Regions

By Teresa O’Dea Hein,, Managing EditorSan Diego–More than 1,100 industry professionals recently attended the San Diego County Apartment Association (SDCAA) 15th annual Mark of Excellence awards ceremony, where more than 80 awards were presented. Michele Champion, SDCAA Director of Education and Events, tells MHN that nominations and attendance at the awards ceremony were both up this year. Furthermore, she adds, “Over the last several years, I’ve noticed that people have become more professional and more set on getting industry credentials and certifications. There is also a greater awareness of multifamily trends outside their individual properties, as well as the need…

By Erika Schnitzer, Associate EditorBridgewater, N.J.—SK Properties has secured more than $170 million in construction financing for three apartment communities, or 845 units, in N.J. and Penn.The loans included $107.5 million for 225 Grand (pictured), a 12-story, 348-unit rental building in Jersey City, N.J. SK Properties is developing the building in a joint venture with Applied Development Company. Financing was for a three-year term and placed with PNC Bank, who served as the lead lender, TD Banknorth, Capital One and Commonwealth Bank Group.In Penn., SK Properties secured a $46 million loan for Centronia Road Apartments, a 26-building, 364-unit, garden-style apartment…

By Erika Schnitzer, Associate EditorWashington, D.C.—Coinciding with the 40th anniversary of the Fair Housing Act, the National Commission on Fair Housing and Equal Opportunity has released its findings and recommendations from a six-month long investigation into the state of fair housing in the United States.The Commission reports that although there are about four million fair housing violations each year, fewer than 30,000 complaints were filed with HUD in 2007. Of these complaints, only 31 charges were prosecuted last year. Hosted by the Leadership Conference on Civil Rights Education Fund (LCCREF), the Lawyers’ Committee for Civil Rights Under Law (LCCRUL), the…

By Teresa O’Dea Hein, Managing EditorChicago—Nearly 60 percent of renters surveyed say they are celebrating the holidays more frugally this year compared to last by trimming holiday budgets more than half for gifts, travel and entertainment. A recent survey by Apartments.com also found that gift-giving budgets are taking the biggest hit, with renters planning to spend 69 percent less this year than in 2007 closely followed by travel at 64 percent less and entertainment at 63 percent less. “It appears people are spending smarter, given the state of the national economy,” Tammy Kotula of Apartments.com tells MHN. To conserve holiday…

By Keat Foong, Executive EditorWashington, D.C.—Home sales remain in a stable range despite the troubles in the economy, according to the National Association of Realtors (NAR).NAR’s Pending Home Sales Index, a forward indicator based on contracts signed in October, dropped 0.7 percent to 88.9 compared to September. It is 1.0 percent below October 2007. The indicator includes both single family homes and condos and coops. Nevertheless, Lawrence Yun, NAR chief economist, said “the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range.”  Yun suggested in a statement that there…

By Erika Schnitzer, Associate Editor Olmsted Falls, Ohio—Marcus & Millichap has retained the listing for Fawn Lake Apartments, a 288-unit community, for $12,585,000. The price represents $43,698 per unit, or $53.94 per sq. ft.Gary Cooper, vice president investments and director, and Ben Baker, senior associate and associate director, both of Marcus & Millichap’s National Multi Housing Group in Cleveland, are representing the seller, an investment partnership based in Northeastern Ohio.The 233,328-sq.-ft. rental community is comprised of 11 buildings on 17.35 acres. Fawn Lake Apartments offers one-, two- and three-bedroom residences, with community amenities that include a clubhouse, party room, swimming…

By Teresa O’Dea Hein, Managing EditorChicago—Distressed property sales are a growth industry in this economy. While brokerage firms have already been selling more and more distressed assets this year, three national brokerage firms have recently created or expanded teams to streamline the handling of distressed deals.Apartment Realty Advisors (ARA) has formed a Distressed Assets Solutions Group (DASG), under the direction of Chicago-based ARA principal, Debbie Corson (pictured). Sperry Van Ness International has launched the Sperry Van Ness Asset Recovery Team (SVNART), led by David Gilmore, current managing director of Sperry Van Ness Accelerated Marketing Co. Inc., and Jerry Anderson, CCIM,…

By Erika Schnitzer, Associate EditorAtlanta—Jamestown Partners, a real estate investment and management company, recently announced its acquisition of Green Street Properties, an eco-conscious consulting and development company best known for its master-planned, mixed-use urban communities.“We believe that the future of real estate is closely linked with green initiatives. The acquisition helps us to be at the forefront of this movement,” explains Matt Bronfman, managing director at Jamestown. “We see Green Street as able to bring some unique new opportunities to Jamestown. We also see them providing insights into our existing portfolio, such as ‘greening,’ as well as adding value in…

By Keat Foong, Executive Editor Washington, D.C.—Delinquency rates for multifamily and commercial real estate in the third quarter remain historically low, less than 1 percent, although they have ticked up, according to the Mortgage Bankers Association (MBA). The third quarter Commercial/Multifamily Delinquency Report from MBA shows that between the second and third quarters, the 30-plus-day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 0.10 percentage points to 0.63 percent.  The 60-plus-day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.05 percentage points to 0.16 percent. The 60-plus-day delinquency rate on multifamily loans held…

By Erika Schnitzer, Associate EditorMonrovia, Calif.—Urban Housing Group, a subsidiary of the Marcus & Millichap Company, has broken ground on The Courtyards at Old Town, a mixed-use community that will include 163 luxury apartments and 6,000 sq. ft. of commercial space.The city of Monrovia features many examples of turn-of-the-century architecture, says Jirair Garabedian, AIA, LEED AP, studio director at KTGY Group, the architecture firm that worked on the project. “We approached the design of the project to be sensitive to that, to compliment Old Town, whether with the massing or the choice of materials.”Monrovia, a town of approximately 50,000 people,…