Regions

By Anuradha KHer, Online News EditorMemphis, Tenn.–Architecture, Incorporated is designing two massive multifamily projects in Memphis, Tenn., slated for completion by approximately 2012. University Place (pictured), situated on 52 acres on the site of the former Lamar Terrace public housing development, features a 112-unit seniors housing project; a 76-building, 287-unit mixed-income rental project; as well as up to 54 for-sale lots.The 40-acre Legends Park, situated on the site of the former Dixie Homes housing project, comprises 95 buildings of 357 mixed-income rental units as well as up to 54,000 sq. ft. of commercial and market-rate housing space. The two developments, spanning…

By Erika Schnitzer, Associate EditorPortland, Ore.–A public hearing was held last week to discuss the proposed changes to rental housing ordinances in Portland. Such changes are expected to remedy health and safety hazards caused by landlord neglect.The new rulings would require anyone who owns rental properties to obtain business licenses from the city, in addition to updating the city’s housing code and creating a complaint-driven inspection model.Other cities throughout Oregon, including Gresham and Salem, have mandatory health and safety inspections that Portland is now considering, explains Greg Frick, partner of HFO Investment Real Estate, an apartment brokerage firm who has…

By Anuradha Kher, Online News EditorAtlanta–Post Properties Inc. and Novare Group Holdings LLC have unveiled plans for the residential component of The Ritz-Carlton Residences, a vertical mixed-use project located at 3630 Peachtree Rd. in Atlanta’s Buckhead neighborhood. It is expected to be ready for occupancy in mid-2009.The project features 17 stories of residential space with 129 one-, two- and three-bedroom condos, as well as 17 stories of Class A office space, which will be developed by Pope & Land Enterprises Inc. and Duke Realty Corp.The Residences will offer spacious, open floor plans and custom-selected finishes. The 18th and 19th stories…

Washington, D.C.–John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA) praised the Treasury for placing Fannie Mae and Freddie Mac in a conservatorship. “I applaud them for taking crucial steps to ensure that Fannie Mae and Freddie Mac can continue to play their critical role of providing liquidity to the housing finance system, thus providing Americans the opportunity for homeownership and affordable rental housing,” says Courson.“The unprecedented steps taken will provide confidence that the housing finance system will continue to operate without major disruption, and offer an opportunity for a recovery of the housing market while allowing…

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNDenver–Almost exactly six months after closing on the sale of 86 apartment properties to DRA Fund VI LLC and joint venture partner Steven D. Bell & Co., UDR Inc. has concluded the reinvestment of 1031 exchange funds from the from the $1.7 billion sale. The Denver-based Real Estate Investment Trust (REIT) used $951 million of the proceeds to purchase, in various transactions, 12 apartment communities encompassing nearly 4,100 residential units. The acquisitions allowed the company to reposition its portfolio with newer properties within close proximity to lifestyle centers…

By Anuradha Kher, Online News EditorWashington, D.C.–The level of home sales, including multifamily, is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June. The July index remains 6.8 percent below July 2007 when it stood at 92.8.“Sales in some months are down and in others, they are up, but the overall market is stable with nearly five million sales this year,”…

By Erika Schnitzer, Associate EditorNew York–RKT&B Architects will add four new projects to its “Smart Housing” urban infill program. Developed jointly with CPC Resources (CPCR), the program is designed to address the need for affordable housing in New York.“One of the characteristics of these neighborhoods is that buildings are either missing or in such a decrepit state that they need to be replaced in small lots,” multiples of 20 to 25 ft., says Carmi Bee, FAIA, president, RKT&B. Each of the projects is modeled on a prototype of four-story, eight-family walk-ups. The first project, which was completed in 2003, was…

By Anuradha Kher, Online News EditorNew York–The Ash Institute for Democratic Governance and Innovation at Harvard Kennedy School has named the New York City Acquisition Fund as a 2008 Innovations in American Government Awards winner. This $230 million partnership finances the purchase of land and buildings for affordable housing by using private finance tools to allow small developers to compete in the real estate market. The program will receive $100,000 towards dissemination and replication efforts around the country. Established in 2006, the fund creates a private-sector lending market to address this critical public sector challenge, leveling the playing field for…

Washington, D.C.–The takeover of Fannie Mae and Freddie Mac has appeased many in the multifamily industry but doubts linger among others about the takeover’s long-term effects on the sector and the economy in general. MHN gathered comments from various sources that have so far come forward to help put the issue in perspective.Bill Hughes, senior vice president and managing director of Marcus & Millichap Capital Corp., tells MHN, “In the short term, the takeover is having a calming impact on the market. Fannie and Freddie have been given the liquidity they need to carry on their business and so far…

By Anuradha Kher, Online News EditorSan Francisco–Cohen Financial recently secured a $12.4 million refinancing for Vendome Place (pictured), a luxury high-rise apartment project in the Silicon Valley. The 75-unit property is located at 750 Miller St., close to downtown San Jose, Calif.  The property totals 76,000 sq. ft. and is fully leased.Cohen Financial secured the $12.4 million loan with Fannie Mae through Green Park Financial. The property offers studio, one- and two-bedroom units, as well as penthouse apartments.HFF Secures $5.8M Refinancing for Class A Multifamily Community Alvin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler L.P.) has secured a $5.8…