Regions

By Erika Schnitzer, Associate EditorWaltham, Mass.—The number of applicants a community is processing per apartment decreased dramatically, according to a RentGrow report, entitled “Trends in Applicant Traffic and Quality.”Consistently over the last 10 to 15 years, processing rates, which measure how many applicants a community is processing per apartment, measured between 0.9 and 1 percent, or application per apartment unit, explains Mike Lapsley, CEO of RentGrow. Over the last 18 months, however, the average has dropped by about 20 percent, according to RentGrow’s data.Year-over-year, the processing rate change was the greatest between January 2008 and January 2009, with a 20.4…

By Anuradha Kher, Online News EditorIrvine, Calif.–Jamboree Housing’s 50th affordable property, Granite Court, is all set to open this month. The green apartment community is located in Irvine’s mixed-use neighborhood known as the Irvine Business Complex.With Granite Court, Jamboree’s portfolio is now valued at $2.08 billion including nearly 6,000 homes for approximately 15,000 residents. “Despite the economic downturn in real estate, the increased demand for more affordable housing – Granite Court’s waiting list nearly topped 4,000 names during construction – and the fierce competition for shrinking public funds, Jamboree continues to build and grow,” John Okura, senior project manager at…

Fresh Meadows, N.Y.–U.S. Energy Group has launched USE-Analysis, a large-scale fuel consumption analysis study, which is designed to define the amount of oil, or gas equivalent, that buildings in New York City typically use. The aim is to apply this information to help buildings achieve peak operating efficiency. USE-Analysis, which started with U.S. Energy’s existing customers and is now open at no cost to all New York City multi-family (rentals, co-ops and condos) and commercial buildings, analyzes key building indicators along with historical fuel usage to develop two numbers: the amount of fuel the building is currently using by “degree-day”…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily starts have fallen again; this time by more than 25 percent, according to the Commerce Department’s latest report. With no clear trend in sight, starts for June were at 101,000 units, which is a 28.6 percent drop when compared to May and a 74.8 percent drop year over year. There was a brief uptick in May when starts were at 143,000 units over April’s 80,000 units. In January they were 118,000, February saw an increase to 204,000 but in March they were down again to 129,000 units. Overall however construction was started on…

By Barbra Murray, Contributing Editor Two real estate industry finance veterans have come together to create Davies Ingersoll Capital Partners, a firm offering debt and equity solutions, as well as investment opportunities to clients across the country, with a particular focus on the self-storage sector. Jim Davies, a former senior vice president and shareholder of Buchanan Street Partners, as well as was a co-founder and principal of leading storage finance concern Buchanan Storage Capital, is the firm’s president, while Peter Ingersoll, managing director of real estate services firm Sperry Van Ness/Davies Ingersoll, is on board as CEO. Newport Beach, Calif.-based…

By Erika Schnitzer, Associate EditorBayonne, N.J.—Trammel Crow Residential’s 544-unit Alexan CityView, the largest LEED (Leadership in Energy and Environmental Design) for Homes multifamily community in the country, is officially open. Move-ins began in April and the community is 13 percent leased.“The key to being successful is making a commitment to the LEED program early on in the design process. Once your architecture gets too far along, it’s difficult to incorporate some of the LEED requirements,” Richard Murphy, managing director of Trammel Crow Residential, tells MHN.Trammel Crow worked with the NJ BPU (New Jersey Board of Public Utilities), the New Jersey…

By Anuradha Kher, Online News EditorSterling Heights, Mich.–Love Funding recently closed a $7,327,000 refinance loan for Sterling Lake Apartments, a 261-unit multifamily complex located in Sterling Heights, Mich. Love Funding secured the funds using the HUD 207/233 (f) loan program for the borrower, LR Management. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization.Sterling Lake Apartments features one and two-bedroom apartment and townhome units. Amenities include a 24-hour fitness center, swimming pool and a well-equipped clubhouse. As a testament to its aesthetic value, the city of Sterling Heights honored Sterling Lake Apartments with the “Best…

By Anuradha Kher, Online News EditorAtlanta–Lane Co. has named Bill Stahlke (pictured) president of investments at Lane Strategic Investment LLC. His responsibilities include developing Lane Co.’s acquisition strategy and overseeing all of the firm’s acquisitions. Lane Co.’s primary equity partner is Lubert-Adler Partners L.P. The firms announced earlier this year that Lubert-Adler will provide $250 million for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers. Initially the firm will focus on opportunities in the Southeast and Southwest. Stahlke came out of retirement to take the position. Before his retirement, he was president of Windsor…

McLean, Va.–The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS). Last year at this time, the 30-year FRM averaged 6.26 percent.   The 15-year FRM this week averaged 4.63 percent with an average 0.7 point, down from last week when it averaged 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent.  This is the third consecutive week that the rate fell. The 30-year FRM…

By Anuradha Kher, Online News EditorStatesboro Ga. and Columbus, Ohio–KeyBank Real Estate Capital recently provided $16.5 million from an existing $200 million Fannie Mae structured credit facility extended to Campus Apartments in January 2008. Consistent with the original terms of the facility, Key provided a $14.6 million variable rate DMBS advance for Campus Crossing at Statesboro Ga. and $1.9 million for The Seneca in Columbus, Ohio. Campus Crossing at Statesboro is a garden student housing property consisting of 600 beds in 168 units. Built in 2008, Campus Crossing at Statesboro serves Georgia Southern University. The Seneca was formerly the Seneca Hotel,…