Dominium Management Services Hires Debbie Vail
Debbie Vail has been named regional manager of Dominium Management.
NWP Services Corp. Validates Compliance with Payment Card Industry
NWP Services Corp. (NWP) has been validated compliant with the Payment Card Industry Data Security Standard (PCI DSS) as a Level 1 service provider. Trustwave performed the validation.
DEAL OF THE DAY: Hendricks & Partners Brokers $3.85M Sale of 50-Unit Property
Rocklin, Calif.‑Hendricks & Partners arranged the sale of Shannon Bay, located at 5757 Shannon Bay Drive in Rocklin, Calif. The 50-unit apartment community was sold for $3.85 million.
NWP Services Corp., RealPage Both Launch New Programs for the MF Industry
NWP Services Corp.’s (NWP) TotalCSA is a 100 percent Vacant Recovery solution for the apartment industry. Part of NWP’s CSA Monitor offering, TotalCSA allows for identification, automated resident billing and recovery of 100 percent of electric and gas expense due to utility theft during the apartment resident’s lease, from the move-in to move-out date. TotalCSA is expected to recover 30 percent more in vacant charges.
MARKET SNAPSHOT: Sacramento Supply Constraint a Bright Spot
The biggest bright spot for the multifamily market in the Golden State’s capital is the fact that there is no new supply coming online, which will eventually lead to positive absorption, notes Mark Leary, principal in ARA’s (Apartment Realty Advisors) Pacific office. In addition, the shadow market is on the decline.
Most Multifamily Properties Won’t Need Refi Soon: MBA Report
According to the Mortgage Bankers Association’s 2009 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes released this week, the volume of commercial and multifamily mortgage debt maturing this year and during 2011 is only about one-fifth of the total. Of the $1.45 trillion balance of outstanding mortgages held by non-bank investors, only 13 percent of the total ($183.9 billion) will mature in 2010 and 7 percent ($99.8 billion) in 2011.
SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear
The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.
New Affordable Housing Comes on Line in Irvine, Calif.
The nonprofit Jamboree Housing Corp. has completed its latest affordable housing project, the Arbor at Woodbury Apartment Homes, a 90-unit, six-building property in the company’s hometown of Irvine, Calif. The development is designed to provide housing for families earning between 30 percent and 60 percent of the area’s median income.
Colliers Directs $9.25M Note Purchase From China Trust Bank
Colliers International has directed the notes sale of a 51,729-square-foot multifamily property at 18557 Saticoy Street in Reseda, Calif. The sale is valued at $9.25 million.
Western National Properties’ 195-Unit Rental Community is Nearing Completion
Western National Properties is currently developing a 195-unit multifamily project in the Woodland Hills neighborhood of Los Angeles, which is nearing completion. This project is the first development with the firm’s second private equity fund, Western National Realty Fund II, L.P. The ground-up multifamily development, The Enclave at Warner Center, features a195-unit, four-story apartment complex wrapped around a five-and-a-half story parking structure.