News

By Anuradha Kher, Online News EditorDallas–Atlanta-headquartered Apartment Realty Advisors recently launched its National Seniors Housing Group, which will be based in Dallas.“We looked at research on the long-term outlook for this market and realized that it has tremendous growth potential,” Brian O’Boyle, ARA principal and partner in the seniors housing group, tells MHN. “We believe this market is underserved. Our clients, especially our institutional clients, have repeatedly told us that their investment criterion has shifted to include more seniors housing product.” The group has seven employees, four of whom have prior experience in the seniors housing industry. They include Ryan…

By Erika Schnitzer, Associate EditorBoston–Continuing with the theme of architects needing to accept responsibility for their buildings, the speakers of Friday’s BIM (Building Information Modeling) panel discussion at the AIA (American Institute of Architects) National Convention and Design Exposition discussed the advantages of using this integrated technology.Collaboration and early involvement are two key points for utilizing BIM, said Markku Allison, an AIA resource architect. Traditional delivery of information needs to evolve so that all parties come together, Markku stated, resulting in an increase of data sharing. Using BIM at the beginning of the project raises productivity rates and allows for…

By Anuradha Kher, Online News EditorWashington, D.C.–The United States Green Building Council (USGBC) Board of Directors today released details of LEED 2009 for public comment. LEED 2009 is part of the LEED v3 vision articulated by USGBC. It includes LEED 2009 – LEED rating system updates/revisions, revision and evolution of the LEED certification process and LEED Online v3.The new version of the rating system delivers against key environmental and human health impacts, and puts in place a transparent framework for weighing credits accordingly, based on the best available science, according to Rick Fedrizzi, president, CEO and founding chairman of the…

Colored Glass Blocks by Pittsburgh Corning IntroducedUsed for interior applications only, Pittsburgh Corning’s new Designer Select Art series of colored glass blocks provides architects and interior designers the opportunity to collaborate. The blocks also offer residents a wider variety of color.This series marks the company’s introduction pf colored glass blocks, which are available in burgundy, iridescent, krinkle, sky blue, satin and white. Because of pattern variations, no two blocks are identical, making each design unique. The designs are available in 8 x 8 x 4 in.Made mostly from sand and limestone, glass blocks are 100 percent recyclable, as well as…

By Erika Schnitzer, Associate EditorBoston–As the first major U.S. city to mandate green building guidelines for private developments, the city of Boston is looking toward the future with a number of additional eco-friendly initiatives, as well as setting a standard which other cities can follow.Boston is leading by example in terms of energy efficiency, renewable energy, green building, urban forestry and recycling, explained James Hunt, III, the chief of environmental and energy services for the city of Boston, at the 2008 AIA National Convention which ends May 17.In addition to the standard LEED points, the city of Boston has already…

By Anuradha Kher, Online News EditorTroutdale, Ore./Walla Walla, Wash.–Hendricks & Partners recently arranged the sale of two properties located in the Northwest region of the U.S. Hampton Heights, a 64-unit apartment community located at 496-628 SW 257th Ave. in Troutdale, Ore., was sold for $4.8 million and Centennial West a 62-unit apartment community located at 1501 West Rose St. in Walla Walla, Wash., was sold for $1.7 million.Saint Helens, Ore.-based Hampton Heights LLC, owner of Hampton Heights, sold the property to B3R Properties LLC of Gresham, Ore. and Burbank Investor Services, headquartered in Santa Rosa, Calif. sold Centennial West to…

Washington, D.C.–Giving hope to the industry, new home construction rose 8.2 percent last month–due mostly to multifamily housing, the Commerce Department said Friday.Single-family home groundbreakings fell to a 17-year low–dropping from seasonally-adjusted annual rate of 704,000 to 692,000, the New York Times said.Housing starts increased to a seasonally adjusted annual rate of 1.032 million. Multifamily unit construction skyrocketed 36 percent after a 35 percent decline in March. “The bump in starts owes entirely to multifamily dwellings,” Michael T. Darda of MKM Partners told the Times. Darda also said that the single-family results show that builders are removing supply from the market,…

Washington, D.C.–U.S. homebuilder confidence registered at just one point above its lowest-ever level in May, according to the National Association of Home Builders.The NAHB’s housing market index was 19 in May–after registering at 20 from February through April, the San Jose Mercury News said Friday.The May reading was the second lowest on record for the index, which dates back to 1985. The low record–18–was set last December.Derived from about 400 residential developers, the index measures builders’ take on current buyer interest and home sale expectations in the next six months. Readings over 50 show that builders feel positively about the…

Frankfurt–The Frankfurt, Germany-headquartered European Central Bank expressed concern on Thursday about banks taking advantage of its efforts to unfreeze funding markets by abusing its liquidity plan to offload more risky assets than it had planned, the Financial Times said.Because signs persist that some banks are fashioning low-rated assets in order to trade them for treasuries at the ECB, governing council member Yves Mersch said that the ECB was “looking very hard at whether there is not a specific deterioration of collateral” that the bank is accepting in exchange for funds.As some mortgages have become harder to sell, central banks have…