Regions

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) recently provided a $4,700,764 construction loan for the top-to-bottom rehabilitation of one partially occupied, and two vacant residential buildings in the Flatbush section of Brooklyn, New York.After rehabilitation, the buildings located at 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd., will feature 25 new rental apartments for low- and moderate-income families.The three properties were sold to Nayelli Partners, the developer, for $50,000 under HPD’s Third Party Transfer Program, which forecloses on tax delinquent properties and…

The Austonian is seeking a four-star rating from Austin’s Green Builder designation.

By Anuradha Kher, Online News EditorWashington, D.C.–The Internal Revenue Service has published long-awaited regulations changing the way rents are adjusted on Low-Income Housing Tax Credit (LIHTC) properties where residents pay for their own utilities. This gives LIHTC property owners more flexibility in the way they calculate utility allowances for their low-income residents.”Considering the exponential increases in energy costs, the new utility allowance regulation will allow builders to more accurately calculate the energy usage for their buildings, therefore reducing long-term operating costs,” says Justin MacDonald, a Kerrville, Texas-based LIHTC developer and chairman of the National Association of Home Builders’ (NAHB) Housing…

By Anuradha Kher, Online News EditorNew York–The residences at Barclay Tower, located at 10 Barclay St., are now 100 percent leased. The 396-unit apartment project developed by New York-based Glenwood started leasing in May 2007. It is the developer’s newest building and one of three properties that Glenwood owns downtown.“We are delighted by how quickly Barclay Tower has become one of the leading residences in Downtown Manhattan,” says Gary Jacob, executive vice president, Glenwood. “Barclay Tower is an ideal choice for anyone who wants beautiful living spaces and exceptional amenities.”Barclay Tower offers high-end amenities including a lobby with a 24-hour…

By Anuradha Kher, Online News EditorTampa, Fla.–Sterling American Property Inc., in a joint venture with The Collier Cos., recently acquired St. Croix Apartments, a 540-unit resort-style apartment community located in Tampa, Fla. for $38,350,000. “We are cementing this property’s position as the ideal live/play environment for the 20- to 30-year-old age demographic that populates this area,” says Jeff Smith, senior vice president of acquisitions at Sterling.St. Croix Apartments boasts 700 sq. ft. of frontage on 14535 Bruce B. Downs Blvd., in northeast Hillsborough County. The property is located between Tampa Palms and the University of South Florida, the ninth largest…

By Erika Schnitzer, Associate EditorAgoura Hills, Calif.–AMCAL Multi-Housing Inc. has partnered with Watts Labor Community Action Committee (WLCAC)’s YouthBuild program to help local youth develop leadership skills by constructing Casa de Angeles, a 49-unit affordable housing development in south Los Angeles.“When YouthBuild participants see Casa de Angeles, whether it’s next year or 10 years from now, they will have the satisfaction of knowing their hard work helped transform their community and made a positive impact on families in need,” says Percy Vaz, president and CEO of AMCAL. “The participants should be commended for recognizing their own potential and for making…

By Anuradha Kher, Online News EditorNew York–The AFL-CIO Housing Investment Trust (HIT) has committed to invest $7.8 million in the Big Six Towers, a cooperative housing complex in Queens, New York with long ties to the labor movement. The investment will allow the complex to remain affordable for middle-class working families and retirees.Approximately one-third of the residents of The Big Six Towers, developed in 1961, are active or retired union members. Big Six Towers participates in New York’s Mitchell-Lama program, which provides affordable rental and co-op housing for middle-income families.”We are pleased to make an investment that will keep Big…

Sparks, Nev.–Fore Property Co. (FORE) recently started construction on a 300-unit luxury apartment community in Sparks, Nevada.Located in the Spanish Springs area of Sparks, FORE’s newest luxury apartments will be built on a 20-acre parcel in the Pioneer Meadows master-planned community.“FORE has a longstanding history of developing and building apartment communities throughout Nevada,” says Jonathan Fore, of Fore Property Co. “We believe strongly in the Reno-Sparks market and are pleased to provide the community with an unmatched, luxury Class A development that is part of the Pioneer Meadows master planned area.”The two-story garden-style buildings, designed by Biltform Architecture Group, will…

By Anuradha Kher, Online News EditorRockville, Md.–First Advantage SafeRent Inc. released its second quarter 2008 multifamily applicant risk statistics. The Multifamily Applicant Risk Index (MAR Index) is based on traffic quality scores from First Advantage SafeRent’s statistical screening model and is updated quarterly to provide property owners and managers with a benchmark they can use to compare their portfolio’s performance. With this applicant risk index, property managers and owners are able to compare their applicant quality trends with that of the average MAR Index trends. This comparison indicates whether their portfolio is performing above, below or at market levels with…

Hartford, Conn.–MATP LLC recently acquired the 270-unit apartment building at 600 Asylum Ave. in Hartford, Conn. from Capitol Garden LLC for $17 million, or about $62,963 per unit.The 10-story, 227,500-sq.-ft. building, known as Morgan at the Park, is on 1.27 acres. It was built in 1955 and has about 82 parking spaces. The building also features 10,000 sq. ft. of retail space. It contains studios, one- and two-bedroom units.Steve Witten and Victor Nolletti represented both the buyer and seller.