News
Plans Unveiled for 228-Unit Rental Community in Dallas’ Arts District
By Anuradha Kher, Online News EditorDallas–JPI recently broke ground on Jefferson, a 228-unit luxury rental community in the Arts District in downtown Dallas.Located at the northeast corner of Ross Avenue and Routh Street in Dallas, Jefferson at the Arts District will be a part of the city’s 68-acre urban cultural district featuring the Dallas Museum of Art, the Nasher Sculpture Center, the Morton H. Meyerson Symphony Center, the Margot and Bill Winspear Opera House (currently under construction), and the Dee and Charles Wyly Theatre (also currently under construction).The community is situated five blocks from the city’s planned Woodall Rodgers Park,…
IREM, USGBC Sign MOI to Promote Sustainable Building
By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) and the U.S. Green Building Council (USGBC) recently signed a Memorandum of Intent outlining collaborative efforts to promote green building development, energy efficiency and environmentally responsible building operations across all property types.The memorandum establishes a cooperative working relationship between IREM and the USGBC that will include educational webinars and conferences available to IREM’s members for a discounted price, as well as a research publication. Also, through this memorandum, IREM will be able to offer Leadership in Energy and Environmental Design (LEED) certification to its members.IREM has 18,000 members…
Affordable Housing Company Successfully Redevelops Brownfield
By Lisa Iannucci, Green Building Corresspondent New York–According to the Environmental Protection Agency (EPA), a “brownfield” is a property where the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. Although some developers are hesitant to work with brownfields, especially because of the costs, other developers, such as the New York City-based The Arker Cos., are transforming brownfields into high-quality, affordable housing. The Arker Cos. transformed one Bronx brownfield that was formerly occupied by a shuttered gas station into the White Plains Courtyard. The Courtyard is a 100-unit,…
DEAL OF THE DAY: Fully Entitled Multifamily Site Bought for $1.85M
By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613…
Barcelona Developer to Open First U.S. Condominium
By Erika Schnitzer, Associate EditorNew York–The first U.S. development by Barcelona-based Espais Promocions Immobiliàries will open in New York later this summer. The property is currently 60 percent sold.”We have a very diversified demographic,” says Andres Hogg, general manager of Espais. “We have singles, married couples and small families.”The 142-unit Twenty9th Park Madison will offer studios, one- and two-bedroom residences, ranging from the low $600,000s to $2.4 million, as well as 10 two-bedroom penthouses, two of which have been sold. The penthouses range in size from 1,255 to 2,070 sq. ft. and are priced from $2.3 million to $4.5 million.Each…
SureDeposit Integrates with Resident Data
By Rachel Block, ReporterLivingston, N.J.–SureDeposit, which offers a security deposit system, has recently integrated with Resident Data to combine the two companies’ product services for their customers.SureDeposit offers a residents opportunity for paying a lower priced “surety bond,” rather than an expensive security deposit, which both improves a property owner’s risk management and lowers a resident’s move-in cost. SureDeposit is now going one step further by integrating with Resident Data, ChoicePoint’s resident screening service, to help their clients utilize both services. SureDeposit will automatically be offered to prospective residents during Resident Data’s resident screening process. The integration will be advantageous…
Q&A: Jack Kern of Kern Investment Research Counselors Discusses the Florida Housing Market
Jack Kern is the managing director of Germantown, Md.-based Kern Investment Research Counselors. He talks to MHN’s Online News Editor, Anuradha Kher about when Florida’s skyline is likely to return to normal, the oil crisis and its effects on housing and how he believes transit-oriented developments will become commonplace–not anytime soon.MHN: What is the likely impact of foreclosures in South Florida on the existing condo inventory? Kern: At least initially, the foreclosures in South Florida are proceeding along at a fairly orderly pace. Because there are a large number of unsold condo units, the foreclosure actions will ultimately add to…
DESIGN: How to Create Community Identities through Architecture
By Keat Foong, Executive EditorEstablishing a community identity is one of the critical elements of a successful project, and it can be accomplished through design. Not only does a well articulated and attractive identity differentiate a development from its competitors, but it also makes it more warm and inviting to prospects and therefore delivers clear marketing benefits.“Always try to create an identity from the time the prospects approach the project all the way to the time they enter their homes,” advises Ken Tobin, principal in the Celebration, Fla.-based Kenneth L. Tobin Architects, which is part of a collaboration with BCArchitects,…
DEAL OF THE DAY: Quantum First Capital Closes $1.583M Loan to Eight-Building Rental Community
By Anuradha Kher, Online News EditorNorman, Okla.–Quantum First Capital has closed a $1,583,000 loan to finance the Chateau of Normandy Apartments in Norman, Okla. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program.The loan was structured with a 10-year term with two years interest-only payments at a sub 6.50 percent interest rate. Jason Rice of Dallas¬-based Quantum First Capital originated the financing on this transaction on behalf of Chateau Normandy LLC.The eight-building, 65-unit garden-style apartment community is located south of Main Street at 515 24th Ave., N.W. in Norman.Spread…
Discrimination Lawsuit Filed Against N.J. Property Operator
By Erika Schnitzer, Associate EditorPlainfield, N.J.–The Immigration Reform Law Institute (IRLI) has filed a Fair Housing discrimination lawsuit, on behalf of a former employee and two tenants, against Connolly Properties Inc., a Plainfield, N.J.-based real estate investment firm and apartment operator. The suit is filed under the Racketeering Influenced and Corrupt Organizations (RICO) Act, enacted to combat organized crime, and is one of the first times both a RICO and a Fair Housing violation have appeared in the same complaint, says Mike Hethmon, general counsel for IRLI.IRLI contends that Connolly Properties intentionally rented apartments to illegal immigrants, laundering the proceeds…