Regions

By Teresa O’Dea Hein, Managing EditorLas Vegas–“While there currently is a gap in pricing expectations between buyers and sellers and transaction velocity has slowed considerably, the fact that there’s no ideal alternative opportunity to multifamily means that the market will come out of these short-term challenges with renewed strength–we just have to get there,” predicted Linwood Thompson, managing director at Marcus & Millichap. Thompson was speaking at the 2008 Multifamily Executive (MFE) Conference held in Las Vegas from Oct. 13 to 15.”There is no consensus that we’ve reached a pricing bottom yet,” Thompson added. He believes that most apartment buyers…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $38.7 million loan through Freddie Mac for The Links at Lincoln (pictured), a 612-unit multifamily property in Lincoln, Neb. HFF worked on behalf of the borrower, The Links at Lincoln, a Limited Partnership and Lindsey Management Co. Inc., to secure the 10-year, fixed-rate loan with the lender. Proceeds were used to retire the property’s construction financing.Completed in 2007, The Links at Lincoln features one- and two-bedroom apartments that are currently 97 percent leased. Community amenities include a clubhouse with fitness center, activity room…

By Anuradha Kher, Online News EditorNew York–Prices for Manhattan condominiums and co-ops exhibited stability during the third quarter of 2008, although some sectors showed signs of softening, according to the Brown Harris Stevens 3rd Quarter Manhattan Residential Market Report. The report is based on 3,165 reported Manhattan multifamily sales including condos, co-ops and condo-ops (a term used for condo buildings that have some co-op units).The average price of $1,473,351 was 12 percent higher than a year ago, but down slightly from the previous quarter, the report found.While the number of closings decreased by 14 percent compared to the same period…

By Anuradha Kher, Online News EditorLas Vegas–RealPage Inc., provider of on-demand software and services to the multifamily industry, has acquired OpsTechnology, an electronic purchasing marketplace for multifamily owners. The announcement was made today at the 2008 Multifamily Executive Conference.OpsTechnology will become a wholly owned subsidiary of RealPage and Sukhi Singh, president and founder, will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco office.Sukhi Singh, president of OpsTechnology, tells MHN, that the rough times in the economy have nothing to do with the timing of this acquisition. “Both…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily lending increased 7 percent between 2006 and 2007, from $137.9 billion to $147.7 billion, but fell steeply in the first half of 2008, according to the Mortgage Bankers Association (MBA).   The number of multifamily loans decreased by 5 percent, from 50,959 loans in 2006 to 48,577 loans in 2007; the average loan size increased by 11 percent, from $2.7 in 2006 to $3.0 million in 2007, according to MBA’s latest report.”2007 saw strong multifamily lending activity, but the market is changing significantly,” Jamie Woodwell, MBA’s vice president of commercial real estate research,…

By Anuradha Kher, Online News EditorSt. Louis, Miss.– NorthMarq Capital, Inc.’s St. Louis regional office, recently arranged first mortgage financing of $34.2 million for the Waterford Apartment portfolio located in St. Louis. The portfolio consists of four multifamily properties featuring a total of 746 units. Financing was based on a 10-year term and a 30-year amortization schedule, with the first two years interest only and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance.Arbor Closes Three DUS Loans Totaling $4,994,000 Edinburg, Texas, Winchester, Va, Johnson Creek, Wis.–Arbor Commercial Funding LLC has completed funding of three…

By Anuradha Kher, Online News EditorNew York–Extraordinary accomplishments in affordable housing development and investment are being recognized through this year’s Urban Land Institute (ULI) J.C. Nichols Prize for Visionaries in Urban Development. F. Barton Harvey III, former chairman and CEO of Enterprise Community Partners Inc., and former chairman of the board of Enterprise Community Investment Inc., is sharing the 2008 prize with Columbia, Md.-based Enterprise, provider of affordable rental and owner-occupied housing. The ULI J.C. Nichols Prize recognizes a person or a person representing an institution whose career demonstrates a commitment to the highest standards of responsible development. The $100,000…

By Erika Schnitzer, Associate EditorWashington, D.C.–Rising expenses for multifamily owners may be causing rent increases, according to a new study by the Center for Housing Policy. The report, “Stretched Thin: The Impact of Rising Housing Expenses on America’s Owners and Renters,” is co-authored by Barbara J. Lipman, research director, and Maya Brennan, research associate, both of the Center for Housing Policy, a research affiliate of the National Housing Conference.The study found that, from 1998 to 2004, the consumer price index rose 16 percent, while the average cost of insurance rose 97 percent, taxes rose 25 percent, marketing costs increased by…

By Anuradha Kher, Online News EditorDallas–In the third quarter of 2008, the U.S. apartment market had the smallest increase in annual effective rent since the first quarter of 2004, according to AXIOMETRICS INC., a national apartment research company headquartered in Dallas, Texas that has been conducting this survey for 12 years.The 3Q08 annual growth rate in rents of +0.8 percent is the lowest of any quarter since then. The apartment market is expected to worsen into 2009 as the U.S. economy continues to lose more jobs; so far in 2008, the U.S. economy has lost over 760,000 jobs and the…

By Erika Schnitzer, Associate EditorGreeley, Colo.—Professional speakers and consultants in the multifamily industry have recently come together to form the National Multifamily Speakers Alliance (NMSA).“It’s a group of people coming together for one cause: maintaining a high standard of performance for professional speakers in multifamily,” says Toni Blake, founder and president of NMSA. “Our real goal is about establishing professionalism and creating a set of criteria that people can work toward to establish themselves at a higher level.” All members must meet a certain set of criteria and sign a code of ethics.Additionally, NMSA creates a forum for speakers and…