News
Calif. Air Resources Board to Enact Toughest Product Standard for Formaldehyde Emissions
By Erika Schnitzer, Associate EditorSacramento, Calif.–On January 1, 2009, California will begin observing the strictest formaldehyde emission standards for composite wood products. At that time, an independent testing company must certify all composite wood panel products made for sale or use in California.The California Air Resources Board (CARB) rule covers particleboard, medium-density fiberboard and hardwood plywood, as well as all products made from these materials. CARB has created a timeline for the implementation of the Air Toxic Control Measure (ATCM) for formaldehyde emissions. The initial phase, which will go into effect on January 1, 2009, establishes the first tier of…
TODAY’S DEALS: 300-Unit Rental Community Bought for $71M
By Anuradha Kher, Online News EditorSan Diego–In the largest multifamily sale in San Diego County year-to-date, Cushman & Wakefield has arranged the sale of Cardiff by The Sea Apartment Homes to Property West for $71 million. The 300-unit apartment community is located at 2170 Carol View Dr. in the north San Diego county coastal community of Cardiff by the Sea.“This sale demonstrates the strength of the San Diego County rental market and long-term positive outlook for core locations and quality assets,” says Ed Rosen, executive director with Cushman & Wakefield. “This is a well-positioned property in a market that enjoys…
Supportive Housing for Disabled Homeless Women Opens
By Anuradha Kher, Online News EditorDayton, Ohio–The Miami Valley Housing Opportunities (MVHO) and Miller-Valentine Group have recently opened a three-story, 27-unit apartment complex for homeless women veterans, located on the Dayton Medical Center campus, at 4100 W 3rd St. in Dayton, Ohio. Move-ins are expected to begin by end of October.The Ohio Avenue Commons is the nation’s first supportive housing initiative open to homeless, mentally disabled women veterans with services to ensure a successful re-entry into society. It features open area units with a bedroom, kitchen, and living room space as well as bathrooms. Preference is given to veterans but…
NMHC Does Not Expect Much Demand for Apartments as Gulf Coast Recovers from Storm
By Anuradha Kher, Online News EditorWashington, D.C.–In the wake of Hurricane Gustav, the National Multi Housing Council (NMHC) has been in several discussions with the Department of Homeland Security, the U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) to plan ahead. “Obviously, they are taking steps in advance after learning their lesson with Hurricane Katrina,” Jeanne McGlynn Delgado, vice president of business and risk management policy, NMHC, tells MHN.“We were fortunate that Hurricane Gustav wasn’t as bad as Katrina, but we have put the information out there and it is an ongoing process….
Norwood Builders Sponsors Seminar for First-Time Condo Buyers
By Anuradha Kher, Online News EditorRoselle, Mount Prospect, Ill.–Norwood Builders is sponsoring a “Good to Grow” free seminar, on September 13 at two of its new condominium communities, Park Street Crossing in Roselle, Ill. and The Emerson at Village Centre in Mount Prospect, Ill.For the first time, Norwood Builders has exclusively designed a 30-minute presentation for novice purchasers. Lender representatives from the area will present the seminar. A local certified public accountant will also be present at The Emerson at Village Centre sales office location to answer questions about personal financing issues.The event will conclude with model tours conducted at…
Philadelphia’s Two Liberty Place Breaks City Record with Highest-Priced Condo Per Sq. Ft.
By Erika Schnitzer, Associate EditorPhiladelphia–The Residences at Two Liberty Place, a 90-unit luxury condominium which is the second-tallest building in Philadelphia, the tallest residential building in the city and the first time residents can live higher than William Penn’s hat, the landmark on top of City Hall, has broken more city records. Now, The Residences at Two Liberty Place have garnered Philadelphia’s highest price per sq. ft. for multifamily real estate. Richie Sambora, lead guitarist for the rock group Bon Jovi, broke through this price ceiling when he purchased a condo for $3.58 million, at $1,377 per sq. ft. Additionally, sales…
Seven Keys to Improving Resident Retention Rates
By John Ely, Signature WorldwideToo often, I see multifamily housing managers put all their efforts behind fancy sales and advertising promotions to bring in new tenants. New business is great—don’t get me wrong—but what if you were able to fill your entire complex without having to go to great lengths to pull in new residents? What if you were able to re-sign the majority, if not all, of your tenants with a proactive resident retention plan? What if this plan involved little cost to you? Do I have your attention yet?It’s a lot easier, and a lot less expensive, to…
TODAY’S DEALS: Marcus & Millichap Sells Denver Area Property for $22.85M, and Other Transactions
By Anuradha Kher, Online News EditorBoulder, Colo.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Uptown Broadway, a 116-unit apartment community in Boulder, Colo. for $22.85 million. This represents $226 per sq. ft. or $196,983 per unit, a record price for Boulder, and one of only five deals that have sold for more than $225 per sq. ft. in the Denver metro area during the last two years.Located at 4590 13th St., the 100,940-sq. ft. apartment community consists of 10 three-story buildings with 15 unique floor plans, including one- and two-bedroom units, townhomes and lofts, situated on…
Wind Crest’s Gas Cooktops
Wind Crest’s new line of “gas drop-in” cooktops are designed to preserve cabinet space, making them ideal for apartments and condos. The stainless steel finish cooktops are available in both a 30- and 36-in. width. The 30-in. five-burner model provides more than 63,000 BTUs of power and the 36-in. five-burner model provides more than 69,000 BTUs. All Wind Crest gas cooktops feature sealed brass burner ports for durability and more precise flame control when cooking. In addition, Wind Crest gas burners feature single-point electronic ignition and re-ignition systems. All five-burner models feature a dual center burner that provides heat outputs…
Luxury Rental Community Opens in North Phoenix Corridor
By Anuradha Kher, Online News EditorPhoenix–Trillium Residential LLC recently opened Trillium Pinnacle Peak, its newest rental project in Phoenix. Pinnacle Peak is a 724-unit Class A garden-style apartment community located on 30-acres at 24250 North 23rd Ave. “We anticipate high demand for this apartment community because of the market demand,” David Dewar, principal of Trillium Residential, tells MHN. “The infill market in Phoenix is very strong. The peripheral market is the ones that’s not doing too well and unfortunately the news is only focusing on that.”The area currently has 44,500 jobs and is expecting at least 32,000 additional jobs within…