Regions

By Anuradha Kher, Online News EditorWilmington, Del.–The Wilmington Housing Authority (WHA) has selected Michaels Development Co. as its master developer for a planned multimillion redevelopment of Lincoln Towers, an outdated public housing complex located in the Wilmington’s Trolley Square neighborhood. The complex will be demolished to make way for a new mixed-use community featuring both affordable and market-rate housing. The WHA distributed a request for proposals and moved quickly to select a development partner in order to meet a July 6 funding request deadline from the U.S. Department of Housing and Urban Development (HUD). The federal government is distributing economic…

By Anuradha Kher, Online News EditorNew York– The Apthorp, a 32-unit historic condominium project is now selling at substantially reduced pricing starting at $1,535,000. A recent report released by the Real Estate Board of New York found that across New York City, average home prices are down 22 percent in second quarter 2009. This project is no different.In addition, a $30 million capital improvement program is currently in progress that will restore the property to its turn-of-the-century architecture but also modernize it to 21st Century standards. Closings are expected to begin in fall 2009.“This is a once-in-a-lifetime opportunity to own…

By Anuradha Kher, Online News EditorLake Zurich, Ill.–NorthMarq Capital has arranged first mortgage financing of $15,326,400 for Landings (pictured) of Lake Zurich, a 206-unit multifamily property, located in Lake Zurich, Ill. The loan carries a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Landings Capital Partners LLC, by NorthMarq through its affiliated Fannie Mae DUS lender, AmeriSphere. Alliant Capital Closes $1.62M Second Lien Financing for Garden-Style ProjectTucson, Ariz.–Alliant Capital LLC recently arranged $1.62 million second lien financing of Posada del Rio in Tucson, Ariz. on behalf of HSL Properties Inc. The second lien was completed…

By Erika Schnitzer, Associate Editor Tucson, Ariz.—Fewer out-of-state buyers will suppress transaction velocity in Tucson, Ariz., according to Marucs & Millichap’s second-quarter 2009 Apartment Research Report. Sales activity has fallen 56 percent in the past year.“In recent years, these investors played a large role in driving velocity and, subsequently, price growth,” says David Guido, regional manager of the Tucson office of Marcus & Millichap.For those properties with between 10 and 39 units, only one has sold at a level higher than the previous sale price, Hamid Panahi, senior associate in Marcus & Millichap’s Tucson office, tells MHN. For projects with…

By Anuradha Kher, Online News EditorNewport Beach, Calif.–Hacker Industries Inc. recently donated FIRM-FILL 2010 Gypsum Concrete Floor Underlayment to the San Diego Habitat for Humanity (SDHFH).  The product donation provided a smooth, hard surface for finished floor coverings in SDHFH’s new Roosevelt Garden Condominiums in Carlsbad, Calif. “Hacker Industries’ involvement with Habitat for Humanity began many years ago,” says Kerry Hacker, vice president of Hacker Industries, Inc. “This is truly a great cause, and we are very proud to contribute our products to the Roosevelt Condominiums and continue our support for Habitat for Humanity.” In 2008, Hacker Industries, Inc. celebrated…

By Anuradha Kher, Online News EditorLutherville, Md.–Property Solutions and SatisFacts Research have signed a new alliance, which includes two components. Property Solutions will offer SatisFacts’ Insitetouchpoint customer service modules as a robust resident and prospect feedback system to integrate into their property and prospect portals. In addition, each firm will cross-promote the other’s services so as to offer multifamily operators a comprehensive resident and prospect communication solution.Property Solutions is a provider of apartment community web sites, providing property management tools to management companies. Their products include the Resident Portal, Resident Payand Prospect Portaltools. SatisFacts Research serves as a satisfaction research…

By Anuradha Kher, Online News EditorRaleigh, N.C.–With the multi-housing sector hit with depressed demand and unavailability of construction financing, the forecast for new construction until 2011 is not favorable, according to the FMI Construction Outlook: Second Quarter 2009 Report. The multifamily sector will build projects totaling $42.6 billion in 2009, which is a 15 percent decrease from $50 billion in 2008 and is expected to remain flat in 2010 at $43 billion.“Despite the multifamily sector performing poorly, it is still running at much better levels when compared to the mid-90s when construction was down in the $30 billion range,” Heather…

By Anuradha Kher, Online News EditorLodi, Calif.–Hendricks & Partners has arranged the sale of Lakeview Apartment Homes, a 138-unit apartment community in Lodi, Calif., for $14 million.Located at 1510 & 1511 South Mills Ave. the condominium-mapped community was constructed in 1984. The site measures approximately 8.85 acres and is located just south of West Kettleman on South Mills Avenue in Lodi. The property features 25 buildings with both single-story cottage and two-story, walk-up, garden-style structures with an average unit size of 993 square feet. Community amenities include two swimming pools, two spas, private garages, a leasing office and fitness center….

By Keat Foong, Executive Editor Cincinnati, Ohio—It was no surprise that a REO property brokered by Apartment Realty Advisors (ARA) sold so quickly: It was a classic value-add investment opportunity, according to the company.  ARA’s Distressed Assets Solutions Group arranged for the the $1.1 million Real Estate Owned property sale to Tritex Real Estate Advisors Inc. Tritex represented the holder of the foreclosed property, the 45-unit Oakley Terrace apartments located in Cincinnati. Brian Pace, sales person at ARA’s Midwest office, said prospective buyers were attracted by the fact that the property was Real Estate Owned and that the upside potential…

By Erika Schnitzer, Associate EditorAtlanta—Coro Realty Advisors LLC’s 05 Buckhead, a new 20-story, 155-unit high-rise luxury apartment community, recently opened its doors to new residents.“The developers were aware that a lot of condos were going up and didn’t want to dive into that market,” Mick Wilkinson, construction administration project manager at Atlanta-based Ai Group Design LLC, the architecture firm that designed 05 Buckhead, tells MHN. “Other apartments around here were being converted to condos, so they saw a shortage of high-end rental.”The community is approximately 30 percent leased, which, Wilkinson notes, is at a pace ahead of the schedule the…