Regions

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPN Los Angeles–Sperry Van Ness has completed the sale of a 15-unit Koreatown apartment community for $2,850,000. The property, located at 868 S. Kingsley Dr., is in the heart of Koreatown near the intersection of Wilshire Boulevard and Western Avenue. Built in 1929, the 100 percent occupied property is comprised of six one-bedroom, one-bathroom units; three one-bedroom, one-bathroom units with lofts and six two-bedroom, two-bathroom units. Monthly rents range from $1,197 to $1,550. The seller invested approximately $400,000 on capital improvement including modernized kitchens, new flooring, fixtures, and numerous…

By Anuradha Kher, Online News EditorWashington, D.C.–Days into debate and discussions on Capitol Hill regarding a $700 billion bailout package to stabilize the financial industry, the House of Representatives voted this afternoon against the bill in its current state. The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in opposition. One hundred and forty Democrats and 65 Republicans had backed the bill. Over the weekend, support for the bailout had seemed strong, with several politicians declaring it close to passing.  After Its failure today, the Dow plunged 778 points. The Dow closed down 6.89…

By Anuradha Kher, Online News EditorSan Francisco–The Rainmaker Group, maker of automated revenue management software and services for the multifamily housing and gaming hospitality industries for property profitability, has recently announced that Carmel Partners, with over 19,000 units, will implement the LRO (Lease Rent Options) multifamily housing revenue optimization solution after a successful 12-month pilot test in eight communities. The communities that used LRO in the pilot saw a 3.55 percent increase in revenue billed per unit (RBPU) over non-LRO Carmel Partners communities in the same markets with similar occupancy and exposure. “LRO creates a centralized pricing discipline that improves revenue,” says…

By Anuradha Kher, Online News EditorAlliance Residential Appoints Heather Slack as Development DirectorPhoenix–Alliance Residential Co. has appointed Heather Slack (pictured) as development director. In this new role, Slack is responsible for development and acquisition activities in the northern California Region, which includes the markets of Portland, Ore., Seattle and Las Vegas. Her primary duties are to source and negotiate the purchase of multifamily sites, manage the development and construction process, and acquire existing communities for rehabilitation. Most recently, she served as Alliance’s national new business director. She joined the company in 2003 as vice president of operations for the northwest…

By Anuradha Kher, Online News Editor, MHN and Coreen Bailor, Research Editor, CPNWashington, D.C.–AvalonBay Communities Inc. has received $135 million in financing–the multifamily REIT’s largest bond financing ever closed–to fund construction of Avalon Walnut Creek at Contra Centre, a $400 million mixed-use, transit-oriented development next to the San Francisco Bay Area Rapid Transit’s Pleasant Hill Bay station.Serving as AvalonBay’s finance counsel, law firm Goodwin Procter L.L.P. helped AvalonBay secure the letter of credit from Bank of America N.A., comprising $116 million in tax-exempt and $19 million in taxable multifamily housing revenue bonds.AvalonBay, Millennium Partners and the San Francisco BART comprise…

By Erika Schnitzer, Associate EditorNew York–Sales have begun at Toll Brothers Inc. and The Kibel Companies’ 303 E. 33rd, the first green development in New York City’s Murray Hill neighborhood.The 128-unit project is designed for LEED (Leadership in Energy and Environmental Design) certification. “We thought our customers would probably be concerned with these issues and feel better about buying in a LEED-rated building,” says Peter Levenson, principal, The Kibel Companies.303 E. 33rd features Energy Star appliances and water-reducing fixtures, as well as bamboo flooring and cabinetry in the residences. Additionally, it offers ample bicycle storage and reduced parking rates for…

By Anuradha Kher, Online News EditorMontgomery and Worcester County–The David Cutler Group is making a foray into the 55+ active adult housing market with two new projects located in Montgomery (pictured) and Worcester counties in Pennsylvania. Montgomery Walk is a 254-unit townhome community located in Montgomery County and Stony Creek Farms is a 209-unit townhome community in Worcester County. The communities will be constructed in a phased process and move-ins will take place as units are completed. “Our company has matured over the years,” Christopher Heuges, vice president of design, tells MHN. “The foray into this 55+ housing market is…

By Anuradha Kher, Online News EditorWashington, D.C.–U.S. Housing and Urban Development Secretary Steve Preston today allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD’s new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.In a telephone press conference held this morning, Preston said, “This money can be used to buy properties at a discount, rehabilitate properties and even assist people who want to…

Bret Bobo (pictured) is the CEO of Outlook Capital, a newly launched real estate investment firm based in Miami. The company has raised funds from foreign investors to acquire distressed condominium projects in South Florida and hold onto them for future disposition when markets recover. Prior to joining Outlook Capital, Bobo was involved in various large real estate development and sales projects in the Miami market. He was formerly COO at YOO, USA Inc., where he was responsible for securing design contracts and overseeing co-marketing efforts on behalf of multi-million dollar condominium projects in South Florida such as the $260 million…

By Erika Schnitzer, Associate EditorNew York–The 25-story Alexander Plaza, a 52-unit luxury condominium, is now under construction. Developed by Continental Finance Corporation (CFC) and designed by Sydness Architects PC, the project is set to open in 2010.Located at 315 East 46 Street, the project is in the same neighborhood as the United Nations. The building’s design juxtaposes it against the older masonry buildings in that area, explains Jeff Sydness, principal, Sydness Architects PC. “It’s a glass building with a contemporary design.”The building features a triangular entry plaza, front and back glass facades folding vertically inward and a three-story v-shaped top,…