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Nielsen: The Young and Moneyed Dwell in D.C.

Mon, 1 Feb 2010 23:27:18 UTC

Perhaps it�s the district�s mix of power and possibility, but Washington D.C. is increasingly drawing in the young and the wealthy, according to Nielsen Claritas. A new demographic spotlight finds that 16 of the top 50 counties where the highest concentration of the young and wealthy live are in the Washington D.C. area.

NYC Multifamily Sales Volume Plummets 95% from Mid-2007

Mon, 1 Feb 2010 23:27:18 UTC

The bank stress tests are in and have provided some relief to Wall Street, the stock market has picked up a little�relative to early this year�and the constant barrage of bad news has given way to some good news. And even though every economic indicator for New York City was negative in the first quarter, the rate of decline slowed considerably from the fourth quarter of 2008.

TODAY'S DEALS: NorthMarq Capital Arranges $8.1M Mortgage for 309-Unit Mid-Rise Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

NorthMarq Capital�s Chicago regional office has arranged first mortgage financing of $8.1 million for Edenbridge Apartments, a 309-unit mid-rise, garden and townhouse multifamily property, located in Tinley Park, Ill.

Dupont Corian Launches �One-of-a-Kind' Design Studio in New York

Mon, 1 Feb 2010 23:27:18 UTC

There is now a new showroom to help users apply DuPont Corian surfacing material in all kinds of ways.

TODAY'S DEALS: NorthMarq Capital Arranges $28.64M Sale and $23.599M Financing for 486-Unit Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

New Britain, Conn.--NorthMarq Capital�s Capital Services Group East and NorthMarq Capital�s Miami office recently arranged both the sale of and first mortgage financing for Pebblebrook Apartments (pictured), a 486-unit multifamily property, located in New Britain, Conn.

TODAY'S DEALS: 132-Unit Apartment Community Sells Out of Receivership, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

Tikijian Associates has arranged the sale of Hilltop Apartments, a 132-unit community in Anderson, Ind. The listing price was $2,250,000 but sales price was not disclosed.

MULTI-HOUSING EXECUTIVES UPDATE: Bill Stahlke Abandons Retirement to Become President of Investments at Lane Strategic Investment, and Other Moves

Mon, 1 Feb 2010 23:27:18 UTC

Lane Co. has named Bill Stahlke�president of investments at Lane Strategic Investment LLC. His responsibilities include developing Lane Co.�s acquisition strategy and overseeing all of the firm�s acquisitions.

Condo, Co-Op Sales Up 14% Since May; Median Condo Price in June Down 18.9% From Year Ago

Mon, 1 Feb 2010 23:27:18 UTC

Existing condominium and co-op sales jumped 14 percent to a seasonally adjusted annual rate of 570,000 units in June from 500,000 in May, but they are 3.1 percent below the 588,000-unit level in June 2008, according to the latest report from the National Association of Realtors (NAR).

INSIDE THE DEAL: Marcus & Millichap Participates in Active LIHTC Property Sales Market

Mon, 1 Feb 2010 23:27:18 UTC

Frederick, Md.�The secondary market in Low Income Housing Tax Credit (LIHTC) properties is still attracting buyers despite the economic downturn.

MULTI-HOUSING EXECUTIVES UPDATE: Alliance Residential Appoints Gregory N. Signer as VP of Operations for Southeast Region, and Other Moves

Mon, 1 Feb 2010 23:27:18 UTC

Alliance Residential Co., has appointed Gregory N. Signer as vice president of operations for the company�s Southeast Region.

Nation's Largest LEED for Homes Multifamily Community Now Open

Mon, 1 Feb 2010 23:27:18 UTC

Trammel Crow Residential�s 544-unit Alexan CityView, the largest LEED (Leadership in Energy and Environmental Design) for Homes multifamily community in the country, is officially open.

Mortgage Rates Fall for Three Consecutive Weeks

Mon, 1 Feb 2010 23:27:18 UTC

-The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent, according to Freddie Mac�s recently released Primary Mortgage Market Survey (PMMS).

Fannie Mae Supplies $10.1B in Liquidity to Multifamily Industry in First Half '09

Mon, 1 Feb 2010 23:27:18 UTC

Fannie Mae and its DUS lenders had a very strong first half of the year The company remains committed to providing liquidity and bringing stability to the multifamily industry, especially during this volatile market.

U.S. Energy Group Launches Fuel Consumption Study for MF Buildings

Mon, 1 Feb 2010 23:27:18 UTC

U.S. Energy Group has launched USE-Analysis, a large-scale fuel consumption analysis study, which is designed to define the amount of oil, or gas equivalent, that buildings in New York City typically use.

TODAY'S DEALS: ARA Denver Brokers Largest Multifamily Sale of Over $9M in 2009 in the Denver Metro Area, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

Apartment Realty Advisors (ARA) recently brokered the sale of a 182-unit property located at 6066 Lamar St. in Arvada, Colo., making LaMar Village the largest apartment transaction in the Denver metro area in 2009.

Prospect Traffic and Quality Fall in Apartment Communities

Mon, 1 Feb 2010 23:27:18 UTC

The number of applicants a community is processing per apartment decreased dramatically, according to a RentGrow report, entitled �Trends in Applicant Traffic and Quality.�

Jamboree Celebrates 50th Affordable Property

Mon, 1 Feb 2010 23:27:18 UTC

Jamboree Housing�s 50th affordable property, Granite Court, is all set to open this month. The green apartment community is located in Irvine�s mixed-use neighborhood known as the Irvine Business Complex.

Multifamily Starts Down More than 25% in June, But Highest Housing Construction Level Since November 2008

Mon, 1 Feb 2010 23:27:18 UTC

Multifamily starts have fallen again; this time by more than 25 percent, according to the Commerce Department�s latest report. With no clear trend in sight, starts for June were at 101,000 units, which is a 28.6 percent drop when compared to May.

Developer of 100 Gold Street Anthony Morena Selected to Judge MHN's Green Initiative Awards

Mon, 1 Feb 2010 23:27:18 UTC

Anthony Morena, AIA, architect and principal at The REDD Group, a firm that designs, develops and manages properties, has been selected to judge MHN's second annual Green Initiative Awards.

TODAY'S DEALS: HFF Arranges $23.28M Refinancing for 260-Unit Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

HFF (Holliday Fenoglio Fowler, L.P.) recently arranged a $23.28 million refinancing for Ironwood Apartments (pictured), a 260-unit multifamily community in Rancho Cucamonga, Calif.

First Southern Neighborhood in the U.S. Receives LEED ND Silver Certification

Mon, 1 Feb 2010 23:27:18 UTC

The Gulch, developed by MarketStreet Enterprises and planned by Looney Ricks Kiss Architects Inc., is the first neighborhood in the South to receive LEED (Leadership in Energy and Environmental Design) for Neighborhood Development Silver certification.

HUD Provides $1B for Improvements to Public Housing

Mon, 1 Feb 2010 23:27:18 UTC

U.S. Department of Housing and Urban Development (HUD) is offering nearly $1 billion to make substantial improvements to thousands of public housing units nationwide.

Despite Downturn Brooklyn Condo Sells Over Half of Units in Five Months

Mon, 1 Feb 2010 23:27:18 UTC

Despite the economic downturn, NV, a 40-unit condominium project in Brooklyn, N.Y. that opened in February 2009, is now 55 percent sold.

TODAY'S DEALS: NorthMarq Capital Arranges $28.64M Sale and $23.599M Financing for 486-Unit Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

NorthMarq Capital�s Capital Services Group East and NorthMarq Capital�s Miami office recently arranged both the sale of and first mortgage financing for Pebblebrook Apartments.

TODAY'S DEALS: NCB�s New York Team Arranges $22M in New Loan Originations in June, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties.

Added Concerns for Calif. and Nev. Property Managers in an Already-Unstable Time

Mon, 1 Feb 2010 23:27:18 UTC

With higher vacancies putting pressure on property managers to relax their applicant criteria somewhat, owners and operators are assuming more risk at their communities in order to lease more units.

INSIDE THE DEAL: Apt. Sale to Affordable Developer Yields Best Price

Mon, 1 Feb 2010 23:27:18 UTC

Selling properties to affordable housing developers may sometimes be the way to go if a seller wants to obtain the best price.

Charles E. Haldeman, Jr. is New CEO of Freddie Mac

Mon, 1 Feb 2010 23:27:18 UTC

Freddie Mac�s board of directors has appointed finance industry veteran Charles E. Haldeman, Jr. as the company�s CEO as well as a member of the board of directors.

Rising Demand for Live/Work Housing, Says ULI

Mon, 1 Feb 2010 23:27:18 UTC

-With almost half (49 percent) of U.S. businesses being operated from home, the house is increasingly becoming the American office, according to a U.S. Census Bureau report

Economic Update - Green Shoots a Little Greener, but CRE Not Overjoyed

Mon, 1 Feb 2010 23:27:18 UTC

It was a good way to start the week, economically speaking. According to the Conference Board, the U.S. index of leading economic indicators rose 0.7 percent in June, marking the third rise in the index in as many months.

TODAY'S DEALS: CPC Provides $2.1M Refi Loan to Mixed-Use Rental Building, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

The Community Preservation Corp.�s (CPC) Bronx/Manhattan office closed on a $2.1 million Freddie Mac loan to refinance a mixed-use rental building (pictured) located in the Inwood section of Manhattan.

MARKET SNAPSHOT: Apartment Properties in Portland, Ore. Will Lose Value

Mon, 1 Feb 2010 23:27:18 UTC

What is the multifamily market in Portland, Ore.-Vancouver, Wash. like? Look at Phoenix for the answer, says Gary Winkler, senior broker-multifamily investments in Colliers International�s Portland, Ore. office.

Building Apartments/Condos Generates Jobs for Residents and Revenue for Communities, Says NAHB Report

Mon, 1 Feb 2010 23:27:18 UTC

Home building generates substantial local economic activity, including new income and jobs for residents, and additional revenue for local governments, according to the NAHB, which has developed a model to estimate the economic benefits.

Former NYU Housing Opens as Rental Property with Larger Units and Reduced Rents

Mon, 1 Feb 2010 23:27:18 UTC

200 Water Street, formerly a New York University faculty housing community, is now re-opening as a luxury rental property.

TODAY'S DEALS: NorthMarq Capital Arranges $13.11M Mortgage for 240-Unit Rental Property, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

NorthMarq Capital recently arranged first mortgage financing of $13.11 million for The Pointe at Chapel Hill, a 240-unit multifamily complex, located in Chapel Hill, N.C.

INSIDE THE DEAL: Private Co. Moves Ahead on $70M Acquisition in Southern Calif.

Mon, 1 Feb 2010 23:27:18 UTC

Has the apartment market bottomed? Here is one company that is currently in acquisitions mode for conventional apartments.

Villas of Hillcrest Becomes First Affordable Housing Project to Win McSam Award

Mon, 1 Feb 2010 23:27:18 UTC

The Villas of Hillcrest, designed by Humphreys & Partners Architects L.P., is the first affordable housing development to win a McSAM Award in the 30-year history of the Home Builders Association of Greater Dallas' annual competition.

Brooklyn Condominium Brought Up to Code, Now Ready for Sale

Mon, 1 Feb 2010 23:27:18 UTC

Scarano Architects PLLC has helped to bring Olive Park, a seven-story, 87-unit luxury condominium development located at 100 Maspeth Ave. in Brooklyn, up to code and ready for sale.

Mulifamily Starts Plunge Whopping 74% Y-O-Y to 78K Units; Can They Fall Further?

Mon, 1 Feb 2010 23:27:18 UTC

New home construction fell to its lowest pace on record in April, according to the Census Bureau�s latest report.

MARKET SNAPSHOT: TOD in Beantown's Urban Core Remains City�s Bright Spot

Mon, 1 Feb 2010 23:27:18 UTC

The bright spot in the near term of Boston�s multi-housing market will be the �urban core Class B product,� predicts Greg Willett, vice president of research and analysis at M|PF Yieldstar.

Q&A with Michael K. Hayde: We Are Projecting Zero to Negative Rent Growth

Mon, 1 Feb 2010 23:27:18 UTC

Michael K. Hayde talks to MHN Online News Editor Anuradha Kher about vacancies and rent decreases across WNG�s portfolio, the financing problem and the biggest challenge the company is facing in this economy.

25,000 Apartment Units Set to Be Green With $250M in Government Funds

Mon, 1 Feb 2010 23:27:18 UTC

How will 25,000 apartment units become more energy efficient in the next two years? With the help of approximately $250 million in grants and loans being offered by the U.S. Department of Housing and Urban Development (HUD).

Renovated Historic Building Proves that Interest in Condos Remains High in Some Markets

Mon, 1 Feb 2010 23:27:18 UTC

Emanon Equities and Skaneateles-based Ramsgard Architectural Design have turned The Seitz Building into a luxury mixed-use, 10-unit condominium.

Two Multi-Housing Industry Leaders Launch Company to Acquire, Renovate 7,000 Units

Mon, 1 Feb 2010 23:27:18 UTC

Jeff Adler, former chief property operations officer at AIMCO and Jack Kern, former investment research director at Archstone-Smith and vice chair of the NMHC Research Committee, have formed a new multifamily investment vehicle, Sanctuary Multifamily Advisors.

Renovated Historic Building Proves that Interest in Condos Remains High in Some Markets

Mon, 1 Feb 2010 23:27:18 UTC

Emanon Equities and Skaneateles-based Ramsgard Architectural Design have turned The Seitz Building into a luxury mixed-use, 10-unit condominium.

INSIDE THE DEAL: Foreclosure Response Team Steers Sale of Distressed Property

Mon, 1 Feb 2010 23:27:18 UTC

Ft. Lauderdale, Fla.�Here is one example of a distressed sale, of which the ultimate result may be newly constructed homes selling at $250,000 instead of $550,000.

TODAY'S DEALS: Freddie Mac Purchases $37.5M Loan from CBRE That Provides Refinancing for 255-Unit Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

Freddie Mac recently purchased a $37.5 million loan from CBRE Capital Markets that helped provide financing for the borrower, Parc Pointe Investors LLC, to refinance the Parc Pointe Apartments in Burbank, Calif.

TODAY'S DEALS: Hendricks & Partners Completes Sale of 188-Unit Rental Community, and Other Transactions

Mon, 1 Feb 2010 23:27:18 UTC

Hendricks & Partners recently completed the sale of The Lofts, located at 3351 Duckhorn Dr. in Sacramento, Calif. The 188-unit apartment community was sold for $18,462,500.

New Website Bridges Communications Gap Between Managers and Residents

Mon, 1 Feb 2010 23:27:18 UTC

Tenanttxt.com recently launched a Website that allows multifamily property managers to send alerts to residents via text message or email.

Altman Cos. is the Latest to Launch Distressed Properties Division

Mon, 1 Feb 2010 23:27:18 UTC

The Altman Cos. is another one in a line of multifamily companies to launch a division to deal with the distressed properties and loans coming on the market.