Regions

By Anuradha Kher, Online News EditorLansdale, Pa.–GPX Realty Partners L.P., a Philadelphia-based private real estate investment and advisory firm, recently acquired Lansdale Village Apartments in Lansdale, Pa., in an off-market transaction for $3.2 million. GPX plans to make significant capital investments to upgrade the 41-unit property. “We are pleased to add Lansdale Village to our expanding multifamily portfolio,” says Thomas J. Gravina, executive chairman and co-founder of GPX Realty Partners. “It is a well-located, fully occupied property with tremendous upside potential. We have set aside significant dollars for capital improvements, which will help create a more desirable place to live and…

By Anuradha Kher, Online News EditorLos Angeles–The Canyon-Johnson Urban Fund, a partnership of Canyon Capital Realty Advisors and retired basketball player, Earvin “Magic” Johnson, recently closed its $1 billion Canyon-Johnson Urban Fund III.The third fund, which is more than the $900 million combined equity of the two predecessor funds, will facilitate more than $4 billion in new development and urban revitalization in the top 40 U.S. metropolitan markets.The fund’s focus is to identify and capture value through the development, redevelopment, acquisition and repositioning of real estate properties located in densely populated, ethnically diverse neighborhoods.Fund III received commitments from a broad…

By Anuradha Kher, Online News EditorPhoenix–Bruckal Redevelopments Group (BRG) recently began construction on its newest urban infill project in central Phoenix. The Victor, located at 15th St. and Highland Avenue in the Biltmore area of Phoenix, features 37 condominiums and is expected to open in the summer of 2009.The Victor contains one and two-bedroom condos, as well as live/work units, units with private garages, and units with private yards. Designed by [merz] project Architecture+Urban Design, the Victor will feature a variety of sustainable and green building materials and finishes to achieve Leadership in Energy and Environmental Design (LEED) Silver certification…

By Erika Schnitzer, Associate EditorNew York–Despite the downturn in the housing market, sales for two condominium projects by LCOR, a Berwyn, Penn.-based real estate company, have been exceptionally strong. In the first quarter of 2008, 68 residences in Berwyn’s two New York City properties were sold, representing $99 million in sales.Both properties are now 90 percent sold.Designed by SLCE Architects, the 40-story Chelsea Stratus features 204 one, two- and three-bedroom units, ranging from 827 to 2,263 sq. ft. Located at 101 West 24 St., Chelsea Stratus offers hardwood floors, floor-to-ceiling windows and, in most units, private outdoor terraces or balconies….

By Anuradha Kher, Online News EditorNovato Calif.–Rents are growing modestly, occupancy is unchanged and the rental apartment segment appears to be immune to the problems occurring in other housing sectors, according to a recent study released by RealFacts, a multifamily data specialist. The RealFacts database included more than 3.16 million rental units in 15 states (mostly in the Western part of the U.S., but also including others like Florida and Texas).The company chose the 15 states based on where the company has clients so far. But Caroline S. Latham, CEO of RealFacts, tells MHN that this study also helps in…

By Erika Schnitzer, Associate EditorWashington D.C.–Two recently released studies have confirmed the significance of energy savings in LEED-certified and Energy Star buildings and show that green buildings are financially sound investments. The two studies, one by the New Buildings Institute (NBI) and the other by CoStar Group, a commercial real estate information company, show that, in addition to energy efficiency, these buildings perform better than the average development in terms of occupancy rates, sale prices and rental rates.”LEED and Energy Star provide building owners and operators with valuable structure to maintain high performance and deliver savings over time,” says Brendan…

Washington, D.C.–Fannie Mae and Freddie Mac are being warned to strictly adhere to a new accounting rule, the Washington Post reports.If the accounting of the government-backed mortgage agencies seems to be a concern, the Office of Federal Housing Enterprise Oversight said it would possibly take action against them–even if their behavior “technically complies with the accounting standard.”Less than a week ago, the OFHEO–Fannie and Freddie’s regulatory agency–found “certain issues” in Freddie Mac’s execution of accounting regulations that “raise concerns” about its capital, which is the financial reserves it must maintain to guard against losses.

Washington, D.C.–As the housing slump continues, more homeowners are becoming renters, and renters are becoming homeless as their rental properties are foreclosed upon–giving the rental market a boost, USA Today reports.Last year, the number of renters in professionally managed apartments increased by the largest amount since 2000, the Washington, D.C.-based National Multi Housing Council’s March report said. In markets across the U.S., rents are increasing. Vacancy rates dropped compared to last year; average rent is forecast to grow 5.3 percent in 2008, according to the National Association of Realtors.The move toward rentals can help the overall economy. Increased rental demand…

Chicago–Existing-home sales dropped slightly in March, and the national median existing-home price was $200,700, down 7.7 percent from a year ago–the second largest year-to-year drop, the Chicago-based National Association of Realtors said Tuesday.Sales of existing single-family homes and condominiums fell by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units, the New York Times reports.The typical March home sale price rose slightly from February’s median price of $195,600. Compared with a year ago, sales were down 19.3 percent.Sales should start to improve in the second half of this year because of the increased availability of…

Washington, D.C.–Home prices increased 0.6 percent from January to February, the Office of Federal Housing Enterprise Oversight said Tuesday.Prices dropped 2.4 percent in the 12-month period ending in February. The index is down 3.1 percent from the April 2007 high point, according to MarketWatch.For February, prices increased 2.2 percent a seasonally adjusted basis in New England and 0.3 percent in the Pacific region. Prices dropped 0.6 percent In the Mountain region.The OFHEO index is comprised from repeat sales of homes that are mortgaged through Fannie Mae and Freddie Mac.