Regions

By Erika Schnitzer, Associate EditorHerndon, Va.–Camden Property Trust, a Houston-based real estate company involved in the ownership, development, acquisition, management and disposition of multifamily apartment communities, will celebrate the official opening of Camden Dulles Station, a 366-unit luxury apartment community, this Friday with a ribbon-cutting ceremony.Located five minutes from Dulles International Airport and 20 minutes off the Beltway from Washington, D.C., Camden Dulles Station is situated in the tech corridor, and consequently is expected to draw many urban professionals, notes Charles Kilby, community manager. Companies with headquarters in Herndon include Time Warner, Oracle, Cox Communication and most recently, Volkswagen. Camden…

By Anuradha Kher, Online News EditorAtlanta–Redwood Capital Partners recently acquired the Collier Ridge Apartments, a 300-unit apartment complex located at 100 Noble Creek Drive in Atlanta. Redwood purchased the property in partnership with MetLife from Equity Residential for $33.2 million or $110,667 per unit. The investment, part of Redwood’s value-add portfolio, is the firm’s fifth acquisition in over six months.The company plans to retain Collier Ridge as a rental property and spend approximately $3.6 million, or about $12,000 per unit, on rehabilitation and renovations. “In a market where there is moderate new supply being delivered and continued significant premiums to…

By Erika Schnitzer, Associate EditorNew York–A copper-clad luxury condominium, 385 West 12th St., has topped off. The seven-story, 12-unit boutique hotel-style condominium developed by New York-based FLAnk is expected to be complete in early 2009.“One of the things we value is real estate’s ability to change over time,” says Tim Crowley, managing director of FLAnk. “The building’s façade is very responsive to its surroundings. We thought this was an interesting addition to such an historic neighborhood. The concept was to use a natural material because of its ability to change over time, oxidize and become an artifact.”Seven of the 12…

By Anuradha Kher, Online News EditorWashington, D.C.–Apartment groups, as well as the National Home Builders Association (NAHB) and the Mortgage Bankers Association (MBA), praised the housing stimulus bill that passed in the Senate on Friday.“Although we feel the best solution to the current housing turmoil is to allow market forces to restore equilibrium to the single-family housing sector, we are pleased to see that lawmakers embraced the principles of our Balanced Housing Policy initiative in crafting this package by balancing homeownership-related provisions with meaningful rental housing incentives,” says Jim Arbury, senior vice president of government affairs at the National Multi…

By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed its Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007.“At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high-quality assets and strong investor interest in these assets,” says Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in…

By Anuradha Kher, Online News EditorWashington, D.C.–The Bush administration on Sunday asked Congress to approve a rescue package that would give officials the power to inject billions of federal dollars into the troubled Fannie Mae and Freddie Mac through investments and loans.“We continue to hold more than adequate capital reserves and maintain access to liquidity from the capital markets,” Daniel H. Mudd, president and CEO of Fannie Mae said in a statement.  “Given the market turmoil, having options to access provisional sources of liquidity if needed will help to strengthen overall confidence in the market. We will continue to do…

By Anuradha Kher, Online News EditorNew York–Jones Lang LaSalle’s multifamily capital markets team has completed the sale of The Wimbledon, a 230-unit apartment complex on Manhattan’s Upper East Side, for $150,350,000. JP Morgan Investment Management purchased the building, located at 200 East 82nd St., from P & H Associates.”The credit crunch has taken its toll on the multifamily market in Manhattan over the last year, with very few transactions being completed, but the sale of The Wimbledon at a strong pricing level verifies that there is still a market for prominent buildings with strong fundamentals,” says Jubeen Vaghefi, managing director…

By Anuradha Kher, Online News EditorLebanon, N.J.–In an effort to enhance the company’s sustainable building practices, Kullman has recently became a member of the U.S. Green Building Council (USGBC).“Offsite construction and the green movement are natural partners,” says Avi Telyas, CEO of Kullman, a Lebanon, N.J.-based offsite builder of permanent steel and concrete multi-story buildings. “Together they offer an efficient path to Leadership in Energy and Environmental Design (LEED) certification without compromising on design. Given this, we believe it’s our responsibility to be stewards in the green movement by educating the industry on the benefits of offsite construction and promoting…

By Erika Schnitzer, Associate EditorMiami–Wellington Construction Group Inc. has commissioned Coral Gables, Fla.-based BCArchitects to design a new workforce housing rental community in Miami’s midtown neighborhood.“Considering the type of project and what it’s geared toward, the plans are very efficient,” Adan Fons, a principal for BCArchitects tells MHN. “In conjunction with the owner, who’s also a contractor, all the details have been looked at to simplify construction, make it efficient and create a nice design that’s reasonably priced.”Construction for Midtown Gardens, an 18-unit, three-story development, is expected to begin late this year. The property will offer one- and two-bedroom units,…

Kurt Kehoe To Head Altman Development Corp.’s Central Florida Office Boca Raton, Fla.–Altman Development Corp., based in Boca Raton, Fla. has appointed Kurt Kehoe as head of the company’s central Florida office in Orlando. In his new role, Kehoe will be responsible for creating and managing a business plan to increase Altman’s market presence in the central and northern Florida regions as well as Texas. Kehoe joined Altman Development Corp. of central Florida as senior vice president in 2006.Kehoe formerly served as a senior vice president and vice president with Picerne Development Co., where he directed and managed the development of over…