Regions

By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) and the U.S. Green Building Council (USGBC) recently signed a Memorandum of Intent outlining collaborative efforts to promote green building development, energy efficiency and environmentally responsible building operations across all property types.The memorandum establishes a cooperative working relationship between IREM and the USGBC that will include educational webinars and conferences available to IREM’s members for a discounted price, as well as a research publication. Also, through this memorandum, IREM will be able to offer Leadership in Energy and Environmental Design (LEED) certification to its members.IREM has 18,000 members…

By Lisa Iannucci, Green Building Corresspondent New York–According to the Environmental Protection Agency (EPA), a “brownfield” is a property where the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. Although some developers are hesitant to work with brownfields, especially because of the costs, other developers, such as the New York City-based The Arker Cos., are transforming brownfields into high-quality, affordable housing. The Arker Cos. transformed one Bronx brownfield that was formerly occupied by a shuttered gas station into the White Plains Courtyard. The Courtyard is a 100-unit,…

By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613…

By Erika Schnitzer, Associate EditorNew York–The first U.S. development by Barcelona-based Espais Promocions Immobiliàries will open in New York later this summer. The property is currently 60 percent sold.”We have a very diversified demographic,” says Andres Hogg, general manager of Espais. “We have singles, married couples and small families.”The 142-unit Twenty9th Park Madison will offer studios, one- and two-bedroom residences, ranging from the low $600,000s to $2.4 million, as well as 10 two-bedroom penthouses, two of which have been sold. The penthouses range in size from 1,255 to 2,070 sq. ft. and are priced from $2.3 million to $4.5 million.Each…

By Rachel Block, ReporterLivingston, N.J.–SureDeposit, which offers a security deposit system, has recently integrated with Resident Data to combine the two companies’ product services for their customers.SureDeposit offers a residents opportunity for paying a lower priced “surety bond,” rather than an expensive security deposit, which both improves a property owner’s risk management and lowers a resident’s move-in cost. SureDeposit is now going one step further by integrating with Resident Data, ChoicePoint’s resident screening service, to help their clients utilize both services. SureDeposit will automatically be offered to prospective residents during Resident Data’s resident screening process. The integration will be advantageous…

Jack Kern is the managing director of Germantown, Md.-based Kern Investment Research Counselors. He talks to MHN’s Online News Editor, Anuradha Kher about when Florida’s skyline is likely to return to normal, the oil crisis and its effects on housing and how he believes transit-oriented developments will become commonplace–not anytime soon.MHN: What is the likely impact of foreclosures in South Florida on the existing condo inventory? Kern: At least initially, the foreclosures in South Florida are proceeding along at a fairly orderly pace. Because there are a large number of unsold condo units, the foreclosure actions will ultimately add to…

By Anuradha Kher, Online News EditorNorman, Okla.–Quantum First Capital has closed a $1,583,000 loan to finance the Chateau of Normandy Apartments in Norman, Okla. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program.The loan was structured with a 10-year term with two years interest-only payments at a sub 6.50 percent interest rate. Jason Rice of Dallas¬-based Quantum First Capital originated the financing on this transaction on behalf of Chateau Normandy LLC.The eight-building, 65-unit garden-style apartment community is located south of Main Street at 515 24th Ave., N.W. in Norman.Spread…

By Erika Schnitzer, Associate EditorPlainfield, N.J.–The Immigration Reform Law Institute (IRLI) has filed a Fair Housing discrimination lawsuit, on behalf of a former employee and two tenants, against Connolly Properties Inc., a Plainfield, N.J.-based real estate investment firm and apartment operator. The suit is filed under the Racketeering Influenced and Corrupt Organizations (RICO) Act, enacted to combat organized crime, and is one of the first times both a RICO and a Fair Housing violation have appeared in the same complaint, says Mike Hethmon, general counsel for IRLI.IRLI contends that Connolly Properties intentionally rented apartments to illegal immigrants, laundering the proceeds…

By Anuradha Kher, Online News EditorNew York–Despite dismal national trends, the real estate market in Manhattan remains strong, with the average condo price rising 36 percent from a year ago to $1,663,533, according to a second quarter market report recently released by Halstead Property. Even the median price, which is not impacted by the high-end sales, hit a new record of $979,000 during the second quarter of this year, reflecting an increase of 23 percent from a year ago. “The tightening of credit markets does not affect the luxury market much, and that is what most of the New York condo…

By Anuradha Kher, Online News EditorCarrolton, Texas–The National and Texas Apartment Associations, Blue Moon Software and RealPage Inc., recently formed a partnership to integrate eSignature technology into the official leases of the National Apartment Association (NAA) and the Texas Apartment Association (TAA). With the new agreement, RealPage users can offer prospects the ability to electronically execute a secure and legally binding lease.eSignature, a component of online leasing systems from RealPage, will enable a prospective resident to complete a lease application online at his or her personal convenience. The eSignature inserted into the lease conforms to the June 2000 Electronic Signatures…