Echelon Property Management is excited to announce that we currently have a contract to purchase 25 units in Greenville, MI! The complex is stabilized and both the interior and exteriors are in outstanding condition. Greenville Commercial Bank will be providing financing, and the project is scheduled to close June 2010.
This is really an outstanding project, [...]
Cap Rates for the 54 largest market for apartments are predicted to rise from 7.5% today to 8.05% in 3Q of 2011, according to the March issues of SOURCE – PPR, a CoStar Company. I find it interesting to see this number and wonder if this is for stable non-distressed assets only. In West Michigan [...]
There is a great article over at MultifamilyExecutive.com regarding expected expenses for the year 2010. If you get a chance, go and take a look at it.
On a more local level, Echelon Property Management has seen that in Michigan, utility costs seem to be rising especially with local municipalities water and sewer charges.
The cost of [...]
A couple of interesting points were made on page 10 of the February 2010 issue of Units Magazine relating to private investment in apartment acquisitions. For one, the article noted that private investors accounted for 82 percent of the dollar value of apartment acquisitions during the first three quarters of 2009, indicating potentially the clearest [...]
223F Loans can be very time consuming, but many multifamily owners have found them to be very attractive over the past year, as financing options have been limited. The process of procuring a 223F loans can take from 6 to 9 months to close, but during the credit crunch it has been a very active means to secure good financing with decent terms.
Until the financial markets stabilize, financing any commercial or investment property is going to remain a challenge. On January 27, CoStar posted this article: Banks Report Slowing CRE Loan Charge-Offs, that seems to present some mildly positive news on the banking front.
Echelon Property Management, headquartered in Jenison, MI, has earned the Accredited Management Organization ® (AMO®) accreditation from the Institute of Real Estate Management (IREM®), an affiliate of the National Association of Realtors®.
Echelon Property Management has officially adopted our new blog! For the time being, it will be located at http://www.echelonpm.wordpress.com, but should soon move over to http://bl0g.echelonpm.com (no link because it wouldn’t work yet!).
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