Regions

By Anuradha Kher, Online News EditorDallas–The Dallas City Council has approved its first Tax Incremental Financing (TIF) District focused on multi-station transit-oriented development (TOD). Spread across 559 acres, the new TIF District features public rights-of-way and stretches from the Lovers Lane/Mockingbird area along the DART rail line to the Lancaster/VA Medical Center region. The District will have a 30-year life, during which real property values are forecasted to grow from $320 million in 2008 to $3.52 billion by 2038. The incremental tax revenue expected to accrue to the District is projected to be approximately $328 million during the life of…

By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Skyline Gateway (pictured), a 246-unit apartment community located at 4601 East Skyline Dr. in Tucson, Ariz., for $18.4 million.Constructed in 1985, Skyline Gateway is a gated community featuring 14 three-story, garden-style buildings. The property features one- and two-bedroom units in six floor plans. Each unit is equipped with air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators, a private balcony or patio, and cable television. Select units include fireplaces, stacked or full-sized washers and dryers, and walk-in closets. Community amenities include a clubhouse with kitchen, billiards, a…

By Erika Schnitzer, Associate EditorRichardson, Texas–Post Properties, Skyrise Properties, and Greenway Investment Co. recently celebrated the grand opening of Eastside, a mixed-use development located in the Dallas suburb of Richardson, Texas that will offer 435 apartments, 80,000 sq. ft. of retail and 200,000 sq. ft. of office space upon its build out, slated for late March 2009.“This was a really good retail-driven intersection at Central Expressway and Campbell Road in Richardson, and it is adjacent to the Telecom Corridor, which includes several million sq. ft. of Class-A offices built in the ‘90s,” David Ward, executive vice president, regional investment director…

By Anuradha Kher, Online News Editor Yonkers, N.Y.–Croton Heights Apartments, a $23 million, 60-unit affordable rental community in southwest Yonkers, N.Y. opened today.Developed by The Richman Group Development Corp., and built on the site of an old, unused parking lot formerly owned by the Yonkers Parking Authority at 193 Ashburton Ave., the building features one-, two- and three-bedroom rental units, and 1,500 sq. ft. of community space with a well-appointed community room, a fitness facility, a resident computer center, broadband wiring, on-site storage space, parking and a children’s tot lot. “The benefits of creating safe, affordable housing go well beyond bricks…

By Anuradha Kher, Online News Editor Washington, D.C.–Multifamily mortgage debt outstanding in the third quarter grew to $890 billion, an increase of $15.2 billion or 1.7 percent from second quarter, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.In dollar terms, commercial banks saw the largest increase in their holdings of multifamily mortgage debt, an increase of $34 billion, or 19.4 percent. Government Sponsored Enterprises increased their holdings of multifamily mortgage debt by $12 billion, or 6.8 percent. Agency- and GSE-backed mortgage pools increased by $3 billion, or 1.8 percent and savings institutions…

Thousand Oaks, Calif.–Van Tilburg, Banvard & Soderbergh, AIA (VTBS Architects,) has received a Gold Nugget Merit Award in the “Best Senior Housing Project” category for its design of University Village Thousand Oaks in California. The continuing care retirement community (CCRC) accommodates residents in a variety of living arrangements. Designed to embody an “age-in-place” philosophy, University Village is a resort-style community that caters to residents in every stage of the retirement years; from independent living to assisted living and skilled nursing facilities. The community provides significant indoor and outdoor amenities to encourage an active lifestyle. The site design leaves nearly 25…

By Anuradha Kher, Online News EditorHouston, Dallas, Plano, Texas–KeyBank Real Estate Capital recently closed $52.6 million in loans for four multifamily properties in Texas through Freddie Mac and Fannie Mae. KeyBank provided $50 million in Freddie Mac ARM funding for three apartment complexes. In Houston, Key provided $22 million to Pearland Apartments for Cobblestone Park Apartments, a 292-unit Class A complex.  Key also provided $16 million to FCLC Dallas for Hidden Creek Apartments (pictured), a 244-unit Class A complex in Dallas. In Plano, Key provided $12 to Bristlecone Texas for Cottages at Tulane, a 268-unit garden apartment complex.   Key also…

By Erika Schnitzer, Associate EditorAtlanta–Trammell Crow Residential (TRC) and the Equal Rights Center (ERC) have come to an agreement after ending accessibility litigation initiated by ERC against the developer.“Our settlement provides that, for those projects we still own that were finished within 30 months of the date we were sued, we would have them inspected and brought up to standards based on some tolerances that we negotiated with the ERC,” Ron Terwilliger, CEO of Trammell Crow Residential, tells MHN. “In addition, we agreed to establish a housing center in hopes that we can get the industry to focus on the…

By Anuradha Kher, Online News EditorWashington, D.C.–With the exception of the apartment rental market, which continues to benefit from weak home sales, all commercial real estate property types are showing grim results for 2008, with an equally grim forecast for 2009, according to the Commercial Real Estate Outlook of the National Association of Realtors (NAR). “If anything, multifamily is the bright spot,” George Ratiu, economist at NAR Research, tells MHN. “This is in large part due to a high number of foreclosures, and the fact that people still need housing, no matter what is going on in the economy.” Demand…

By Anuradha Kher, Online News EditorJuan Dolio Beach, Dominican Republic–Las Arenas, a 25-story residential tower located in Juan Dolio Beach in the Dominican Republic, has introduced a new eco-friendly architectural design. The project, which is being designed by Dominican architect, Jorge Mesa, and Spanish landscaper, Artur Bossy, is scheduled to break ground in the first quarter of 2009.The 216-unit project is located 30 to 45 minutes from the capital, Santo Domingo. Since sales began a month ago, 25 units have been sold. “The potential buyer is a middle- to high-income Dominican, or an American or Canadian,” Rosalia Porcella, commercial director…