Regions

By Anuradha Kher, Online News EditorNorwalk, Calif.–Following its carefully constructed three-year asset disposition plan, Kennedy Wilson Multifamily Management Group (KW Multifamily) has sold The Courtyards, a 153-unit apartment community at 12401 Studebaker Rd. in Norwalk, Calif., for $21.9 million. Advanced Real Estate Services Inc., a tenants in common (TIC) syndicator  purchased The Courtyards.Located at the junction of the 105, 605 and 5 freeways, The Courtyards is a garden-style apartment community with 16 two-story and one-story wood-frame structures. The project offers 72 one-bedroom/one-bath apartment homes and 20 three-bedroom/two-bathroom units. Common area amenities include two swimming pools, a whirlpool spa, arbor-covered picnic/barbeque…

By Anuradha Kher, Online News Editor Spokane, Wash.–Arbor Commercial Mortgage has appointed Jon Red (pictured) to director in Arbor’s Spokane, Wash. office. Red is responsible for originating Fannie Mae, FHA and structured transactions throughout the northwest and western U.S.Prior to joining Arbor, Red served as vice president, wholesale regional sales director of the Commercial Real Estate Group for IndyMac Commercial Lending Corp. In this position, he was responsible for the origination of small balance loans in the northwest and west (excluding California) and was the highest producer among six directors in the country, funding over $150 million. BIA/SC 50+ Housing Council Appoints…

By Erika Schnitzer, Associate EditorBahía Beach, Puerto Rico–St. Regis Hotels & Resorts recently broke ground at The St. Regis Resort and Residences in Bahia Beach, Puerto Rico, a 483-acre master-planned community that will include golf villas, townhomes and estate homes, in addition to the St. Regis Residences. The $173 million community, which is scheduled to open in the fall of 2010, is being developed by BBP Partners LLC, a venture between developers Interlink Group LLC and Muñoz Holdings Inc., both of Puerto Rico. Fort Lauderdale, Fla.-based EDSA is serving as the land planner, and Miami-based SB Architects and Hill-Glazier Architects,…

By Eugene Gilligan, Multifamily EditorBruce Robinson, president & CEO of Balfour Beatty Communities L.L.C.—a developer and operator of military privatization housing projects for the Army, Navy and Air Force—talks  about military-housing trends and the sector’s 2009 outlook.CPN: Have any amenities become must-haves in military housing?Robinson: Community centers are a big plus, a place where Cub Scout meetings and other community events are held. These centers are very well received. Also, in family housing, a lot of storage space is necessary because military families move around a lot, and they tend to accumulate a lot of stuff.CPN: Will there be a…

By Anuradha Kher, Online News EditorNew York–A new residential condominium building, located at 456 West 19th St., in New York’s Chelsea neighborhood, has officially launched sales. The architecture is inspired by the neighborhood’s classic industrial modern architecture, with a hand-laid black brick exterior and multi-paned steel windows reminiscent of the nearby Starrett-Lehigh Building. Architect and developer Cary Tamarkin designed the building.Drawing on the classic artists’ studio spaces of the early twentieth century, 456 West 19th St. will offer 22 duplex residences with custom-designed windows, double-height living rooms and open floor plans.The project offers one- to three-bedroom units, each with double-height…

By Anuradha Kher, Online News EditorWaterbury, Conn.–PNC ARCS recently provided a loan in the amount of $8.573 million for the River’s Edge Apartments, a 156-unit property in Waterbury, Conn.Built in 1974, River’s Edge Apartments is a gated, Tudor style apartment community.Common amenities include secured entry with intercom, laundry rooms, swimming pool with a cabana area and secured storage.The loan was for a 10-year term/2 Years Interest Only at a fixed rate of 6.5 percent. PNC ARCS originated the loan through Fannie Mae.Hendricks & Partners Arranges Sale of Six-Unit Rental Community for Over $1MNewport Beach, Calif.–Hendricks & Partners has arranged the…

By Erika Schnitzer, Associate EditorFort Lauderdale, Fla.—Boca Raton, Fla.-based Altman Development is now offering unit customization for early leasers at its Satori, a 279-luxury mixed-use rental community in Fort Lauderdale, Fla.The option, which is free for early pre-leasing residents, marks the first time a Florida rental community is offering renters customization of their apartments, the interiors of which were designed by Steven G. Residents will have the opportunity to pick from three colors of granite, three carpet colors for the bedrooms and five accent paint colors for the living room and master bedroom. In addition, residents can choose between tile…

By Keat Foong, Executive EditorHow bad can it get? What a question to ask just before we head into the peak of the holidays. Nevertheless, here are some forecasts for the apartment industry for the new year. Among the industry experts we are in touch with, at worst there is the prediction that the vacancy rate next year may get as high as during the end of the recession of the late-1980s/early-1990s. Mark Obrinsky, chief economist of National Multi Housing Council (NMHC), says that the vacancy rate (for professionally managed apartments), now 6.2 percent, may head to at least the…

By Anuradha Kher, Online News EditorNew York–Following years of robust growth, the upheaval on Wall Street will soften fundamentals in the New York City apartment market, according to Marcus and Millichap’s recently released 2009 market forecast. Vacancy is expected to climb 130 basis points to a still-tight 4.7 percent and asking rents in large, market-rate communities are forecast to advance 2.1 percent in 2009 to $3,006 per month, while effective rents gain 1.5 percent to $2,906 per month, according to the report. Despite the downside risks to the multifamily market due to a large number of job losses, the local…

By Anuradha Kher, Online News EditorChicago–Ventas recently closed the sale of five seniors housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The assets are located in four states and feature 432 units in total.The purchase price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Prior to the sale, Emeritus was the tenant in these five seniors housing assets. Ventas expects to record a gain of approximately $23 million on the sale.Net cash proceeds to Ventas of approximately $45 million will be used to pay down debt or…