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Zephyr
The ultra-slim series of kitchen range hoods from Zephyr has retractable canopies that extend as little as five inches from the wall making it ideal for small multifamily kitchens. In addition to a choice of more than 20 designs, the island, under-cabinet and wall-mounted models can also be customized with stainless steel, magnesium, colored glass or etched glass. The hoods can also be laminated.The Tamburo is an under-cabinet model that offers halogen lighting, three speeds and an adjustable utensil bar to keep larger cooking utensils right above the cooking surface. The hoods are based on compact motor design that not…
U.K. Mortgage Loans Sink to Lowest Point Since 2005 in December
London–Gross mortgage lending in the U.K. hit its lowest level since May 2005 last month due to tough lending situations and low confidence in the housing industry, according to data from the London-based Council for Mortgage Lenders.Gross mortgage lending dropped to £22.6 billion in December, 25 percent below November’s lending volumes. Although the housing market is often slow at the end of the year, lending volumes usually only decline 6 percent between November and December, The Financial Times reports.Members of the Council for Mortgage Lenders assume roughly 98 percent of U.K. residential mortgage lending. The council’s figures are viewed as…
Chinese Banks May Be Bracing for Subprime Hit
Shanghai–The president of the China’s sixth-biggest bank said Chinese bank earnings will likely be lower this year because of the government’s attempt to slow the economy and the U.S. subprime mortgage crisis, according to The Guardian.”We have to be very realistic: We are facing many challenges this year which are not only from home but also abroad,” China Merchants Bank Co. President Ma Weihua told Reuters Monday.China Merchants Bank Co. sold the U.S. subprime-related investments it made in 2004 two years later for 13.4 percent returns. However, China’s larger, state-owned banks–including the Bank of China–might not fare as well.Bank of…
Leasing by Example
By Wendy WalkerIn the multifamily industry, we work hard to make sure that our leasing professionals are prepared to sell our community to the prospect or “future resident.” But what about our community managers? By the time a community manager reaches that position, this person has spent a lot time in a room posting rent as an assistant manager. When promoted to manager, he or she is then bombarded with budgets, expense control, leadership, etc. We forget that they have not had leasing training in a very long time and yet it is imperative that people lease by example.There are…
464-Unit Community Sold for $65.5 Million
By Anuradha Kher, Online News EditorFederal Way, Wash.–Fairfield Residential, a privately held real estate operating company, recently bought Glen Park, a 464-unit community spread across 33 acres at West Campus in Federal Way, Wash. for $65.5 million.Apartment Realty Advisors (ARA), a multi-housing brokerage and advisory company, executed the transaction on behalf of Fairfield Residential. “The acquisition of this institutional quality asset, in the much-sought-after Puget Sound area, provides an excellent repositioning opportunity for Fairfield Residential and aligns well with their overall investment strategy,” says ARA Vice President Jim Claeys.Glen Park, located 25 miles south of downtown Seattle, includes a mix…
TCR Announces Plans for 280-Unit Rental Community
By Anuradha Kher, Online News EditorAlexandria, Va.–Trammell Crow Residential (TCR) is developing a 2.8-acre 280-unit rental apartment community called Alexan Carlyle, located at 800 John Carlyle St. in the Carlyle neighborhood of Alexandria, Va.Alexan Carlyle is a $94 million joint venture between TCR and Olayan America Corp., with construction financing provided by PNC Bank. This is TCR’s latest luxury apartment development in the Washington D.C. metropolitan area. It will have feature stories and amenities will include a pool, clubhouse, exercise room, billiards room, business center and more. Designed by Cubellis DCA, the building incorporates three distinct architectural styles. One portion…
John M. Corcoran and Post Properties Share NMHC’s Annual Good Neighbor Award
By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) has presented its second annual Good Neighbor award to Braintree, Mass.-based John M. Corcoran and Co. and Atlanta-based Post Properties.The Good Neighbor award, instituted last year, honors apartment owners and managers with a good record of community service and philanthropy. The award of $10,000 is split evenly between the winners’ charities.John M. Corcoran and Co. received this honor for its support of the St. Mary’s Women and Children’s Center in Dorchester, Mass. and Post Properties won for its charitable arm, the Post HOPE Foundation.“Between the two companies, it…
Apartment Hunting Goes Mobile
By Teresa O’Dea Hein, Managing EditorCamden, N.J. – To facilitate the apartment hunting/marketing process, a new technology combines mobile location technology, such as GPS, with information about real estate listings, neighborhoods and nearby places of interest delivered to cell phones and other mobile devices. Smarter Agent has earned three patents for its mobile location-triggered real estate search capabilities, which are available across the U.S. “Mobile is growing much faster than the Internet, so we’re capturing that audience,” says CEO Brad Blumberg, who comes from a real estate family. “People are using their cell phones more and more.”Currently, Smarter Agent is…
ULI Book Outlines Ideas and Designs on Sustainability
By Anuradha Kher, Online News EditorIrvine, Ca.–The Urban Land Institute’s newly released book called Developing Sustainable Planned Communities outlines strategies to design and develop sustainable planned communities that are environmentally responsible, attractive to the market and profitable. The book, which eight sustainability experts contributed to, is a practical guide with case studies that cover green practices in urban, suburban and rural settings.“The authors trace the evolution of planned communities over the last 40 years with case studies illustrating how the definition of sustainability has changed over that period of time, what it is today and how it can be implemented,”…
DEAL OF THE DAY: 280-Unit Illinois Apartment Complex Sells for $39 Million
Naperville, Ill.–Phoenix-based multifamily sales and research firm Hendricks & Partners recently sold a 280-unit apartment community in Naperville, Ill. for $39,200,000.The Lincoln National Life Insurance Co. of Fort Wayne, Ind. sold Thornberry Woods to a fund managed by UBS of Hartford, Conn. Art Wadlund of the Tucson, Ariz. Hendricks & Partners office and Ralph DePasquale of the Chicago office negotiated the transaction on behalf of Lincoln.Constructed in 2002, Thornberry Woods consists of 14 two- and three-story buildings with 260,190 square feet of rentable living space.The complex’s one- and two-bedroom units feature kitchens with maple cabinets, modern bathrooms with laminate flooring,…