News
2008 Technology Choice Award Winners
Dear Reader, Technology impacts nearly every aspect of the multi-housing business, from marketing to property management, resident payments to security. For multi-housing executives trying to squeeze out profits and tighten efficiencies, the implementation of new technologies and systems can make all the difference. It is therefore with great pleasure that MHN honors the 2008 winners of our annual Technology Choice Awards. The companies shown here represent the leading edge in a highly competitive field. You and your peers have voted these firms as the “best of the best” in terms of providing innovative system design, system reliability, return on investment,…
Market Report: Sunshine State?
By Teresa O’Dea Hein, Managing EditorWhile the Sunshine State continues to attract new residents and create some jobs, the multifamily market there is still dealing with the housing crisis fallout on a variety of fronts.”Other than Las Vegas, Miami is the most overbuilt condominium market in the U.S.,” says Lewis Goodkin, CRE, FRICS, MIRM, president and CEO of Goodkin Consulting, based in Miami. “I think we haven’t yet seen the worst of this mess, with all the condominium units yet to close.” In fact, Goodkin predicts that a number of units under construction won’t close and notes that a major…
Bright Ideas
Does your lighting save energy, reduce operating costs and increase occupancy? As property owners, investors and managers strive for energy efficiency and cost savings, lighting becomes an increasingly significant factor. “The biggest trend right now is value engineering,” says Doug Lauck, vice president of Multifamily Lighting Solutions based in Columbus, Ohio. “Developers are trying to get the best value for the money. They want a good-looking light for as little as possible.”Value engineering, Lauck explains, involves determining the most cost-effective solution for the buyer, which often includes bulk purchasing and using the same lights at multiple projects. Energy efficiency and…
DEAL OF THE DAY: Los Angeles-Based Company Buys 12-Unit Rental Community for $1.28M
By Anuradha Kher, Online News EditorImperial Beach, Calif.–Hendricks & Partners recently arranged the sale of Grove, a 12-unit apartment community located in Imperial Beach, Calif., for $1,280,000. The property is located at 1423-1433 Grove Ave. between 14th and Granger streets.Los Angeles-based Coronado Avenue Associates LLC sold the property to Yaroslav Kushnir (or assignee) of Chula Vista, Calif.
Multi-Housing Executives on the Move
James P. Gross Joins MBA as Associate VP of Accounting, Tax, Bank Regulation Washington, D.C.–The Mortgage Bankers Association (MBA) recently appointed James P. Gross as associate vice president of accounting, tax and bank regulation. In this capacity, Gross will help develop and implement MBA’s strategy on legislative, regulatory and industry issues in the areas of accounting and tax policy and bank regulatory capital. He will also be the staff representative to MBA’s Financial Management Committee. “Gross’ thorough understanding of financial management and accounting standards and his years of active participation on our Financial Management Committee will allow him to step…
First Phase of Rockville Centre Rehabilitation Project Completed
By Anuradha Kher, Online News EditorRockville Centre, New York–Omni Housing Development LLC recently completed the first phase of rehabilitation of Rockville Centre’s only low-income housing project, Rockville Centre Apartments, which is currently undergoing rehabilitation as part of a five-phase project. The first phase includes two of the nine, 35-year-old buildings located in the village of Rockville Centre at 160 North Centre Ave. When complete in 2009, Rockville Centre Apartments will contain 154 garden-style units in total.Previously a New York state public housing project, it is now being funded by Low Income Housing Tax Credits with funding from the Nassau County…
DEAL OF THE DAY: 322-Unit Rental Community Recapitalized at $100M
By Anuradha Kher, Online News EditorLos Angeles–The Pegasus Apartments, a 322-unit luxury apartment community was recently recapitalized at a value of approximately $100 million with Buchanan Street Partners.The Kor Group purchased this 425,000-sq.-ft. former General Petroleum Headquarters building in 2001 and converted it into luxury rental apartments with modern amenities.The Pegasus Apartments features ground floor retail, including The Daily Grill, at 612 S. Flower St.CBRE’s Capital Markets Group arranged the financing for this loan.According to Brad Korzen, CEO of The Kor Group, “Pegasus was and is a visionary project important to Downtown L.A.’s 24-7 vibrancy. We remain committed to Downtown…
21-Unit Brooklyn Property Rededicated as Part of $20M Plan to Preserve Affordable Housing
By Anuradha Kher, Online News EditorNew York–The first building to benefit from the Inclusionary Zoning Provision of the historic Greenpoint-Williamsburg Land Use and Waterfront Plan, approved by city officials in 2005, was recently rededicated as part of a $20 million plan to preserve affordable housing in North Brooklyn for more than 600 low-income New York residents.In all, 15 buildings will receive crucial renovations and upgrades through the preservation strategy created by the St. Nicholas Neighborhood Preservation Corp. (St. Nicks), a Brooklyn nonprofit that owns and manages affordable housing, and supported by Enterprise.The 21-unit building at 306 Union Avenue, which St….
Q&A with Douglas Pope: The Future of Multi-Housing Marketing is Online
Douglas Pope is the co-founder of hotpads.com, a Web site that offers a map-based search for buying, selling or renting homes. Recently, PC magazine named hotpads one of the top real estate websites. Twenty-six-year-old Pope (pictured), who founded the company with his college friends, talks to MHN Online News Editor, Anuradha Kher about his site, what the housing downturn has revealed about multi-housing and why he thinks the future of multi-housing marketing is online.MHN: How did you get the idea to start this site?Pope: The founders of HotPads were college roommates at the University of Notre Dame. Following graduation we…
Multifamily Property Prices Show Signs of Decline
By Anuradha Kher, Online News EditorNew York–Multifamily property prices, while down 2.3 percent for the March/April period, reported the highest value change at 5.7 percent compared to a year ago, according to Standard and Poor’s April results for the S&P/GRA Commercial Real Estate Indices.“There has been a 5.7 percent gain in multifamily property prices in the entire year, but a 2.3 percent loss in less than two months, which is not a good sign,” David Blitzer, chairman of the Index Committee Standard & Poor’s, tells MHN. “There are increasing concerns about the employment market so apartments are not going to…