News
EDITOR’S NOTE: The Industry Prefers Status Quo for Fannie and Freddie
By Keat Foong, Executive EditorIn the past week, press reports seem to be intensifying in regards to the need for a government bailout of Fannie Mae and Freddie Mac. Financial conditions at the Government Sponsored Enterprises (GSE), it is reported, are continuing to worsen; their stock prices have fallen by a chunk so far this year; investor confidence in the GSEs’ debt securities is falling and consequently, the agencies’ cost of capital is rising. In the midst of all these reports, there is speculation that Fannie Mae and Freddie Mac cannot continue in their present structures in the long term…
TODAY’S DEALS: Northland Acquires 2,985-Units Portfolio for $270M, and Other Transactions
By Anuradha Kher, Online News EditorAustin, Texas–Northland Investment Corp.’s Northland Fund III has acquired a portfolio of nine Class A communities comprised of 2,985 apartment units for $270 million. The transaction is the largest multifamily acquisition in Austin’s history.The newly acquired portfolio includes River Stone Ranch (pictured), Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek. With this acquisition, Northland’s Austin portfolio totals 4,500 apartment units. “This acquisition follows one of our core strategies of building a significant presence in select…
TransUnion Launches Online Rental Application Tool
By Erika Schnitzer, Associate EditorChicago–TransUnion, a credit and information management company, has launched MySmartMove (www.mysmartmove.com), an online solution to help small multifamily operators and independent rental owners evaluate prospective residents’ rental applications.TransUnion’s goal was to take the level of sophistication of its Credit Retriever product and apply it to the market of smaller property management companies, says Mike Mauseth, vice president of business strategy and development for TransUnion’s rental screening solutions. The target market for this tool is managers of 300 or fewer units, though Mauseth asserts that managers with larger portfolios have also shown interest.With MySmartMove, property managers and…
Innovative 38-Unit Townhome Project Completed in Downtown Phoenix
By Anuradha Kher, Online News EditorPhoenix–JAG Development has recently completed construction of its latest project, Portland 38, the first large-scale private investment in years in the historic Garfield District, adjacent to downtown Phoenix. Located at 7th and Portland streets, the 38-unit complex, designed by award-winning architect and Arizona State University professor Michael Underhill, features a large play pool with tile accent walls, communal dining and barbeque areas, and a reflection garden.“There are close to 60,000 people working in downtown Phoenix and with gas prices rising, many want to cut down their commutes. As a result, demand for products in this…
Kitchen Cabinetry from Snaidero
Snaidero will provide kitchen cabinets for the new Ritz-Carlton Residences at L.A. Live, a 224-unit project being built in downtown Los Angeles above the Ritz-Carlton Hotel. Sistema Zeta (pictured), the line that will be featured in the Ritz-Carlton Residnces, is a streamlined, contemporary kitchen line that allows flexible layout combinations and plenty of storage space. Back panels can be equipped with practical, long shelves that run through the entire length of the wall unit, and rails stocked with accessories and utensils. The drawers come fully accessorized with cutlery trays to store and organize silverware neatly. Cabinets can also come with…
Lack of Financing Causes Multifamily Property Sales to Decline in NYC, Los Angeles, San Francisco
By Anuradha Kher, Online News EditorNew York–Compared to second quarter 2007, Los Angeles, New York and San Francisco saw major setbacks in the number of sales, according to Investment Properties Report, Q2 2008, a quarterly analysis of multifamily homes in the three regions conducted by PropertyShark.com, based in New York.“The biggest problem causing the setbacks in the number of sales is the lack of financing for properties, which means there are fewer buyers in the market,” Bill Staniford, CEO, PropertyShark.com, tells MHN. “It is the basic malaise in the economy right now and people are holding onto their properties because…
Poskanzer Skott, Page + Steele Design 36-Unit Luxury Rental for LeFrak Organization
By Anuradha Kher, Online News EditorJersey City, N.J.–Poskanzer Skott Architects, along with Page + Steele Architects of Toronto, has designed the new 470,505-sq.-ft. Aquablu Towers in the Newport community of Jersey City, N.J. The 33-story rental apartment complex is located at 110 River Dr. in Newport, which is a development of The LeFrak Organization. Aquablu features 360 luxury rental apartments ranging from studios to three-bedrooms units. Poskanzer Skott provided full architectural design services for the tower. The project is expacted to be complete in early 2009.Barry Poskanzer, AIA, principal and partner, and Anthony Juliano, project manager, led the project.”It’s always…
FAA Speakers Advise Property Managers to Change It Up for More Productivity
By Erika Schnitzer, Associate EditorChampionsGate, Fla.–With the theme of this year’s Florida Apartment Association (FAA) education conference & trade show being “Celebrating Change,” the speakers at the convention discussed the need for property mangers to adjust to a new generation and, in doing so, embrace the changes that are occurring in society and thus affecting the industry.Alex Jackiw, CAPS, CPM, executive vice president of Buckingham Companies AMO, an Indianapolis-based full-service management, development and construction company, led a session entitled, “The Changing Face of Our Workforce: Four Generations Working Side by Side.” As she noted, this is the first time in…
TODAY’S DEALS: Post Sells Atlanta Apartment Property, Refinances Two More, and Other Transactions
By Scott Baltic, Contributing Editor, Commercial Property News and Anuradha Kher, Online News EditorAtlanta–It’s only Wednesday and already it’s been a big week for upscale multifamily developer Post Properties of Atlanta. The REIT has sold its 250-unit Post Oglethorpe apartment community in Atlanta’s Brookhaven area for $38.5 million and has refinanced two apartment complexes held in joint ventures. In addition, two of the big three credit rating agencies recently had some news for the company.In June, citing difficult market conditions, Post had announced that it was ending its five-month effort to be acquired, having received some inquiries but no definitive…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorBenjamin J. Rosenberg Joins Charles Dunn Investment Services Group as Associate Los Angeles–Benjamin J. Rosenberg recently joined Charles Dunn Company as an associate in the company’s investment services group.Rosenberg, who will be based in the company’s West Los Angeles office and will be responsible for market share and sales volume, specializes in the acquisition and disposition of multifamily properties in the greater Los Angeles area, including Hawthorne, Gardena and Los Angeles. Before joining Charles Dunn, Rosenberg spent three years as an associate with Marcus & Millichap Real Estate Investment Services. Fredrik Eklund Promoted to Managing…