Regions

By Anuradha Kher, Online News EditorAnnapolis, Md.–The overall market conditions for independent living facilities in the top 100 markets are sound, with demand and supply in check and rents growing above the rate of inflation, according to a survey conducted by the Annapolis, Md.-based National Investment Center (NIC) MAP, a data and analysis service for the seniors housing industry that tracked the top 100 markets in its Metro Markets Survey.There is, however, some worry that due to the housing crises, these fundamentals will undergo change and there will be a shift in occupancy rates. “This is because generally when someone…

By Anuradha Kher, Online News EditorDenver–RentBits.com has launched the beta version of its rental search engine through which renters can find available rental condos, apartments and homes.“RentBits helps users make sense of the millions of bits of rental housing data and information that reside on the Web,” RentBits COO, Tim Moynihan, tells MHN.“Today, most rental listing sites host rental property listings on behalf of the owner/manager. These hosted solutions then drive traffic to listings via pay-per-click advertising. RentBits.com differentiates itself in the space by actively crawling the web for rental information to ensure that the listing data that users search…

Morrisville, N.C.–Grace Park Development LLC has started work on vertical construction at Grace Park, a mixed-use development project in Morrisville, N.C. The project will feature 180 residential units including traditional town homes and modern apartments centered around and above 50,000 sq. ft. of retail space.   Construction at Grace Park began in December of 2007 and apartments are expected to be ready for occupancy by August 2008.Grace Park is located on the corner of Morrisville Carpenter Road and Davis Drive and offers a “live/work” lifestyle as well as and shops, restaurants and salons.Andy Bruhn, project manager for Front Street Construction, says,…

Los Angeles–Oakwood Worldwide has just launched a new “after-hours guest services program,” which is based in Oakwood’s Phoenix-based customer operations center. The program will assist guests who are staying in Oakwood apartments throughout the U.S.  “This is in keeping with our ongoing efforts to increase consistency and the level of service to our guests,” says Chris Ahearn, Oakwood’s senior vice president, sales and marketing. “This program allows us to reduce wait time, and provide centralized service-based analytics to drive further improvement. Additionally, our clients will be assured that the needs of their employees–our guests–are met in a sufficient manner.” Oakwood’s after-hours…

Washington, D.C.–Congress may approve a new Federal Housing Authority plan by early April, CNNMoney.com reported Tuesday.Different versions of the bill to update the FHA passed in the House and the Senate last year; the two chambers are working out the kinks, according to Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass.”I think we are fairly close to having an FHA reform bill that we will be able to adopt very quickly,” Dodd said last week.The proposed changes to the FHA, which provides loan alternatives to subprime mortgages, include permanently raising the higher loan…

London–The number of surveyors reporting U.K. home price declines in February hit near-historic 1990 levels, according to the London-based Royal Institution of Chartered Surveyors (Rics).Housing supply has risen as cautious buyers wait out the faltering market, BBC News reports. About 64.1 percent more surveyors saw a drop in home prices last month, an increase from 54.7 percent in January.U.K. home prices have fallen for the seventh month in a row and landed near the June 1990 low, when 64.5 percent more surveyors found home prices had fallen instead of increased.However, Scotland appears to be an exception, with 25 percent more…

Washington, D.C.–Rising home foreclosures have driven revenues down in one-third of American cities in the past year, according to the Washington, D.C.-based National League of Cities.Nearly two-thirds of more than 200 cities said increased foreclosures have caused one out of three to reduce community program funding, the San Diego Union-Tribune reported Tuesday. The nonprofit urban municipal association also said that growing demand for food banks and counseling are causing problems.Nonprofit and civic organizations are buffering some of the effects–more so than home lenders, the National League of Cities said.

Washington, D.C.–Several of the world’s central banks–including the U.S. Federal Reserve–have announced a joint plan to add liquidity into money markets in North America and Europe, the Financial Times reports.On Friday, the Fed made an emergency intervention to reduce credit market strains. The Fed said this week that it would double the amount it originally had offered to lend, increasing the total by $200 billion. The money will be loaned to banks and primary dealers or brokers who trade with the Fed, which hopes it will be given to hedge funds and other market members who are having a hard…

By Anuradha Kher, Online News EditorLafayette, La.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Diamond Lakes Apartments, a 312-unit multifamily community in Lafayette for $20.1 million, at $64,423 per unit.“Diamond Lakes Apartments is a well-maintained multifamily property in a prime location,” says Stephen St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, Fla. “The asset generates a reliable cash flow while at the same time possesses an inherent potential for steady rental increases.”Located at 2700 Ambassador Caffery Parkway, the 249,100-sq.-ft. apartment community consists of 16 two-story buildings…

By Anuradha Kher, Online News EditorWashington, D.C.–Conditions in the apartment sector remain strong, according to National Multi Housing Council’s (NMHC) latest Market Trends survey.“Apartment owners exercised great restraint during the housing boom,” notes NMHC chief economist Mark Obrinsky. “As a result, they have escaped the oversupply problems plaguing the single-family sector.”According to NMHC, the number of renters last year in professionally managed apartments increased by the largest amount since 2000. “In fact, the increase was as large as that for the previous five years combined,” says Obrinsky. Prior to that, between 2004 and 2006, 1.2 million households joined the ranks…