Regions

By Anuradha Kher, Online News EditorNew York–Multifamily property prices are up 0.6 percent for the month of May, reporting the highest annual return (+5.8 percent) among all commercial real estate property types, according to Standard & Poor’s recently released results for the S&P/GRA Commercial Real Estate Indices.The results revealed however that the May number for the increase in property prices is a marked deceleration from the +7.7 percent reported just two months ago.“The multifamily sector is well off its peak and this has to do with the slowdown in the housing market in general,” Maureen Maitland, vice president, Index Services…

By Anuradha Kher, Online News EditorNew York–Modern 23, a 15-unit luxury condominium project, located at 350 West 23rd St. in Manhattan, recently started selling. Daniel Goldner Architects designed the 15 two- and three-bedroom units, ranging in size from 1,661 to 2,581 sq. ft., and featuring fireplaces, private outdoor space and open layouts.The building, which used to be a hotel, had become a Single Room Occupancy (SRO) project in recent years. “It was spoiling the environment around it,” Erez Itzhaki, CEO of Keystone Group, which developed the project, tells MHN. Keystone bought the buildings, razed them and built a new project…

By Erika Schnitzer, Associate EditorWashington, D.C.–The House of Representatives has passed a bill to extend the E-Verify system for five years. The program is a voluntary Internet-based system that compares information from I-9 forms against government records to determine an individual’s work status in the U.S.If the Senate does not pass the bill, currently called H.R. 6633, the system will expire on November 1. Currently, private employers may volunteer to use the system. However, two new bills that have been introduced would make it mandatory for all employers, federal or private, to screen potential employees for immigration status.With the enforcement…

Washington, D.C.–More of the nation’s apartments and condos are going green as multifamily builders and developers respond to growing consumer interest in sustainable building practices, according to a recent survey by the National Association of Home Builders (NAHB).”Apartments and condos are inherently green, because they offer more compact development to begin with,” says Steve Patterson, chairman of NAHB’s Multifamily Leadership Board and an apartment and condo developer from Orlando, Fla. “With today’s heightened consumer interest in green, multifamily builders are embracing more green and recyclable products, and are more willing to invest in energy efficiency.”While a majority of the survey…

Los Angeles–Charles Dunn Co., has negotiated the sale and purchase of a 20,000-sq.-ft. apartment building located at 4262 Lindblade Dr. in Los Angeles for more than $3.8 million. “The apartments, which are located just north of the Playa Vista Development, will be upgraded as new tenants move in,” says Michel Hibbert, senior managing director for the investment services group in the West Los Angeles office. Hibbert represented the buyer, West End Properties LLC as well as the seller, Durell Hensley. “It’s a good location, the building has stable tenancy and there is strong growth potential.”Arbor Closes $1.1M Loan Under Fannie…

By Anuradha Kher, Online News EditorSouth Jacksonville Beach, Fla.–Valencia Condominiums, a luxury beachside community located in South Jacksonville Beach in Florida has begun selling homes in the development’s third building. Located at 4300 South Beach Parkway, Valencia Condominiums offer high-end amenities such as European-style courtyards, garden pathways, manicured common green areas, clubhouse, pool, dry sauna and fitness center. The community provides a wealth of activities and entertainment as well as a full service concierge and the opportunity to become a member of Queen’s Harbour Yacht & Country Club and Jacksonville Society.The units feature 10-ft. ceilings, solid 8-ft. doors, graceful archways,…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) recently launched an online Workforce Housing Resource Center, including an interactive project estimator tool that allows real estate firms and policy makers to evaluate the financial viability of proposed “workforce housing” apartment properties. “The lack of affordable housing for service workers, healthcare workers and first responders is a well-known problem with no easy solution,” says Doug Bibby, NMHC president. “In a perfectly functioning market, housing providers would simply increase production to meet the tremendous demand for what is generally referred to as workforce housing. But housing is far…

By Erika Schnitzer, Associate EditorOmaha, Neb.–AmeriSphere Multifamily Finance LLC has partnered with Mutual of Omaha and Stearns Bank to provide a single source for construction and permanent financing for multifamily projects developed using Low Income Housing Tax Credits (LIHTC). The AmeriSphere program will provide construction and permanent financing in a single execution. “The benefit for this is for the borrower to lock the interest rate for the permanent loan at the commencement of development,” Scott Suttle, senior vice president at AmeriSphere, tells MHN. The borrower thus won’t have to pay double interest, which would be the case if the rate…

By Anuradha Kher, Online News EditorPhoenix–The Century Plaza, a 145-unit luxury condominium project located in downtown Phoenix, has recently been completed and move-ins have now begun.Located at 1 Lexington Ave., the project features one-, two- and three-bedroom units. Prices range from $250,000, to $2.5 million for penthouses on the 16th floor.The Century Plaza condominium tower used to be a 15- story office building, which Equus Corp. acquired nearly three years ago. To transform the commercial space into a residential space, Equus gutted the interiors of the building sparing only the skeleton and walls. “Everything inside the building is brand new,”…

By Anuradha Kher, Online News EditorAustin, Texas–Northland Investment Corp.’s Northland Fund III has acquired a portfolio of nine Class A communities comprised of 2,985 apartment units for $270 million. The transaction is the largest multifamily acquisition in Austin’s history.The newly acquired portfolio includes River Stone Ranch (pictured), Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek. With this acquisition, Northland’s Austin portfolio totals 4,500 apartment units. “This acquisition follows one of our core strategies of building a significant presence in select…