaggio at Route 66 features an Italian Mediterranean theme and Tuscan…

By Anuradha Kher, Online News EditorBangalore, INDIA–Oakwood Worldwide has recently opened its newest corporate apartments project, Oakwood Premier Prestige Bangalore, located in UB City, the largest commercial property project in Bangalore, India. The development features 177 fully-equipped studio, one-, two- and three-bedroom apartments and includes amenities such as on-site five-star restaurant and room service; health club including spa and state-of-the art fitness center; expansive rooftop swimming pool including a separate pool for children; business center and services; 24-hour front desk and round-the-clock service; airport limousine pick-up; rooftop helipad and laundry and dry cleaning services.“Oakwood Premier Prestige Bangalore combines the most…

By Anuradha Kher, Online News EditorNew York–The Federal Reserve yesterday cut its target for the Federal Funds Rate—the rate at which banks lend to each other—from 1.5 percent to 1 percent, the lowest level since June 25, 2003 when the U.S. economy was grappling with the aftermath of the dot-com bubble. But this latest rate cut, which aims to stabilize the financial markets, is not expected to have any impact on multifamily financing or the apartment sales market.“While the Federal funds rate cut has been welcomed by financial markets worldwide, it will not turn slowing apartment sales around and speed…

By Erika Schnitzer, Associate EditorHouston—The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have announced plans for a rental assistance program to provide intermediate and long-term rental housing to families who lost their homes during Hurricane Ike.After Hurricane Katrina, FEMA relied primarily on short-term housing solutions, such as hotels and trailers for displaced families. “Once they realized they had a long-term disaster on their hands, they realized apartments would be much more cost-effective than hotels,” says Lisa Blackwell, vice president of housing policy, National Multi Housing Council (NMHC).Slated to begin November 1, the…