EDITOR'S NOTE: The Industry Prefers Status Quo for Fannie and Freddie
In the past week, press reports seem to be intensifying in regards to the need for a government bailout of Fannie Mae and Freddie Mac.
Development Perspective: Impact Fees Frequently Impact Multi-Housing Unfairly
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First Solar-Powered Housing Project in India Complete, Sold Out
New Town Kolkata (Calcutta), India--India’s first solar-powered housing project, Rabi Rashmi Abasan, has been completed and sold out. Conceived, designed and built by West Bengal Renewable Energy Development Agency (WBREDA) and Bengal DCL Housing Development Co. Ltd., a joint enterprise of West Bengal Housing Board and DC Properties Ltd., the 600,000-Euro housing community is comprised of 25 residential bungalows and a community center on 1.76 acres.
Profile: NALP of Year Winner Feldman Says, 'Leasing Is about People, not Property'
Thomas Feldman is the proud recipient of the 2008 National Apartment Leasing Professional (NALP) of the Year title from the National Apartment Association Education Institute (NAAEI). Feldman leases apartments at 100 Memorial Drive, a 260-unit building in Cambridge, Mass. He believes, "You really need to make the experience of a site visit more than just a live 'virtual tour.' By the end of the tour, I want my prospective resident to feel excited, not sold.”
EDITOR'S NOTE: Bowling, Anyone?
n the last two hours of a recent workday, my colleagues and I were scheduled to attend a group meeting, but one with a twist. We were all going bowling. Yes, bowling. Attendance was mandatory, which was an important factor because packing boxes for an office move (to a different floor in the same building) and deadlines for the September print issue were looming over us.
FINANCE & INVESTMENT: How a Real Estate Workout Works
As a first step to determining whether to participate in a loan workout rather than pursue foreclosure, the lender will try to find the cause of the property’s problems and whether it can be turned into a viable asset.
EDITOR'S NOTE: The Point of the Housing Act
The big news in recent weeks is the passage of the Housing and Economic Recovery Act of 2008, described to be the most significant housing legislation in a generation.
Case Study: The Need for Transit-Oriented Design in Long Beach, Calif.’s Redevelopment
Dan Withee, partner, and J. Roderick de la Rosa, senior associate, both of Torrance, Calif.-based Withee Malcolm Architects, discuss one of their latest projects, a mixed-use, transit-oriented development in downtown Long Beach, Calif.
Reduce Waste and Cycle Time with Ready-to-Install Framing
If you’re a parent, you’ve probably reminded your children more than once to "turn out the lights when you leave the room” or “turn off the water while you’re brushing your teeth." Those tips are simple ways for people to save money, reduce waste and help the environment. But it’s not only parents and their children who are using simple techniques to "go green."
From Porter to President: New Pinnacle Leader Shares Management Goals
Rick L. Graf, CPM, was recently named president and partner at American Management Services, dba Pinnacle, the largest third-party fee manager of multifamily housing in the U.S. Graf's real estate career includes more than 30 years of property management experience, starting as a porter in an apartment building while going to school. He is also very active in property management associations. MHN Managing Editor Teresa O’Dea Hein recently asked Graf what his plans are for this company when he moves into his new role on September 1.
Sherwin-Williams Unveils Color Forecast for 2009
Chicago--What colors will help to define architecture and design for the 2009 season? The 24 shades selected by Sherwin-Williams color experts travel back and forth across the borders of four key trends: Techno-Color, Conscious Luxury, Local Momentum and Global Tapestry. New and recycled fiber technologies, an increased environmental awareness, and global influences--especially those of a new hot zone, Latin America and Buenos Aires in particular--have been woven together to inspire this color palette.
Fannie, Freddie Troubles Cloud Employment Prospects in the Multifamily Investment Sector
Robert Baron, a real estate employment specialist, assesses the current outlook for jobs in the multifamily investment and finance marketplace.
Perspective: Ride the Green Wave
Mother Nature and global economics are giving us strong hints that green is good. Water shortages, rising fuel costs and deficient infrastructures encourage us to examine the value of conservation and reduction in energy requirements. What would it take you to jump onto the green wave? What if you could reduce operating costs, enhance your property value, optimize building life-cycle performance and increase profits? Leadership in Environmental and Energy Design-New Construction (LEED-NC) and the National Green Building Standard (NGBS) will provide the ride.
Case Study: Luxury Living in Atlanta's Buckhead District
John Williams and Clark Butler, co-founders of Atlanta-based City Centre Properties LLC, discuss The Mansion on Peachtree, the first ultra-luxury hotel and residential development in Atlanta.
Spa Days: Residents Offered Free Treatments On Site
New York--Who doesn’t like a little pampering? Everybody appreciates a break now and then, and one multifamily owner is making sure that its residents get the chance to savor some R and R. The Gotham Organization Inc. offers residents at its midtown Manhattan apartment buildings the opportunity to savor free manicures, pedicures, facials and massages--right in their own buildings--once a month on Saturdays and Sundays during the summer. Plus, residents can choose to attend a spa event in another Gotham building if it better suits their schedules.
Salt Water Systems Gaining Popularity for Pools
Swimming pools are a cool refuge for residents this time of year, and maintaining them could become easier with the evolution of salt water systems. Salt water systems are now gaining in popularity for a number of reasons, including the reduced handling of chemicals by staff and potential cost savings.
Multi-Housing World Countdown: Downtown Denver Bus Tour, TOD
Join industry experts and network with colleagues while seeing one of multi-housing’s most important new trends in action! Transit oriented development (T.O.D.) is revitalizing urban cores across the country. Multi-Housing World attendees will walk away with a better understanding of how to develop mixed-use properties near a variety of mass transit modes.
Are You at Risk for a Multi-Million Dollar ADA or FHA Lawsuit?
The Americans with Disabilities Act (ADA) and Fair Housing Act (FHA) still equate to significant financial and regulatory exposures for owner/operators of multi-housing units. Recently, compliance has become more important than ever. Unfortunately, these laws also remain as confusing as ever. The recent uptick in ADA/FHA lawsuits has been precipitated by management missteps and lack of clarity about accessibility standards. But clarity is critical, for the cost of redesign and retrofitting can easily reach into the millions, with legal fees, training costs and potential fines and economic damages.
Case Study: Design Strategies to Create Curb Appeal in Multifamily Settings
New York designer Marianne Cusato's new book, "The Value of Design," discusses how to achieve curb appeal though simple design strategies. Here, MHN Associate Editor Erika Schnitzer talks to Cusato about applying her principles and universal themes (less is more, use common sense, design matters and everything relates) to multifamily settings.
FINANCE: Fannie Mae Announces it is Boosting Investments in the Multifamily Sector
Washington, D.C.—In a week in which the Government Sponsored Agencies (GSEs) faced sudden, sharp declines in their share prices and reportedly falling investor confidence, Fannie Mae affirmed its commitment to the multifamily industry and said it was bolstering its investment in the sector.
Profile: 'Amateur Hour Is Over,' Says IREM President
Professional management is key in tough economic times, believes Regina (Reggie) T. Mullins, CPM. With more than 24 years of industry experience, Mullins brings a lot of expertise to her role as the 2008 president of the Institute of Real Estate Management (IREM). She shares her time-tested industry insights.
How Top CEOs Are Dealing With Rising Energy Costs, Other Challenges
Orlando, Fla.--What Keeps You Up at Night? might seem like a personal question but five leading multifamily CEOs were willing to share their industry concerns at a general session held during the 2008 National Apartment Association (NAA) Education Conference & Expo at the end of June in Orlando, Fla. in the Gaylord Palms Resort & Conference Center.
Case Study: Sustainable Design: The Triple Bottom Line
The concept of going "green" in America has quickly gone from eco-geek to eco-chic, and in the world of design and development, it is now the "it" factor. According to Cuningham Group Architecture principal Jonathan Watts, "Every project should be built with sustainability in mind--if the design isn't sustainable, then it isn't good design."
DESIGN: How to Create Community Identities through Architecture
Establishing a community identity is one of the critical elements of a successful project, and it can be accomplished through design. Not only does a well articulated and attractive identity differentiate a development from its competitors, but it also makes it more warm and inviting to prospects and therefore delivers clear marketing benefits.
Global Case Study: Balancing Cultural and Developer Goals in a Korean Mixed-Use High-Rise
Bu-Cheon, a developing city about 30 miles from Korea’s capital, Seoul, does not have the skyscrapers and mixed-use projects like the country’s capital. Most of the existing city shopping centers are visually and aesthetically unappealing and unsuccessful in achieving optimum functionality. But a 37-story twin tower project called the Byzantium Sang-dong, which opened in July 2007, is inspiring many developments like itself here.