News

John Stone (pictured) is a principal with Colliers and has been with the company since 1989. He specializes in selling and buying cash flow driven investment properties and mortgages with a focus on multifamily related investments and performing and non-performing debt.  Stone also helps placement of direct foreign capital in the U.S.He updates MHN Online News Editor Anuradha Kher about the kinds of properties developers are investing in in these tough times, growth in foreign capital entering the U.S. and why he thinks the housing legislation will not help the multifamily industry.MHN: Apartment sales volumes are down and there is…

By Anuradha Kher, Online News EditorNorfolk, Va.–For Rent Media Solutions has expanded its After 55 Housing and Resource Guide division to the South Florida market. The housing publication, which caters to the lifestyles of Baby Boomers and beyond, launched July 25.Baby Boomers have a significant amount of buying power. In 2007 alone, eMarketer reported that Baby Boomers spent $3.8 billion on goods and services, more than any other demographic. This number is projected to increase to $4.6 trillion by 2015.                                                                                             “We have found that Boomers and beyond aren’t just interested in looking for their next place to live,” says Robyn…

By Anuradha Kher, Online News EditorNew London, Groton, Conn.–Landings Real Estate Group has recently bought two multifamily communities in New London and Groton, Conn. for a total of $21.6 million. The real estate group purchased the 171-unit former Squire One Apartment Community, located at 11-O Anthony Rd. in New London, for $11.3 million and the 156-unit former Willow Pond Apartment Community, located at 55 South Rd. in Groton, for $10.3 million.The extensive renovation planned for the newly named Faire Harbour Landings in New London will be focused on enhancing the nautical and seaside theme strongly associated with the coastal environment…

By Erika Schnitzer, Associate EditorTallahassee, Fla.–Florida Governor Charlie Crist has approved an early lease termination bill, which will allow an owner and resident the option of agreeing to a flat amount fee prior to the lease being signed. Though the legislature passed a similar bill in 2007, Governor Crist had vetoed it. The Florida Apartment Association (FAA) reintroduced the bill this year, with some changes. The ruling, House Bill 1489, was signed into law on June 10.“It may take a while until people start using the new option, but the ability to start incorporating the language into the lease was…

By Anuradha Kher, Online News EditorWashington, D.C.–Nominations for the National Multi Housing Council’s third annual Good Neighbor Award for Outstanding Community Service, which honors the community service and philanthropic activities of apartment firms, are now being accepted. The winner will receive a $10,000 donation for a charity of their choice.   “We are struck by what apartment owners do; they give back in many different ways and yet they unfairly have a bad reputation in the community,” Doug Bibby, president of NMHC, tells MHN. “We wanted to showcase their work as a best practice so that others in the industry can…

By Anuradha Kher, Online News EditorScottsdale, Ariz.–For the first time, the monthly total for consumers checking specific apartment unit availability online exceeded the one million mark, according to Realty DataTrust’s VaultWare reservation system, which logged the usage from July 1 to July 31, 2008.VaultWare distributes apartment unit availability information through a national network of over 125 Web sites that includes Internet Listing Services (I.L.S.), Internet search sites and property management Web sites. According to the VaultWare Online Marketing Index, the ILSs that renters frequent the most in their searches for online information accounted for a combined total of 294 “check…

By Anuradha Kher, Online News EditorPhiladelphia–The DePaul Group, developer of The Residences at Dockside in Philadelphia recently commissioned two landscape architecture students from Temple University Ambler to design the property’s terraces.Seniors Jenny Stewart and Jennifer Johnson used a collection of annual plants chosen specifically for the waterfront climate based on the surroundings and the overall feel at the luxury property. The plant selections included Lantana ‘New Gold,’ oleanders, Dracaena ‘Dusky,’ salvia ‘Black and Blue,’ leymus ‘Blue Dune,’ alternanthera ‘Purple Knight’ and others.  During the course of the project, the students researched the environment, took photos of the site, measured the…

By Erika Schnitzer, Associate EditorAventura, Fla.–In its first three months, LBC Design + Construction, an Aventura, Fla.-based decorating, creative consulting and construction planning firm, has been commissioned for $2.65 million worth of new business, modeling and decorating in South Florida.”We’re kind of an all-inclusive company,” says Louis Cohen, founder and principal of LBC Design, who formed LBC Design + Construction with Jason Shelley, vice president and general contractor at Shelby Homes. “We have really every service one might need within our company. We do everything from custom remodeling, home building and interiors. We do commercial work for lobbies, clubhouses, retail…

By Anuradha Kher, Online News EditorNew York–The New York office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan’s Upper West Side.The three-year construction loan is placed with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60 percent loan-to-cost with an additional mezzanine portion achieving approximately 72 percent loan-to-cost.The development site is located along Riverside Drive between 62nd and 63rd Streets. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units,…