Regions

By Anuradha Kher, Online News EditorNovato, Calif.–Average rents across the West Coast, Midwest and Florida increased by only 0.6 percent since March 2008 and by 2.5 percent in the past year, according to a recent survey released by RealFacts, a multifamily data company. The company currently has data only on these three regions.Based on the findings of this report, apartment rent has become even more affordable, relative to other items in the household budget.Of the 31 metro areas covered in the RealFacts synopsis, 23 experienced quarterly rent growth.Although rents are still increasing very slowly, the rate of increase has declined…

By Anuradha Kher, Online News EditorSacramento, Calif.–The California Building Standards Commission recently adopted the nation’s first statewide “green” building code, which is intended to lead to improved energy efficiency and reduced water consumption in all new construction throughout the state, while also reducing the carbon footprint of every new structure in California.“Once again, California is leading the nation and the world in emissions reductions and finding new ways to expand our climate change efforts,” says Commission Chair, Rosario Marin. “The commission should be commended for bringing everyone to the table including representatives of the construction and building trades industry, environmental…

By Anuradha Kher, Online News EditorNew York–This August, The Edge, a condominium project in Brooklyn’s Williamsburg neighborhood, and the New York State Office of Parks, Recreation and Historic Preservation will host an outdoor movie series called “Mondays Under the Moon.”Edge buyers as well as neighborhood residents and film buffs throughout New York are invited to watch free films at the East River State Park. Complimentary popcorn will be provided.“We are excited to offer an evening at the movies, as this is something that the entire community can enjoy,” says Jeffrey Levine, whose company, Douglaston Development, is sponsoring the event and…

By Anuradha Kher, Online News EditorOmaha, Neb.–The Seldin Co. recently completed the sale of Old Market Lofts Building, a 266-unit, mixed-use project, located in Omaha, Neb., for $30,650,000.MFR Partners VII LLC acquired the Old Market Lofts Building from NuStyle Development. The property is located at 10th and Jones Street in downtown Omaha’s old market area.  The building, erected between 1898 and 1915, also features 36,000 sq. ft. of office and retail space.“The sale of this property at this tough time demonstrates the strength of Omaha’s economy,” Jon Pesce, vice president of development with the Seldin Co., tells MHN.Todd Heistand and…

By Erika Schnitzer, Associate EditorDallas, Texas–Though still nearly a year from opening, The Tower Residences at The Ritz-Carlton, Dallas has pre-sold 65 percent of its residences. Developed by Fort Worth, Texas-based Crescent Real Estate Equities Company, the 23-story, 96-unit luxury condominium is the second phase of the project, which cost a total of $300 million.“When we started Phase One four years ago, the market was a lot different. As far as the continuing success in the second tower, the majority of pre-sales were done prior to the turn of the market,” Steve Farmer, director of sales, tells MHN. However, he…

Thomas Christopher Appointed Director in Arbor’s Darien, Conn. Office Darien, Conn.–Arbor Commercial Mortgage recently appointed Thomas Christopher as director in Arbor’s Darien, Conn. office. Christopher will be responsible for all of Arbor’s loan products including Fannie Mae, Federal Housing Administration (FHA) and Commercial Mortgage Backed Security (CMBS). Prior to joining Arbor, he was a banker and sales manager for Countrywide Commercial Real Estate Finance, where he also founded the company’s Advantage Loan program.Marcus & Millichap Promotes Ari Firoozabadi to Associate Vice President of InvestmentsWashington, D.C.–Marcus & Millichap Real Estate Investment Services promoted of Ari Firoozabadi from senior associate, to associate…

By Anuradha Kher, Online News EditorOrlando, Fla.–The National Apartment Association Education Institute (NAAEI) recently recognized outstanding property management at its 2008 Paragon awards ceremony in Orlando, Fla. NAA Chairman of the Board Michael Tompkins, CPM, CCIM, presented national honors to the Apartment Leasing Professional of the Year, Apartment Manager of the Year, Apartment Maintenance Technician of the Year and professional designate (all pictured). Thomas Feldman, NALP, of the Burlington, Mass.-based The Dolben Co. was named National Apartment Leasing Professional of the Year. “Feldman and his colleagues represent the best and the brightest in the apartment industry,” says NAAEI President Alexandra…

By Anuradha Kher, Online News EditorWashington, D.C.–Affordable housing has become one of the silent victims in the ongoing housing crisis. While multifamily industry experts have largely been optimistic about apartments, this is not the case with low-income housing.“The Low Income Housing Tax Credit program (LIHTC) has suffered greatly because banks have faced great losses recently and this has diminished their appetite for LIHTC funding,” Mary Jo George, an attorney in the real estate department at Ballard Spahr Andrews & Ingersoll, tells MHN. George represents lenders in regards to multifamily housing, senior facility housing, and manufactured housing communities. “Among the deals…

By Anuradha Kher, Online News EditorSan Francisco–John E. Wai, a multifamily investor, purchased the 48-unit apartment building at 245 Leavenworth St. in downtown San Francisco for $4.53 million, or approximately $94,000 per unit, at a 7.04 percent cap rate.The six-story, 28,728-sq.-ft. building was built in 1910 and is comprised of 24 studios and 24 one-bedroom units. It is located in the Tenderloin District, a few blocks from Market Street.The elevator, electrical systems, and the kitchens and bathrooms within the units recently underwent upgrades. A new roof was also recently added.

By Erika Schnitzer, Associate EditorHouston–The first Houston luxury high-rise rental tower in over 40 years has topped out. The 37-story, 346-unit One Park Place is adjacent to the 12-acre Discovery Green, Houston’s new downtown park.“What motivated me to take this step was the fact that the city created the new park. If they are going to invest $140 million into the park, that certainly gives a reason to have a residential tower downtown,” explains Marvy Finger, CEO of Finger Cos., the Houston-based developer for the project.Located within walking distance of a number of law and accounting firms as well as…