West
ARA Opens Portland, Ore. Office, Expands Northwest Presence
Portland, Ore.–Atlanta-headquartered Apartment Realty Advisors (ARA) recently opened its Portland, Ore. office, under the leadership of Gail Neuburg, former co-owner and operator of Portland-based Tilbury, Ferguson & Neuburg, Inc. This is ARA’s 20th location and expands its existing Northwest presence—ARA’s Seattle, Wash. office opened in 2007. According to Neuburg, “The ARA platform will substantially enhance our service delivery to our clients by allowing us to immediately leverage off of the relationships, knowledge and infrastructure of this powerful team of brokers.” Neuburg and her team will continue to specialize in representing both institutional and private capital owners and investors in the…
DEAL OF THE DAY: HFF Arranges $18M Financing for Manufactured Housing Community
San Diego–HFF (Holliday Fenoglio Fowler LP) has arranged $18 million in financing for The Highlands.
NWP Services to Introduce Next Gen Utility Management Offering at NAA 2010 Conference
Irvine, Calif.–NWP Services Corp. (NWP) will introduce its next generation utility management offering, UtilitySmart, at the National Apartment Association’s (NAA) Annual Education Conference and Exposition on June 24-26 in New Orleans, La. “UtilitySmart is an all-new utility management suite of products that wholly targets one of multifamily properties’ largest operating expenses: utilities,” says Michael Radice, president and CEO of NWP Services Corporation. “With it, owners and operators can effectively control, manage and plan utility spend with precision, and as a result, gain measurable increases in Funds from Operations (FFO), Net Operating Income (NOI) and asset value of their properties,” Radice…
MARKET SNAPSHOT: Despite Rent and Occupancy Declines, Transaction Volume in Los Angeles Reaches Its Peak
Los Angeles–While valuations vary between submarkets, the local economy has caused declines in rental rates and increases in vacancy throughout the Los Angeles MSA.
Partly Built Oakland Apartment Project Revived After Three Years
Oakland, Calif.–City Walk, an apartment development in downtown Oakland had been stalled for about three years.
DEAL OF THE DAY: HFF Obtains $26.5M Construction Loan for Downtown Apt. Development
Oakland, Calif.–The Los Angeles and San Francisco offices of HFF (Holliday Fenoglio Fowler L.P.) have arranged a $26.5 million construction loan for City Walk, a 264-unit, transit-oriented multi-housing project in Oakland, Calif.
DEAL OF THE DAY: Mixed-Use Property Purchased at 7.2% Cap
Portland, Ore.–An investor has purchased the Box & One, two mixed-use buildings at 2724-2728 SE Ankeny, in Portland, Ore., for $1.7 million.
RealPage Executives Named in Broadband Properties MDU Technology Leaders Listing
Carrollton, Texas–The Broadband Properties MDU Hall of Fame recognized three RealPage Inc. executives for their contributions to multifamily broadband services. Steve Winn, RealPage chairman and CEO, and Henry Pye, vice president of Velocity Advisory Services, are named as Top 25 Leaders, and Keith Dunkin, vice president of YieldStar & MPF Research, was recognized as one of 10 Rising Stars. The MDU Hall of Fame, a distinction bestowed every four years, is a list of people in the multi-dwelling unit (MDU) industry and its suppliers who led, or provided input to, forward-looking management and technology teams. Scott DeGarmo, president and CEO,…
New Affordable Seniors Housing Complex Opens in Las Vegas
Las Vegas–McKnight Senior Village II is restricted to residents 55 years and over.
San Francisco’s Arterra Condos Sell Out Despite Hard Times
San Francisco–Arterra, the first LEED silver residential high-rise in the city, has completely sold out.