Multifamily News

Disney plans multifamily project for new community Celebration The Disney Development Co. has selected Costa Mesa, Calif.-based McLarand, Vasquez & Partners Inc. and Gables Residential Trust, Atlanta, to design the multifamily housing portion of its new master-planned community Celebration near Orlando, Fla. The two companies will team up to design an approximately $13.8 million, 231-unit residential village. Over a 10- to 20-year development period, Celebration will include both multifamily and single-family housing, community parks, a village town center, a business district, a health center, a public elementary school, a golf course and more. Construction of the multifamily portion is set to start this month, with completion slated for July 1998.

Boston Financial acquires majority interest in Prowswood Boston-based Boston Financial has acquired a majority interest in The Prowswood Cos., a Salt Lake City-based real estate investment firm. The Prowswood Cos. has expertise in affordable housing, high-quality conventional housing and commercial development. Prowswood will continue operations under its president, Daniel C. Lofgren. "Both companies will benefit immensely from a greater depth of expertise, complementary resources and operations efficiencies," says Fred N. Pratt Jr., Boston Financial's CEO.

New Jersey community opens second tower The Towers at Portside has opened its second luxury tower made up of 295 rental residences. The 26-story tower, called Tower East at Portside, has rental rates ranging from $1,115 for studios to $2,145 for three bedrooms. The new tower sits adjacent to Portside's West Tower, which opened in 1995 and fully leased its 230 apartments in nine weeks. In 1994, the Portside community was purchased by the partnership of The Applied Cos., Hoboken, N.J.; Roseland Properties Co., Roseland, N.J.; and the California Public Employees Retirement System (CALPERS), which is advised by Prudential Real Estate Investors. The Marketing Directors Inc. is the project's exclusive leasing agent.

JPI begins leasing its 'Project 2000' community After two years of development, Irving, Texas-based JPI has begun leasing Jefferson Estates, known as "Project 2000," in Richardson, Texas. Construction of the 528-unit community began in August 1996; as of this writing, with 140 units completed, 200 units have been leased.

JPI's Jefferson Estates project is based on its research that the multifamily market will face new demands for upscale housing as more and more consumers desire to leave single-family housing for a lower-maintenance lifestyle. Jefferson Estates is also a prototype in the industry for using vendor partnerships to provide more technological advancements to the residents.

Patrician Financial closes around $33 million in loans Bethesda, Md.-based Patrician Financial has closed loans totaling approximately $33 million in Kansas and Oklahoma. The properties financed include Silver Springs Apartments and Aspen Park Apartments in Wichita, Kan., and Barcelona Apartments and Riverchase Apartments in Tulsa, Okla.

Submetering draws attention at NAA conference and expo Everywhere you looked, submetering seemed to be a hot ticket at the National Apartment Association's 58th Annual Education Conference & Expo June 12 through June 14, titled "Reaching For New Heights." Around every corner of the expo seemed to be another submetering company showing off its own water (and money) conservation system. And judging from the overflow at the seminar focusing on submetering, it seems that this is an important subject to many apartment owners and managers these days.

Many other issues were covered as well. With more than 200 exhibitors, everything from computer software and wiring companies to fitness equipment and other product providers were represented. The three-day event included seminars on topics such as: Environmental Issues Facing the Multifamily Housing Industry, Third Party Liability/Security, Financing Small & Mid-Size Properties, Creating Brand Identity, Opportunities on the Internet and many more.

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