News

By Anuradha Kher, Online News EditorSacramento, Calif.–GMH Capital Partners recently arranged the sale of The Verge, a 288-unit, Class A, three-story apartment complex in Sacramento, Calif., for $36,500,000. The Verge (pictured) comprises 18 three-story apartment buildings, and one single-story clubhouse/leasing office. The property features 288 units with 792 beds, totaling 264,366 sq. ft. of net rentable area. The Verge was completed in 2004, designed to house students at the University of California, Sacramento.”The combination of this property’s full amenity package and proximity to University of California, Sacramento’s campus, with a student enrollment of 28,000, made this a valuable asset to…

Ted Patch (pictured), senior vice president and chief production officer, is responsible for originating new loan production from Green Park Financial’s corporate headquarters in Bethesda, Md. In 2005, Patch originated in excess of $200 million in new loan production. He has over 17 years experience in commercial and residential real estate. Patch joined Green Park Financial in 1998 as an underwriter and became part of the production team in 1999. He talks to MHN Online News Editor Anuradha Kher about lending in the manufactured housing space, why this is a good investment for the company and how the mezzanine business…

By Erika Schnitzer, Associate EditorCarrollton, Texas–Velocity, a RealPage solution that provides resident utility billing and invoice processing services, has announced that its convergent billing services will now be available for online review and payment.With this service and CrossFire Living, residents will be able to review and pay their rent, utilities, service fees, amenity fees and vacant unit costs on a single online bill. “The benefit to property managers is that they will get a lift in resident satisfaction and get better collections on utility and small charges,” says Jay Harwood, product manager for Velocity, tells MHN.Velocity’s services include invoice processing,…

By Anuradha Kher, Online News EditorSan Francisco–Capital Properties recently introduced 85 flexible-stay units within its 320-unit Rincon Residential Towers, located at 88 Howard St. in San Francisco. The studios, one- and two-bedroom units offer short- and long-term rental options with a minimum stay of 30 days and four-star services.The property is located one block from the Ferry Building, the Embarcadero and a BART (Bay Area Rapid Transport) station.“The difference between our units and other extended-stay units is that we have personally chosen the furniture and designed the homes, unlike others that just take an apartment and throw in some rented…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing condominium and co-op sales increased 3.4 percent to a seasonally adjusted annual rate of 610,000 units in July from 590,000 units in June, according to the latest study conducted by the National Association of Realtors (NAR). These sales figues are, however, 18.6 percent below the 749,000-unit pace in July a year ago. The median existing condo price was $223,400 in July, which is 2.7 percent below the rate in 2007.“The condo and co-op sales have risen mainly because prices have fallen in some markets and buyers are seeing attractive deals out there, which…

By Anuradha Kher, Online News Editor, Multi-Housing News and Tonie Auer, Southwest Correspondent, Commercial Property News Chula Vista and Orange, Calif.; Atlanta; Chicago and Durham, N.C.–Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multifamily properties throughout the country as part of a $207 million refinancing effort.The Hartford office of Holliday Fenoglio Fowler L.P. secured first mortgage financing totaling $206.99 million for six Class A multifamily communities–a total of 2,157 units–located in Chula Vista and Orange, Calif.; Atlanta; Chicago and Durham, N.C.HFF worked exclusively with UBS Realty Investors in arranging the five-year, fixed-rate loans through…

By Anuradha Kher, Online News EditorNew York–Multifamily property prices are up 0.6 percent for the month of May, reporting the highest annual return (+5.8 percent) among all commercial real estate property types, according to Standard & Poor’s recently released results for the S&P/GRA Commercial Real Estate Indices.The results revealed however that the May number for the increase in property prices is a marked deceleration from the +7.7 percent reported just two months ago.“The multifamily sector is well off its peak and this has to do with the slowdown in the housing market in general,” Maureen Maitland, vice president, Index Services…

By Anuradha Kher, Online News EditorNew York–Modern 23, a 15-unit luxury condominium project, located at 350 West 23rd St. in Manhattan, recently started selling. Daniel Goldner Architects designed the 15 two- and three-bedroom units, ranging in size from 1,661 to 2,581 sq. ft., and featuring fireplaces, private outdoor space and open layouts.The building, which used to be a hotel, had become a Single Room Occupancy (SRO) project in recent years. “It was spoiling the environment around it,” Erez Itzhaki, CEO of Keystone Group, which developed the project, tells MHN. Keystone bought the buildings, razed them and built a new project…

By Erika Schnitzer, Associate EditorWashington, D.C.–The House of Representatives has passed a bill to extend the E-Verify system for five years. The program is a voluntary Internet-based system that compares information from I-9 forms against government records to determine an individual’s work status in the U.S.If the Senate does not pass the bill, currently called H.R. 6633, the system will expire on November 1. Currently, private employers may volunteer to use the system. However, two new bills that have been introduced would make it mandatory for all employers, federal or private, to screen potential employees for immigration status.With the enforcement…

Washington, D.C.–More of the nation’s apartments and condos are going green as multifamily builders and developers respond to growing consumer interest in sustainable building practices, according to a recent survey by the National Association of Home Builders (NAHB).”Apartments and condos are inherently green, because they offer more compact development to begin with,” says Steve Patterson, chairman of NAHB’s Multifamily Leadership Board and an apartment and condo developer from Orlando, Fla. “With today’s heightened consumer interest in green, multifamily builders are embracing more green and recyclable products, and are more willing to invest in energy efficiency.”While a majority of the survey…