Regions

The deadline for Design Excellence Awards presented by Multi-Housing News has now been extended until July 31.The awards recognize outstanding multi-housing and mixed-use projects. Entries are judged based on a combination of criteria including aesthetics and functionality of exterior and interior architecture, design solution, overall cohesiveness of composition, and (when applicable) landscaping and curb-appeal. Entries will be judged in August by a panel of industry experts.
 All finalists will be mentioned online by MHN.
(Click here for the entry form and competition guidelines.)(Click here for the entry form and competition guidelines (in a non-writeable pdf format.)Choose from 16 categories:
High-Rise
 Mid-RiseLow-Rise/Garden Apt.
Seniors:…

By Erika Schnitzer, Associate EditorLas Vegas—The first signs have appeared that suggest things are starting to get better for the apartment industry, said Greg Willett, vice president of research and analysis for MPF Research, in a National Apartment Association (NAA) Conference and Exposition session entitled “U.S. Apartment Market Outlook.”As Willett noted, the supply picture is the simplest to envision. Completions are slowing; since 2006, quarterly completions averaged about 50,000 units. However, by the last half of 2009, MPF Research predicts that this figure will be reduced to about 30,000 units. And by 2010, only about 20,000 units are predicted to…

Atlanta–Gables Residential recently hired Lynette Hegeman (pictured) as its new vice president of marketing. Hegeman comes to Gables with 17 years of experience in marketing, sales management and development primarily for the hospitality and real estate industries. Most recently she ran her own marketing company focused on helping developers of residential communities in resort locations create and execute effective marketing strategies. Naomi Bayer of Enterprise Conformed to Board of Directors at SONYMANew York–The New York State Senate has confirmed Naomi Bayer to the Board of Directors of the State of New York Mortgage Agency (SONYMA). Bayer currently serves as senior…

By Anuradha Kher, Online News EditorOakland, Calif.–Hendricks & Partners recently arranged the sale of 6116 Telegraph Ave. in Oakland, Calif., for $2,375,000. The 17-unit apartment community was sold to Alameda Apartments LP of San Rafael, Calif. Arbor Closes $935,000 Fannie Mae DUS Small LoanCarmichael, Calif.–Arbor Commercial Funding LLC recently completed funding of a $935,000 loan under the Fannie Mae DUS Small Loan product line for the 17-unit complex known as Parkside Apartments in Carmichael, Calif.  

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.72 percent.


Steve Bram is president and co-founder of George Smith Partners, Inc. An expert on multifamily finance, he has personally arranged over $2.5 billion of financing in over 150 transactions during his 25 years at GSP, including all types of construction, bridge and permanent financing on commercial and residential properties along with joint venture and equity placements. Bram is also active in community affairs, having served as chairman of the Real Estate and Construction Division of the Jewish Federation of Los Angeles. He talks to MHN Online News Editor Anuradha Kher about how the Obama Administration’s policies will impact multifamily financing,…

By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates has arranged the sale of Somerset Lakes Apartments, a 360-unit waterfront community in Indianapolis. Tikijian Associates represented the seller, Apartment Investment Management Company (AIMCO), in this transaction with Indianapolis-based Gene B. Glick Company. The property was offered un-priced. Somerset Lakes is a picturesque community tucked just south of Keystone Crossing, between Keystone Avenue and Dean Road on the city’s north side. The property has a resort-like setting, offering a full amenity package, mature landscaping and a view of the 80-acre spring-fed lake from every unit. Also, Somerset’s units are among the largest in the…

Las Vegas—Property managers across the United States are experiencing difficulty locating qualified renters, according to a TransUnion survey of more than 870 property managers. The survey results were released today at the National Apartment Association’s Education Conference & Exposition in Las Vegas.Of those surveyed, 81 percent are concerned that they will not find reliable residents for the remainder of the year. This is of particular concern, since 32 percent of respondents stated that vacancy rates are higher than the same period last year, 48 percent viewed it about the same and 20 percent have experienced lower vacancies. “Our survey confirms that…

By Anuradha Kher, Online News EditorLas Vegas–After conducting a study about use of social networking among residents and property managers, NCI, parent company of Apartment Finder, today launched a suite of tools and services for the social web at the National Apartment Association Conference and Expo in Las Vegas. The company conducted a proprietary research in the multifamily industry comparing the social media habits and attitudes of residents to property managers. Key findings show that while 80 percent of residents use social networks with more frequency and intensity than people at management companies, close to 76 percent of multifamily professionals…

By Erika Schnitzer, Associate Editor Cincinnati—Compared to other markets in the midwest, the Cincinnati/Northern Kentucky region has fared well “because it doesn’t have a huge auto influence and has a pretty diverse economic base,” asserts Debbie Corson, CPM, CCIM, principal in Apartment Realty Advisor’s (ARA) Dayton, Ohio office.Effective rents have increased slightly more than 1 percent, and concessions have decreased from one year ago. According to ARA’s first quarter Cincinnati/Northern Kentucky Multifamily Report, both market and effective rents were up $9 from one year ago—to $702 and $673, respectively.Corson attributes this to the “slowdown in apartments coming online with very…

By Anuradha Kher, Online News EditorGilbert, Ariz.–Hendricks & Partners recently arranged the sale of Sky View Ranch, located at 4632 East Germann Rd. in Gilbert, Ariz. for $17,500,000.The 232-unit Sky View Ranch is a class “A” asset constructed in 2007 and featuring 11, three-story rental buildings offering eight floor plans of one-, two-, and three-bedroom units averaging 971-sq.-ft. Units feature nine-ft. ceilings, air conditioning, extra storage, fully-equipped kitchens and high-speed internet. Community amenities include a swimming pool, clubhouse, gated/controlled access, garages, business center, and fitness center. The seller was Fairfield Skyview Ranch L.P. c/o Fairfield Residential LLC of San Diego…