Regions

Irvine, Calif.–Keystone Pacific Property Management Inc. has promoted Susan Seifen (pictured) from insurance coordinator to director of training in its Irvine office. A designated Certified Community Association Manager (CCAM) through the California Association of Community Managers (CACM), Seifen plans and coordinates structured in-house training programs for the property management division, as well as oversees the training of all community association managers on all aspects of management.Darryl J. Seavey Joins Raymond James Tax Credit Funds St Petersburg, Fla.–Darryl J. Seavey has joined Raymond James Tax Credit Funds Inc., a syndicator of affordable housing, as vice president and director of acquisitions. He…

By Anuradha Kher, Online News EditorAliso Viejo and Rancho Santa Margarita, Calif.– Hendricks & Partners and CB Richard Ellis recently arranged the sale of three South Orange County apartment communities with 1,368-units for a total $201,250,000.The properties include:Aventine at Aliso Viejo, a 386-home luxury rental community located at 22501 Chase in Aliso Viejo. which sold for $56,250,000;Alize at Aliso Viejo, a 484-unit luxury rental community located at 2 Enterprise St. in Aliso Viejo, which was sold for $75 million; andAvila at Rancho Santa Margarita, a 498-unit luxury rental community located at 22751 El Prado Ave. in Rancho Santa Margarita was…

By Erika Schnitzer, Associate EditorWashington, D.C.—With the World Health Organization raising the worldwide pandemic alert of swine flu to Phase 5 , apartment owners and operators need to be aware of the risks of the virus and take certain precautions toward protecting residents and employees.Experts say that with the growing number of swine flu cases growing, communication is especially crucial. “Even if you have done nothing else, the most important thing is to communicate with staff and residents and provide accurate and clear information, even if that’s pointing them in the direction of resources,” says Eileen Lee, vice president of…

New York–Sales have begun at 111 Monroe St., a six-story ground-up residential building in Brooklyn, N.Y. “This property offers comfortable living at an incredible price point,” says David Behin, executive vice president of The Developers Group, the exclusive sales and marketing firm for the project. “111 Monroe is an FHA-approved building, which means that loans are granted with more flexibility and protection for buyers, and only a 3.5 percent down payment is required. To buyers, this means that for less than a $20,000 down payment, and monthly expenses around $2,500 per month, they can now own for prices that are…

By Anuradha Kher, Online News EditorBoston–Demand for commercial real estate is expected to hit rock bottom this year with the apartment sector enduring the lightest demand loss in 2009 of all the commercial property types. However, that’s not saying much, as this will still be the heaviest loss in apartment demand in 25 years (Graph 1), according to the first quarter 2009 forecast report from Property and Portfolio Research Inc. (PPR). Although there has been much debate over what “mark-to-market” really means in this unprecedented environment, owners cannot ignore their falling income streams. Cumulative NOI losses will be in the double…

By Anuradha Kher, Online News EditorFremont, Calif.–Walker & Dunlop provided a $5,600,000 refinance loan for Villas Papillon Apartments located in Fremont, Calif. The loan was structured with a five-year term and a 30-year amortization and was underwritten to a 52 percent loan-to-value with a 1.95 Debt Service Coverage ratio. Walker & Dunlop locked in the interest rate less than two weeks after receiving the signed loan application.  The 72-unit Villas Papillon Apartments was built in 1986 and features 19, two-story residential buildings. Common amenities include a pool, basketball court and a walking path. Unit features include one-car garages, carpet, wood-burning…

Kenneth Olson is the president and CEO of POKO Partners LLC, a Port Chester, New York-based development and management company whose projects are focused mostly in the tri-state area. While POKO Management initially served as a fee management company, it transitioned into portfolio management due to the company’s experience as both owners and operators.Olson talks to MHN about projects that POKO currently has under development, the company’s management strategy during the economic downturn, and hidden opportunities to be uncovered during the recession.MHN: How many units do you manage? Do you own all of them? Olson: POKO currently manages more than…

Washington, D.C.–The American Institute of Architects (AIA) recently recognized three outstanding apartment and condominium designs through its Housing Awards Program, which is now in its ninth year. Both high- and low-density projects for public and private clients were considered. In addition to architectural design features, the jury assessed the integration of the buildings into their context, including open and recreational space, transportation options and features that contribute to livable communities.Fort Point Loft Condominiums in Boston, Hacin + Associates Inc. This 140,000 sq. ft. project encompasses the adaptive reuse of two historic structures, the construction of a new building on an…

By Anuradha Kher, Online News EditorNew York–The U.S. economy shrank at an annual pace of 6.1 percent in the first quarter, almost as much as it did in the fourth quarter of 2008, according to a government report. This is a much bigger drop when compared to the most commonly predicted initial number of 4.7 percent reduction in the Gross Domestic Product (GDP).“This doesn’t have much of a direct impact on the recovery in the apartment market,” Bob Bach, senior vice president and chief economist at Grubb & Ellis, tells MHN. “Job creation is the most important factor for recovery…

By Erika Schnitzer, Associate EditorNew York—Davis Development Holdings has announced that 1055 Park Avenue, a 12-story, five-unit condominium, is scheduled for occupancy this summer.“These are exceptional homes and unlike anything that is on the market today,” Adrienne Albert, CEO of The Marketing Directors, the exclusive marketing agent of 1055 Park Avenue, tells MHN. She adds that the target demographic is “high net worth individuals” looking for the exclusivity of a Park Avenue address “in an extremely beautiful space that’s also modern.”Unlike many of the co-op buildings on the Upper East Side, 1055 Park Avenue is a condominium. Therefore, board approvals…