Regions

By Anuradha Kher, Online News EditorBoulder, Colo.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Uptown Broadway, a 116-unit apartment community in Boulder, Colo. for $22.85 million. This represents $226 per sq. ft. or $196,983 per unit, a record price for Boulder, and one of only five deals that have sold for more than $225 per sq. ft. in the Denver metro area during the last two years.Located at 4590 13th St., the 100,940-sq. ft. apartment community consists of 10 three-story buildings with 15 unique floor plans, including one- and two-bedroom units, townhomes and lofts, situated on…

By Anuradha Kher, Online News EditorPhoenix–Trillium Residential LLC recently opened Trillium Pinnacle Peak, its newest rental project in Phoenix. Pinnacle Peak is a 724-unit Class A garden-style apartment community located on 30-acres at 24250 North 23rd Ave. “We anticipate high demand for this apartment community because of the market demand,” David Dewar, principal of Trillium Residential, tells MHN. “The infill market in Phoenix is very strong. The peripheral market is the ones that’s not doing too well and unfortunately the news is only focusing on that.”The area currently has 44,500 jobs and is expecting at least 32,000 additional jobs within…

San Francisco–RentPayment, a division of YapStone, Inc., has launched Pay by Phone for rental residents. Through Fonality and the RentPayment Integrated Payment Platform, RentPayment users can now easily and quickly pay rent with the touch of a few buttons. The Pay by Phone option is available 24/7, works with any touch-tone phone and requires no Internet access. Fully secure unique user IDs and PIN numbers are given to each resident, says the company.  This system will help residents avoid late fees and enable property managers to reduce the time and expense associated with traditional means of payment.“This is just another…

By Anuradha Kher, Online News EditorWashington, D.C.–The national Housing Trust Fund is the first new federal rental housing production to specifically assist the lowest income households in the U.S. since 1974. Included in the Housing and Economic Recovery Act of 2008 that was signed into law a few weeks earlier, the fund is not expected help in construction of new affordable housing units until 2010.“The US Department of Housing and Urban Development (HUD) has 12 months to promulgate and allocate the funds, after which they have 60 days to allocate the funds to states,” Linda Couch, deputy director of the…

By Keat Foong, Executive EditorIn the past week, press reports seem to be intensifying in regards to the need for a government bailout of Fannie Mae and Freddie Mac. Financial conditions at the Government Sponsored Enterprises (GSE), it is reported, are continuing to worsen; their stock prices have fallen by a chunk so far this year; investor confidence in the GSEs’ debt securities is falling and consequently, the agencies’ cost of capital is rising. In the midst of all these reports, there is speculation that Fannie Mae and Freddie Mac cannot continue in their present structures in the long term…

By Anuradha Kher, Online News EditorWashington, D.C.–The Mortgage Bankers Association (MBA) recently named Jay Brinkmann (picturedleft) as chief economist and senior vice president for research and economics. Brinkmann has been with the MBA since 2001 and has served as the organization’s vice president of research for most of that period.”When the position first became vacant last March, Jay suggested we conduct a national search to find an ideal candidate,” says John A. Courson, MBA’s chief operating officer. “After months of interviewing many well-qualified candidates, it became apparent that the best candidate already worked at MBA and we approached Jay to…

By Anuradha Kher, Online News EditorEncinitas, Calif.–HFF (Holliday Fenoglio Fowler LP) recently arranged a $36.5-million construction loan and $10 million in joint venture equity for the development of Pacific Station, a mixed-use project in Encinitas, Calif.HFF placed the 60-month construction permanent loan with La Jolla Bank and secured the joint venture equity with Fidelity Real Estate Group.  Upon completion in the fourth quarter 2009, Pacific Station will have 38,500 sq. ft. of retail, including Whole Foods and a signature restaurant, 10,000 sq. ft. of office space, 47 residential units and a two-level underground parking garage. Ardizzone Enterprises Enters Apartment Market…

Irvine, Calif.–NWP Services Corp. (NWP) recently acquired ViaStar Energy Inc., an Indianapolis-based provider of utility billing and meter installation and maintenance services to multifamily communities, manufactured housing communities, condominiums and retail properties. This acquisition helps NWP add a strong presence in the Midwest. ViaStar’s management, including customer liaison and technical support, will continue to serve the company’s clients.“With its best-in-class billing system and ability to effectively implement significant new volumes of properties in a very short window of time we knew that NWP was just the right company to service our customers into the future at the high level of…

By Anuradha Kher, Online News EditorSacramento, Calif.–GMH Capital Partners recently arranged the sale of The Verge, a 288-unit, Class A, three-story apartment complex in Sacramento, Calif., for $36,500,000. The Verge (pictured) comprises 18 three-story apartment buildings, and one single-story clubhouse/leasing office. The property features 288 units with 792 beds, totaling 264,366 sq. ft. of net rentable area. The Verge was completed in 2004, designed to house students at the University of California, Sacramento.”The combination of this property’s full amenity package and proximity to University of California, Sacramento’s campus, with a student enrollment of 28,000, made this a valuable asset to…

Ted Patch (pictured), senior vice president and chief production officer, is responsible for originating new loan production from Green Park Financial’s corporate headquarters in Bethesda, Md. In 2005, Patch originated in excess of $200 million in new loan production. He has over 17 years experience in commercial and residential real estate. Patch joined Green Park Financial in 1998 as an underwriter and became part of the production team in 1999. He talks to MHN Online News Editor Anuradha Kher about lending in the manufactured housing space, why this is a good investment for the company and how the mezzanine business…