Jacks of All Trades
OVER THE PAST FEW YEARS, many multifamily CFOs added a new, albeit unfortunate, bullet point to their resumes: “loan workout specialist.” Some could probably also add: “crisis management expert.
Multifamily Developers Make Moves to Round Out Their Business Models
Throughout the recession, many multifamily builders diversified to survive, positioning themselves for long-term stability.
Discouraged Equity Investors Turn to Development Opportunities
Since the volume of acquisition opportunities never materialized as many investors had hoped, all of that pent-up equity on the sidelines is beginning to view new construction as a more attractive option.
Breaking Ground: Labor Prices Help New Construction Deals Pencil Out
While construction debt is much more limited now, construction costs have come down so much that deals are penciling out again.
Home to many financial companies, Wilmington has been hit particularly hard by the recession. But local architects aren't completely without hope.
SAN LEANDRO, CALIF.— The acquisition and rehab of Ashland Village started out as a no-brainer for Eden Housing, Inc., says Executive Director Linda Mandolini.
GULFPORT, MISS.— Edgewood Manor, a 120-unit, 15-building Sec. 8 development, became a symbol of people being left behind during the months after Hurricane Katrina hit the Gulf Coast.
PALO ALTO, CALIF.— Alta Torre provides 55 units of affordable seniors housing while complementing the adjacent Taube Koret Campus for Jewish Life.
SAN JOSE, CALIF.— Once the site of a sorority house near San Jose State University and then an aging residential hotel, Casa Feliz Studios has been reborn as a contemporary and sustainable development serving extremely low-income residents.
Digging for Dollars
Developers are, inherently, eternally optimistic.