Multi-Family Property News RSS

Organization Launches $4B Green Initiative for Affordable Housing

Wed, 28 Oct 2009 13:05:04 UTC

The green movement in commercial real estate has caught on like wildfire and even with the recession having left most clutching their pocketbooks, it continues to spread. Now Columbia, Md.-based Enterprise Community Investment Inc. plans to take the trend to new heights with the kicking off its $4 billion Green Communities initiative, which is designed to propel the greening of affordable housing development across the country.

Economy Watch - Homebuyer Tax Credit Sees Some Cheating

Wed, 28 Oct 2009 13:05:04 UTC

In testimony reminiscent of dogs getting credit-card applications approved back during the mid-2000s credit bubble, a Treasury Department inspector told Congress that kids as young as four years old have been able to receive $8,000 first-time homebuyer tax credits. �Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit,� J. Russell George told the House Ways and Means Committee�s oversight panel on Thursday.

The Graying of America: Age and Opportunity

Wed, 28 Oct 2009 13:05:04 UTC

The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn�t been impressive�from 21.06 percent to 24.17 percent�growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it�s time investors consider the opportunities this megatrend offers.�

Investors Prepare to Increase Activity in MF Market in 2010

Wed, 28 Oct 2009 13:05:04 UTC

The multifamily market has not escaped the ravages of the economic downturn, but investors are bullish on the commercial real estate sector for 2010. According to Jones Lang LaSalle's 2010 Multifamily Forecast Survey, 90 percent of the 200 owners and operators surveyed plan to boost their activity in the sector next year, compared to the 68 percent of respondents who had such plans last year.

Downturn Affecting Apartment Industry Compensation

Wed, 28 Oct 2009 13:05:04 UTC

The apartment industry has seen some big changes in this recession. Vacancies have gone up and rent growth has been mostly negative or stagnant at best. Now a new study conducted by the National Multi Housing Council reveals that compensation and benefits paid to apartment industry professionals are also being affected by the downturn.

$554B Corus Portfolio Sale One of Biggest Splashes Yet in Distressed Market

Wed, 28 Oct 2009 13:05:04 UTC

With the global financial crisis and frozen credit market having taking their toll, many property owners have been forced to sell distressed assets at bargain-basement prices just to survive. And for those investors who can still access financing, like partnership Northwest Investments L.L.C, opportunities abound to buy premium properties on the cheap.

Economy Watch: Retail Group Sees Less Holiday Spending

Wed, 28 Oct 2009 13:05:04 UTC

In contrast to the mildly positive forecast by the International Council of Shopping Centers about the upcoming retail holiday sales season (1 percent growth), as covered recently by CPE,, the National Retail Federation is predicting a mildly negative holiday sales season for the nation�s put-upon retailers�namely, a 1 percent decline during November and December, as compared with the same two months in 2008.

Apartment REITs See Record Jump in Returns

Wed, 28 Oct 2009 13:05:04 UTC

While it's probably early to label it a full-fledged resurgence, apartment REITs bounced back in a big way last quarter. The National Association of Real Estate Investment Trusts reported that the FTSE NAREIT All REITIndex was up 31.52 percent in the third quarter--the index's best-ever quarterly gain--bringing year-to-date total returns to 17.73 percent through Sept. 30.

Economy Watch: MGM Cuts Condo Prices

Wed, 28 Oct 2009 13:05:04 UTC

In an effort to keep buyers from wriggling out of their deals, and as a simple acknowledgment that the luxury condo market just isn�t what it used to be, MGM Mirage and its partner Dubai World are slashing prices for condos at their City Center development in Las Vegas by 30 percent.

As Home Ownership Struggles Continue, Renting Popularity Grows

Wed, 28 Oct 2009 13:05:04 UTC

More families at every income level are facing housing cost burdens, while households with the lowest incomes continue to be disproportionately affected by the shortage of affordable rental housing across the country, according to an analysis conducted by The National Low Income Housing Coalition (NLIHC) on newly released data from the 2008 American Community Survey (ACS).

New Program Offers $1B for Green Retrofits

Wed, 28 Oct 2009 13:05:04 UTC

A new program could provide a sizable jolt to the already-popular practice of retrofitting existing commercial properties to increase environmental sustainability. The Community Preservation Corp., a non-profit affordable housing lender, has unveiled a new public-private partnership that aims to provide $1 billion in funding for energy efficient upgrades and green retrofits to multi-family properties.

Behringer Harvard REIT Makes Another Big M-F Splash in California

Wed, 28 Oct 2009 13:05:04 UTC

Behringer Harvard Multifamily REIT I recently made what was then 2009�s largest California multi-family acquisition with an $80 million purchase of Waterford Place Apartment Homes near the Bay Area. This week, the REIT topped that with the $96 million purchase of another property�this time in Los Angeles.

Guardian Rolls Out Affordable Housing Advisory Division

Wed, 28 Oct 2009 13:05:04 UTC

Portland, Ore.-based management and investment firm Guardian Real Estate Services is planning to roll out a new advisory division. The company�s new unit will be headed by Brad Bullock, who will join Guardian as senior vice president, advisory services.

NMHC: Student Housing Recession-Resistant

Wed, 28 Oct 2009 13:05:04 UTC

Overall, student housing is recession-resistant because of U.S. demographics, which are producing an increasing number of high school graduates, says Jim Arbury, senior vice president of National Multi Housing Council (NMHC) which recently released a report that seeks to determine whether the dramatic U.S. economic downturn has had an impact on enrollment and on-campus dormitory vacancy rates.

Eyeing Market Opportunities, M-F Developer Expands into Acquisitions

Wed, 28 Oct 2009 13:05:04 UTC

After multiple quarters of dismal investment activity, new funds and investment entities are cropping up to capitalize on the discounted commercial real estate assets that are hitting the market. Atlanta-based Wood Partners L.L.C. has just entered the game, too. The multi-family developer has expanded its business platform to include acquisitions.

IHS: Construction Spending Will Keep Falling

Wed, 28 Oct 2009 13:05:04 UTC

Commercial, multi-family construction to be hit hard through 2010, followed by recovery

With Prices on the Decline, Behringer Harvard Makes $136M M-F Play

Wed, 28 Oct 2009 13:05:04 UTC

The gap between buyer and seller pricing expectations on commercial real estate is closing, and with owners eager to sell properties to escape debt maturities or just to pocket cash to address financial demands, it has become a buyers market. Taking advantage of the appealing prices, Behringer Harvard has just acquired two apartment properties totaling 746 units in separate transactions valued at an aggregate $136 million.

JV Snags 308-Unit Philly-Area M-F Complex

Wed, 28 Oct 2009 13:05:04 UTC

A joint venture between Behringer Harvard REIT I Inc. and PGGM Private Real Estate Fund has acquired a 308-unit multi-family community in Cherry Hill, N.J., about seven miles east of central Philadelphia.

Economy Watch - Multifamily Leads the Way in Housing Starts Increase

Wed, 28 Oct 2009 13:05:04 UTC

Housing starts and building permits in August were at their highest level all year, rising 1.5 percent to an annual rate of 598,000 units, while building permits were up 2.7 percent during the month, according to the U.S. Department of Commerce. All of the increase was in the multifamily segment of the housing market: starts spiked up 25.3 percent for multifamily, while single-family home starts dropped 3 percent.

$100M JV Eyes Student Housing Sector

Wed, 28 Oct 2009 13:05:04 UTC

In the midst of the industry-wide downturn, student housing has been one of the few niches to remain largely healthy. Capitalizing on that, Landmark Properties, Retreat Holdings and Chicago-based real estate private equity firm Harrison Street Real Estate Capital have formed a $100 million joint venture partnership to develop and manage new student cottage communities throughout the country.