Regions

By Erika Schnitzer, Associate EditorRancho Cucamonga, Calif.—Workforce Homebuilders LLC and National Community Renaissance have broken ground on their Villaggio at Route 66, a 166-unit mixed-income workforce housing community. Approximately 80 percent of Villaggio’s units will be reserved for residents earning 35 to 60 percent of the area’s median income, which is approximately $67,750. The development is designed to respond to the existing neighborhood, explains Charles Addington, principal for Irvine, Calif.-based KTGY Group, the architect for Villaggio at Route 66.“Rancho Cucamonga has a historical vineyard mentality,” Addington tells MHN. Thus, Villaggio at Route 66 features an Italian Mediterranean theme and Tuscan…

By Anuradha Kher, Online News EditorBangalore, INDIA–Oakwood Worldwide has recently opened its newest corporate apartments project, Oakwood Premier Prestige Bangalore, located in UB City, the largest commercial property project in Bangalore, India. The development features 177 fully-equipped studio, one-, two- and three-bedroom apartments and includes amenities such as on-site five-star restaurant and room service; health club including spa and state-of-the art fitness center; expansive rooftop swimming pool including a separate pool for children; business center and services; 24-hour front desk and round-the-clock service; airport limousine pick-up; rooftop helipad and laundry and dry cleaning services.“Oakwood Premier Prestige Bangalore combines the most…

By Anuradha Kher, Online News EditorNew York–The Federal Reserve yesterday cut its target for the Federal Funds Rate—the rate at which banks lend to each other—from 1.5 percent to 1 percent, the lowest level since June 25, 2003 when the U.S. economy was grappling with the aftermath of the dot-com bubble. But this latest rate cut, which aims to stabilize the financial markets, is not expected to have any impact on multifamily financing or the apartment sales market.“While the Federal funds rate cut has been welcomed by financial markets worldwide, it will not turn slowing apartment sales around and speed…

By Erika Schnitzer, Associate EditorHouston—The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have announced plans for a rental assistance program to provide intermediate and long-term rental housing to families who lost their homes during Hurricane Ike.After Hurricane Katrina, FEMA relied primarily on short-term housing solutions, such as hotels and trailers for displaced families. “Once they realized they had a long-term disaster on their hands, they realized apartments would be much more cost-effective than hotels,” says Lisa Blackwell, vice president of housing policy, National Multi Housing Council (NMHC).Slated to begin November 1, the…

By Anuradha Kher, Online News EditorLos Angeles–The Charles Dunn Co.’s West Los Angeles office has negotiated the $7.3 million sale of an 18-unit luxury apartment building at 1317 S. Westgate Ave. in Los Angeles. The property, located south of Wilshire and north of Santa Monica boulevards, totals an area of 21,656 sq. ft.“The seller was able to achieve a high price for the current market and use the proceeds to buy other development properties,” says Michel Hibbert, who represented the seller, 1060 Sherbourne Associates LP. “It was a record price in today’s market.”The property is currently 100 percent occupied.Arbor Closes…

By Anuradha Kher, Online News EditorWashington, D.C.–The apartment industry has performed better than other real estate sectors since the start of the global financial crisis, but the economic downturn is now threatening this sector as well, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions.  With three of the four indexes setting record lows, the survey points to a trend in which apartments are now showing signs of weakening, as sales volumes are down and availability of debt and equity financing is becoming scarce.”Nine straight months of job losses have begun to cut into…

By Anuradha Kher, Online News EditorMiami–The Urban Land Institute ULI Terwilliger Center for Workforce Housing has selected The Boulevard in Anaheim, Legacy at Lincoln Park, and Morgan Woods as winners of the first annual ULI/J. Ronald Terwilliger Workforce Housing Models of Excellence Awards. The awards are given to workforce housing developments that represent outstanding achievements in several areas, including innovative financing, unique construction methodologies, strong public/private partnerships and replicability to achieve workforce housing affordability.The Boulevard in Anaheim, developed by John Laing Homes in Anaheim, Calif., was transformed from a former truck transfer facility into an affordable, sustainable and walkable community…

By Anuradha Kher, Online News EditorLas Vegas–Broadstone Sonata, a 312-unit apartment community located at Craig Road and Lamb Boulevard in North Las Vegas, is now open and ready for immediate occupancy. The project features one- and two-bedroom units with an average rent of $1,200.The project is being developed by Alliance Residential Co., which has invested $150 million in the Las Vegas market in the past two years. Even with all the problems in the Las Vegas condo market, Alliance believes this is a promising market for rental growth. “All things considered, our properties are seeing healthy activity,” Greg Spezzano, director…

By Anuradha Kher, Online News EditorColumbus, Ohio–KeyBank Real Estate Capital recently closed $21.5 million in loans funded by Fannie Mae and Freddie Mac for four multifamily properties in Columbus, Ohio. KeyBank Real Estate Capital relied on its strong relationships with Fannie Mae and Freddie Mac and deep community roots in Ohio to close the multifamily loans. Two of the borrowers were able to use Fannie Mae funding provided by KeyBank Real Estate Capital for multifamily properties in Columbus. Sawmill Ridge Acquisitions LLC, borrowed $9.1 million in Fannie Mae acquisition loan funding to acquire Sawmill Ridge (pictured), a 192-unit Class A luxury…

By Anuradha Kher, Online News EditorDallas–High-tech amenities like broadband, security and energy controls positively influence the sale and rental of multifamily properties, new research from Parks Associates indicates. Multifamily Residences: Opportunities for Digital Systems and Services, a new primary research project of executives managing multifamily properties in the U.S., found nearly 50 percent are seeking new electronic products and services that will differentiate their properties in an increasingly competitive market.”The multifamily market is a huge opportunity for service providers and electronic systems manufacturers, especially as the industry faces a troubled economy and restricted spending,” Bill Ablondi, director, Home Systems Research,…