Green Hills apartments fetch near record price

Village Green Hills Apartments in Green Hills has been purchased for $22.5 million, marking the latest Nashville-area acquisition for Los Angeles-based investor and developer Champion Real Estate Co.

The purchase price equates to roughly $274,390 per unit, which ranks among the highest prices paid for apartments in the Nashville area. The roughly $287,000 per unit that Dayton, Ohio-based The Connor Group paid for the 331-unit Elliston 23 in Midtown nearly two years ago remains the marketwide record.

Village Green Hills Apartments is Champion Real Estate's sixth Nashville-area acquisition over the past three years. "It's a trophy asset and a great location," said Parker Champion, the company's managing partner. "We look forward to owning it for a long time and continuing to operate it in a Class A manner."

The ability to achieve top market rents given Village Green Hills Apartments' core location at 2215 Abbott Martin Road and high barriers to entry made the property appealing, Champion said. He also cited quality of the construction, including large floor plans with high-end finishes, as another appeal.
Steve Massey, a multifamily broker at commercial real estate firm CBRE in Nashville, agreed that the outstanding location of the apartments and the lack of rental units in the Green Hills area increased demand in the eyes of potential buyers and thereby resulted in the pricing. Massey wasn't involved with the transaction.

Champion called the apartment complex's location a walker’s paradise, adding that it's only steps from the Mall at Green Hills, Trader Joe's and Hill Center, which includes Whole Foods and many lifestyle retailers.

Champion and its affiliates own six Nashville-area multifamily properties with nearly 200 rental units, from entry-level studios and student housing to high-end townhomes. Last year the firm bought Amplify on Main apartments in East Nashville and added a six-unit multifamily complex in Hillsboro Village.

Champion is seeking more value-add properties across Nashville to continue to grow its portfolio, officials said. Since 1995, the firm has completed more than $1 billion in projects nationwide.

Miller F. Harris of Brentwood-based The Kirkland Co. represented both sides in the Village Green Hills Apartments transaction.

Resource: http://www.tennessean.com

Goll House developer could build 186 apartments

The apartment tower proposed for the Goll House site on Milwaukee's east side, delayed by density concerns, may not need to reduce a lot of apartments in order to obtain city zoning approval.

I reported Monday that Department of City Development officials have expressed those concerns about Madison developer Chris Houden's proposed 202-unit luxury apartment tower at the site of the Goll House, 1550 N. Prospect Ave.

Around 60 nearby residents, at a recent community meeting, said they were concerned about the effects on traffic from Houden's proposed 26-story apartment building. Houden, in response, is modifying the building's design to obtain Common Council approval.

But it turns out that the property's zoning allows a building with 186 apartments without council approval, according to the Department of City Development. That unit count is calculated in part by taking into account the development site's square footage.

If Houden's new design has 186 apartments, that would amount to an 8% reduction in the unit count.

Resource: http://www.jsonline.com

Shooting at University Trails Apartments Leaves One Person Hospitalized

TALLAHASSEE, Fla. -- Around 4:40 p.m. Tuesday, law enforcement officers responded to a shooting at 2566 W Tennessee Street at the University Trails apartment complex.

According to the Tallahassee Police Department, a suspect entered the leasing office at the apartment complex and opened fire.

One person was shot multiple times and was taken to the hospital. Authorities say that person is expected to recover.

TPD tells us they believe the motive for the shooting happened earlier in the day. Investigators say an employee was let go today and the shooter is believed to be the boyfriend of the former employee.

The shooter was quickly taken into custody.

TPD Officer David Northway said, "The boyfriend is the suspect in this case and he is in custody at this point. The other half of it is being questioned by our officers at this time."

The leasing office was completely blocked off with crime scene tape as authorities investigated the scene.

Many residents were left to watch as the place they called home turned into a crime scene.

"I was coming down the street and I saw all the fire trucks and police cars and as I'm going to turn into the neighborhood and I realize I can't. A few people are walking across the street and they say someone was shot three times," said resident Amanda Squires.

Resident Tara Turner said, "I've been here for over a year and nothing's gone wrong and literally there's been nothing. This is a good part of town. I just came here to go to college."

Police are emphasizing that residents are now safe and authorities believe this was an isolated incident.

No names have been released by police at this time. It's also not clear why the girlfriend was fired from her job at the complex.

We will bring you more information on this investigation as it becomes available.

Resource: http://www.wctv.tv

Puravankara Projects to develop residential projects in Pune, Mumbai

Mumbai: Bengaluru-based real estate firm Puravankara Projects Ltd is re-entering western India with plans to develop residential projects in Pune and Mumbai in the next two years.

The company on Tuesday said it is developing a luxury residential project “Purva Silversands” in Mundhwa, a suburb in Pune, at a total cost of Rs.480 crore.

Spread over 30 acres, the project is being built in partnership with local builders Oxford Group and Ekta World, which currently owns the land parcel. It is expected to yield a total saleable area of 1.5 million sq ft of residential space.

In the first phase of the project, it plans to develop around 1473 units with sizes ranging between 600 sft and 2000 sqft. Each unit will sold at Rs.4,995 per sq foot. The company expects to deliver in the next 48 months.

Puravankara Projects, which started 40 years ago in Mumbai and later moved its base to South India, is also looking to re-enter Mumbai’s residential market. It has already secured two projects in the city’s Mulund and Bhandup area for which it is waiting for regulatory approval. The company, however, declined to provide further details on its Mumbai projects.

“Our foray back into the western region is a ‘home coming’ for us. We aspire to make a difference in the western cities with our unique theme based projects that offer a lifestyle living,” said Ravi Puravankara, chairman, Puravankara Projects Ltd in a statement.

He said Pune has a thriving job market and high rental growth, with the government’s thrust on improving infrastructure making the city “a very promising market, with an immense need for high quality homes”.

Ashish Puravankara, managing director, Puravankara Projects said its Pune project is strategically located with a “judicial mix of residential, business, leisure and support services”.

“Very few builders do well when they enter a new different market. Even the biggest names in real estate find hard to sustain themselves when they move out to a different region. Purvankara has established a name for themselves in the south. May be they could leverage their brand,” said a real estate consultant who requested not to be identified.

Resource: http://www.livemint.com

Residential property sales in Scotland reach eight year high

The Scottish residential property market has recorded is highest January home sales in eight years and average prices also rose, according to the latest index figures.

Sales in the first month of 2016 increased by 24% year on year with the biggest surge in Midlothian with a rise of 38% with flats and terraced houses driving the growth, the Your Move data shows.

Average Scottish house prices increased by 0.8% in January to £171, 079, up from 0.3% the previous month. The strongest growth was in Stirling where property values have jumped 13.5% over the past year.

Christine Campbell, Your Move managing director in Scotland, pointed out that transactions in Scotland easily outpaced sales south of the border, as England and Wales only saw a 1% rise over the same time period.

She explained that the surge in Scottish home purchases has been propelled by second home and buy to let buyers eager to avoid paying the 3% Land and Buildings Transaction Tax (LBTT) surcharge which is being introduced from 01 April.

She pointed out that as this tax hike was only announced in December’s Scottish Budget, January’s surge in sales may only be the tip of the iceberg.

She also explained that the growth in Midlothian has been aided by the lower rate of LBTT on the purchase of cheaper properties, with flat and terraced house sales accounting for the largest rise. This trend can also be seen in Glasgow, which narrowly beat Edinburgh to become the area with the highest absolute increase in sales.

The only areas in Scotland which have seen a decline in sales from November to January, compared to the previous three months are Aberdeen City and Aberdeenshire. In Aberdeen City sales have fallen by 11% in this time period, as a result of the oil crisis and the large proportion of expensive detached homes in city which are hit hardest by the LBBT.

‘January marks the sixth consecutive month of year-on-year growth in house prices, as the market finds a sturdy footing, putting the shaky start to 2015 behind it. The boost in property values has been driven by improving economic conditions, with employment in Scotland at an all-time high,’ said Campbell.

‘However, this stability may be under threat if the effects of the impending LBTT surcharge mirror those seen with the introduction of the original tax. There could soon be a swift peak in prices as investors rush to buy before the surcharge comes into force, followed by a dip in home values after the implementation of the surcharge,’ she warned.

She reckons that the 13.5% or £24,508 year on year price growth in Stirling has been fuelled by Stirling Council’s programme to build 210 new properties in the area, with an additional investment of £9 million planned for 2016.

‘A further boost was provided by the recent sales of two million pound homes in the countryside close to the city, possibly as second home purchases are brought forward to avoid the LBTT surcharge,’ Campbell added.

Resource: http://www.propertywire.com

This Week's Top Careers in Residential Property Management from FirstService Residential

Dania Beach, Fla. (PRWEB) March 23, 2016

FirstService Residential, the leading property management company in North America, is raising awareness of career opportunities beyond the traditional real estate sector through its "Spotlighted Careers" recruitment series that highlights property management jobs.

"Spotlighted Careers" stems from the company's "I Am FirstService Residential" microsite – the industry's first employment site for career candidates. As a result of its continuous growth, the company currently has close to 650 positions available throughout North America. This week's "Spotlighted Careers" include:

TITLE: Community Lifestyle Director
LOCATION: Ladera Ranch, CA

TITLE: Community Manager
LOCATION: Dewey, AZ

The "I Am FirstService Residential" microsite introduces new audiences to the dynamic opportunities and rewards of property management professions. Innovative elements such as profiles and career paths of successful associates demonstrate advancement within the organization. The site also features job openings in numerous markets across 23 U.S. states and three Canadian provinces that comprise the FirstService Residential portfolio.

For more information on this week's "Spotlighted Careers" and other property management jobs, visit join.fsresidential.com.

About FirstService Residential
FirstService Residential is North America's largest manager of residential communities and the preferred partner of HOAs, community associations and strata corporations in the U.S. and Canada. FirstService Residential's managed communities include low-, mid- and high-rise condominiums and cooperatives, single-family homes, master-planned, lifestyle and active adult communities, and rental and commercial properties.

With an unmatched combination of deep industry experience, local market expertise and personalized attention, FirstService Residential delivers proven solutions and exceptional service that add value, enhance lifestyles and make a difference, every day, for every resident and community it manages. FirstService Residential is a subsidiary of FirstService Corporation, a North American leader in the property services sector. For more information, visit http://www.fsresidential.com.

Resource: http://www.benzinga.com

Residential growth fuels property value increase

Residential properties in Rochester are growing more in value this year than in recent years, increasing in value an average of 8 percent in the city, according to the Olmsted County Assessor's Office.

The assessor's office has prepared the county's 2016 property tax statements, and the documents will be mailed to residents beginning Monday. The valuations included in those statements will be used to determine property taxes payable in 2017.


For property owners, upcoming boards of appeals meetings will be the best chance to challenge any changes to property classification or value, said Mark Krupski, an Olmsted County assessor. Values at this time are "proposed" while later in the season the values will be "certified."

"This is the opportunity, the most opportune time, to talk about the value that their property tax will be based upon the following year," Krupski said.

Residential properties are not the only properties increasing in value, though the growth this year was larger than in recent years, Krupski said. Apartments, commercial and agricultural properties in Rochester are each increasing in value, on average.

Commercial properties in the city increased by an average of 5.5 percent, according to data from the assessor's office. Specific commercial uses experienced higher average increases — restaurants increased in value 11 percent and hotels and motels increased by 12 to 15 percent.

Apartments in the city of Rochester increased in value by an average of 11 percent. Agricultural land within the city grew in value by 15 percent while agricultural land outside the city saw no increase in value.

While increasing values are a positive for property owners in terms of wealth and equity, it can also mean a higher value on which property taxes will be based.

It is early in the season to make any specific prediction on tax impact but early indications are that increasing values alone will not produce higher taxes in most cases, Krupski said.

"Given that there are so many properties going up, I don't suspect it's going to have any specific, adverse effect on any one property type or (any one) property," Krupski said.

Another positive sign for property taxpayers is a second consecutive year of growth in the tax base. The county saw about $260 million in new construction in the last year, about a 2 percent growth in the tax base.

Outside the city of Rochester, residential properties are also increasing in value. Dover and Eyota residential properties increased by an average of 15 percent, Pine Island properties grew by 13 percent and Stewartville properties increased by 8.5 percent.

For more information on property tax statements and a schedule for boards of appeal and equalization, see the county website at co.olmsted.mn.us.

Resource: http://www.postbulletin.com