Regions

By Anuradha Kher, Online News EditorNew York–GFI Capital Resources Group recently formed a partnership between GFI and The Carlyle Group, which will provide GFI with $1.2 billion in buying power ($300 million worth of equity), to invest in real estate assets throughout the country. This will allow GFI to more than double the size of its existing 20,000-unit real estate portfolio.    “We have already purchased a few properties as part of this venture and we’ve only just begun,” says Michael Weiser, executive vice president of acquisitions and dispositions at GFI. “Unlike many other companies in today’s market, we have capital…

Jeffrey Day (pictured) is managing director and co-head of Deutsche Bank Berkshire Mortgage (DBBM). DBBM is a Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) mortgage lender. It originates in excess of $6 billion per year in multifamily loans, and has a servicing portfolio of over $23 billion.As a part of the Deutsche Bank Global Commercial Real Estate Group (GCRE), DBBM also offers Commercial Mortgage Backed Securities (CMBS), conduit, mezzanine and bridge financing, as well as real estate investment banking services. Day is jointly responsible for the overall operation of the 200-person firm, including origination, underwriting, closing, servicing, asset…

By Anuradha Kher, Online News EditorHouston, Plano, Alden Bridge, Texas–Houston-based Meeks Partners has designed three luxury independent senior living facilities in Houston, Plano and Alden Bridge, Texas that hope to set a new bar in the independent senior housing category. Conservatory Senior Living will manage all three projects, which feature one- and two-bedroom units ranging from 561 sq. ft. to 1,237 sq. ft. with rents from $2,400 to $4,000 that include one meal. Units in all three communities have been occupied since early this year and the leasing process is still in progress.“Texas is a strong market for the seniors…

By Anuradha Kher, Online News EditorDenver–RedPeak Properties has broken ground on a 148-unit luxury apartment project as part of an expansion of its existing 439-unit Seasons of Cherry Creek, located at 3498 Ellsworth Dr. in Denver.When the 13-story building is complete in 2010, The Seasons of Cherry Creek will total 587 units across three high-rise towers. Rents for the two-and three-bedroom apartments range from $2,600 to $4000.“The rental market in Denver is doing very well compared with other cities of our size,” Mark Windhager, COO of RedPeak, tells MHN. “For high-end projects in Denver, this is all the more true….

By Erika Schnitzer, Associate EditorAnn Arbor, Mich.–Avalon Housing Inc., a developer and manager of affordable housing, will launch a series of events, under a program entitled “Celebrating the Sustainable Community,” to raise funds to help eliminate homelessness in Ann Arbor.The series, to be held November 6-10, is designed to educate attendees on sustainability and community building. The event will feature two visionaries and activists: Fritz Haeg, a Los Angeles architect and landscaper, and Judy Wicks, a well-known Philadelphia restaurateur. At an Edible Landscaping class, Haeg will discuss transforming front yards into gardens. Wicks, who recently received the International Association of…

By Anuradha Kher, Online News EditorReno, Nev.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Bristle Pointe (pictured), a 224-unit multifamily community in Reno, Nev., for $23 million.“Bristle Pointe represented an excellent opportunity for the investor to acquire a quality Class B multifamily asset in the high-growth suburban community of Reno, with the opportunity to increase rents through interior and exterior renovations,” says Ryan DeMar, an associate vice president of investments and director of Marcus & Millichap’s National Multi Housing Group (NMHG).Located at 2050 Longley Lane, the 213,256-sq.-ft. apartment community is situated on 11.2 acres near major…

By Anuradha KHer, Online News EditorMemphis, Tenn.–Architecture, Incorporated is designing two massive multifamily projects in Memphis, Tenn., slated for completion by approximately 2012. University Place (pictured), situated on 52 acres on the site of the former Lamar Terrace public housing development, features a 112-unit seniors housing project; a 76-building, 287-unit mixed-income rental project; as well as up to 54 for-sale lots.The 40-acre Legends Park, situated on the site of the former Dixie Homes housing project, comprises 95 buildings of 357 mixed-income rental units as well as up to 54,000 sq. ft. of commercial and market-rate housing space. The two developments, spanning…

By Erika Schnitzer, Associate EditorPortland, Ore.–A public hearing was held last week to discuss the proposed changes to rental housing ordinances in Portland. Such changes are expected to remedy health and safety hazards caused by landlord neglect.The new rulings would require anyone who owns rental properties to obtain business licenses from the city, in addition to updating the city’s housing code and creating a complaint-driven inspection model.Other cities throughout Oregon, including Gresham and Salem, have mandatory health and safety inspections that Portland is now considering, explains Greg Frick, partner of HFO Investment Real Estate, an apartment brokerage firm who has…

By Anuradha Kher, Online News EditorAtlanta–Post Properties Inc. and Novare Group Holdings LLC have unveiled plans for the residential component of The Ritz-Carlton Residences, a vertical mixed-use project located at 3630 Peachtree Rd. in Atlanta’s Buckhead neighborhood. It is expected to be ready for occupancy in mid-2009.The project features 17 stories of residential space with 129 one-, two- and three-bedroom condos, as well as 17 stories of Class A office space, which will be developed by Pope & Land Enterprises Inc. and Duke Realty Corp.The Residences will offer spacious, open floor plans and custom-selected finishes. The 18th and 19th stories…

Washington, D.C.–John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA) praised the Treasury for placing Fannie Mae and Freddie Mac in a conservatorship. “I applaud them for taking crucial steps to ensure that Fannie Mae and Freddie Mac can continue to play their critical role of providing liquidity to the housing finance system, thus providing Americans the opportunity for homeownership and affordable rental housing,” says Courson.“The unprecedented steps taken will provide confidence that the housing finance system will continue to operate without major disruption, and offer an opportunity for a recovery of the housing market while allowing…