News
Q&A with Dr. Catherine L. Ross: Shrinking Footprint of American Home Offers Greater Potential for Multifamily Developers
Dr. Catherine L. Ross is the first executive director of the Georgia Regional Transportation Authority. She has extensive experience in transportation and urban planning, and organizational management consulting for both the public and private sectors. She is an internationally known transportation planner with experience in conducting transportation planning, urban and regional planning, quality growth and project impact assessments. Dr. Ross is Georgia Tech’s College of Architecture’s first endowed faculty member. She holds the Harry West Chair of City and Regional Planning and directs the Center for Quality Growth and Regional Development (CQGRD).She talked to MHN Online News Editor, Anuradha Kher,…
Finalists Selected for MHN’s First Annual Green Initiative Awards
By Erika Schnitzer, Associate EditorThe finalists have been chosen for MHN’s First Annual Green Initiative Awards. Products, services and corporate initiatives were chosen based on progress toward advancing green ideals.The panel was comprised of five judges who have demonstrated an understanding of sustainability in the multifamily industry. The panel included Tim Button, a partner at Stedila Design Inc., an interior design firm commissioned to work on New York-based The Albanese Organization’s Visionaire, Solaire (LEED Gold) and Verdesian (New York’s first LEED-Platinum high-rise); Anne Sadovsky, certified speaking professional, member of the Multi-Housing World Advisory Board and a recycling advocate; and Robin…
Bush Drops Resistance to Housing Bill; House Expected to Vote Today
By Erika Schnitzer, Associate EditorWashington, D.C.–Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.The housing rescue package, which the House of Representatives is expected to vote on today, outlines approximately 20 various provisions, including establishing a new regulator for Fannie Mae and Freddie Mac, creating a program within the FHA (Federal Housing Administration) to refinance distressed loans and providing $3.9 billion in funding to stabilize communities devastated by the mortgage crisis. Bush’s veto threat…
HUD Modernizes FHA with LIHTC Program
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently issued the Mortgagee Letter 2008-19, streamlining the processing of Federal Housing Administration (FHA) multifamily insurance applications with Low Income Housing Tax Credits (LIHTC).The Mortgagee Letter includes important changes to FHA processing, which will provide flexibility and cut costs, making FHA insurance a competitive financing vehicle for affordable rental properties with Low Income Housing Tax Credits. “There are two very significant benefits that come with this letter,” Cathy Pharis, director at Deutsche Bank Berkshire Mortgage, tells MHN. “For one, FHA will be able to commit…
DEAL OF THE DAY: GPX Completes $3.6M Capital Improvement Plan for Stillwell Apartment Portfolio
By Anuradha Kher, Online News EditorHaverford, Pa.–GPX Realty Partners L.P. recently completed a $3.6 million capital improvement program across its Stillwell Apartment portfolio. The portfolio consists of five communities totaling 309 units across 20 buildings and is located in Montgomery and Delaware counties, Pa. GPX Realty Partners acquired the portfolio last June.The capital improvements made throughout the five developments include upgraded unit interiors, from new windows to new kitchens; refreshed building exteriors; new community signage; extensive landscaping; new roofing systems; parking lot and driveway repairs; and electrical and lighting work.”The multi-million dollar investment we’ve made to upgrade and modernize these…
Salt Water Systems Gaining Popularity for Pools
By Connie Sue CentrellaSwimming pools are a cool refuge for residents this time of year, and maintaining them could become easier with the evolution of salt water systems. Salt water systems are now gaining in popularity for a number of reasons, including the reduced handling of chemicals by staff and potential cost savings. While the initial installation is more expensive than that of the traditional chlorine erosion feeder, the process continually makes chlorine without the need to manually add additional tablets to a feeder. Therefore, while the initial cost is more, over a period of time, pool managers will notice…
Greystone Develops $3M – $7M Green Condos in New York’s Carnegie Hill Neighborhood
By Lisa Iannucci, Green Building CorrespondentNew York–Manhattan’s Carnegie Hill neighborhood — known for its mansions and townhouses — will soon be a little greener with nine three- and four-bedroom green condominiums now in construction. Developed by New York-based Greystone Property Development and designed by Barry Rice Architects, the homes will include recycled, local and sustainable materials, a geothermal well that will feed the primary heating and cooling system; and collected rainwater to irrigate the private bi-level garden.“At Greystone, we are committed to developing buildings that are innovative and eco-conscious,” says Jeffrey Simpson of Greystone Property Development. “Geothermal heat pumps allow…
Spa Days: Residents Offered Free Treatments On Site
By Teresa O’Dea Hein, Managing EditorNew York–Who doesn’t like a little pampering? Everybody appreciates a break now and then, and one multifamily owner is making sure that its residents get the chance to savor some R and R. The Gotham Organization Inc. offers residents at its midtown Manhattan apartment buildings the opportunity to savor free manicures, pedicures, facials and massages–right in their own buildings–once a month on Saturdays and Sundays during the summer. Plus, residents can choose to attend a spa event in another Gotham building if it better suits their schedules. For five hours on a recent Saturday afternoon,…
DEAL OF THE DAY: Student Housing on West Coast Sold for $45M
By Anuradha Kher, Online News Editor Riverside, Calif.–GMH Capital Partners recently arranged the sale of the GrandMarc at University Village, a 212-unit, Class A apartment complex in Riverside, Calif., for $45 million.Kayne Anderson, a Los Angeles-based investment company, purchased GrandMarc at University Village. The property consists of eight four-story apartment buildings and one single story leasing office/clubhouse. It includes 212 units with 760 beds, totaling 277,724 sq. ft. of net rentable area. GrandMarc at University Village was completed in 2001 to house students at The University of California, Riverside. The community features one-bedroom/one-bathroom, two-bedroom/two-bathroom, three-bedroom/three-bathroom and four-bedroom/four-bathroom apartments with an average…
NMHNC/NAA Ad Criticizes U.S. Housing Policy’s Over-Emphasis on Homeownership
By Anuradha Kher, Online News EditorWashington, D.C.–As lawmakers struggle to complete their work on a comprehensive housing stimulus bill, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) have released a new advertisement, urging lawmakers to learn from the country’s past mistakes and adopt a more balanced housing policy.“NMHC/NAA and others have been warning as far back as 2004 that the nation would likely pay a high price for its ‘homeownership at any cost’ housing policy,” says NMHC/NAA Senior Vice President of Government Affairs, Jim Arbury. “The silver lining in the financial and housing crisis, which was both…