Commercial & Residential Property Blog

The Bascom Group LLC, a private apartment owner with a portfolio of 100 properties totaling more than 29,400 units nationwide, has reported an increase of 11.8 percent in its portfolio net operating income for the fourth of quarter of 2009, compared with the same period a year earlier. The company’s total portfolio income declined 2.1 percent in 3Q08 compared with 4Q08, despite a decline in rents of 8.6 percent.

Highlands Ranch, Colo.-based apartment REIT UDR will release its latest smart phone application this week via the Android and iPhone application Web sites, and UDR vice president of marketing Steve Taraborelli shared an exclusive look at the new technology and functionality with MULTIFAMILY EXECUTIVE as the new Social Reality Apartment Search app goes live.

ighrises.com has partnered with Scott McManaway of Keller Williams Elite Realty to launch Highrises.com of Naples, FL, an online portal for Naples Condos. As the exclusive partner agent, Mr. McManaway will provide Naples area condo listings, news and market insight to the thousands of condo shoppers who visit Highrises.com every day. Mr. McManaway’s current clients will also benefit from this new partnership as he will be the only agent able to feature condo listings for sale on the Naples home page of Highrises.com.

UDR, Inc., a leading multifamily real estate investment trust, today announced that its Savoye community, the first phase of the company’s residential component for its Vitruvian Park SM development in Addison, Texas, is now pre-leasing and will open its doors to residents on March 1, 2010.

It comes as no surprise that 2009 was a bad, bad year for property sales across the globe. According to Real Capital Analytics’ new Global Capital Trends report, the volume of commercial property sold last year reached only $381 billion, a staggering 30 percent drop from 2008. However, the commercial real estate capital investment markets research firm found that the tide began to turn in the fourth quarter of 2009 when volume reached $147 billion, marking the first year-over-year quarterly increase in seven quarters.

Home prices aren’t tanking everywhere. In some cities they have bounced pretty high off the bottom, according to a report in Forbes magazine.

Flat-fee disclosures combined with commissions and listed on the HUD-1 sheet get government approval in an unofficial clarification by the U.S. Department of Housing and Urban Development.

Cleveland, Ohio–Forest City Enterprises Inc. has formed a joint venture with Bernstein Management Corp. for ownership of three residential multifamily properties, totaling 1,340 rental units, in the Washington, D.C. metropolitan area.

Hurghada, Egypt–Kimidar Group, a developer as well as a major tour operator in Egypt, has unveiled plans for Golden Park Resort & Spa, in Hurghada, Egypt, on the Red Sea. The property will consist of apartments, villas and penthouses in a resort setting, with 300 residences for sale in the first phase.

Washington, D.C. Forest City Enterprises Inc. created a joint venture with Bernstein Management Corp. for ownership of three residential multifamily properties, totaling 1,340 rental units, in the Washington, D.C. metropolitan area.