Regions

By Erika Schnitzer, Associate EditorAtlanta—RentWiki.com launched a Website that integrates social media with property listings, allowing, it says, apartment seekers to vet their potential new neighborhoods and providing property managers with more qualified leads.RentWiki offers property managers free unlimited listings, charging only for phone calls and emails generated by the site. Managers can control their spending by capping the number of leads at an adjustable level of their choosing. Additionally, all renter leads sent to an apartment community reportedly are reviewed and validated as legitimate leads.“We are the only [internet listing service] who reviews every lead,” Robert Turnbull, president, RentWiki.com,…

By Anuradha Kher, Online News EditorNew York, N.Y.–Residents have begun to close on their homes and move into 75 Wall Street, a luxury condominium project developed by The Hakimian Organization and its partners Peykar Brothers Realty & Gorjian Properties. The 349-unit condo project sits atop Global Hyatt’s new Andaz brand hotel in the Financial District in New York.Despite the crisis on Wall Street and recession, the developer says they are receiving overwhelming interest from potential buyers. “The majority of our purchasers were not from the finance/Wall St. industry and we continue to attract clients from all over the metro area…

By Anuradha Kher, Online News EditorNorth Olmsted, Ohio–Hendricks & Partners recently arranged the sale of Madison at Butternut Ridge (pictured), located at 5800 Great Northern Blvd. in North Olmsted, Ohio. The 261-unit apartment community was sold for $19 million.Constructed in 1992, the property features 102 one-bedroom/one-bath units, 119 two-bedroom/two-bath units and 40 three-bedroom/two-bath units. The units feature fully-equipped kitchens, washer/dryer hookups or washer/dryer-in-units, cable television/internet ready connections, air conditioning, ceiling fans, vaulted ceilings and walk-in-closets. Community amenities include a contemporary clubhouse with business center on-site, indoor fitness center, as well as a racquetball/activity court, swimming pool, a playground, garages and…

By Anuradha Kher, Online News EditorNew York–Judith A. Calogero (pictured), 51, former New York State Commissioner of the Division of Housing and Community Renewal, has been appointed CEO of the New York Housing Conference, a coalition of nonprofit and profit-motivated developers, owners, managers, professionals and funders of affordable housing. Calogero will replace NYHC Founder Clara Fox, who passed away recently at the age of 90.“Now, more than ever, there is a need for affordable housing,” says Calogero. “There is no better way to jump start America’s troubled economy than to create housing which in turn creates jobs and vital infrastructure…

By Anuradha Kher, Online News EditorWashington, D.C.–A new policy paper issued by Harvard University’s Joint Center for Housing Studies with support from the National Multi Housing Council (NMHC), is urging policymakers to recognize the important differences between single-family and multifamily financing and take steps to ensure an adequate supply of capital to the multifamily sector during and after the current economic crisis.Titled “Meeting Multifamily Housing Finance Needs During and After the Credit Crisis”, the paper details the importance of apartments and points to a possible liquidity crisis that could seriously impair the sector. If regulators’ mandated reductions in the GSEs’…

By Anuradha Kher, Online News EditorAtlanta–Gables Residential’s leasing performance of its on-site associates is better than that any other participating company, according to the fourth quarter 2008 Ellis, Partners In Mystery Shopping’s (EPMS) quarterly EPMS Benchmark Survey.The company scored 97.82 percent, the highest individual company score in the eight-year history of the survey.”Obviously, this overall score is representative of each individual’s commitment to not only the organization but to themselves,” says Joanna Ellis, CAPS, principal and co-founder of EPMS. The EPMS Benchmark Survey allows participating apartment-management companies to assess how the leasing performance of their on-site associates compares with that…

By Erika Schnitzer, Associate EditorHouston—Despite the economic crisis, the forecast for Houston’s apartment market offers a relatively positive outlook, according to the 2009 National Apartment Report by Marcus & Millichap.According to the firm’s National Apartment Index (NAI), an annual analysis of 43 apartment markets based on 12-month forward-looking supply and demand indicators, Houston has moved up six places this year and is now ranked No. 29. Houston cap rates were in the mid-7 percent range at the end of 2008.“The Texas and Houston economy the last year had held up fairly well, until about October or November, whereas other markets…

By Keat Foong, Executive EditorCarpentersville, Ill.— Marcus & Millichap Real Estate Investment Services recently helped facilitate the $23.05 million sale of an affordable housing project despite turmoil in the housing tax credit market.  The company arranged the sale of Fox View Apartments, a 373-unit project-based Section 8 community in Carpentersville, Ill. Scott Harris, senior vice president investments, said that a number of such affordable projects do sell throughout the year, but what was unusual about this affordable property was its size. Eighteen bids were offered for the property, and the one from the tax credit developer was the most competitive…

By Anuradha Kher, Online News EditorJersey City, N.J., Spokane Valley, Wash. and Herriman, Utah–PNC has recently completed financing totaling $278.9 million, either arranged or provided by its real estate businesses, for three projects including the Monaco North Urban Renewal LLC, Whimsical Pig Apartments and Farmgate Apartments at Midas Creek. PNC Real Estate Finance arranged a three-year, $214 million construction loan to Monaco North Urban Renewal LLC, a joint venture between Roseland Property Co., Prudential Insurance Co. of America, Garden State Development Inc. and Hartz Mountain Industries Inc. Roseland Property Co., an urban residential and mixed-use development firm based in Short…

By Erika Schnitzer, Associate EditorJacksonville, Fla.—RAD Media LLC, a Jacksonville, Fla.-based full-service advertising agency, has announced a national expansion of The Apartment Channel TV, taking it to the top 30 markets in the country.The Apartment Channel TV posts videos of apartment communities on cable On Demand channels as well as its Website, apt-tv.com. The 30- or 60-second videos feature the community’s grounds, amenities and model apartments, with added voice over, music and graphics.“The point is to give the apartment seeker a good tour of the property and give him a feel of what the apartment looks like. People don’t have…