News
EDITOR’S NOTE: Relative Calm in the Midst of Turmoil
By Keat Foong, Executive EditorIt was certainly hair-raising to watch the stock market in the past week. By Friday, the Dow Jones industrial average had fallen from 9,955.50 on Monday to 8,451.19 points—a drop that was reportedly even worse percentage-wise than the 17 percent plunge in the week ending July 22, 1933. Part of the current panic has to do with the suspended financing markets—which one would think at its worse can lead to economic collapse. In this regard, the Treasury’s announcement this week of the plan to inject $250 billion into banks, guarantee inter-bank lending and backstop the commercial…
Industry Speakers, Consultants Form National Alliance
By Erika Schnitzer, Associate EditorGreeley, Colo.—Professional speakers and consultants in the multifamily industry have recently come together to form the National Multifamily Speakers Alliance (NMSA).“It’s a group of people coming together for one cause: maintaining a high standard of performance for professional speakers in multifamily,” says Toni Blake, founder and president of NMSA. “Our real goal is about establishing professionalism and creating a set of criteria that people can work toward to establish themselves at a higher level.” All members must meet a certain set of criteria and sign a code of ethics.Additionally, NMSA creates a forum for speakers and…
TODAY’S DEALS: ARA Brokers Largest MF Sale in 2008 in Nashville Market , for $71.5M, and Other Transactions
By Anuradha Kher, Online News EditorNashville, Tenn.–Atlanta headquartered Apartment Realty Advisors (ARA) recently brokered the $71.5 million sale of Wyndchase at Aspen Grove (pictured), a 560-unit Class A multifamily community located in the Franklin/Cool Springs submarket in Nashville, Tenn.This is likely to be the largest investment sale in Nashville this year.The property was 95 percent occupied at the time of sale. Constructed in 1997, Wyndchase at Aspen Grove is comprised of 33 buildings situated on over 60 acres in a campus-like setting, surrounded by landscaped grounds that overlook the Vanderbilt Legends Golf Club providing residents with golf course views on…
Factory Made Doors and Windows from PGT Industries
PGT Industries’ three new impact-resistant door and window products for its Architectural Systems product line are designed with residential high-rise buildings in mind. The Storefront 3500 Series, consists of a commercial Storefront Entrance Door (ST3550) and a Storefront Window Wall System (WS3500). A Terrace Door (TER3050) is a new addition to the 3000 Series, which is ideal for condominium and apartment buildings.All these products save installation time and resources because it is a factory fabricated, pre-glazed system, enabling installers to reduce field labor by spending less time glazing units at the job site. This accommodates a faster closing of the…
Riverstone Forms Client Services & Business Development Group to Focus on Client Needs
Dallas–Riverstone Residential Group has initiated a new organizational structure and created a client services group. The new organizational structure is expected to position the Dallas-based company for growth and increase the focus on client services by enhancing core capabilities, strengthening internal systems and practices and creating a new client services group, according to the company. The change will also redefine the leadership roles of co-founders Christy Freeland and Terry Danner. Freeland will take over as CEO of Riverstone Residential Group and will be responsible for oversight of national operations, along with the internal resources, financial services and information systems divisions…
Multifamily Foreclosures Show Year-Over-Year Increase
By Anuradha Kher, Online News EditorIrvine, Calif.–The number of multifamily foreclosures more than doubled in July and August this year compared to July and August of 2007, according RealtyTrac U.S. Foreclosure Market Report for August 2008. Last July there were 4,501 multifamily foreclosures and this year there were 9,061 while last August there were 4,089 and this August saw 8,134 multifamily foreclosures.While the nation’s foreclosure activity rose almost 12 percent from the previous month and 27 percent from the same month in 2007 and one in every 416 U.S. households received a foreclosure filing during August this year, the number…
New Plan to Inject Capital into Banks Can Stop Market Deterioration, Says Expert
By Anuradha Kher, Online News EditorWashington, D.C.–The Bush administration said Friday that there would be a change in the $700 billion bailout plan to help buy mortgage-related securities. In addition to purchasing bad assets from banks, the government now plans to inject capital directly into the nation’s banks. The move came amid the Dow Jones industrial average plummeting 18 percent last week, one of the worst in stock market history, and the crisis spreading quickly around the world as governments across Europe and Asia hurried to save their banks.While the Treasury says it still plans to buy distressed assets, the…
INSIDE THE DEAL: Sale Takes Place Amid Already-Tight Credit Conditions
By Keat Foong, Executive Editor San Carlos, Calif.—Although it closed before the financial crisis further worsened in September, the investment sale of the 42-unit Laurel Theatre Apartments brokered by Marcus & Millichap Real Estate Investment Services was already taking place in an environment of scarcer credit.The seller, Laurel Theater Apartments LLC, “wanted a strong buyer in this market because loans are very difficult to obtain,” said Tom Doglio, vice president investments and director of Marcus & Millichap’s National Multi-Housing Group in Palo Alto, Calif. Twenty-plus offers were received from investors all over the Bay Area and Northern Califorinia, said Doglio….
TODAY’S DEALS: NorthMarq Capital Arranges $35M Mortgage for 258-Unit Student Housing Property, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Michael Fickes, Contributing Correspondent, CPNGainesville, Fla.–NorthMarq Capital Inc.’s Atlanta regional office arranged first mortgage financing of $35 million for The Woodlands of Gainesville (pictured), a 258-unit student housing facility, located in Gainesville, Fla.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.$100M JV to Acquire, Auction Builder Inventories, Bank ForeclosuresLos Angeles–Two real estate investment firms, Los Angeles-based LandCap Partners and Kennedy Wilson of Beverly Hills, have contributed $100 million in equity to a joint venture…
Multi-housing News Update: Fogelman Management Group Appoints Pam Brooks as Central Region VP, and Other Moves
By Anuradha Kher, Online News EditorNashville, Tenn.–Pam Brooks (pictured) has joined Fogelman Management Group (FMG) as regional vice president of the central region and will be based out of the company’s Nashville, Tenn. office. In this position, Robinson will be overseeing all facets of properties operations for FMG-managed properties within the region. Brooks has more than 18 years experience in multifamily property operations, most recently working for Colonial Property Trust and Trammel Crow Residential.CORE Group Marketing Names Mark J. Ripka Chief Operating OfficerNew York–CORE Group Marketing has hired Mark J. Ripka as its chief operating officer. Ripka has 20 years…