News
Less Capital Allocations for Multifamily This Year
By Keat Foong, Executive EditorOrlando, Fla.— In the current environment, it may be more imperative than ever that multi-housing developers have to “play smart.” The fact of the matter is, capital suppliers are concentrating their attention on only certain deals, confirms Martin Kamm, managing director of Jones Lang LaSalle, a real estate investment manager and advisor. Kamm says lenders are looking for well-capitalized developers with whom they can build a strong relationship. If you do not fall into this group, it may be harder to get the debt financing you want. “Lenders want to focus their allocations on relationships tested…
Silverado Senior Living Selects Yardi Voyager Software to Manage Multi-State Portfolio
By Anuradha Kher, Online News EditorSanta Barbara, Calif.–Silverado Senior Living has selected Yardi Voyager senior housing software to manage its multi-state portfolio.As a provider of specialized care for senior citizens with Alzheimer’s, Parkinson’s, vascular and other memory impairment diseases, Silverado offers services for treatment during earliest onset of the disease through end-of-life care.Silverado operates 16 communities (1,021 beds) as well as care management, home care and hospice services throughout Texas, California and Utah, with further expansion planned for 2008. Silverado, a privately owned organization with multiple investors, needed a transparent system that could centralize operations and streamline workflow throughout their…
DEAL OF THE DAY: Laramar Group Acquires Suburban Seattle Property at About $60,000 per Unit
Burien, Wash.–The Laramar Group has acquired Vintage Park, a 543-unit property in Burien, Wash., 11 miles south of Seattle at a rate of low $60,000s per unit.Vintage Park, to be renamed The Heights at Burien, is the fifteenth property acquisition for Laramar Group’s Multifamily Value Fund, which launched in December 2006. The property was acquired directly from the seller.Jeff Elowe, president of the Laramar Group, says, “With major renovations planned, the upgraded property will offer residents high-quality, centrally located apartments in a growing community that otherwise presents a wide affordability gap to home ownership.”Constructed in the mid-1940s, the 543-unit garden-style…
Multi-Housing Executives on the Move
BCArchitects Names Adan Fons Principal Miami–BCArchitects, an architectural firm specializing in design, production and construction administration of luxury residential, hospitality, retail and mixed-use projects, has named Adan Fons principal. “Adan has tremendous experience and great passion for his work which results in innovative architectural solutions that are consistent with BCA’s standards of excellence,” says Kenneth L. Tobin, principal and CFO of BCArchitects who heads the firm’s Celebration, Fla. office.In addition to continuing to serve as the director of design, Fons’ new role will include the day-to-day management of operations at the firm’s Miami office.Fons has been involved in the architectural design…
New Program Offers Teachers in Costly N.C. Area Affordable Housing
By Erin Brereton, Midwest Correspondent Kill Devil Hills, N.C.–Dare County, located on the Outer Banks of North Carolina, is a popular tourist location–but its cost of living is extremely high compared to neighboring counties. As a result, local teachers had a hard time finding a place to live. However, a new program sponsored by local counties is offering area teachers reasonably priced housing options, such as an apartment building with 24 two-bedroom units in Hertford County, where 31 teachers now live. The SECU Foundation also broke ground this month on a new affordable housing project for Dare County teachers. Approximately…
Condo Prices Grow by 11% in the Bronx
By Anuradha Kher, Online News EditorNew York–Riverdale, Parkchester and Spuyten Duyvil are the three most popular Bronx neighborhoods for home seekers in New York City, according to ResidentialNYC.com, the Web portal created by The Real Estate Board of New York (REBNY), which for the first time is making thousands of New York home listings available to the public. Previously, New York City properties were not on any kind of Multiple Listing Service.ResidentialNYC tracks neighborhood searches in each of the five boroughs. Riverdale ranks number one in popularity for the Bronx, based on roughly nine million hits on ResidentialNYC.com since the…
KB Homes Posts $268.2 Million Fiscal First Quarter Net Loss
Los Angeles–KB Home–the fifth-largest U.S. homebuilder–announced its fourth quarterly loss in a row Friday, Bloomberg reports.The Los Angeles-based company’s fiscal first-quarter net loss was $268.2 million–more than twice what analysts had expected. KB’s revenue dropped 43 percent to $794.2 million; net orders plummeted 75 percent to 1,449 homes. In addition, Chief Executive Officer Jeffrey Mezger said in a statement that the housing market isn’t improving and probably won’t rebound soon. In the first quarter of 2007, KB Home posted a net income of $27.5 million.
Bay Area Distributor Opens Showroom for Sustainable Wood Products
Bay Area wood products distributor EarthSource Forest Products/Plywood And Lumber Sales Inc. has opened a showroom called The Urban Jungle. The new 2,200 sq.-ft. space features exotic flooring, outdoor furniture, decking, wall panels, custom cabinetry and millwork, most of which are certified by the Forest Stewardship Council (FSC). All products featured are manufactured with environmentally healthy, low-emitting adhesives and finishes; some are comprised of salvaged raw materials. “Our customer base includes as many architects and designers as woodworkers and finish carpenters,” according to EarthSource president Jeff Hunt. “It was our idea to create an environment for these aesthetically rich products…
Lennar Sees Fiscal Loss in First Quarter
Miami–Homebuilder Lennar Corp., headquartered in Miami, posted a fiscal first-quarter loss due to the housing slump and ongoing credit crisis, The Wall Street Journal reported Thursday. Lennar–one of the biggest U.S. homebuilders–announced a net loss of $88.2 million, compared with a 2007 net income of $68.6 million in the quarter ended Feb. 29. Lennar’s revenue plunged 62 percent to $1.06 billion, not counting charges connected to valuation adjustments and write-offs of option deposits and pre-acquisition costs. Gross margin on home sales increased to 17.1 percent–excluding valuation adjustments–from 15.6 percent. Orders dropped to 3,045, a 57 percent decreased. Deliveries fell 60…
Development Group Pioneers New Multifamily Community Social Living Concept
By Erin Brereton, Contributing Editor Charlotte, N.C.–Group projects. Environmentally oriented activities. “Happy hours” in the building where your dog can mingle with other residents’ pets. They’re all part of Crescent Multifamily Development Group’s new Circle concept–designed to encourage social interactivity in multifamily buildings. After reviewing and analyzing current industry trends and marketplace needs, Crescent created the concept, which involves creating apartment complexes that encourage neighbors to connect. Circle communities are under construction in North Carolina and Florida featuring upscale amenities and environmentally friendly design that focuses on enriching social experiences. “Circle promises to be a distinct choice for apartment living,”…