Regions

By Anuradha Kher, Online News EditorBartlesville, Okla.–Boston Capital has recently invested in Brookhaven Plaza Apartments, a 120-unit multifamily development in Bartlesville, Okla., located 40 miles north of Tulsa. Boston Capital has paid $18,900 per unit to acquire this property.The general partner is Summit America Properties Inc., an affiliate of Montgomery, Ala.-based Summit Asset Management LLC., an owner, developer and manager of multifamily housing.“We will continue to provide our developer partners and our investors the best finance and investment programs in the business while expanding on our commitment to provide the finest affordable housing to families in Oklahoma and communities throughout…

By Anuradha Kher, Online News EditorDallas–Icon Partners LLC will develop Midtown, a new 3.7 million-sq.-ft. mixed-use development, to be located at the intersection of I-635/LBJ Freeway and the Dallas North Tollway, halfway between downtown Dallas, and North Dallas and Frisco.The 20-acre phase one of Icon’s Midtown is being built on the east side of the Dallas Galleria, with frontage along I-635/LBJ Freeway and Noel Road. Construction is slated to begin in spring 2009, with opening of the residential tower expected in early 2011.“Icon’s Midtown will be developed as a walking community,” says Paris Rutherford, president of Icon Partners LLC. “It…

Honolulu, Hawaii–Fifield Companies has selected Charles Pankow Builders Ltd. to build the Allure Waikiki, a $158 million luxury condominium tower located in the Waikiki area of Honolulu, Hawaii.The 35-story tower will contain 291 one-, two- and three-bedroom units ranging in size from 833 sq. ft. to 1,633 sq. ft., each with a private lanai. Design for the project also calls for a 19,500-sq.-ft. recreational terrace, 9,000 sq. ft. of dining and/or upscale retail space as well as 32,000 sq. ft. of parks and gardens. The project also includes 175,000 sq. ft. of parking for 458 cars.Architects Hawaii Inc. designed the…

Washington, D.C.–The Federal Reserve’s Beige Book, released Wednesday, indicated inflation and low consumer confidence are slowing the economy, according to The New York Times.Large item retail sales–including items such as cars and dishwashers–declined in the first two months of 2008. Regional banks gave less loans to businesses and to individual borrowers.The report, compiled by the central bank’s various districts, said “economic growth has slowed since the beginning of the year.”Residential and commercial real estate markets are still dragging, and sales were slow in almost all districts, the report said. Home sales in Boston, Minneapolis, St. Louis and other areas have…

Washington, D.C.–The number of American homes going into foreclosure hit the highest level on record in the fourth quarter of last year, according to the Federal Reserve.At the same time, homeowners’ share of home equity dropped to its lowest point since World War II, The Wall Street Journal said.Total American household wealth dropped $533 billion to $57.7 trillion–the first decline since 2002, influenced by housing-related asset values falling by $170 billion, the Federal Reserve said. The value of other financial assets, including stocks, declined by $254 billion.More than 2 percent of the nation’s 46 million mortgage loans were in the…

Washington, D.C.–Fannie Mae and Freddie Mac received new, higher limits on the loans they can buy or guarantee in 71 housing markets on Thursday, the Los Angeles Times reports.The new limits–part of the recently signed economic stimulus bill–affected almost all of Southern California. The area received new limits of up to $729,750, the current maximum, increased from $417,000. The limits vary per area and are based on median home prices.The loan limits were increased to help increase home sales and refinancings in high-cost markets. The limits apply to loans originated from July 1, 2007, through the Dec. 31, 2008.

By Erin Brereton, Content ManagerRaleigh, N.C.–Boston Capital Real Estate Partners recently closed its investment in a 350-unit, garden-style community that will be located in Raleigh, N.C.The Fairfield Corporate Center Apartments is being developed by multifamily developer Fairfield Residential, which is headquartered in San Diego and Grand Prairie, Texas. The development is Boston Capital’s fourth joint venture with Fairfield–a partnership Boston Capital feels has helped it weather the recent housing market difficulties.“Boston Capital continues to thrive in a challenging economy largely due to the strategic partnerships we have established with Fairfield Residential and other premier partners throughout the country,” says Mark…

Guardian Management Appoints Vice President of Property ManagementPortland, Ore.–Guardian Management LLC, a Portland, Ore.-based real estate investment and management firm specializing in multifamily housing investment opportunities and property management services, has promoted Jim Wiard (pictured) to vice president of property management following 17 years of service for Guardian. As vice president of property management, Wiard’s role will consist of directing and supervising all company property management operations. “Jim has provided 17 years of responsible asset and property management experience to Guardian,” says Tom Brenneke, president of Guardian Management. “In his new role as vice president, he will help Guardian continue its…

By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc., a provider of on-demand software and services to the multifamily industry, has launched a barcode-scanning feature for clients using its OneSite property management and OneSite Document Management systems.OneSite Document Management software provides electronic scanning and storage of documents and forms associated with property management business processes and procedures. The addition of the barcode functionality enables document scanning, which is essential to automating the scan-and-file process. Typically, the process is a major bottleneck for properties dealing with large amounts of paper.“A single property generates 40 cartons of paper per year and this includes…

By Anuradha Kher, Online News EditorNew Orleans–A significant majority of public housing residents displaced by Hurricane Katrina do not want to return to public housing in New Orleans, says an independent survey commissioned by the Housing Authority of New Orleans (HANO). Conducted by the University of Texas at Arlington (UTA), the survey involved more than 2,100 current and former public housing residents. Of these, 71.6 percent want to return to New Orleans, but only 35 percent preferred to return to public housing in New Orleans.When asked what form of housing they prefer, only 20.3 percent of respondents wanted to return…