Regions

By Anuradha Kher, Online News EditorNew York–Extraordinary accomplishments in affordable housing development and investment are being recognized through this year’s Urban Land Institute (ULI) J.C. Nichols Prize for Visionaries in Urban Development. F. Barton Harvey III, former chairman and CEO of Enterprise Community Partners Inc., and former chairman of the board of Enterprise Community Investment Inc., is sharing the 2008 prize with Columbia, Md.-based Enterprise, provider of affordable rental and owner-occupied housing. The ULI J.C. Nichols Prize recognizes a person or a person representing an institution whose career demonstrates a commitment to the highest standards of responsible development. The $100,000…

By Erika Schnitzer, Associate EditorWashington, D.C.–Rising expenses for multifamily owners may be causing rent increases, according to a new study by the Center for Housing Policy. The report, “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters,” is co-authored by Barbara J. Lipman, research director, and Maya Brennan, research associate, both of the Center for Housing Policy, a research affiliate of the National Housing Conference.The study found that, from 1998 to 2004, the consumer price index rose 16 percent, while the average cost of insurance rose 97 percent, taxes rose 25 percent, marketing costs increased by…

By Anuradha Kher, Online News EditorDallas–In the third quarter of 2008, the U.S. apartment market had the smallest increase in annual effective rent since the first quarter of 2004, according to AXIOMETRICS INC., a national apartment research company headquartered in Dallas, Texas that has been conducting this survey for 12 years.The 3Q08 annual growth rate in rents of +0.8 percent is the lowest of any quarter since then. The apartment market is expected to worsen into 2009 as the U.S. economy continues to lose more jobs; so far in 2008, the U.S. economy has lost over 760,000 jobs and the…

By Erika Schnitzer, Associate EditorGreeley, Colo.—Professional speakers and consultants in the multifamily industry have recently come together to form the National Multifamily Speakers Alliance (NMSA).“It’s a group of people coming together for one cause: maintaining a high standard of performance for professional speakers in multifamily,” says Toni Blake, founder and president of NMSA. “Our real goal is about establishing professionalism and creating a set of criteria that people can work toward to establish themselves at a higher level.” All members must meet a certain set of criteria and sign a code of ethics.Additionally, NMSA creates a forum for speakers and…

By Anuradha Kher, Online News EditorNashville, Tenn.–Atlanta headquartered Apartment Realty Advisors (ARA) recently brokered the $71.5 million sale of Wyndchase at Aspen Grove (pictured), a 560-unit Class A multifamily community located in the Franklin/Cool Springs submarket in Nashville, Tenn.This is likely to be the largest investment sale in Nashville this year.The property was 95 percent occupied at the time of sale. Constructed in 1997, Wyndchase at Aspen Grove is comprised of 33 buildings situated on over 60 acres in a campus-like setting, surrounded by landscaped grounds that overlook the Vanderbilt Legends Golf Club providing residents with golf course views on…

Dallas–Riverstone Residential Group has initiated a new organizational structure and created a client services group. The new organizational structure is expected to position the Dallas-based company for growth and increase the focus on client services by enhancing core capabilities, strengthening internal systems and practices and creating a new client services group, according to the company. The change will also redefine the leadership roles of co-founders Christy Freeland and Terry Danner. Freeland will take over as CEO of Riverstone Residential Group and will be responsible for oversight of national operations, along with the internal resources, financial services and information systems divisions…

By Anuradha Kher, Online News EditorIrvine, Calif.–The number of multifamily foreclosures more than doubled in July and August this year compared to July and August of 2007, according RealtyTrac U.S. Foreclosure Market Report for August 2008. Last July there were 4,501 multifamily foreclosures and this year there were 9,061 while last August there were 4,089 and this August saw 8,134 multifamily foreclosures.While the nation’s foreclosure activity rose almost 12 percent from the previous month and 27 percent from the same month in 2007 and one in every 416 U.S. households received a foreclosure filing during August this year, the number…

By Anuradha Kher, Online News EditorWashington, D.C.–The Bush administration said Friday that there would be a change in the $700 billion bailout plan to help buy mortgage-related securities. In addition to purchasing bad assets from banks, the government now plans to inject capital directly into the nation’s banks. The move came amid the Dow Jones industrial average plummeting 18 percent last week, one of the worst in stock market history, and the crisis spreading quickly around the world as governments across Europe and Asia hurried to save their banks.While the Treasury says it still plans to buy distressed assets, the…

By Anuradha Kher, Online News Editor, MHN and Michael Fickes, Contributing Correspondent, CPNGainesville, Fla.–NorthMarq Capital Inc.’s Atlanta regional office arranged first mortgage financing of $35 million for The Woodlands of Gainesville (pictured), a 258-unit student housing facility, located in Gainesville, Fla.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.$100M JV to Acquire, Auction Builder Inventories, Bank ForeclosuresLos Angeles–Two real estate investment firms, Los Angeles-based LandCap Partners and Kennedy Wilson of Beverly Hills, have contributed $100 million in equity to a joint venture…

By Anuradha Kher, Online News EditorNashville, Tenn.–Pam Brooks (pictured) has joined Fogelman Management Group (FMG) as regional vice president of the central region and will be based out of the company’s Nashville, Tenn. office. In this position, Robinson will be overseeing all facets of properties operations for FMG-managed properties within the region. Brooks has more than 18 years experience in multifamily property operations, most recently working for Colonial Property Trust and Trammel Crow Residential.CORE Group Marketing Names Mark J. Ripka Chief Operating OfficerNew York–CORE Group Marketing has hired Mark J. Ripka as its chief operating officer. Ripka has 20 years…