News

GEDCO, Enterprise Celebrate Grand Opening of Newest Edition to Affordable Senior Housing Development

By Erika Schnitzer, Associate EditorBaltimore—Enterprise Homes and Govans Ecumenical Development Corporation (GEDCO) recently celebrated the grand opening of Ednor Apartments II, an 85-unit affordable apartment community for seniors.The $12 million four-story Ednor Apartments II is part of the Stadium Place Retirement Community, Baltimore’s newest community for seniors 62 and older designed to provide both market-rate and affordable housing. In addition to the apartments, the community features a YMCA of Central Maryland recreational facility.The majority of the project is targeted for those earning between 30 and 60 percent of the area median income, with four units reserved for those earning above…

Multi-Housing Industry Employees Get Time Off to Vote

By Anuradha Kher, Online News EditorNew York–With long lines and waits for voting this Nov. 4 across many neighborhoods, the multi-housing industry ensured that their employees got ample time and no penalties for any time they spent out of the office today, casting their ballot.The National Multi Housing Council (NMHC) encourages everyone to vote. Employees are given paid time off to vote in any municipal, county, state or federal political party primary or election. “And judging by the number of ‘I voted’ stickers around the office today, nearly everyone has done so,” a spokesperson for the NMHC tells MHN.The National…

Q&A with David Gross: The Biggest Challenge to Green Development Is Fear of the Unknown

David E. Gross, AIA, is a founding partner of GF55 Partners, a New York-based architecture firm that is currently working on projects in Florida, New Jersey and New York. Over the past 20 years, GF55 has completed work on apartment buildings, condominiums, senior centers and mixed-use projects. Gross is currently on the board of directors of the New York State Association of Affordable Housing and serves on the Housing Committee of the AIA (American Institute of Architects). He has published articles in New York Real Estate Weekly, Suncoast Magazine and Avenue Magazine.GF55 has designed LEED (Leadership in Energy and Environmental…

Trend May Not Hold

Interest rates: The rise in the LIBOR index reflects the constricted – nearly paralyzed – condition of bank lending at this time. The prime rate remained steady through September. The half-point rate emergency rate cut didn’t occur until October…and many expect another cut later this month. The brightest spot on the interest rate horizon is the continued healthy performance of 10-year Treasury notes – at least, it’s bright for those have them in their portfolios.Building Materials: Prices for three of the four construction materials we track – cement, gypsum, and softwood lumber – fell slightly last month. Plywood was the…

A Tale of Two Cities

When multi-housing analysts, brokers and developers look at two key metropolitan areas of the Southwest—Denver and Phoenix—they’re presented with two very different stories. In short, while Denver is enjoying a strong multifamily market, Phoenix isn’t.In Denver, vacancies are expected to total about 6.2 percent for 2008 overall, and are anticipated to keep falling. Phoenix multifamily vacancies, by contrast, are at about 12 percent, with much higher vacancies in certain severely impacted submarkets. “Denver is continuing to outperform expectations, and Phoenix is underperforming,” reports Clyde Holland, chairman and CEO of Holland Partners, a Vancouver, Wash.-based development company with offices in Denver…

2008 Green Initiative Awards

Latex: Sherwin-WilliamsKitchen Cabinet Collections: AlnoEvolution Series Food Waste Disposers: InsinkeratorService:Rental Express e-Forms & e-Signatures: On-Site.comCorporate Initiatives: Gables Residential Inc. “Taking Care of Our Environment” Laramar “Green Team” AIMCO “AIMCO Energy Conservation” Clark Realty “Public-Private Partnership Sustainability”

Products: Shades of Green

By Erika Schnitzer, Associate EditorWith sustainable design quickly becoming the standard, manufacturers are turning to recycled content now more than ever. Those who have been doing so for years have upped the ante, utilizing materials in more innovative ways and employing higher percentages of recycled materials. “We’re finding consumers are becoming far more sophisticated about wanting healthy materials in their homes,” observes Robin Reigi, founder and president, Robin Reigi Inc., a New York-based sourcing, development, marketing and sales firm.Surfaces and carpets are just two examples of products that incorporate post-consumer materials. Some products, such as recycled glass tile, have even…

Rohl’s New Villa Romantica Kitchen and Bath Collection

Rohl’s new kitchen and bath collections draw inspiration from the Villa Romantica trend, a combination of Spanish colonial and Mediterranean design influences.  The Perrin & Rowe Collection features classic designs with functional attributes for kitchen and bath. The ROHL Country Kitchen Collection includes the single lever kitchen faucet, which offers a nine-in. spout reach and is available in polished chrome, polished nickel, satin nickel, Tuscan brass and Inca Brass. The design of the three-leg bridge kitchen faucet with handspray is available with five spoke handles, cross handles, metal levers and porcelain levers, each offering a different look. The Country Bath…

TODAY’S DEALS: Harbor Group Acquires Two Rental Properties for $69.2M, and Other Transactions

By Anuradha Kher, Online News EditorVirginia Beach, Williamsburg, Va.–Harbor Group International LLC has acquired the 458-unit Mariner’s Cove Apartments, located in Virginia Beach, Va., for $46.4 million and the 220-unit Steeplechase Apartments (pictured), located in Williamsburg, Va., for  $22.8 million from an affiliate of Apartment Investment and Management Company’s (AIMCO). “Harbor Group has a vested interest in the Hampton Roads market,” says T. Richard Litton, Jr., president of Harbor Group. “The area has experienced steady growth over the past 10 years and the multifamily market has strengthened. We look forward to adding value to the property through capital improvements and…

AvalonBay Employees, Residents Participate in ‘Make A Difference Day’

By Anuradha Kher, Online News EditorAlexandria, Va.–Several thousand residents, staff and management of AvalonBay apartment communities all across the U.S. recently participated in “Make a Difference Day,” a national day of service sponsored by USA Weekend.AvalonBay’s corporate office in Alexandria, Va. planned and organized a range of activities throughout the company’s residential communities nationwide. AvalonBay contributed with their time, energy and talents to improve the quality of life in its neighborhoods, towns and counties. AvalonBay CEO Bryce Blair says, “This was a wonderful weekend of sharing AvalonBay’s spirit of caring in many of our communities across the country. It has…