Regions

By Anuradha Kher, Online News EditorNorfolk, Va.–For Rent Media Solutions has expanded its After 55 Housing and Resource Guide division to the South Florida market. The housing publication, which caters to the lifestyles of Baby Boomers and beyond, launched July 25.Baby Boomers have a significant amount of buying power. In 2007 alone, eMarketer reported that Baby Boomers spent $3.8 billion on goods and services, more than any other demographic. This number is projected to increase to $4.6 trillion by 2015.                                                                                             “We have found that Boomers and beyond aren’t just interested in looking for their next place to live,” says Robyn…

By Anuradha Kher, Online News EditorNew London, Groton, Conn.–Landings Real Estate Group has recently bought two multifamily communities in New London and Groton, Conn. for a total of $21.6 million. The real estate group purchased the 171-unit former Squire One Apartment Community, located at 11-O Anthony Rd. in New London, for $11.3 million and the 156-unit former Willow Pond Apartment Community, located at 55 South Rd. in Groton, for $10.3 million.The extensive renovation planned for the newly named Faire Harbour Landings in New London will be focused on enhancing the nautical and seaside theme strongly associated with the coastal environment…

By Erika Schnitzer, Associate EditorTallahassee, Fla.–Florida Governor Charlie Crist has approved an early lease termination bill, which will allow an owner and resident the option of agreeing to a flat amount fee prior to the lease being signed. Though the legislature passed a similar bill in 2007, Governor Crist had vetoed it. The Florida Apartment Association (FAA) reintroduced the bill this year, with some changes. The ruling, House Bill 1489, was signed into law on June 10.“It may take a while until people start using the new option, but the ability to start incorporating the language into the lease was…

By Anuradha Kher, Online News EditorWashington, D.C.–Nominations for the National Multi Housing Council’s third annual Good Neighbor Award for Outstanding Community Service, which honors the community service and philanthropic activities of apartment firms, are now being accepted. The winner will receive a $10,000 donation for a charity of their choice.   “We are struck by what apartment owners do; they give back in many different ways and yet they unfairly have a bad reputation in the community,” Doug Bibby, president of NMHC, tells MHN. “We wanted to showcase their work as a best practice so that others in the industry can…

By Anuradha Kher, Online News EditorScottsdale, Ariz.–For the first time, the monthly total for consumers checking specific apartment unit availability online exceeded the one million mark, according to Realty DataTrust’s VaultWare reservation system, which logged the usage from July 1 to July 31, 2008.VaultWare distributes apartment unit availability information through a national network of over 125 Web sites that includes Internet Listing Services (I.L.S.), Internet search sites and property management Web sites. According to the VaultWare Online Marketing Index, the ILSs that renters frequent the most in their searches for online information accounted for a combined total of 294 “check…

By Anuradha Kher, Online News EditorPhiladelphia–The DePaul Group, developer of The Residences at Dockside in Philadelphia recently commissioned two landscape architecture students from Temple University Ambler to design the property’s terraces.Seniors Jenny Stewart and Jennifer Johnson used a collection of annual plants chosen specifically for the waterfront climate based on the surroundings and the overall feel at the luxury property. The plant selections included Lantana ‘New Gold,’ oleanders, Dracaena ‘Dusky,’ salvia ‘Black and Blue,’ leymus ‘Blue Dune,’ alternanthera ‘Purple Knight’ and others.  During the course of the project, the students researched the environment, took photos of the site, measured the…

By Erika Schnitzer, Associate EditorAventura, Fla.–In its first three months, LBC Design + Construction, an Aventura, Fla.-based decorating, creative consulting and construction planning firm, has been commissioned for $2.65 million worth of new business, modeling and decorating in South Florida.”We’re kind of an all-inclusive company,” says Louis Cohen, founder and principal of LBC Design, who formed LBC Design + Construction with Jason Shelley, vice president and general contractor at Shelby Homes. “We have really every service one might need within our company. We do everything from custom remodeling, home building and interiors. We do commercial work for lobbies, clubhouses, retail…

By Anuradha Kher, Online News EditorNew York–The New York office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan’s Upper West Side.The three-year construction loan is placed with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60 percent loan-to-cost with an additional mezzanine portion achieving approximately 72 percent loan-to-cost.The development site is located along Riverside Drive between 62nd and 63rd Streets. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units,…

By Anuradha Kher, Online News EditorOsceola County, Fla.–Lane Florida’s first development, Verano Apartment Homes in Osceola County, Fla. near Walt Disney World, has now begun now leasing. The 384-unit apartment community, expected to be fully ready in February next year, is now 60 percent complete. It is located at 2200 Villa Verano Way just off exit 244 of the Florida Turnpike.Lane received financing for this project last year, much before the economy started slowing down.“We opened the Florida office in 2006 because the state is a vibrant and active market and a region in its own,” Mike Mulhall, Florida regional…

By Anuradha Kher, Online News EditorNew York–Despite the turbulent economy and the housing and mortgage crisis plaguing our nation, the Community Preservation Corporation’s (CPC) Brooklyn office has closed $369 million this fiscal year, exceeding its $210 million goal for this year, as well as its $273 million closing amount for the previous fiscal year.“Part of the reason for this is that the New York market has been fairly stable in the midst of this crisis,” Mary Brennan, senior vice president and regional director of CPC, Brooklyn, tells MHN. “The other reason is that our mission is meet the capital needs…