News
EDITOR’S NOTE: Storm Surges
By Teresa O’Dea Hein, Managing EditorThe fallout from natural and man-made storms continues to swirl around us. Between the hurricanes and the continuing upheavals in the financial world, these truly are unsettled times. While I’d planned on writing about a different topic, yesterday’s historic plunge on Wall Street compelled me–and perhaps you, too?–to explore safe harbors and lifelines.In the past few weeks, we saw Hurricane Ike tear through Galveston and neighboring coastal communities before paralyzing Houston, the country’s fourth-largest city. The storm’s powerful remnants then swept north through the center of the U.S., causing floods and wind damage. Up to…
Property Management: Retaining Residents by Building a Sense of Community
By Daniel Babka, president, Rental Marketing SuccessThe top amenity desired by residents (according to recent studies by the National Multi-Housing Council and the National Apartment Association) isn’t a granite counter-top, six-panel doors and crown molding. It’s a sense of community: a feeling of belonging that cuts across luxury, A, B and C-grade properties.Yet once they sign that lease and plunk their money on the desk, most of those residents will fade into the woodwork and become background music. The smile they saw when you first greeted them, has been replaced with a blank stare or a glance in their direction…
Albanese’s Visionaire Awarded Grand Prize in N.Y. Green Building Competition
By Erika Schnitzer, Associate EditorNew York–The Visionaire condominium and Battery Park Conservancy’s maintenance facility were selected as the grand prize winners of New York’s 2008 Green Building Competition, co-sponsored by the U.S. Environmental Protection Agency (EPA) and the New York City Mayor’s Office of Long-Term Planning and Sustainability.Developed by Garden City, N.Y.-based The Albanese Organization and designed by Pelli Clark Pelli Architects, the 35-story Visionaire is home to the Battery Park City Parks Conservancy, a nonprofit organization that maintains the parks and open spaces of Battery Park City. The Battery Park Conservancy is located on the first floor of the…
TODAY’S DEALS: 15-Unit Rental Property Sells for Over $2M
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPN Los Angeles–Sperry Van Ness has completed the sale of a 15-unit Koreatown apartment community for $2,850,000. The property, located at 868 S. Kingsley Dr., is in the heart of Koreatown near the intersection of Wilshire Boulevard and Western Avenue. Built in 1929, the 100 percent occupied property is comprised of six one-bedroom, one-bathroom units; three one-bedroom, one-bathroom units with lofts and six two-bedroom, two-bathroom units. Monthly rents range from $1,197 to $1,550. The seller invested approximately $400,000 on capital improvement including modernized kitchens, new flooring, fixtures, and numerous…
Energy-Efficient Top-Load Washers from Maytag
Maytag’s latest model of high-efficiency top-load washers and steam dryers, Bravos, is CEE Tier III energy qualified, offering the highest efficiency in the industry, delivering 70 percent water and 67 percent energy savings. Bravos offers the largest washer capacity at 4.7 cubic feet (IEC) and has a window in the lid.It includes a commercial-grade stainless steel wash basket that doesn’t chip, rust or stain, smooth balance hung suspension system with superior vibration control, double balancing rings to counter balance offbalance loads even during a 1,000-RPM spin, an impeller wash system with Sensi-Care technology, and the Gentle Breeze drying system with…
Impending Bailout Package To Have Little Impact on Multifamily Financing
By Anuradha Kher, Online News EditorWashington, D.C.–Days into debate and discussions on Capitol Hill regarding a $700 billion bailout package to stabilize the financial industry, the House of Representatives voted this afternoon against the bill in its current state. The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in opposition. One hundred and forty Democrats and 65 Republicans had backed the bill. Over the weekend, support for the bailout had seemed strong, with several politicians declaring it close to passing. After Its failure today, the Dow plunged 778 points. The Dow closed down 6.89…
Carmel Partners Selects LRO Revenue Optimization Solution for 57 Communities
By Anuradha Kher, Online News EditorSan Francisco–The Rainmaker Group, maker of automated revenue management software and services for the multifamily housing and gaming hospitality industries for property profitability, has recently announced that Carmel Partners, with over 19,000 units, will implement the LRO (Lease Rent Options) multifamily housing revenue optimization solution after a successful 12-month pilot test in eight communities. The communities that used LRO in the pilot saw a 3.55 percent increase in revenue billed per unit (RBPU) over non-LRO Carmel Partners communities in the same markets with similar occupancy and exposure. “LRO creates a centralized pricing discipline that improves revenue,” says…
Multi-Housing Executives Update: Alliance Residential Appoints Heather Slack as Development Director, and Other Moves
By Anuradha Kher, Online News EditorAlliance Residential Appoints Heather Slack as Development DirectorPhoenix–Alliance Residential Co. has appointed Heather Slack (pictured) as development director. In this new role, Slack is responsible for development and acquisition activities in the northern California Region, which includes the markets of Portland, Ore., Seattle and Las Vegas. Her primary duties are to source and negotiate the purchase of multifamily sites, manage the development and construction process, and acquire existing communities for rehabilitation. Most recently, she served as Alliance’s national new business director. She joined the company in 2003 as vice president of operations for the northwest…
TODAY’S DEALS: AvalonBay Nets Its Largest Bond Financing for San Fran Mixed-Use, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Coreen Bailor, Research Editor, CPNWashington, D.C.–AvalonBay Communities Inc. has received $135 million in financing–the multifamily REIT’s largest bond financing ever closed–to fund construction of Avalon Walnut Creek at Contra Centre, a $400 million mixed-use, transit-oriented development next to the San Francisco Bay Area Rapid Transit’s Pleasant Hill Bay station.Serving as AvalonBay’s finance counsel, law firm Goodwin Procter L.L.P. helped AvalonBay secure the letter of credit from Bank of America N.A., comprising $116 million in tax-exempt and $19 million in taxable multifamily housing revenue bonds.AvalonBay, Millennium Partners and the San Francisco BART comprise…
Sales Begin at Murray Hill’s First Green Building
By Erika Schnitzer, Associate EditorNew York–Sales have begun at Toll Brothers Inc. and The Kibel Companies’ 303 E. 33rd, the first green development in New York City’s Murray Hill neighborhood.The 128-unit project is designed for LEED (Leadership in Energy and Environmental Design) certification. “We thought our customers would probably be concerned with these issues and feel better about buying in a LEED-rated building,” says Peter Levenson, principal, The Kibel Companies.303 E. 33rd features Energy Star appliances and water-reducing fixtures, as well as bamboo flooring and cabinetry in the residences. Additionally, it offers ample bicycle storage and reduced parking rates for…