Table of Contents April 2009

FEATURES

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  Tug of War

  With prices falling, buyers and sellers still spar over exactly how much asset values have dropped since the market's peak.

   

Cover Story

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  Iron Clad

  Consistent and conservative fiscal managment at mulitifamily REIT AvalonBay has produced one of real esate's most recession proof public balance sheets.

   

FROM THE EDITOR

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  Cycle of Shame

  Will HUD be able to responsibly spend its $9.6 billion in stimulus money, or will history repeat itself?

   

NEWS + NUMBERS

Stat of the Month

• 

  Shaky Correlation

  Multifamily professionals know there's a correlation between umemployment rates and vacancy levels, but no one knows exactly how significant the relationship is.

   

Direct Reports

• Still Hazy

  Borrowers and lenders equally mum on loan-to-value ratios of large construction loans.

   

• Green Light

  Developers laud the standard's inclusion of multifamily properties.

   
• 

  Lights out

  An increasing number of property owners want to ban smoking but on their own terms. New resources can help them do so.

   
• 

  Making Changes

  Fannie Mae's 2009 plans, renters face foreclosure, Florida condo values plummet, and more news.

   
• 

  Four-Point Plan

  NMHC, NAA issue four-point policy statement on multifamily markets.

   

Regional

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  Under Rated

  Investors can expect surprisingly high returns on Detroit apartment assets.

   

PEOPLE + PLACES

One to Watch

• 

  Guardian Management

  Guardian Management expands through the acquisition of eight Sperry Van Ness brokerage firms throughout the West.

   

Apartment Life

• 

  Got Lead?

  New federal regulations will soon require market-rate property owners to follow lead safety renovation procedures.

   

SALES + SOLUTIONS

New Developments

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  Eyes Wide Open

  Luxe, an Atlanta condo, capitalizes on its sweeping city views.

   

Tech Specs

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  Truncating Tech

  For Don Phillips, managing director of Phillips Development in Tampa Bay, Fla., the look and feel of “luxury” has changed.

   

PRODUCT STUDIO

• 

  Light on Your Feet

  Use well-placed carpet to jazz up common areas.

   

LANDMARKS

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  Landmarks: Habitat 67, Montreal, Canada

  Architect Moshe Safdie's Habitat 67 shows prefabricated housing at its finest.

   

OTHER ARTICLES

• Construction Material Prices Head South, Labor Costs Slow to Follow

  For the fifth straight month, the producer price index (PPI) for multifamily finished goods fell in February, dropping 0.6 percent. The slide began last October, reached a low of -2 percent in November, and has continued falling into this year.

   

• New York Housing Commissioner Promotes Equity Fund

  With the recession broadly impacting private sector needs to invest in Low Income Housing Tax Credits (LIHTC), the New York Division of Housing and Community Renewal (DHCR) is hoping community banks might help fill the void.

   

• Apartment Industry Ready to See Green Stimulus Money Put to Use

  Obama's economic stimulus package is on the cusp of injecting some much-needed capital into greening Main Street.

   

• Treasury's Toxic Asset Plan Offers Long-Term Opportunities for Multifamily Players

  It's been a little more than a week since the Treasury Department unveiled its plan to use a combination of private and public funds to take toxic assets off banks' balance sheets. Though there are still many unknowns as to how the program will operate, the multifamily industry is eager to tap into...