Archive for ‘National’

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May 30, 2012

Multi-Family Wire

HOUSTON – The Cranbrook Portfolio, a 1,038-unit portfolio including the Polo Club Apartments, Monticello Apartments and Timbers Apartments.  Transwestern’s Ed Cummins and Clint Duncan represented the seller in the transaction. Located on Ella Boulevard in Houston, the three properties span across 33 acres and were 87.7 percent occupied at the time of sale. The largest of the complexes is the Polo Club Apartments with 520 units, followed by Timbers Apartments with 274 units and Monticello Apartments with 244 units. The transaction was a distressed asset sale on behalf of the lender, and the portfolio was purchased for an undisclosed amount by a California investor.

ALBUQUERQUE, NM — The 232-unitLa Ventana  located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale,  the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer.  Investors Real Estate Trust (IRET) owns a majority interest in the project.

HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.

 FOR MORE APARTMENT NEWS  click here.

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January 11, 2012

New $50 Million Headquarters Underway for Realogy

MADISON, N.J. — A 280,000-sfoot building is being constructed in Madison, N.J. to serve as the headquarters of Realogy, the parent company of Century 21, ERA, Coldwell Banker and Better Homes & Gardens.

Realogy, one of the biggest names in residential real estate, has a total 253,000 sales associates doing business in 101 countries around the world under its various brands. The company is owned by Apollo Management.

HFF announced  that it has arranged a $49.1 million construction loan for the building, located at 175 Park Avenue, in Madison, New Jersey.

Working exclusively on behalf of The Hampshire Companies, HFF placed the loan with US Bank and M&T Bank.  HFF secured US Bank to be the lead agent and brought in M&T to participate in the loan.

175 Park Avenue is located near State Route 24 and Interstate 287 adjacent to BASF’s new North American headquarters and the headquarters for the New York Jets.  The building will be built to LEED standards and will feature a full range of amenities including a fitness center, full-service cafe, and conference / team room facilities.

The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and director Michael Klein.

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey.

Realogy has pre-leased the building.

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December 14, 2011

Americans Still Believe Buying a Home is a Good Investment

Despite problems plaguing the U.S. housing market such as tumbling values, record foreclosures, and tight credit for buyers, 74% of Americans believe home buying is a good investment. And 81% said it’s still part of the American dream according to a new survey from Yahoo! Real Estate.  The survey, which polled 1,500 current and aspiring homeowners, plus renters, found that while few (13%) currently live in their dream home a majority (55%) feel it’s attainable.

American optimism about housing as a good investment comes despite years of market turmoil that have had a wide impact on society. One in three Americans knows someone who has experienced a foreclosure, according to the Yahoo! Real Estate study.

Most Wanted Home Features: Energy Efficiency

While having a large room with a view is still desirable, the dream home is no longer a supersized McMansion. Our survey found that a “green,” energy-efficient home built with “sustainable” materials tops the ‘most wanted’ list. No longer in desire for home buyers: gated communities, urban locations, and castle style homes. Those in demand include:

  • Green/energy efficient 50%
  • Building a custom home 38%
  • Water views 38%
  • Mountain views 32%
  • Suburban home 31%
  • Near the beach 27%
  • Cottage in the woods 20%

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November 22, 2011

National Real Estate Recovery: A Gradual Reality

By Ralph Bivins

ANAHEIM, Calif. — The nation’s residential realty market is improving, but it may be two or three years or so until the market is completely healthy again, according to Lawrence Yun, chief economist of the National Association of Realtors.

Existing-home sales are forecast to increase about 1 percent in 2011, and then rise another 4 to 5 percent in 2012, the NAR predicts. For the year, existing home sales will be just under 5 million homes, an improvement over last year, but a far cry from the mid-2000s when annual sales topped 7 million homes.

“The market has been tough,” Yun told reporters at the recent NAR convention in Southern California. “We anticipate recovery next year through 2013 and 2014.”

Home prices are projected to increase on a gradual  climb – a 2 percent increase in 2012; a 3 percent price gain in 2013 and a 4 percent increase in 2014. Of course, the price gains will vary from city to city.

The NAR economist is also projecting an increase in builder’s new home sales, from a record low of 320,000 in 2011 to 372,000 new homes in 2012. Yes, that means home building hit bottom this year.

Mortgage rates will continue to remain low, Yun said.  Rates for 30-year mortgages, currently around 4 percent, will rise to 4.5 percent in 2012, 4.8 percent in 2013 and up to 5.5 percent in 2014, Yun predicted.

For the full story, see Ralph Bivins’ column and photos on the CultureMap.com web site at: http://houston.culturemap.com/newsdetail/11-21-11-its-no-fantasy-real-estate-is-slowly-recovering/

 

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