Regions

By Anuradha Kher, Online News EditorNew York–Amidst headlines of doom and gloom in the economy, the multifamily industry is holding relatively strong. “Vacancy rates in the apartment sector have been stable in the last three quarters and apartment rent growth in the second quarter of 2008 has seen the strongest gain as compared to all other types of commercial real estate,” Dr. Sam Chandan, chief economist and senior vice resident for research at Reis Inc. said today in a virtual conference hosted by Reis. “Overwhelmingly and in all parts of the country, buyers are preferring to rent now as a…

By Anuradha Kher, Online News EditorLong Beach, Calif.–The city of Long Beach, along with Clifford Beers and Enterprise Investment Community, recently opened Elm Avenue Apartments at 530 Elm Ave.Elm Avenue Apartments, a former historic hotel, is now a 17-unit affordable housing project, with a portion of the units being set aside for individuals who have been homeless and are ready for permanent housing, as well as for people who are recovering from mental illness. The Long Beach Housing Development Co. (LBHDC) provided rehabilitation loans totaling $1.8 million to the project and Clifford Beers Housing, non-profit organization, developed it. This support leveraged…

By Anuradha Kher, Online News EditorVancouver, Wash.–Hendricks & Partners recently completed the sale of Polo Club, a 200-unit apartment community located at 4820 NE Hazel Dell Avenue in Vancouver, Wash., for $16,900,000.Constructed in 1996, Polo Club features 193,404 rentable square feet with a mix of one-, two- and three-bedroom apartments averaging 967 sq. ft. Community amenities include a pool, fitness center, basketball court, playground and additional storage. Select apartments feature washer/ dryers, fireplaces, patios/balconies and vaulted ceilings.The seller was The Polo Club LLC of Portland, Ore. and the buyer was HIRE I – Arnada Pointe (220) LLC of Vancouver, Wash.Polo…

By Anuradha Kher, Online News EditorJersey City, N.J.–77 Hudson, K. Hovnanian Homes’ 48-story luxury condominium building on Jersey City’s Gold Coast, is experiencing an increase in the number of international buyers which is driving their sales to date. Prices range from $500,000 to $2.75 million for one-, two – or three-bedroom residences and penthouses, and studios are in the $400,000’s. The developer has been working with CORE Group Marketing to showcase the project to international brokers, which has resulted in over 20 percent of the residences sold have been purchased by international buyers.Now, in order to help real estate brokers…

By Anuradha Kher, Online News EditorWashington, D.C.–Modest near-term movement is expected in existing-home sales including multifamily, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors.The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5.“The concerns of multifamily buyers are consistent with those of overall concerns in the market,” Paul Bishop, managing director of research…

By Erika Schnitzer, Associate EditorHerndon, Va.–Camden Property Trust, a Houston-based real estate company involved in the ownership, development, acquisition, management and disposition of multifamily apartment communities, will celebrate the official opening of Camden Dulles Station, a 366-unit luxury apartment community, this Friday with a ribbon-cutting ceremony.Located five minutes from Dulles International Airport and 20 minutes off the Beltway from Washington, D.C., Camden Dulles Station is situated in the tech corridor, and consequently is expected to draw many urban professionals, notes Charles Kilby, community manager. Companies with headquarters in Herndon include Time Warner, Oracle, Cox Communication and most recently, Volkswagen. Camden…

By Anuradha Kher, Online News EditorAtlanta–Redwood Capital Partners recently acquired the Collier Ridge Apartments, a 300-unit apartment complex located at 100 Noble Creek Drive in Atlanta. Redwood purchased the property in partnership with MetLife from Equity Residential for $33.2 million or $110,667 per unit. The investment, part of Redwood’s value-add portfolio, is the firm’s fifth acquisition in over six months.The company plans to retain Collier Ridge as a rental property and spend approximately $3.6 million, or about $12,000 per unit, on rehabilitation and renovations. “In a market where there is moderate new supply being delivered and continued significant premiums to…

By Erika Schnitzer, Associate EditorNew York–A copper-clad luxury condominium, 385 West 12th St., has topped off. The seven-story, 12-unit boutique hotel-style condominium developed by New York-based FLAnk is expected to be complete in early 2009.“One of the things we value is real estate’s ability to change over time,” says Tim Crowley, managing director of FLAnk. “The building’s façade is very responsive to its surroundings. We thought this was an interesting addition to such an historic neighborhood. The concept was to use a natural material because of its ability to change over time, oxidize and become an artifact.”Seven of the 12…

By Anuradha Kher, Online News EditorWashington, D.C.–Apartment groups, as well as the National Home Builders Association (NAHB) and the Mortgage Bankers Association (MBA), praised the housing stimulus bill that passed in the Senate on Friday.“Although we feel the best solution to the current housing turmoil is to allow market forces to restore equilibrium to the single-family housing sector, we are pleased to see that lawmakers embraced the principles of our Balanced Housing Policy initiative in crafting this package by balancing homeownership-related provisions with meaningful rental housing incentives,” says Jim Arbury, senior vice president of government affairs at the National Multi…

By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed its Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007.“At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high-quality assets and strong investor interest in these assets,” says Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in…