Regions

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNDenver–Almost exactly six months after closing on the sale of 86 apartment properties to DRA Fund VI LLC and joint venture partner Steven D. Bell & Co., UDR Inc. has concluded the reinvestment of 1031 exchange funds from the from the $1.7 billion sale. The Denver-based Real Estate Investment Trust (REIT) used $951 million of the proceeds to purchase, in various transactions, 12 apartment communities encompassing nearly 4,100 residential units. The acquisitions allowed the company to reposition its portfolio with newer properties within close proximity to lifestyle centers…

By Anuradha Kher, Online News EditorWashington, D.C.–The level of home sales, including multifamily, is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June. The July index remains 6.8 percent below July 2007 when it stood at 92.8.“Sales in some months are down and in others, they are up, but the overall market is stable with nearly five million sales this year,”…

By Erika Schnitzer, Associate EditorNew York–RKT&B Architects will add four new projects to its “Smart Housing” urban infill program. Developed jointly with CPC Resources (CPCR), the program is designed to address the need for affordable housing in New York.“One of the characteristics of these neighborhoods is that buildings are either missing or in such a decrepit state that they need to be replaced in small lots,” multiples of 20 to 25 ft., says Carmi Bee, FAIA, president, RKT&B. Each of the projects is modeled on a prototype of four-story, eight-family walk-ups. The first project, which was completed in 2003, was…

By Anuradha Kher, Online News EditorNew York–The Ash Institute for Democratic Governance and Innovation at Harvard Kennedy School has named the New York City Acquisition Fund as a 2008 Innovations in American Government Awards winner. This $230 million partnership finances the purchase of land and buildings for affordable housing by using private finance tools to allow small developers to compete in the real estate market. The program will receive $100,000 towards dissemination and replication efforts around the country. Established in 2006, the fund creates a private-sector lending market to address this critical public sector challenge, leveling the playing field for…

Washington, D.C.–The takeover of Fannie Mae and Freddie Mac has appeased many in the multifamily industry but doubts linger among others about the takeover’s long-term effects on the sector and the economy in general. MHN gathered comments from various sources that have so far come forward to help put the issue in perspective.Bill Hughes, senior vice president and managing director of Marcus & Millichap Capital Corp., tells MHN, “In the short term, the takeover is having a calming impact on the market. Fannie and Freddie have been given the liquidity they need to carry on their business and so far…

By Anuradha Kher, Online News EditorSan Francisco–Cohen Financial recently secured a $12.4 million refinancing for Vendome Place (pictured), a luxury high-rise apartment project in the Silicon Valley. The 75-unit property is located at 750 Miller St., close to downtown San Jose, Calif.  The property totals 76,000 sq. ft. and is fully leased.Cohen Financial secured the $12.4 million loan with Fannie Mae through Green Park Financial. The property offers studio, one- and two-bedroom units, as well as penthouse apartments.HFF Secures $5.8M Refinancing for Class A Multifamily Community Alvin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler L.P.) has secured a $5.8…

By Anuradha Kher, Online News EditorCoral Gables, Fla.–Ponce Circle Developers LLC has selected architecture firm, Jorge L. Hernandez Architect, to design Old Spanish Village, a $350 million, seven-acre mixed-use development in Coral Gables, Fla. Inspired by the vision of Coral Gables founder, George Merrick, Old Spanish Village hopes to evoke the aesthetics of ancient Spanish towns.Old Spanish Village is the modern realization of one of several themed enclaves in the city, such as the French, Chinese and Dutch villages that Merrick conceived and created in the 1920s. Spanning three city blocks, the community will feature three mid-rise condominiums and 38…

By Anuradha Kher, Online News EditorMontclair, N.J.–Pinnacle Downtown, the developer of the Siena at Montclair, a 101-unit condominium, located at 48 South Park St. in Montclair, N.J., will offer Abigail Michaels Concierge, an elite service that provides hotel-style services as well as lifestyle management, at the community. This will be an addition to the existing on-site concierge team.“With Abigail Michaels Concierge serving as the caretaker of residents at The Siena at Montclair, we at Pinnacle Downtown know that our clients are in the industry’s best hands,” says Mary Boorman, Pinnacle’s senior vice president for development, sales and marketing. Through Abigail…

By Anuradha Kher, Online News EditorShanghai, CHINA–The Institute of Real Estate Management will soon be launching its Certified Property Manager (CPM) course in China’s most populous city, Shanghai. In partnership with the Shanghai Weston Real Estate Management Institute, a division of Brawman International Group, IREM will begin a complete series of CPM courses from Oct. 22 to 26. IREM hopes that by 2009, the courses will be presented in other Chinese cities, namely in Beijing and Guangzhou.The one-week course will be offered in Shanghai in Chinese on a bi-monthly basis. “China is a huge, untapped market where a lot of…

By Anuradha Kher, Online News Editor, MHN and Eugene Gilligan, Senior Editor, CPNWashington, D.C.–The U.S. government’s takeover of Fannie Mae and Freddie Mac is a necessary step to stabilize the U.S. housing market, according to multifamily industry experts who are still examining the ramifications of the announcement.The takeover will go a long way toward solving what Stuart Saft, partner in the law firm of Dewey & LeBoeuf, called a “Catch 22” that has been bedeviling a critical part of the economy— housing. Real estate, being an illiquid asset, needs a steady stream of capital inflows, Saft points out. The credit…