Regions

By Anuradha Kher, Online News EditorWashington, D.C.–Nominations for the National Multi Housing Council’s third annual Good Neighbor Award for Outstanding Community Service, which honors the community service and philanthropic activities of apartment firms, are now being accepted. The winner will receive a $10,000 donation for a charity of their choice.   “We are struck by what apartment owners do; they give back in many different ways and yet they unfairly have a bad reputation in the community,” Doug Bibby, president of NMHC, tells MHN. “We wanted to showcase their work as a best practice so that others in the industry can…

By Anuradha Kher, Online News EditorScottsdale, Ariz.–For the first time, the monthly total for consumers checking specific apartment unit availability online exceeded the one million mark, according to Realty DataTrust’s VaultWare reservation system, which logged the usage from July 1 to July 31, 2008.VaultWare distributes apartment unit availability information through a national network of over 125 Web sites that includes Internet Listing Services (I.L.S.), Internet search sites and property management Web sites. According to the VaultWare Online Marketing Index, the ILSs that renters frequent the most in their searches for online information accounted for a combined total of 294 “check…

By Anuradha Kher, Online News EditorPhiladelphia–The DePaul Group, developer of The Residences at Dockside in Philadelphia recently commissioned two landscape architecture students from Temple University Ambler to design the property’s terraces.Seniors Jenny Stewart and Jennifer Johnson used a collection of annual plants chosen specifically for the waterfront climate based on the surroundings and the overall feel at the luxury property. The plant selections included Lantana ‘New Gold,’ oleanders, Dracaena ‘Dusky,’ salvia ‘Black and Blue,’ leymus ‘Blue Dune,’ alternanthera ‘Purple Knight’ and others.  During the course of the project, the students researched the environment, took photos of the site, measured the…

By Erika Schnitzer, Associate EditorAventura, Fla.–In its first three months, LBC Design + Construction, an Aventura, Fla.-based decorating, creative consulting and construction planning firm, has been commissioned for $2.65 million worth of new business, modeling and decorating in South Florida.”We’re kind of an all-inclusive company,” says Louis Cohen, founder and principal of LBC Design, who formed LBC Design + Construction with Jason Shelley, vice president and general contractor at Shelby Homes. “We have really every service one might need within our company. We do everything from custom remodeling, home building and interiors. We do commercial work for lobbies, clubhouses, retail…

By Anuradha Kher, Online News EditorNew York–The New York office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan’s Upper West Side.The three-year construction loan is placed with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60 percent loan-to-cost with an additional mezzanine portion achieving approximately 72 percent loan-to-cost.The development site is located along Riverside Drive between 62nd and 63rd Streets. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units,…

By Anuradha Kher, Online News EditorOsceola County, Fla.–Lane Florida’s first development, Verano Apartment Homes in Osceola County, Fla. near Walt Disney World, has now begun now leasing. The 384-unit apartment community, expected to be fully ready in February next year, is now 60 percent complete. It is located at 2200 Villa Verano Way just off exit 244 of the Florida Turnpike.Lane received financing for this project last year, much before the economy started slowing down.“We opened the Florida office in 2006 because the state is a vibrant and active market and a region in its own,” Mike Mulhall, Florida regional…

By Anuradha Kher, Online News EditorNew York–Despite the turbulent economy and the housing and mortgage crisis plaguing our nation, the Community Preservation Corporation’s (CPC) Brooklyn office has closed $369 million this fiscal year, exceeding its $210 million goal for this year, as well as its $273 million closing amount for the previous fiscal year.“Part of the reason for this is that the New York market has been fairly stable in the midst of this crisis,” Mary Brennan, senior vice president and regional director of CPC, Brooklyn, tells MHN. “The other reason is that our mission is meet the capital needs…

By Anuradha Kher, Online News EditorChicago–More than 50 percent of renters said they have either already spent, or anticipate spending more on their move this year compared to years past, according to a national survey by Apartments.com. Soaring energy costs is a major reason, according to the survey. Fifty-four percent of renters cited professional movers and truck rentals as their two biggest expenses. Furniture followed with 17 percent and bedding, bath and home goods account for 9 percent. According to the American Moving and Storage Association (AMSA), overall price increases reflected in professional moving costs can be impacted by a variety…

By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Finisterra (pictured), located at 6795 East Calle La Paz in Tucson, Ariz., for $32,500,000.The 300-unit gated apartment community was built in 2005 and 2006. It is spread across approximately 15.59 acres and features 21 two-story, garden-style buildings. The property features one-, two- and three-bedroom units in five individual floor plans. Community amenities include a clubhouse with kitchen, computer room, heated swimming pool, spa, fitness center and barbeque areas.Finisterra Community I L.L.C. of Tucson sold the property to Nevins Adams Lewbel Schell (NALS) of Santa Barbara, Calif.Meridian…

By Erika Schnitzer, Associate EditorRoselle, Ill.–Park Street Crossing, a 62-unit transit-oriented luxury condominium community developed by Park Ridge, Ill.-based Norwood Builders, is now 50 percent sold.For a limited time, buyers can take advantage of price incentives, with condos selling for less than $200,000. “We tried to create an incentive to provide people with the opportunity to buy now,” says Bruce Adreani, president of Norwood Builders. “We are trying to cater this to first-time homebuyers.”The development offers one- and two-bedroom residences, ranging in size from 896 to 2,171 sq. ft. Base prices range from $219,900 to $475,000. Each residence includes a…