Regions

By Anuradha Kher, Online News EditorNew York–Some of the largest financial institutions in the United States have been merged, acquired or have filed for bankruptcy in the last couple of weeks. With yesterday’s rejection of the $700 billion bailout package, concern about availability of credit, which has already been scarce, has deepened further. While multifamily deals in the US continue to take place with the help of Fannie Mae, Freddie Mac and the Department of Housing and Urban Affairs (HUD), how will the credit crisis that has ripple effects across the world impact foreign investment into the multifamily sector in…

By Keat Foong, Executive Editor and Anu Kher, Online Editor Reno, Nev.—Like everyone else, multi-housing owners and developers are alarmed by yesterday’s plunge in the stock markets. “I am concerned,” said Bob Nielsen, president of multi-housing developer Shelter Properties Inc., and vice chairman and secretary of the board of the National Association of Home Builders. “The stock market is certainly an emotional gauge. It was Wall Street crying for help.” Nielsen said he is worried about the availability of financing, especially for new construction, for multi-housing. “Looking for credit is more difficult than it has been,” he said. He also…

By Erika Schnitzer, Associate EditorNew York–The Visionaire condominium and Battery Park Conservancy’s maintenance facility were selected as the grand prize winners of New York’s 2008 Green Building Competition, co-sponsored by the U.S. Environmental Protection Agency (EPA) and the New York City Mayor’s Office of Long-Term Planning and Sustainability.Developed by Garden City, N.Y.-based The Albanese Organization and designed by Pelli Clark Pelli Architects, the 35-story Visionaire is home to the Battery Park City Parks Conservancy, a nonprofit organization that maintains the parks and open spaces of Battery Park City. The Battery Park Conservancy is located on the first floor of the…

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPN Los Angeles–Sperry Van Ness has completed the sale of a 15-unit Koreatown apartment community for $2,850,000. The property, located at 868 S. Kingsley Dr., is in the heart of Koreatown near the intersection of Wilshire Boulevard and Western Avenue. Built in 1929, the 100 percent occupied property is comprised of six one-bedroom, one-bathroom units; three one-bedroom, one-bathroom units with lofts and six two-bedroom, two-bathroom units. Monthly rents range from $1,197 to $1,550. The seller invested approximately $400,000 on capital improvement including modernized kitchens, new flooring, fixtures, and numerous…

By Anuradha Kher, Online News EditorWashington, D.C.–Days into debate and discussions on Capitol Hill regarding a $700 billion bailout package to stabilize the financial industry, the House of Representatives voted this afternoon against the bill in its current state. The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in opposition. One hundred and forty Democrats and 65 Republicans had backed the bill. Over the weekend, support for the bailout had seemed strong, with several politicians declaring it close to passing.  After Its failure today, the Dow plunged 778 points. The Dow closed down 6.89…

By Anuradha Kher, Online News EditorSan Francisco–The Rainmaker Group, maker of automated revenue management software and services for the multifamily housing and gaming hospitality industries for property profitability, has recently announced that Carmel Partners, with over 19,000 units, will implement the LRO (Lease Rent Options) multifamily housing revenue optimization solution after a successful 12-month pilot test in eight communities. The communities that used LRO in the pilot saw a 3.55 percent increase in revenue billed per unit (RBPU) over non-LRO Carmel Partners communities in the same markets with similar occupancy and exposure. “LRO creates a centralized pricing discipline that improves revenue,” says…

By Anuradha Kher, Online News EditorAlliance Residential Appoints Heather Slack as Development DirectorPhoenix–Alliance Residential Co. has appointed Heather Slack (pictured) as development director. In this new role, Slack is responsible for development and acquisition activities in the northern California Region, which includes the markets of Portland, Ore., Seattle and Las Vegas. Her primary duties are to source and negotiate the purchase of multifamily sites, manage the development and construction process, and acquire existing communities for rehabilitation. Most recently, she served as Alliance’s national new business director. She joined the company in 2003 as vice president of operations for the northwest…

By Anuradha Kher, Online News Editor, MHN and Coreen Bailor, Research Editor, CPNWashington, D.C.–AvalonBay Communities Inc. has received $135 million in financing–the multifamily REIT’s largest bond financing ever closed–to fund construction of Avalon Walnut Creek at Contra Centre, a $400 million mixed-use, transit-oriented development next to the San Francisco Bay Area Rapid Transit’s Pleasant Hill Bay station.Serving as AvalonBay’s finance counsel, law firm Goodwin Procter L.L.P. helped AvalonBay secure the letter of credit from Bank of America N.A., comprising $116 million in tax-exempt and $19 million in taxable multifamily housing revenue bonds.AvalonBay, Millennium Partners and the San Francisco BART comprise…

By Erika Schnitzer, Associate EditorNew York–Sales have begun at Toll Brothers Inc. and The Kibel Companies’ 303 E. 33rd, the first green development in New York City’s Murray Hill neighborhood.The 128-unit project is designed for LEED (Leadership in Energy and Environmental Design) certification. “We thought our customers would probably be concerned with these issues and feel better about buying in a LEED-rated building,” says Peter Levenson, principal, The Kibel Companies.303 E. 33rd features Energy Star appliances and water-reducing fixtures, as well as bamboo flooring and cabinetry in the residences. Additionally, it offers ample bicycle storage and reduced parking rates for…

By Anuradha Kher, Online News EditorMontgomery and Worcester County–The David Cutler Group is making a foray into the 55+ active adult housing market with two new projects located in Montgomery (pictured) and Worcester counties in Pennsylvania. Montgomery Walk is a 254-unit townhome community located in Montgomery County and Stony Creek Farms is a 209-unit townhome community in Worcester County. The communities will be constructed in a phased process and move-ins will take place as units are completed. “Our company has matured over the years,” Christopher Heuges, vice president of design, tells MHN. “The foray into this 55+ housing market is…