Regions

By Anuradha Kher, Online News EditorAtlanta–Gables Residential’s leasing performance of its on-site associates is better than that any other participating company, according to the fourth quarter 2008 Ellis, Partners In Mystery Shopping’s (EPMS) quarterly EPMS Benchmark Survey.The company scored 97.82 percent, the highest individual company score in the eight-year history of the survey.”Obviously, this overall score is representative of each individual’s commitment to not only the organization but to themselves,” says Joanna Ellis, CAPS, principal and co-founder of EPMS. The EPMS Benchmark Survey allows participating apartment-management companies to assess how the leasing performance of their on-site associates compares with that…

By Erika Schnitzer, Associate EditorHouston—Despite the economic crisis, the forecast for Houston’s apartment market offers a relatively positive outlook, according to the 2009 National Apartment Report by Marcus & Millichap.According to the firm’s National Apartment Index (NAI), an annual analysis of 43 apartment markets based on 12-month forward-looking supply and demand indicators, Houston has moved up six places this year and is now ranked No. 29. Houston cap rates were in the mid-7 percent range at the end of 2008.“The Texas and Houston economy the last year had held up fairly well, until about October or November, whereas other markets…

By Keat Foong, Executive EditorCarpentersville, Ill.— Marcus & Millichap Real Estate Investment Services recently helped facilitate the $23.05 million sale of an affordable housing project despite turmoil in the housing tax credit market.  The company arranged the sale of Fox View Apartments, a 373-unit project-based Section 8 community in Carpentersville, Ill. Scott Harris, senior vice president investments, said that a number of such affordable projects do sell throughout the year, but what was unusual about this affordable property was its size. Eighteen bids were offered for the property, and the one from the tax credit developer was the most competitive…

By Anuradha Kher, Online News EditorJersey City, N.J., Spokane Valley, Wash. and Herriman, Utah–PNC has recently completed financing totaling $278.9 million, either arranged or provided by its real estate businesses, for three projects including the Monaco North Urban Renewal LLC, Whimsical Pig Apartments and Farmgate Apartments at Midas Creek. PNC Real Estate Finance arranged a three-year, $214 million construction loan to Monaco North Urban Renewal LLC, a joint venture between Roseland Property Co., Prudential Insurance Co. of America, Garden State Development Inc. and Hartz Mountain Industries Inc. Roseland Property Co., an urban residential and mixed-use development firm based in Short…

By Erika Schnitzer, Associate EditorJacksonville, Fla.—RAD Media LLC, a Jacksonville, Fla.-based full-service advertising agency, has announced a national expansion of The Apartment Channel TV, taking it to the top 30 markets in the country.The Apartment Channel TV posts videos of apartment communities on cable On Demand channels as well as its Website, apt-tv.com. The 30- or 60-second videos feature the community’s grounds, amenities and model apartments, with added voice over, music and graphics.“The point is to give the apartment seeker a good tour of the property and give him a feel of what the apartment looks like. People don’t have…

By Anuradha Kher, Online News EditorAnnapolis, Md.–The economic and financial crises may be starting to affect the performance, a well as capitalization rates, of seniors housing, according to research by the National Investment Center for the Seniors Housing & Care Industry (NIC).“Depending on the type of seniors housing, there is a 2 to 4 percent decline in occupancy rates,” Lawrence (Larry) J. Horan, Ph.D., financial research and analysis director for NIC, tells MHN. “We have been tracking this market since 1999 and the previous recession saw close to 6 percent declines in occupancy rates. Of course that time around, over…

By Anuradha Kher, Online News EditorLos Angeles–Legacy Partners’ newest project, 7950 W. Sunset (pictured), a $73 million mixed-use luxury rental community in Los Angeles featuring 183 apartments and ground level retail, is now 38 percent leased. The developer expects the project to be fully leased by June 2009.“Considering everything that is going on in the economy and the job losses that have occurred in Los Angeles, we are pleased with the number of lease-ups,” Tim O’Brien, Legacy Partners SVP and partner for SoCal, tells MHN. “Of course, we have been providing incentives like two-month rent free etc. and discounted rents…

By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. According to NorthMarq, this permanent financing enabled the client to achieve a return of invested equity following improvements and rent increases to this property. Hendricks & Partners Arranges Sale of 40-Unit Property for Over $7MNorth Hollywood, Calif.–Hendricks…

By Anuradha Kher, Online News EditorColumbia, Md.–President and CEO of Enterprise Community Investment Inc., Jeffrey H. Donahue, will retire effective April 15. The company’s board of directors has appointed Charles R. Werhane, current vice chairman and chief operating officer, as Donahue’s successor. F. Barton Harvey III, the previous chairman of Enterprise Community Investment and its parent organization Enterprise Community Partners, recruited Donahue, 62 for the CEO position.Prior to becoming CEO in 2003, Donahue served on Enterprise’s board for eight years while serving as vice president and chief financial officer at The Rouse Co. “Enterprise is in excellent financial shape and…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales for condos and co-ops rose while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors. Sales for condos and co-ops jumped 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 units in November but are 18.5 percent below the 588,000-unit pace in December 2007. Sales in the West rose 13.6 percent since last year to 100,000 units in December.Lawrence Yun, NAR chief economist, says home prices continue to fall significantly. “It appears some buyers are taking advantage…