Regions

By Anuradha Kher, Online News Editor MHN and Barbra Murray, Contributing Editor, CPNAtlanta–In its third quarter earnings report issued last month, Post Properties Inc. noted that it would sell six assets with the hope of pocketing approximately $360 million. With the latest disposition of Post Lenox Park (pictured) in Atlanta, the company has one down, five more to go.Post Properties sold the 206-unit apartment community to an entity formed by Greensboro, N.C.-headquartered Steven D. Bell & Co. for $22.7 million. Developed in 1995, Post Lenox Park is a Class A, garden-style multifamily property located at 100 Lenox Park Circle in Atlanta’s…

By Anuradha Kher, Online News EditorChicago–The Regatta, a 44-story, 325-unit condominium project located at 420 E. Waterside Dr. in Chicago, recently won a Design Excellence Award from the Association of Licensed Architects (ALA) and the Society of American Registered Architects (SARA) and The Chandler (pictured), a 35-story, 304-unit condo project also located at the same address, received the SARA Award.The two condominium towers are part of Lakeshore East, and were designed by DeStefano Partners along with Loewenberg Architects LLC.In all, DeStefano Partners was the winner of 10 design awards, topped by the American Institute of Architects (AIA) Chicago Chapter’s prestigious…

By Anuradha Kher, Online News EditorNew York–Sales have started for The Fairchild (pictured), a new project featuring 21 custom built town homes, penthouses and lofts designed by David Howell, and located at Manhattan’s TriBeCa North Historic District at 55 Vestry St.  The nine-story doorman building features two-, three- and four-bedroom residences with 22-ft. high ceilings. Prices for the units range from $1.965 million to $8.995 million, with floor plans including up to three baths and spanning from 1,350 to 2,835 sq. ft. It also includes three oversized triplex town homes with private street-level entrances. Select residences also feature spacious terraces…

New York–Data through October 2008, released this week by Standard & Poor’s, shows continued broad-based declines in the prices of existing single family homes across the United States, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10 percent versus October 2007.”The bear market continues; home prices are back to their March 2004 levels,” says David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “Both composite indices and 14 of the 20 metro areas are reporting new record rates of decline. As of October 2008,…

By Keat Foong, Executive EditorTucson, Ariz.–The Phoenix, Ariz.-based Hendricks & Partners represented Equity Residential in the sale of Skyline Gateway Apartments for $18.4 million. The property is situated in an A+ location, at 4601 East Skyline Drive here at the top of the Santa Catalina Foothills. It is close to upscale shopping, restaurants, hotels and golf courses. The property features one-bedroom and two-bedroom units in six spacious floor plans. Each unit is equipped with air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators and a private balcony or patio. Cable television is available. Some units include fireplaces, stacked or full-sized washers…

By Anuradha Kher, Online News EditorMinneapolis–The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (Colliers) has completed the sale of Uptown City Apartments (pictured) to Invesco Real Estate, for $30,085,000.Uptown City Apartments features two mixed-use buildings located at 714 and 1220 West Lake St. in Minneapolis’ uptown neighborhood. The buildings include 163 apartment units, 4,000-sq. ft. of retail space, and 222 enclosed parking spaces, including a 59-unit public parking garage. Uptown City Apartments was the first true Class A, urban infill, multifamily property to come to market in Minneapolis in 10 years.Hendricks & Partners Arranges Sale of  23-Unit Community for…

By Erika Schnitzer, Associate EditorHaverhill, Mass.–Forest City Enterprises Inc. recently celebrated the opening of the first building at Hamel Mill Lofts, a 305-unit adaptive reuse project in Haverhill, Mass. The community is comprised of three mid-rise buildings, two of which are masonry and the third, brick.Located in an old mill town about 25 miles north of Boston, Hamel Mill Lofts was formerly a leather-tanning factory, says David Levey, executive vice president of East Coast development at Forest City Residential Group and the senior developer on the project. “It keeps with the Forest City philosophy of sustainability and adaptive reuse, when…

By Anuradha Kher, Online News Editor McLean, Va.–In the final week of 2008, Freddie Mac has named Raymond G. Romano as the company’s new chief credit officer, a position that is responsible for enterprise-wide credit risk management activities.Romano has served as senior vice president of credit risk oversight since he joined the company in 2004. In September 2008, Romano also assumed the role as acting chief credit officer while the company conducted a nationwide search for the position.”Managing credit effectively is the cornerstone of this company, particularly in a turbulent economy,” says Freddie Mac CEO David Moffett. “Romano has really demonstrated…

Irvine, Calif.–Sperry Van Ness International will kick off 2009 with a new president. The real estate brokerage firm’s board of directors has voted unanimously to promote COO Kevin Maggiacomo (pictured) to the new position.Maggiacomo will take on responsibility for the Irvine, Calif.-headquartered company’s day-to-day operation and execution of its vision, which CEO Mark Van Ness had been supervising.Maggiacomo tells MHN Online News Editor Anuradha Kher about why Sperry Van Ness is growth potential for multifamily in 2009. What are some compromises the company will have to make in light of the economic downturn?Last December, very early on in this economic…

By Erika Schnitzer, Associate EditorPearland, Texas—Historic Real Estate Inc., a Houston-based private real estate investment and development company, has released plans for the WaterLights District, a  $700 million, 155-acre master planned community designed for LEED (Leadership in Energy and Environmental Design) Gold certification.WaterLights will offer up to 1,400 residences, in addition to retail, offices, restaurants, two hotels, a conference facility, up to 5,900 parking spaces and a public park along a Grand Canal waterway. The site will also create interest with an unusual Presidential Park & Gardens, which will feature busts of all U.S. Presidents.Groundbreaking is slated for April 2009,…