Regions

By Anuradha Kher, Online News EditorGallup, N.M.–Enterprise, Supportive Housing Coalition of New Mexico, CARE 66, the city of Gallup, the New Mexico Mortgage Finance Authority, Annenberg Foundation and the state of New Mexico will open this Friday the newly constructed Chuska Apartments, an affordable “green” housing property bordering the Navajo Nation at 2534 East Aztec Ave. in Gallup, N.M.Chuska Apartments is the first affordable housing development supported by the recently launched Enterprise Rural and Native American Initiative. The development offers 30 fully subsidized, energy-efficient apartments located in six residential buildings.The Enterprise Rural and Native American Initiative is a commitment to…

By Anuradha Kher, Online News EditorDecatur, Ga. –Apartment Realty Advisors (ARA) recently executed the sale of Lincoln at Decatur Apartments, a 252-unit, Class A apartment community located in Decatur for $28.9 million, to McKinney Properties.McKinney financed the acquisition through their own self-managed private equity fund. A joint venture of Lincoln Property Co. and INVESCO Real Estate engaged ARA to market the community for sale after completing a substantial renovation of the property that bolstered market rents and NOI. The community is located in Atlanta’s desirable in-town neighborhood of Decatur, which also includes the 600-acre Emory University campus, the U.S. Centers…

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNCrofton, Md.–Financing to the tune of $55 million has been put in place for the Keswick Park Apartments, a 406-unit multifamily asset in Crofton, Md., about 25 miles northeast of Washington, D.C. and 25 miles south of Baltimore. Johnson Capital arranged the capital for Boston-based borrower Berkshire Property Advisors L.L.C. The backing came in the form of a seven-year fixed-to-float loan with a 6.11 percent interest rate, through Freddie Mac’s Acquisition-Rehab program. The interest-only financing will be amortized over 30 years following the first four years of the…

By Anuradha Kher, Online News EditorChicago–Waterton Associates LLC, a Chicago-based real estate private equity firm, raised $222 million of equity capital for its Waterton Residential Property Fund X. The fund is the fourth joint venture between Waterton and the California State Teachers Retirement System (CalSTRS) and targets value-added and opportunistic multifamily investments nationwide. This includes the acquisition of distressed properties as well as performing and non-performing multifamily debt. With the equity commitments and maximum allowable debt, the total capitalization of the fund is $635 million.The Parc at Pruneyard, a 252-unit property located near downtown Campbell in California’s Silicon Valley, is…

By Erika Schnitzer, Associate EditorBlacksburg, Va.—Virginia’s first luxury sports condominium hotel, The Colosseum, will be breaking ground this afternoon. Developed by Virginia Tech alumni, the project is located in the heart of what is known as Hokie Nation and has pledged to donation a portion of the sale of each unit to the construction of the school’s new basketball facility.The two-tower, six-story, 241-unit development “is geared towards Virginia Tech alumni and fans who want to come to support things—specifically sports—done at Virginia Tech,” notes Jamie Oliver, director of marketing for the Colossum and president of Highlander Construction & Development. “We…

By Anuradha Kher, Online News EditorNew York–Yoo by Starck, which is primarily known for its luxury condominium projects, will soon open its first rental project in New York as well as the world. Located at 95 Wall Street in downtown Manhattan, the 500-unit Dwell 95 will feature one- and two-bedroom apartments with two distinct styles of interiors. A refurbishment of a 1980s office building, Dwell 95 is one of many new residential buildings in Manhattan’s financial district where office buildings still dominate the landscape.“This area of Manhattan is going to change very quickly,” John Hitchcox, yoo’s chairman and founder, tells…

By Anuradha Kher, Online News EditorNewark, East Orange, Irvington, Rahway, Plainfield and Union City, N.J.–Gebroe-Hammer Associates recently arranged the sale of six multifamily properties exceeding $26.8 million, and totaling 422 units in Newark, East Orange, Irvington, Rahway, Plainfield and Union City, N.J.The deals include the $14 million sale of a Newark multifamily portfolio, involving eight buildings and 256 units located on Martin Luther King Blvd.; the $8.1 million sale of Netherwood (pictured), a 108-unit complex located at 825 E. Front St. in Plainfield; the $1.712 million sale of 132-134 Elm St., a 16-unit property in Rahway; the $1.05 million sale…

By Anuradha Kher, Online News EditorSan Francisco–Marcus & Millichap Real Estate Investment Services has named Dean Sandquist (pictured top) as the first vice president of investments. The achievement of first vice president investment status is one of the highest levels of recognition Marcus & Millichap awards its sales agents. “It represents excellence in client relationships, investment real estate expertise and sales volume,” says Jeffrey Mishkin, regional manager in the firm’s San Francisco office.Sandquist joined Marcus & Millichap in 1981 and specializes in multifamily investment sales.Navy Banyard Receives Award for 2008 Distinguished AlumnusLos Angeles–Navy Banvard (pictured second from top), AIA, founding…

By Keat Foong, Executive EditorChicago— Most economists do not believe a financial meltdown is in the works, said Alice Rivlin, senior fellow at the Brookings Institution, in her opening plenary address to the 18th Annual National Investment Conference (NIC) held here this week. Rivlin said that a financial crash can be avoided in the U.S. And she said reasons for optimism that the U.S. will emerge from the housing and financial crises in good shape  include a resilient economy, as well as the rapid and aggressive federal responses to the problems. Rivlin said the government measures taken so far, including…

By Anuradha Kher, Online News EditorNew York–Lehman Brothers and Washington Mutual are sure to going down the path that IndyMac did, according to T.J. Wojtas, founder of the Buyers Equity Fund. “What you see happening is a consolidation of power among institutions that are not failing and faltering. What is going on now is similar to what happened in 1907 when JP Morgan Chase made a run on the banks,” Wojtas tells MHN.Wojtas predicts that 400 institutions will fail during 2009. “Small community banks will follow the big banks down this path. The situation was getting too much out of…