Regions

By Erika Schnitzer, Associate EditorJuan Dolio, DOMINICAN REPUBLIC—Grupo G&S recently celebrated the project launch of Las Arenas, a 23-story, 206-unit development scheduled to break ground in the first quarter of 2009, with construction expected to take 24 to 30 months.The contemporary elliptical-shaped tower creates a new standard in the Dominican Republic, developer Ayendy Marte of Group G&S tells MHN. “This is the first project of its kind in Juan Dolio,” he says.With its proximity to Santo Domingo and the Americas International Airport, Las Arenas is expected to become an international destination for investors, Marte explains.Designed by Dominican architect Jorge Mesa…

By Anuradha Kher, Online News EditorNew York–A online survey recently conducted by ApartmentSmart.com reveals that Democratic Presidential candidate Sen. Barack Obama is more popular than Republican candidate John McCain among low-income renters. ApartmentSmart.com is an Internet directory for apartment shoppers searching for affordable rental housing.Seventy-two percent of low-income renters said they plan to vote for Sen. Barack Obama while 18 percent intend to vote for Sen. John McCain, according to the survey.Sen. Obama also leads among low-income homeowners, though by a much smaller margin. 52 percent of all homeowners surveyed intend to vote for Sen. Obama where 37 percent intend…

By Anuradha Kher, Online News EditorNew York–While most housing groups agree that Sen. Barack Obama would be better for affordable housing (see our story titled ‘Online Poll Says Majority of Low-Income Voters Favor Obama,’ published today), there is no such consensus on the issue of housing in general. While the National Housing Conference says neither candidate has addressed the major problems facing housing, the National Multi Housing Council believes each candidate has positive and negative aspects to their policies.“Sen. McCain has talked about the homeownership resurgence program, which is tied to the mortgage crisis, and Sen. Obama has talked about…

By Anuradha Kher, Online News EditorDallas–Consolidated American Services (CAS) has appointed Toni Portmann (pictured) as CEO.Portmann brings more than 30 years of executive and management experience to her new role and is focused on building and expanding the company’s property and asset management services platform. CAS goes beyond traditional property management services with value-add businesses such as renovation construction, financial advisory and insurance services, energy procurement and national purchasing.“Portmann provides the strategic insight and leadership necessary to keep us at the forefront of the industry,” says CAS Chairman Keith Miles. “She will work closely with the leadership of Riverstone Residential…

By Erika Schnitzer, Associate EditorSan Pablo, Calif.—GMH Capital Partners’s Bella Vista at Hilltop in Richmond recently received the 2008 Greater Excellence in Management and Maintenance (GEMM) Award in four categories from the California Apartment Association (CAA) Contra Costa Region.GMH won “Management Company of the Year” and “Resident Relations Program of the Year.” In addition, “Community Manager of the Year” was awarded to Diana Silva and Dennis McKoy was named “Maintenance Technician of the Year.”GMH also won a GEMM award in 2007 when Bella Vista, which the company bought in May 2005, was named “Repositioned Property of the Year.”“I think some…

By Anuradha Kher, Online News EditorDowners Grove, Ill.–Chicago-based RMK Management Corp. recently opened the Residences at the Grove, a 294-unit luxury rental community in Downers Grove, Ill. Located at 2845 Easton St., the community features three mid-rise buildings offering studio, one- and two-bedroom residences with one to two baths and 24 rowhome floor plans.Rents for 507-sq.-ft. studios start at $830 per month. One-bedroom floor plans range from 772 to 820 sq. ft., with rents from $1,196 to $1,246 per month. Residences with two bedrooms and two baths are available from 1,101 to 1,206 sq. ft. and are $1,570 to $1,792…

By Anuradha Kher, Online News EditorAtlanta–BPG Properties Ltd. recently acquired Post Woods, a 494-unit Class B+ community located in suburban Atlanta, from Post Apartment Homes L.P. for $52,750,000.The community will be managed by BPG’s multifamily operating arm, Madison Apartment Group L.P. The purchase was made on behalf of BPG Investment Partnership VIII  VIIIA, L.P., a fully discretionary private equity fund with total equity commitments of $850 million.“The acquisition of Post Woods provided us with the opportunity to expand our multifamily portfolio in the southeastern region of the United States,” says BPG Vice President Steve Pogarsky, who was responsible for the…

By Anuradha Kher, Online News EditorNew York–With Nov. 4 approaching fast, most questions about the two presidential candidates’ policy positions have been answered. But there is one question that hasn’t been asked too often—who between the two presidential candidates, Republican Sen. John McCain, or Democrat Sen. Barack Obama would be better for multifamily housing? We posed this question to a few industry experts and found there is no consensus on the overall multi-housing issues but when it comes to affordable housing, as expected, the Democratic candidate is the preferred choice.Jim Arbury, senior vice president of government affairs, is on the…

By Anuradha Kher, Online News EditorJeffersonville, Ind.–Arbor Commercial Funding recently completed funding of a $3,000,800 loan under the Fannie Mae DUS product line to refinance 244-unit Mayfair Apartments in Jeffersonville, Ind.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.Gross & Cohen Real Estate Investors Completes Acquisition, Renovation of Student Housing PropertyJohnstown, N.Y.–Gross & Cohen Real Estate Investors Ltd, a Massachusetts-based student housing investor, has completed the acquisition, renovation and lease up of Campus Green Apartments adjacent to Fulton-Montgomery Community College (FMCC).Today, Campus Green is 100 percent occupied with a waiting list and FMCC…

By Patrick S. SimonsStrategic Residential AdvisorsBefore we get to the strategies, I’m going to throw out some time-tested adages. 1) Real estate is cyclical, 2) Buy low – sell high, 3) Go against the grain, 4) Make lemonade out of lemons.There’s a lot of wisdom in these sayings that we can apply to the apartment industry right now. The cyclicality of real estate has been well established over more than five decades; the market goes up, goes down and rises up again. Significant profits are made primarily by those who buy assets before they rise in price. Those low buys…