National
NWP Services Corp., RealPage Both Launch New Programs for the MF Industry
NWP Services Corp.’s (NWP) TotalCSA is a 100 percent Vacant Recovery solution for the apartment industry. Part of NWP’s CSA Monitor offering, TotalCSA allows for identification, automated resident billing and recovery of 100 percent of electric and gas expense due to utility theft during the apartment resident’s lease, from the move-in to move-out date. TotalCSA is expected to recover 30 percent more in vacant charges.
Most Multifamily Properties Won’t Need Refi Soon: MBA Report
According to the Mortgage Bankers Association’s 2009 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes released this week, the volume of commercial and multifamily mortgage debt maturing this year and during 2011 is only about one-fifth of the total. Of the $1.45 trillion balance of outstanding mortgages held by non-bank investors, only 13 percent of the total ($183.9 billion) will mature in 2010 and 7 percent ($99.8 billion) in 2011.
SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear
The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.
Stage Is Set for Resumption of Apartment Development, Say Webinar Speakers
Speakers at a recent webinar suggested that conditions are being laid now for developers to begin to look into apartment development again.
HUD Secy. Donovan Addresses NYHC, NHC’s 36th Annual New York Housing Awards Luncheon
Shaun Donovan, secretary of The Department of Housing and Urban Development (HUD), was the keynote speaker at the New York Housing Conference (NYHC) and the National Housing Conference (NHC) Annual Awards Luncheon.
Apartment Finder Launches iPhone App
Apartment Finder has launched a new application that provides iPhone and iPod Touch users access to all its listings. Prospective residents can now use their cell phones to map apartment listings nearby or email or call properties directly for more information.
CBRE to Sell Chicago’s Largest Master-Planned Community
CB Richard Ellis has been retained to sell Grande Reserve, Yorkville. With a total of 1,877 residential units situated on 771 acres, this is the largest master-planned residential community in the Chicago area to come to market.
Aries Capital Launches Multifamily Division
Aries Capital recently announced the formation of Aries Multifamily, a new operating division of the firm that will provide loans under $5 million for apartment properties across the nation. The new division will be led by Ryan Welsh, a commercial real estate executive with more than 10 years of experience incorporating commercial and multifamily underwriting, loan origination, portfolio management and loan sales.
New Associations Formed for Student Housing, Research Specialists
Jack Kern, managing director at Washington, D.C.-based Kern Investment Research LLC, and Dr. Sam Chandan, president and chief economist of Real Estate Econometrics, recently announced the launch of The National Student Housing Council (NSHC) to focus exclusively on the student housing sector. John Buttarazzi, owner of Varsity Capital Advisors, is the organization’s founding advisory board president.
Renters Are Willing to Pay More Rent for Additional Security Amenities
Renters seek a safe haven when searching for an apartment. According to a national Apartments.com survey—conducted during national crime prevention month—96 percent of respondents said neighborhood crime rate influences where they choose to live.