Regions

By Anuradha Kher, Online News EditorIrving, Texas–To tackle bankruptcy, foreclosures and other issues the student housing sector is facing as a fallout of the recession, Collegiate Management Group LLC has formed Collegiate Management Group Property Recovery Division, designed to provide owners of struggling student housing properties with turnaround management services. The division will provide operational and market consulting, property management, repositioning and re-branding, and due diligence.“We will continue to see troubled student housing assets in the future,” Christina Aclin director of business development at Collegiate Management Group, tells MHN. “Student housing has been in its own bubble for a while…

By Anuradha Kher, Online News EditorCotswolds, U.K.–The Lakes by yoo, a second home development in the Cotswolds region of U.K., is now offering owners the opportunity to rent their properties to vacationers through a fully managed rental program. Owners at The Lakes can participate in the free rental initiative, which will allow them to offer their vacation homes up for lease when not in use, potentially offsetting the costs of ownership and maximizing their investment.“This new rental program offers a way for buyers to effortlessly capitalize on their investment at The Lakes,” says John Hitchcox, chairman of yoo. “Participating in…

By Anuradha Kher, Online News EditorDenver–NorthMarq has arranged a permanent loan of $19.5 million for South Fork Apartments. The newly constructed, garden-style apartment community features 336 units in 15 three-story buildings. Amenities include an outdoor swimming pool, heated spa, detached garages available for additional monthly cost, along with a clubhouse, business and fitness centers. Unit amenities consist of patio or balcony, gas fireplaces, vaulted ceilings, high-speed data wiring, walk-in closets and washer/dryer connections. HFF Arranges $9M Refinancing for 256-Unit Rental CommunityFlorham Park, N.J.–HFF (Holliday Fenoglio Fowler L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments,…

By Anuradha Kher, Online News EditorWashington, D.C.–President Barack Obama has nominated David Stevens as assistant secretary for Housing and Federal Housing Administration (FHA) Commissioner.     Stevens currently serves as the president and chief operating officer of the Long & Foster Cos., which includes Long & Foster Real Estate and its affiliated businesses, including mortgage, title, and insurance and home service connections. “The President’s nomination of David Stevens, an innovator and single-family housing industry leader, shows this administration’s commitment to moving [the] country out of the current housing crisis,” says Donovan. “Stevens’ depth of knowledge in real estate, housing and the…

By Erika Schnitzer, Associate EditorSan Diego—The National Association of Home Builders (NAHB) has announced the winners of the 2009 Multifamily Pillars of the Industry Awards in 28 categories. The winners represent the best in multifamily development, design and execution, marketing and individual achievement.Bozzuto Management Company was named Property Management Company of the year for the second time—the first was in 2000. The Greenbelt, Md.-based company manages 27,500 units in 97 properties throughout the East Coast.Julie Smith, president, Bozzuto Management Company, says, “I credit the team we have built at Bozzuto to receiving this award, because everything we have done is…

By Anuradha Kher, Online News EditorNew York–The Obama administration has big plans to fix the credit market. The Federal Reserve announced recently that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities. In addition, the Treasury Department, along with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) has this week made public the details of its new Public-Private Investment Program (PPIP).The idea is to increase activity in the credit market by lowering interest rates, including those on home loans, and to help the financial system as it struggles due…

By Keat Foong, Executive EditorBurbank, Calif.—Sometimes, a seller is fortunate to find an affordable housing developer. That was the case in the sale of Verdugo Gardens, brokered by Hendricks and Partners. The 34-unit apartment community was sold for $7,262,500, at a 4.65 percent cap rate (with in place rents), or $246.56 per square foot. All in all, a relatively high price even in the second half of last year. The seller was Jamco Holdings Corp. of Los Angeles, which was seeking to execute a 1031 exchange, by selling this property and buying another. The buyer was Burbank Housing Corp. of…

By Anuradha Kher, Online News EditorLawrenceville, Ga.–Apartment Realty Advisors (ARA) recently brokered the $3 million sale of Meadows of Gwinnett, a 68-unit, individually platted complex of 17 quadraplexes located in Lawrenceville, Ga.The expansive community spans 10.59 acres with a very low density (6.42 units per acre). Unit mixes are comprised of two- and three-bedroom, two bath units. Occupancy at the time of the sale was 70 percent.Local buyer, Terrapin Apartments, LLC, acquired the distressed asset for $44,118 a unit capitalizing on the asset’s assumbable, non-recourse CMBS loan. The circa 1980’s constructed quadraplexes have some deferred maintenance and will require a…

By Anuradha Kher, Online News EditorWashington, D.C.–Despite an increase in existing-home sales in February, sales activity remains relatively soft, a consequence of additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to the National Association of Realtors (NAR). Existing-home sales—including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January with a year-over-year decrease of 4.6 percent Sales of condominium and co-op increased as well, to a seasonally adjusted annual rate of…

By Anuradha Kher, Online News EditorWashington D.C.–U.S. Housing and Urban Development Secretary Shaun Donovan has approved nearly $731 million in funding for 48 states and local communities seeking to recover from the effects of high foreclosures and declining home values. Funded under HUD’s Neighborhood Stabilization Program (NSP), these plans will target emergency assistance to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise be abandoned.The neighborhood stabilization plans approved include a $145 million plan submitted by the State of California.”These funds will be used to buy up and rehabilitate vacant foreclosed homes and resell those homes with affordable…