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Check out our new site- just launched- still working on it (does this ever stop?)

www.TuscaloosaApartmentGuide.com. Also available to market multi-family in Tuscaloosa, Alabama, home of the University of Alabama, are: www.ApartmentsAlabama.com; www.Flip4Apartments.com; www.m.tuscaloosaapartmentguide.com, and our new app, available at the apple store- or go to www.AptGuideApp.com or text "aptapp" to 62447- It's FREE and loaded with helpful content.
We also offer video production and promotion. This video (http://www.youtube.com/watch?v=dRAdJe1Jum4) of an outstanding student housing community has been viewed over 11,000 times. Consider these property tours.
Thanks!
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Railroad Square development to open this summer near Birmingham, Alabama's Railroad Park

Published: Friday, May 18, 2012, 8:00 AM
By Dawn Kent -- The Birmingham News
Railroad Square, the $4 million office project that kicked off commercial development around Railroad Park, is nearing completion and will have a full roster of tenants this summer.
The latest additions are the University of Alabama at Birmingham's print shop and post office, which will relocate to the office project at 120 18th Street South in June.
Both are being uprooted from their existing locations by construction of the new downtown baseball park.
Developer Shannon Waltchack, an investment real estate firm, is renovating two buildings that date to the early 1900s for Railroad Square, using as many of the original materials as possible.
"We're reusing materials where we can and repurposing them in interesting in fun ways," said Derek Waltchack, a principal with the firm. "It's sort of like a puzzle you can take apart and put back together in a different manner."
Work on Railroad Square began early last year, when Shannon Waltchack and Enrollment Advisors Inc. purchased the two buildings.
Renovations to the corner building, which dates to 1914, were completed last year, and it is now home to offices for four firms, including Shannon Waltchack, Enrollment Advisors, Retail Specialists Inc. and Brand by Details Communications.
Early plans called for the project to include retail space and lofts, but tenants seeking space changed those plans, Waltchack said.
In the corner building, original concrete brick floors were restored and wood beams in the ceiling were exposed.
There are also special architectural touches, including countertops and a conference room table that Waltchack built, using wood from beams that were removed from the building.
Scattered throughout are flat screen televisions and other modern office furniture.
"We were going for the old juxtaposed on new look," Waltchack said.
The second building, where renovations are under way for the print shop and post office, is a former paper warehouse that dates to 1905.
There, an old freight elevator is being reused as an architectural element that will mark the hallway connecting the two buildings.
Plans call for a central entrance and lobby for the buildings. The entrance, which will front Second Avenue South, will feature salvaged wood beams from the buildings.
Railroad Square: May 14, 2012
BIRMINGHAM. Alabama--Shannon Waltchack commercial real estate firm develops the Railroad Square office complex near Railroad Park.
"The historic beams are to be installed with exposed industrial connections that respects and pays homage to the industrial and rail origins of the city," said Richard Carnaggio, architect for the project.
The beams also offer a sneak peek at the interior's sustainable design methods that rely heavily on re-harvesting existing elements of the buildings, he added.
G&B Enterprises Inc. is the contractor on the project.
UAB's Printing and Mailing Services, with 35 full-time employees, provides print and mail services to the university and its affiliates.
Its new space at Railroad Square will be smaller than its current space, but starting with a blank canvas is a plus, said Stephen Murray, director of Business and Auxiliary Services at UAB.
"Starting with an empty space allowed us to design so it will serve our needs better than the building we currently occupy," he said. "The smaller space will help us in our ongoing efforts to improve efficiency and adapt quickly to the changes taking place in the print and mail industries."
Moving just two blocks from its current site and staying on the edge of campus was a definite plus, Murray said.
Waltchack and Tim Blair, another principal at Shannon Waltchack, say there is a lot of momentum in the Railroad Park area, and they expect to see more commercial development around the park and ballpark.
One challenge, however, is the rising price of surrounding vacant properties now that work on the ballpark is under way.
"Ultimately, it will take a while for this whole neighborhood to transform," Blair said. "You don't just add water and all of a sudden get a new 10 blocks."
Waltchack said he hopes to not only see continued developments in the Railroad Park area itself, but also work in areas that will link it to other parts of downtown.
"My hope is that it's another spot in the central business district that is an appealing place to live and play and work," he said.
Join the conversation by clicking to comment or email Kent at dkent@bhamnews.com.
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Two new student housing developments being built downtown Tuscaloosa, Al

By Patrick Rupinski
Staff Writer, TuscaloosaNews
Published: Wednesday, May 16, 2012 at 4:01 p.m.
Ground has been broken for two student housing complexes downtown.
Chance Partners has begun site preparation for a three-story complex on the former city parking lot site on University Boulevard, kitty-corner from City Hall. The Atlanta-based developer also began work this week a student townhouse development off of 21st Avenue, just north of University Boulevard.
The city sold the paved parking lot near City Hall to the Atlanta-area developer in March for $600,000 and approved plans for Boulevard Lofts, an 18-unit, 46-bed development at that site.
Chance Partners also is building a five-unit, 15-bed student-townhouse development a few blocks away at a site adjacent to the new Metal Works Retail Center on 21st Avenue just north of University Boulevard. That housing development is known as the Townhomes at Metal Works.
Both student-housing developments are slated to be completed this summer and will be ready for students to move in by August, in time for the start of the University of Alabama's new school year, said Christopher Kritzman, a partner in Chance Properties.
The construction of the buildings at both sites will begin with the next few weeks, he said, and once it starts, the structures should go up quickly. Construction will start on University Lofts first and work on Townhomes at Metal Works will be about two weeks later, Kritzman said.
The Metal Works' construction will start a little later because it is smaller and will take less time to finish, he said. Both developments will be completed about the same time.
The majority of units in both developments have already been pre-leased for the next school year, Kritzman said. Boulevard Lofts is 80 percent pre-leased, and three of the five townhouses at Metal Works are pre-leased.
Rents range from $640 to $960 per month per bed with the higher rent being for a one-bedroom loft, he said.
Boulevard Lofts will have one, two and three bedrooms loft apartments and two-story townhouses with three-bedrooms. Each bedroom has its own bathroom, and each unit will have a private balcony.
The ground floor of the development also has 2,500 square feet for retail space. Kritzman said that space likely will be occupied by gourmet sandwich shop.
In addition to its two student-housing projects in Tuscaloosa, Chance Partners also had development rental units near the Florida State University in Tallahassee.
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A Real-Estate App When You're Buying or Just Nosy

PERSONAL TECHNOLOGY Updated May 9, 2012, 12:03 a.m. ET
By WALTER S. MOSSBERG
Let's say you're walking around your neighborhood, or a neighborhood you'd like to make yours, and you spy a house you find interesting. Even if it isn't for sale, you can just whip out your iPhone, take a picture of the home and in less than a minute, you'll have an estimate of its price, plus details on its square footage, number of rooms, similar homes for sale and other facts.
A new iPhone app called HomeSnap can tell you the estimated value of any home just by pointing the phone at it and taking a picture. It even gives you the ratings of local schools or info on similar homes for sale. WSJ's Walt Mossberg gives it a try.
This feat of digital magic, which works all over the country, is performed by a new, free app called HomeSnap, from a Washington, D.C., online real-estate firm, Sawbuck Realty. Despite its parentage, the company says that using the app doesn't send any data to a Realtor, or invite any calls or emails from one—unless you explicitly ask for such a connection. It's just a cool way to investigate houses and if you like, to share your "Snaps"—photo profiles of houses—with HomeSnap users and friends via email, text or social networks.
Why would you want to use it? Maybe you're interested in buying the house if it ever comes on the market, or helping a friend do so. Or, maybe you're just curious, or nosy. Of course, you could be in real house-hunting mode, and HomeSnap gives you even more information if the house you took a picture of is for sale, including interior photos and bid history. There's even the option of contacting a buyer's agent, asking a question or requesting a tour—right from the phone.
You can use the app to flip through Snaps taken by others, either in nearby areas or around the nation. (HomeSnap allows you to keep your own Snaps out of this "stream," if you'd rather your neighbors don't know you've been investigating their homes or you'd rather not tip off potential competing buyers.)
There are many real-estate apps and websites, such as Zillow, that allow you to get similar information. Some real-estate firms have their own. But these typically require you to type in an address, or troll through a list, or study a map and tap on a marker that represents a house of interest. All HomeSnap requires is that you snap the shutter on your iPhone. (Android and iPad versions are in the works.)
I've been testing HomeSnap for a few weeks in two states: Maryland and Rhode Island. In my 17 attempts, the app almost always correctly identified the house I was shooting. In two cases, both in town-house complexes, it wasn't sure and presented me with an aerial photo displaying a few guesses from which I could pick. In two other cases, it couldn't identify the house at all for some reason.
The app doesn't actually perform photo recognition on the house. Instead, it uses the iPhone's GPS capability and its sensors to identify the house and then fetches the details from a server in the cloud.
HomeSnap includes a Stealth mode that lets you take a picture when you aren't right in front of a house—even when you're inside another nearby house—and get an aerial view of homes in the area from which you can choose a property as your Snap. This proved accurate for me. In one test, it worked perfectly when I was only able to shoot the rear of a house.
Sawbuck says it built the app partly because it hopes that if a user likes it, he or she will one day use one of its agents. But it says so far only about 10% of the 150,000 Snaps taken with the app have been of homes that are actually for sale.
If a home isn't for sale, HomeSnap draws its information from public information like tax records, school boundaries, and census data. If a home is for sale, it provides much more detailed information drawn from local listing databases.
I found HomeSnap fun and impressive. It's a good tool for investigating possible purchases, learning the estimated value of a house and getting other important information. For example, each Snap includes scores from third-party data vendors that rate the quality of nearby schools and rate the relative appreciation and investment value of a home, over 10 years, compared with the average. Some Snaps reveal previous sale dates and prices.
But its information wasn't always complete or accurate. For instance, in the case of my own home, which isn't on the market, it got the number of bathrooms wrong, and didn't know the number of bedrooms—an omission the company blames on a quirk in the public records available for my area. (My tests elsewhere did include the number of bedrooms.) The app has a feature that allows you to report such errors.
In addition, the app currently doesn't have extra information drawn from listings of homes for rent and can't pinpoint units inside large buildings. The company says it's working on both capabilities.
It marks photos of certain homes with a color-coded banner—green if the home is for sale; orange if it's under contract; and purple if there's an coming open house for the property. If there's a major change in the information on a Snap in your history, the app updates it.
The Digital Solution
When the Devices Are Done
The app keeps a history of your Snaps and the company retains them on its servers, whether or not you choose to make them public. In its licensing terms, the company reserves the right to reuse, or modify, the photos you take, though it promises not to "materially" change them, or to distribute or reproduce photos taken by those who opt to keep them private.
If you're looking for a house or just curious about one and you own an iPhone, HomeSnap is a clever, useful and entertaining tool.
Write to Walter S. Mossberg at walt.mossberg@wsj.com
A version of this article appeared May 9, 2012, on page D1 in the U.S. edition of The Wall Street Journal, with the headline: A Real-Estate App When You're Buying Or Just Nosy.
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SEC Probes Inland REIT

REAL ESTATE Updated May 10, 2012, 6:57 p.m. ET
Investigation Casts Shadow Over Segment of Industry Not Publicly Traded
By CRAIG KARMIN
The Securities and Exchange Commission is investigating an $11 billion real-estate company for potential violations of federal securities laws, casting a shadow over the business of real estate investment trusts that aren't traded on exchanges.
The SEC is looking at activity of Inland American Real Estate Trust to determine if the REIT committed violations related to management fees, the timing and amount of distributions paid to investors, and transactions with affiliates, according to a company filing with the SEC on Monday.
Thomas McGuinness, an Inland American executive, said the company has been "fully cooperating" with the SEC and that "Inland American does not believe it has done anything improper and it continues to execute its business plan and strategy."
With $11.2 billion in property, Inland American is the largest in an industry of about 90 nontraded REITs that has raised more than $73 billion, mostly from small investors.
The investigation comes at a time when other nontraded
REITs are drawing fresh scrutiny from regulators or reporting weaker valuations and dividend cuts. The SEC didn't respond to requests for comment.
The Financial Industry Regulatory Authority, which oversees the financial advisers that market these REITs, has proposed new guidelines on adviser disclosure of REITs. Last year, Finra also sued New York brokerage David Lerner Associates Inc., which sold a series of funds known as Apple REITs.
Finra said that Lerner targeted unsophisticated investors with products ill-suited for them. Lerner has described the Finra action, which is still pending, as "rife with falsehoods."
The SEC has previously said that it has been pressing some nontraded REITs to provide better disclosure on their share valuations. Unlike public stocks, whose values are set in the marketplace, valuations for nontraded REITs have varied. Some have relied on outside appraisers, others on their own management. Lately, some of the nontraded REITs have started to provide more up-to-date valuations, but this has occasionally resulted in sharp declines in share prices.
The SEC investigation seemed to catch some industry veterans off guard. "It was a little bit of a surprise to see this announcement because we had not seen something like this before," saId Kevin Gannon, a managing director at Robert A. Stanger & Co., a real-estate investment bank. He said he was withholding judgment at this point.
Inland American, which closed the fund in 2009, owns 964 properties, including retail, hotels, office, industrial and apartment buildings. The REIT's parent company, Inland Real Estate Group of Companies, is a 40-year-old real-estate company in Oak Brook, Ill., with $25 billion in assets. The parent was also the sponsor of a publicly traded REIT now known as Retail Properties of America, an owner of strip malls and shopping centers. Last month, the REIT sold shares publicly at a price that struck many as lower than expected. The shares valued last June at $6.95 were valued during the IPO at $3.20, before a reverse stock split.
Other nontraded REITs have disappointed investors by cutting or eliminating dividends. KBS Real Estate Investment Trust I informed shareholders in March that it was suspending the monthly payments of 5.25% and it marked its share price down 30% to $5.16.
Write to Craig Karmin at craig.karmin@wsj.com
Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved
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Winn-Dixie Store in Mobile, AL Sells for $4.25M

MOBILE, Alabama -- An out-of-town investor paid $4.25 million for the Winn-Dixie at 740 Schillinger Road N., at Zeigler Boulevard, according to Josh Burmeister and Buff Teague of SRS Real Estate Partners, who represented the California-based seller. Pierce Ledyard handled the closing transaction.
ABRC Fairhope Retirement Center paid $1.5 million for the bank-owned former Faith Baptist property at U.S. 98 and Baldwin County 32 in Fairhope, according to Allan Cameron of Grubb & Ellis/Peebles & Cameron. The 29.4-acre site includes a 30,000-square-foot gymnasium and auditorium. ABRC, or Alabama Baptist Retirement Centers, has several centers in the state.
Calcana Industries, which makes industrial space heaters, paid $445,000 for 3.5 acres and a 14,000-square-foot warehouse on Baldwin County 49, north of Interstate 10, in Loxley, according to Tim Herrington of Herrintgon Realty, who worked for the sellers. David Milstead of Milstead & Associates represented the buyer.
The Shrimp Basket owners paid $1 million for a former Mexican restaurant building on McFarland Boulevard and Interstate 20 in Tuscaloosa, and plan to remodel the restaurant and open this summer, according to co-owner Eddie Spence, who is based in Gulf Shores.
Baleu Realty Management has leased 1,400 square feet at 217 Fairhope Ave., across from The Gumbo Shack, according to broker Sean Beckham. Baleu opened a Gulf Shores office last month.
First Baldwin Insurance has expanded into 2,010 square feet in Mid Point Plaza South on Ala. 59 in Foley, according to Robert Cook of White-Spunner & Associates.
The Raven's Nook has leased an 1,100-square-foot house at 2156 Airport Blvd., at The Loop, and plans to open a clothing and jewelry boutique this month, according to Matt Cummings of Cummings & Associates.
Focus Inc., which provides counseling services, has leased 880 square feet in Daphne 98 Office Park on U.S. 98 in Daphne, according to Cummings, who represented the landlord. Joe DeBrow of Southland Capital Realty Group worked for the tenant.
Zeal Boutique, a women's clothing and accessories store, will open in June in 1,200 square feet next to Winn-Dixie in Schillinger Place Shopping Center on Schillinger and Cottage Hill roads, according to Angela McArthur of Prudential Cooper & Co. commercial division. The owners also have a Zeal Boutique in Pascagoula.
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World of Beer to Open 5 Alabama Locations

BIRMINGHAM, Alabama -- An investor opening five World of Beer franchise locations in Alabama said the first could appear in Birmingham by the end of August, now that a lease has been signed.
Rayford Cook, the operations manager and vice president for the company planning the Alabama locations, said a group of eight investors is planning to open three franchise locations in Birmingham and the other two in to-be-determined locations such as Huntsville, Tuscaloosa or Auburn. Along with Cook, another investor is Birmingham businessman Ward Drennen, whose family last year sold its century-old auto dealership in Hoover.
Cook will attend a Birmingham Design Review Committee meeting this morning at which drawings of the renovation plan and the bar's sign will be considered. Ralph Schuler of JVB Architect is listed as the project architect.
Cook, who moved to Birmingham in December, said the bar in Five Points South will offer around 50 beers on tap and as many as 600 bottled varieties The establishment won't serve food, but will allows patrons to carry in food from other restaurants. It will be 3,200 square feet of space, along with an outdoor patio and courtyard space.
World of Beer will be located at 1005 20th St. South and have live music three to six nights a week. The space it will occupy has been vacant for at least six years, since the former Halfshells Oyster Bar & Grill closed.
Cook said progress made by Alabama beer consumer advocacy groups such as Free the Hops, a grassroots organization that backed legislation to boost maximum beer alcohol limits, and the growing number of local craft beer brewers have helped to make the timing right for World of Beer.
"It's a great opportunity to be coming into Alabama, just because of the (beer) movement and all the change in laws that haven't been changed for many years," Cook said.
The investment group began its planning for the World of Beer location in November. Cook moved to Birmingham with aspirations of starting his own restaurant, after working as managing partner at Bonefish Grill in Frederick, Md., for eight years. Before that, the Marion native worked as a bartender at Outback Steakhouse in Birmingham and as a beverage and hospitality manager at Red Lobster in Jacksonville.
The opportunity presented by the World of Beer plan seemed right, he said.
"It's such a great opportunity in something I care about, with craft beers and music," he said. "I had to hop on board. I felt like it was fate."
As part of his training for the new venture, Cook was sent to Tampa, the headquarters of World of Beer, for a training program, where he learned about beer styles, the brewing process, history, names and ingredients. Two weeks was spent in a classroom, and the other three in a World of Beer location in Ft. Myers.
The company, founded in Tampa in 2007, has 24 locations, mostly in Florida.
The World of Beer in Five Points South will be located just blocks from The J. Clyde, a well-established bar and restaurant that boasts a large number of beers on draft and in bottles.
Cook thinks there is room for both.
"Business brings business and awareness to our movement in craft beers," he said. "I think we'll have a shared business and both will be able to do well."
Retail Specialist broker Bill Clements, the Alabama leasing agent for World of Beer, said he believes the bar is a good fit for Five Points South.
Join the conversation by clicking to comment or email Swant at mswant@bhamnews.com.
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Venture Pays $1 Over Debt to Win Minneapolis Tower

By MAURA WEBBER SADOVI, Wall Street Journal
Foreclosure auctions on commercial real estate usually are lonely affairs.
The holder of the debt that is in default shows up and bids the amount owed. Typically there are no other bidders because the property is worth less than its debt and no one is willing to bid more than the debtholder.
But something different happened last month at one of the biggest foreclosure auctions that Minneapolis has seen in years. When the gavel came down at the City Hall foreclosure of Fifth Street Towers, a 1.1 million-square-foot downtown office property, a new owner had stepped in.
A venture of Zeller Realty Corp. of Chicago and a fund formed by Invesco Ltd., of Atlanta and billionaire Wilbur Ross Jr.'s company, which is an affiliate of Invesco, bid $1 more than the debt, or $110,700,000.66. The mortgage had been held by MetLife Inc. and was in default because the building's former owner, Strategic Real Estate Advisors, or StratReal, of the U.K., didn't repay it when it matured last fall.
"No one else raised their hands and right then I knew we'd gotten it," says James Gearen, president of Zeller, a commercial real-estate investment and management firm.
Investors usually are reluctant to bid at foreclosure sales because it is often difficult to check out such properties for hidden problems in so-called due diligence periods.
Prospective buyers also had good reason to be wary of Fifth Street Towers. One third of the space in the building is vacant and the net income is so low that the venture's initial annual return on its investment will be just over 5%. That is what investors are accepting in much healthier markets, like Midtown Manhattan.
But the venture had good reason to believe the building was worth more than its mortgage. Zeller in 2007 made an unsuccessful offer of about $155 million on the property. Also, the venture paid about $100 a square foot, half of what some area buildings have recently fetched.
By grabbing the building in a foreclosure sale, the venture avoided the competition it would have faced if MetLife had foreclosed and then put it up for sale. Foreclosures are "an old-fashioned and archaic process," says Bert Crouch, director of structured investments in real estate for Invesco. "It limits the number of groups who know where the value is."
Built in the 1980s, the complex is located in the heart of downtown near the federal courts and the popular Nicollet Mall retail corridor. But StratReal, which acquired a number of U.S. properties that are managed by Carter of Atlanta, struggled to keep it occupied because the former buyers didn't have the capital to lease it up, according to people familiar with the property.
The new buyers hope to increase the building's yield on their initial investment to the 10% range by raising occupancies and rents. Currently, average rents in the building are about $25 a square foot. Their plan is to increase average rents to about $30.
To do this, they are banking on a continued upswing in the Minneapolis central business district office market, which has seen vacancies fall to 15.4% in the first quarter, from 17.2% a year earlier, though they are still above the 14.2% of 2007, according to Reis Inc., a real-estate research firm.
The region began adding jobs and its unemployment rate fell to 6.1% in March from 6.8% in the year-earlier month and below the 8.5% high hit in 2009, according to the Bureau of Labor Statistics.
Financial, health-care and tech companies have recently absorbed some of the downtown space, as well as vendors that want to be near Target Corp.'s headquarters, brokers say.
Most of the capital for the purchase of Fifth Street Towers came from Invesco Mortgage Recovery Fund, which is co-managed by Invesco and WL Ross & Co. The fund had been one of the eight money managers participating in a Treasury Department program developed to restore liquidity to the nongovernment residential and commercial-mortgage bond markets.
More recently, the fund has focused on buying other types of distressed real-estate assets.
In an interview, Mr. Ross said markets like Minneapolis are attractive in part because there is less competition for distressed assets. "We think there's greater value in the smaller cities," Mr. Ross said.
Write to Maura Webber Sadovi at maura.sadovi@wsj.com
A version of this article appeared May 9, 2012, on page C8 in some U.S. editions of The Wall Street Journal, with the headline: Venture Pays $1 Over Debt To Win Minneapolis Tower.
Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved
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regions Must Pay $6.8M to Real Estate Developers

Regions Bank must pay millions to SaltAire developers
Published: Saturday, May 05, 2012, 5:33 AM
By Kathy Jumper, Mobile, Alabama Press-Register
MOBILE, Alabama -- Regions Bank must pay some $6.8 million to the developers of SaltAire subdivision on Mobile Bay’s western shoreline after two rulings by an arbitration panel this week.
Mobile Bay Investments, whose managing partner is Logan Gewin, sued Regions in March 2010, claiming the bank reneged on an $18.2 million loan, effectively derailing the 500-acre project in October 2008.
Arbiters awarded the bank $8.23 million in connection with a loan taken by Mobile Bay Investments to start the project.
The three-judge panel also awarded $15 million to Mobile Bay Investments in connection with its 2010 lawsuit, records show.
Arbitration attorney fees of more than $69,871 and the arbitration firm’s $28,800 fee were assessed against the bank.
Ultimately, the developers received $6.83 million, including some repayment of fees, according to local attorney Richard Taylor of Taylor-Martino, who represented Gewin.
"The verdict clearly established that Regions Bank broke its written promise to loan SaltAire the money it needed to complete the final phase of the SaltAire project," Taylor said. "We believe very strongly that if Regions Bank had honored its written commitment in 2008, SaltAire would be a viable and successful real estate development today.
"Perhaps the verdict will let Regions Bank, and other banks, know that there is accountability." 
Regions declined to comment, according to Evelyn Mitchell of the bank’s corporate office in Birmingham. 
The week-long arbitration was heard by an American Arbitration Association panel consisting of attorneys from New Jersey, Louisiana and Texas. 
The bank has 30 days to appeal the award, but the grounds for such appeals are very limited under federal law, according to Taylor. 
Mobile Bay Investments’ attorneys cited a May 30, 2008, letter from Regions to Gewin that they contend confirms an $18.2 million loan. The bank wrote that it would provide $14 million and arrange for another participant to hold the remaining $4.2 million, court records show. Gewin and his business partners relied on Regions’ promises and written agreements to finance the project, according to Taylor.
The verdict "will allow everybody to be made whole in some acceptable form or fashion," Gewin said. "I’m now going to be able to work my way out of this. My mission is not over. I’ve still got work to do."
Millions in liens were filed against the project by contractors, road builders, landscapers and other vendors after the project lost its funding four years ago.
Between $12 million and $15 million has been invested in SaltAire, which was to be a community like Seaside in the Florida Panhandle, with up to 1,250 homes surrounded by a fitness center, two stocked lakes, parks, shops, restaurants and other amenities.
Today, about a dozen upscale homes have been sold and are occupied in the subdivision that has 2,000 front feet on Mobile Bay.
Bay Mortgage Investors, which had an estimated $9 million first mortgage on the property, foreclosed on 250 acres on the north side of SaltAire in January 2010. Gewin retained the 250 acres to the south with plans to turn it into a nonprofit nature preserve.
Bay Mortgage Investors and Burton Investment Group, which have about $10 million in the project, have filed a lawsuit against Regions. That case is expected to go to trial in October.
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FTC Places Conditions on CoStar's $860 Million Acquisition of LoopNet

Commercial Real Estate Data Provider Required to Sell LoopNet's Interest in Xceligent and to Refrain from Conduct Hindering Other Providers
The Federal Trade Commission will require CoStar Group, the largest provider of commercial real estate information services in the United States, to sell LoopNet's ownership interest in Xceligent, under a proposed order settling charges that CoStar's $860 million acquisition of LoopNet would be anticompetitive.
The proposed FTC order requires the combined firm to sell LoopNet's interest in Xceligent, a significant provider of U.S. commercial real estate information. CoStar's, LoopNet's, and Xceligent's listings databases and information services are used by brokers, lenders, investors, appraisers, developers, and others in the commercial real estate industry.
The FTC also will require conduct relief that is unusual in a merger settlement. In order to allow for others, including Xceligent, to expand or enter into the space, CoStar will lift non-compete provisions and allow customers in longer-term contracts to terminate them early. CoStar also will refrain from bundling its products together in ways that could impede its competitors.
"The listings databases and information services provided by these companies are critical to their customers in the commercial real estate industry," said Richard Feinstein, Director of the agency's Bureau of Competition. "By maintaining Xceligent as an independent competitor and ensuring Xceligent's ability to grow and expand, the FTC's settlement order will foster continued competition in these markets."
CoStar actively tracks and aggregates commercial real estate listings and property-specific information nationwide and provides subscription-based access to its comprehensive database. LoopNet operates the most heavily trafficked commercial real estate listings database in the United States and offers some commercial real estate information services. Xceligent, like CoStar, actively tracks and aggregates commercial real estate listings and property-specific information and maintains a detailed and comprehensive database.
The FTC's complaint alleges the proposed acquisition would be anticompetitive and would violate the FTC and Clayton Acts by reducing competition in the markets for these listings databases and information services. Listings databases allow parties to publicize and to search for commercial real estate properties for sale or lease. Information services compile the in-depth data necessary to evaluate commercial real estate assets and opportunities. For example, parties use commercial real estate information services to make better-informed decisions about both asking price, and whether to execute sales or lease agreements.
The complaint states that CoStar and LoopNet are the only two providers of commercial real estate listings databases with nationwide coverage. The complaint also states that CoStar is the largest provider of actively researched listings databases and comprehensive information services. CoStar's most similar competitor for information services is Xceligent, which currently provides comprehensive commercial real estate information covering 33 metropolitan areas. CoStar's proposed acquisition of LoopNet would eliminate the direct and substantial competition between the two companies and may reduce competition between CoStar and Xceligent, due to LoopNet's ownership stake in Xceligent.
Under the proposed settlement order, CoStar will sell LoopNet's stake in Xceligent to DMG Information, Inc. (DMGI), a U.S.-based subsidiary of British media and data conglomerate Daily Mail & General Trust, PLC. The order also requires the combined CoStar-LoopNet to take certain steps that will ensure that Xceligent is able to continue to compete and expand aggressively in the U.S. market for commercial real estate listings databases and information services.
The proposed order maintains Xceligent's competitive position and is designed so that the acquiring firm, DMGI, will be able to rapidly grow Xceligent into a more complete, national listings database and information services alternative to the merged CoStar-LoopNet. DMGI specializes in information services and has significant experience in the commercial real estate information industry. DMGI's industry-specific expertise, coupled with its substantial long-term investments in other commercial real estate information firms, will enable DMGI and Xceligent to be an effective competitor to the combined CoStar-LoopNet, according to the FTC.
In addition, under the terms of the proposed order, CoStar and LoopNet will sell the URL "commercialsearch.com" to DMGI, and transfer to DMGI information that will assist Xceligent in expanding coverage to additional metropolitan areas.
Importantly, the proposed settlement order includes provisions that, for five years, will protect Xceligent while it expands its services. Specifically, the order:
prohibits CoStar and LoopNet from restricting customers' ability to support Xceligent;
requires CoStar and LoopNet to allow customers to terminate their existing contracts, without penalty, with one year's prior notice. This provision is designed to prevent long-term CoStar subscription commitments from hindering competition;
bars the merged CoStar and LoopNet from requiring customers to buy any of its products as a condition for receiving other products, and from requiring customers to subscribe to multiple geographic coverage areas to gain access to a single area in which they are interested; and
requires CoStar and LoopNet to continue to offer their customers certain core products on a stand-alone basis for three years after the acquisition.
The proposed order also requires the combined CoStar-LoopNet to notify the FTC in advance before acquiring any firm that gathers, markets, or sells commercial real estate information in the United States in the next 10 years.
The Commission vote to accept the consent agreement package containing the proposed consent order for public comment was 4-0-1, with Commissioner Maureen K. Ohlhausen not participating. The FTC will publish a description of the consent agreement package in the Federal Register shortly. The agreement will be subject to public comment for 30 days, through May 29, 2012, after which the Commission will decide whether to make the proposed consent order final.
Interested parties can submit written comments electronically or in paper form by following the instructions in the "Invitation To Comment" part of the "Supplementary Information" section. Comments can be submitted electronically. Comments in paper form should be mailed or delivered to: Federal Trade Commission, Office of the Secretary, Room H-113 (Annex D), 600 Pennsylvania Avenue, N.W., Washington, DC 20580. The FTC is requesting that any comment filed in paper form near the end of the public comment period be sent by courier or overnight service, if possible, because U.S. postal mail in the Washington area and at the Commission is subject to delay due to heightened security precautions.
NOTE: A consent agreement is for settlement purposes only and does not constitute an admission by the respondent that the law has been violated. When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $16,000.
The FTC's Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to antitrust@ftc.gov, or write to the Office of Policy and Coordination, Room 394, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Ave, N.W., Washington, DC 20580. To learn more about the Bureau of Competition, read Competition Counts. Like the FTC on Facebook and follow us on Twitter.
MEDIA CONTACT:
Mitchell J. Katz,
Office of Public Affairs
202-326-2161
STAFF CONTACT:
Justin A. Stewart-Teitelbaum,
Bureau of Competition
202-326-3597
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As Huntsville's investment grows, Redstone Gateway office park marches forward

Published: Saturday, April 28, 2012, 4:16 PM
By Steve Doyle, The Huntsville Times
This five-story office building visible from Interstate 565 is the first of 52 planned office buildings at the billion-dollar Redstone Gateway office park. The City of Huntsville has spent $28 million to date grading the site, building roads and adding water, sewer and electric services under an agreement with the developers. (The Huntsville Times/Michael Mercier)
HUNTSVILLE, Alabama -- The City of Huntsville has now spent about $28 million laying the groundwork for a massive, Department of Defense-oriented office park near Gate 9 of Redstone Arsenal.
At its meeting Thursday night, the City Council approved two more infrastructure contacts for Phase I of the Redstone Gateway project, which includes about 200 acres immediately south of the junction of Interstate 565 and Rideout Road.
Christopher Professional Enterprises of Athens won a $535,815 contract to run electric, phone, fiberoptic and other communication lines along Market Street, the park's planned retail area.
Christopher was also awarded a $254,288 contract to install the water lines serving Market Street.
The four-lane, divided boulevard will eventually be home to 150,000 square feet of hotels, retail and service businesses, said Shane Davis, the city's director of urban planning.
Reed Contracting Services is being paid $5.3 million to build Market Street, as well as a four-lane loop road serving 22 large office buildings in the park's first phase. Reed is also relocating a portion of Overlook Road.
Davis said the city has only two major contracts left to award in the first phase: demolition of a former Huntsville Utilities substation, and final grading for a five-acre lake.
The $1 billion office park will eventually include 52 buildings for Army employees and defense contractors, two hotels, restaurants, stores and an academic campus surrounding Gate 9.
Maryland-based Corporate Office Properties Trust is developing the office space; Jim Wilson & Associates of Montgomery is handling the retail area.
Huntsville Finance Director Randy Taylor estimates Redstone Gateway will generate $275 million in new property and sales taxes for the city over the 35-year life of the development agreement.
Davis said Jim Wilson & Associates has had "tremendous response" from retailers and hotel chains.
"They're getting very close to getting some deals going and selecting the first hotel tenant," he said Thursday.
According to the park's website, redstonegateway.us, the first office building -- a five-story glass structure visible from the interstate -- is now ready for occupancy. Corporate Office Properties Trust recently hired Graham & Co. as the leasing agent and property manager for Redstone Gateway.
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Drop in Store Vacancies Signals Possible Mall Rebound

By KRIS HUDSON
The rebounding economy is providing a slight boost to U.S. malls and shopping centers, which in the first quarter registered their first declines in vacancy in years. But analysts aren't yet ready to declare a turnaround.
"I think we're on the precipice of a recovery, but it's a little too soon to call it that," said Ryan Severino, a senior economist at real-estate research company Reis Inc. "We're gathering steam. The data on a quarter-by-quarter basis is more heartening than we've seen in a long time."
Enlarge Image
CloseCBL & Associates Properties
Arbor Place Mall in Douglasville, Ga., has added new tenants.
Vacancies at shopping malls declined to 9% in the first quarter from 9.2% in the fourth quarter of 2011, marking the first quarterly decline for malls in more than a year, according to Reis, which tracks the top 80 U.S. markets. Still, the vacancy rate remains close to the 10-year high for malls of 9.4% set in last year's third quarter. Meanwhile, average lease rates at malls increased 0.2% in the first quarter to $39 per square foot per year, marking a third consecutive increase, according to Reis.
Vacancy rates at strip malls and other neighborhood shopping centers, which have been the hardest-hit sector of the retail real-estate industry, declined for the first time since 2005, falling to 10.9% in the first quarter from 11% in the fourth quarter of last year, according to Reis. As with malls, the strip-center vacancy rate remains close to its all-time high of 11.1% set in 1990. Rates at strip centers increased slightly for the second consecutive quarter, rising by 0.1% to $16.57.
CBL & Associates Properties Inc., CBL +1.29%which owns or manages 87 U.S. malls, noted sales gains in the first quarter by retailers of home goods, shoes, apparel and jewelry. Among the stores CBL is adding this year is a Forever 21 Inc. in a former Borders Group Inc. location at the Arbor Place Mall in Douglasville, Ga., and an American Girl store replacing a large restaurant at Chesterfield Mall near St. Louis.
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Spring Fever Draws Shoppers
"There has been virtually no new (retail) development for three years," said Stephen Lebovitz, CBL's president and chief executive. "With no new space to accommodate (retailers' expansion), that plays into the hands of existing property owners."
That is a sharp departure from the past few years, when declining consumer spending prompted retailers to reduce space, close stores and consolidate operations, leading to higher store vacancies. But now that consumer spending is picking up, the outlook for retail landlords is improving. The 20 national retail chains tracked by research company Retail Metrics Inc. posted an average gain in March of 3.9% in sales at stores open for at least a year, up from a 3.2% gain in March 2011.
Still, some analysts and landlords say optimism should remain tempered. Online shopping, although still a fraction of sales at brick-and-mortar stores, continues to grow dramatically faster than traditional, in-person shopping. And more fallout may come from additional store closures by struggling retail stalwarts such as Sears Holdings Corp. SHLD +0.70%and Best Buy Co. BBY +1.68%
Furthermore, the recent gains by the retail-property industry likely are as attributable to the lack of new competition as they are to retailers opening more stores. New construction of malls and shopping centers has remained near historically low levels since the recession, meaning that few new centers are opening half empty and siphoning stores away from existing centers.
Absent that influence, retailers moved into more strip-center space than they forfeited for the third consecutive quarter, adding a net of nearly three million square feet last quarter. Reis forecasts that strip-center vacancies will continue to decline slowly this year. "But demand for goods and space remains fragile despite recent hopeful signs," Mr. Severino said. "Until the economy and labor market are on more solid footing and (retail expansion) begins to return to more healthy levels, we remain guarded in our outlook for shopping centers."
Philip Montgomery, president of Dallas-based PO'B Montgomery & Co., which owns seven shopping centers in four states, said he saw "a noticeable pickup in leasing" in the first quarter. He signed up Sports Authority Inc. last quarter to move into a 25,000-square-foot, former Borders location in the Broadmoor Towne Center in Colorado Springs, Colo., at a slight increase to Borders' lease rate, he said.
Even so, Mr. Montgomery said many retailers are pushing to reduce the size of their stores. And he noted that some landlords are facing a decline in rents because leases now expiring were signed during the boom years, when lease rates were higher. Many retailers no longer are willing to pay those rates.
Write to Kris Hudson at kris.hudson@wsj.com
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Alabama's sweet manufacturing boom

NEW YORK (CNNMoney) -- As manufacturing picks up across the United States, Alabama has become an unexpected beneficiary.
The state -- best known for agriculture and textiles production -- is enjoying the best pickup in industrial manufacturing in five years as U.S. and foreign companies flock there.
The credit goes to the state's low taxes, top-grade trade schools, a statute that curbs union power, and other incentives spurring many manufacturers to move to or expand in the state, experts said.
"2011 is the best year we've had in terms of manufacturing jobs and activity since 2007," said Greg Canfield, Alabama's secretary of commerce.
Companies that are set to open new plants in the state include German conglomerate ThyssenKrupp and a Chinese manufacturing giant, Golden Dragon Precise Copper of China.
Meanwhile Hyundai, Honda (HMC), Boeing (BA, Fortune 500) and truck manufacturer Navistar (NAV, Fortune 500) are expanding there.
One U.S. company that recently came to the state is Wyomissing, Pa.-based Carpenter Technology Corp. (CRS), which broke ground last week in the state's Limestone County to build a new 400,000-square-foot plant.
Carpenter Technology is one of 70 domestic manufacturers that announced plans last year to set up a factory in Alabama. They're expected to create 4,879 jobs and $1.6 billion in capital investment over the next two to three years.
Manufacturing is my future
In the same year, an additional 313 manufacturers, already in the state, announced expansion plans that would create another 12,369 new jobs and pour $2.5 billion in capital investment.
"In [the previous] five years, the percentage of our workforce in manufacturing has jumped to 12% from 5%," said Canfield.
State officials are pleased with the increased activity, but are looking to raise Alabama's profile even more as a top-notch destination for industrial and high-tech manufacturing.
In January, they unveiled "Accelerate Alabama," a plan to aggressively court manufacturers in 11 business sectors over the next five years. The 11 sectors include automotive, aerospace agricultural products, information technology and bioscience.
"We're focusing on where we expect manufacturing to thrive in the future," said Steve Sewel, executive vice president of the Economic Development Partnership of Alabama.
The program highlights the benefits manufacturers can get by bringing their business there. One advantage is Alabama's right-to-work statute, which puts a damper on union activity.
The law says workers can't be forced to join, or abstain from joining, a union as a condition of employment. "Manufacturers are more at ease making large investments knowing this fact," said Canfield.
Other advantages include relatively low labor wages and living costs, as well as state incentives that include free workers' training and recruiting programs.
State officials are also going so far as to pitch company executives with Alabama's world class golf courses, hotel resorts, bass fishing and hunting trails.
Nine months in trade school. Job guaranteed.
"Whether it's our golf courses or bass trails, which are very popular with Japanese executives, or NASCAR, [these intangibles] give Alabama a leg up on the competition," said Canfield.
The state developed its famous Robert Trent Jones golf trail in the 1980s with the specific intention of drawing company executives to the state.
Raymond Cheng, whose company SoZo was hired by Golden Dragon Precise Copper of China to scout U.S. locations in 2011, said: "It was also important for our clients to choose a place with a good quality of life for executives and staff," he said.
Alabama has a lot going for it, such as its golf courses, but Chinese restaurants are few and far between, he quipped.
Meanwhile, Carpenter Technology's $518 million plant is scheduled for completion by 2014. It will produce about 27,000 tons of premium alloy products for the aerospace and energy industries annually, said Bernie Mara, the company's vice president of global advanced engineering.
The company chose Alabama out of 250 worldwide locations, said Mara.
"At the end of the day, the incentive package that Alabama offered us, in terms of tax abatements, labor training programs and infrastructure grants were very compelling," he said.
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New Lease on life for Apartments

Published: Sunday, April 01, 2012, 10:00 AM     Updated: Sunday, April 01, 2012, 10:09 AM
By Michael Tomberlin -- The Birmingham News
Jack Fiorella, president of Equity Resources, stands in the "Zen garden" courtyard of his company's new $40 million Parc at Grandview apartment development on U.S. 280. (The Birmingham News/Michael Tomberlin)
Construction of the $40 million Parc at Grandview apartment community on U.S. 280 has finished and leasing has begun, bringing the first of several new multimillion-dollar apartment projects to the market.
The 334-apartment project signals a comeback for apartment development, which got hammered when the economy crashed and lending dried up for developers. Parc at Grandview appears to be leading a post-recession renaissance in apartment development as the demand for rental units is justifying the need for new communities.
Equity Resources owned the 12-acre site in the Grandview development for more than five years before starting design and construction plans. Fiorella had planned to build condominiums on the site before the economic downturn hit that market particularly hard and caused him to rethink the project.
Once the decision was made, the reluctance of lenders to finance any sort of new development delayed plans even longer. A new lending program from the U.S. Department of Housing and Urban Development made the development possible.
It took two years to consider 19 different site plans and hundreds of different floor plans before coming up with the final design, Fiorella said.
The result is 13 different floor plans ranging from studio to two-bedroom apartments at sizes ranging from 672 square feet to 1,359 square feet and rents from $950 to $1,550.
The rates are driven in part because of the amenities. It seems the condo boom did have a lasting impact on the apartment market in that those who rent space are still wanting the bells and whistles that come with a high-end condo development.
For instance, the Parc at Grandview has elevators, making it possible to charge the same rate for a fourth-floor apartment as the ground floor. In the old walk-up apartment model, units on higher floors were discounted due to the resident's inconvenience.
In the Parc at Grandview, there is what the owners have dubbed "amenity hallway" that features a hangout space called the "Wi-Fi room" with a kitchen, pool table, computer-friendly chairs and televisions. There's a fitness center and a 24-seat, tiered theater room complete with reclining leather seats and Playstation, Xbox and Wii game systems.
Each of the two buildings has its own courtyard. The first building has 174 apartments centered by a saltwater swimming pool. The second building's 160 apartments encircle a "Zen garden" courtyard.
The site also includes a two-level parking deck and a dog park. The Parc at Grandview even offers concierge services to residents for a fee.
Fiorella said it is all designed to give residents the kind of apartment life that the new generation who are "renters by choice" are demanding.
"These are people who don't want to be burdened, who want a simplified life," he said.
That includes young professionals but also empty nesters or others looking to downsize from homes.
Fiorella said the single family home ownership that contributed to the economic collapse five years ago has left a bitter taste for many.
"A lot of things about our economy have positively influenced consumer attitudes about leasing," Fiorella said.
Mortgages, financing, decreasing home values have made many reluctant to buy homes.
"I don't think this is a blip on the screen," Fiorella said. "I think this is a long-term attitude change."
That's the hope of other developers who have new projects coming available this year. Consider:
Arlington Properties is building the $23 million, 223-unit Tapestry Park on 16 acres off Montclair Road, with the first apartments becoming available in October. Arlington is also building the $20 million, 122-unit apartment project called The Hill at 1824 Oxmoor Road.
Retail Specialists Inc. is developing 29 Seven, the $15 million apartment and retail project at 29th Street and Seventh Avenue South in Lakeview on Birmingham's Southside. The four-story building will have 54 apartments and 19,450 square feet of retail space and is expected to be complete by Aug. 1.
Daniel Corp. is building the $35 million, 250-unit Ashby at Ross Bridge apartment community in its Ross Bridge development in Hoover with the first units available this fall.
Landology and Dobbins Group are planning a $15.5 million, 135-unit upscale apartment project on 6.3 acres off Valley Avenue in Homewood near Vulcan Park.
An on-again, off-again apartment project on Clairmont Avenue may soon be on again if developers can secure financing. There is also talk of another apartment project coming to Lakeshore Parkway.
David Ellis, head of development for Arlington Properties, said Birmingham's preference to develop single-family homes over apartments in the past left the market with a short supply.
"Today, the home ownership rate is falling and the renter population is growing as a result of the recession," he said. "For these reasons, the local apartment market is very tight today and rents and occupancies are rising. This suggests a level of pent-up demand even in face of lackluster job growth thus far in the recovery. So there is a rush to capture that existing demand."
Steve Ankenbrandt, founder of Rock Apartment Advisors, said all of the projects are justified.
"It's a combination of factors all coming together," Ankenbrandt said, pointing to increasing demand making apartment projects less risky and lenders more willing to back developments.
He said as college graduates are finding jobs and looking to move out of their parents' homes, they want apartments with the kind of amenities and features they enjoyed with today's high-end student housing.
He said apartments in the Birmingham market are at an overall occupancy in the mid-90 percent mark, making the demand for new development justified. Even with all of the projects coming on line, Ankenbrandt is not worried about being overbuilt.
"Birmingham has been a very disciplined development market when it comes to apartments," he said. "It really doesn't go through a boom and bust cycle."
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As Home Rents Head Higher, Owning Regains Its Appeal, Wall Street Journal

By DAWN WOTAPKA and NICK TIMIRAOS
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents, helping what appears to be a good start to the housing industry's all-important spring selling season.
WSJ's Dawn Wotapka examines an increase in rent costs nationwide and how it has resulted in would-be homebuyers being encouraged to take the plunge. Photo/David Zalubowski, file
Although increased buying activity from investors and second-home purchasers are also factors behind the recent pickup in home sales, real-estate agents say they are fielding more calls from anxious tenants complaining about rising rents.
"The rental market has been incredibly hot," said Ronald Peltier, chief executive of HomeServices of America Inc., which owns real-estate brokerages in 21 states. He says rising rents, coupled with slumping home prices and interest rates near record lows, are boosting demand for homes at entry-level prices.
Average apartment rents rose by 2.7% last year while the national vacancy rate dropped below 5% for the first time since 2001, according to a quarterly survey to be released Wednesday by Reis Inc., REIS +0.11%a real-estate research firm.
CloseThe broad and sustained growth of the apartment market contrasts sharply with an uneven and tentative housing recovery. During the first quarter, average apartment rents rose and vacancy rates fell in all 82 metropolitan areas tracked by Reis, when compared with a year ago.
The largest rent increases came in San Francisco and San Jose, Calif., which saw increases of 5.9% and 4.9%, respectively. Even boom-to-bust Las Vegas, which has struggled with falling rents in previous quarters, saw average rent rise 1.8% from a year earlier.
Such increases are one reason why analysts at Zelman & Associates believe 2012 will be the first year since 2005 when the share of apartment renters that moves out to buy a house increases from the previous year. "The equation of renting versus owning is becoming much more favorable for owning," said Ivy Zelman, the firm's chief executive.
Unless the economy worsens, there is little sign that rent growth will slow until hundreds of thousands of new apartment units currently under construction hit the market over the next few years.
Nishu Sood, a housing analyst with Deutsche Bank DBK.XE -1.64%who tracks housing costs, says that, historically, the cost to rent an apartment has been about 10% lower than the after-tax cost of owning a home. That rental discount began to fall in 2010 and disappeared entirely last year. By the end of 2011, Mr. Sood's research found that the cost to rent an apartment was about 15% higher than the cost to own a home. Conditions are "overwhelming in the favor of buying now. It is unequivocal," he said.
In San Jose and the Silicon Valley, where home prices have tumbled 36% from the mid-2007 peak, home affordability has more than doubled in the last five years, Mr. Sood said. Affordability has also improved in Long Island and northern New Jersey, where during the boom, renting was half as expensive as buying. Now, it is almost equal.
To be sure, not all markets have seen the same development. In Orange County, Calif., and New York City, where home prices are extremely high, renting is still cheaper. But even in New York, real-estate agents say sales of small studio and one-bedroom apartments are brisk because renters don't want to pay such high amounts to rent.
"The entry-level market is back," said Dottie Herman, president of Prudential Douglas Elliman.
Jennifer Regan and her husband went under contract to buy a three-bedroom home in Martinez, Calif., last month. With a 4.25% rate on a 30-year fixed mortgage, their monthly payments, including taxes and insurance, will be around $600 less than what it costs to rent a comparable house. "I couldn't believe it had gotten so expensive" to rent, said Ms. Regan, 36 years old, who is moving before her oldest son starts school this fall.
It isn't always easy for individual home buyers to make it to the closing table, however. Lending and appraisal standards remain tight, keeping many would-be buyers out of the market. And aspiring buyers are competing with savvy investors who have turned buying and reselling foreclosed homes into a business. Last week, the National Association of Realtors trade group said the number of homes purchased by investors rose 65% during 2011 to 1.2 million, representing 27% of all sales.
And for some renters, the housing crisis has shaken their desire to become owners. "If I was going to buy, I feel like I would be just in the same problem that other homeowners are having with the market," said Laurel Slutsky, 24, who just renewed the one-year lease on her Chicago two-bedroom.
"Right now, all my friends and I are hopping around neighborhoods, and I don't see the benefit in buying and staying in one place."
—Josh Barbanel contributed to this article.
Write to Dawn Wotapka at dawn.wotapka@dowjones.com and Nick Timiraos at nick.timiraos@wsj.com
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Builder is Venture's Prize, Wall Street Journal

In the latest twist in the red-hot multifamily market, a venture of a New York real-estate private-equity firm and a Los Angeles developer has made a big push into the Seattle market by taking over a well-known local builder of apartment properties.
The venture of AREA Property Partners and Urban Partners LLC has purchased Harbor Properties of Seattle in a deal valued at $75 million, excluding debt. Included in the package were stakes in four existing apartment properties and three under construction, with more than 800 units.
Investors have been snapping up apartment buildings for more than a year to take advantage of strong demand from people closed out of homeownership. The Seattle deal indicates apartment developers are becoming attractive takeover targets as well.
Seattle was a particularly attractive place for AREA and Urban to go hunting because the market has been buoyed by strong and varied employment in sectors ranging from technology to health care. Employment could rise by about 44,000 positions, topping 2011's gains of 34,000. The local vacancy rate, which hit nearly 8% in 2009, is expected to come in at half that this year, while monthly rents could climb nearly 5% to an average $1,010, said Hessam Nadji, real-estate broker Marcus & Millichap's managing director of research and advisory services.
Seattle apartment buildings have been a hot item for investors for about two years. The number of multifamily transactions rose 41% to 142 in 2011 from 2010, while the dollar amount soared nearly 60% to $1.4 billion, Mr. Nadji said.
But AREA, which separated from Apollo Global Management LLC in 2008, and Urban, which owns four other West Coast apartment buildings and a student-housing complex, wanted this deal primarily for its development potential. That is why the venture last month resold two of the deal's finished buildings—the Link and Mural communities in West Seattle with a total of about 330 units—to American Realty Advisors in a deal valued at $57 million excluding debt.
AREA and Urban, which renamed the company Harbor Urban LLC, now have two finished properties with 110 units. They also are developing the 125-unit Greenhouse apartments and a 184-unit project named Alto Apartments, which offer views of the landmark Space Needle. The Alto, which has some people moving in and scheduled to be completed in May, is 80% owned by Cigna Corp., CI -0.29%Mr. Burton said.
In addition, AREA and Urban own a 50% stake of the Nova apartment complex, under construction, with 62 units. "We can hit the ground running with an enterprise that is in place and functioning with projects under construction and land sites that are shovel ready," said Richard Mack, chief executive of AREA's North American business.
AREA provided more than 90% of the deal's capital from its $520 million AREA Real Estate Opportunity Fund VI.
Mr. Burton of Urban said the initial return on investment for constructing a building could be about 6.75%, a hefty premium compared with current returns for buying apartment buildings, which, in some cases, are in the 4% range.
The difference in return between buying and developing used to be smaller but has grown since the housing crash cut the supply of new apartments.
Developers realize they have a short window to take advantage of this difference in return, and they are turning the construction into a race to see who can finish first. The metro Seattle area has 8,155 units under construction, one of the highest numbers in the past two decades, said Tom Cain, managing member of research firm Apartment Insights Washington LLC.
In 2013, more than 5,500 units could hit the Seattle market, triple 2011's total. Thousands more units are in the permitting process, raising concern that overdevelopment could force landlords to reduce rents or boost incentives. "If all these projects that are in the pipeline are built, there's going to be too many projects coming online for the size of the market," Mr. Cain said.
Seattle isn't the only market where oversupply could become a concern: New York, Dallas/Fort Worth and Houston should lead the nation in completions this year, according to Marcus & Millichap.
The risk of too much supply is a reason Mr. Mack said the partnership might sell the Seattle apartment buildings down the road. "If you build and hold, you could more than double your money, but you're taking the risk of the Seattle market becoming overbuilt," he said. "We are going to actively be monitoring the supply to determine our exit strategy."
Write to Dawn Wotapka at dawn.wotapka@dowjones.com
Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved
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BEECH STREET CAPITAL PROVIDES $7.75 MILLION FREDDIE MAC LOAN

FOR GULFPORT, MISSISSIPPI APARTMENTS
MARCH 7, 2012, BETHESDA, MD – Beech Street Capital, LLC announced today that it has provided a $7.75 million Freddie Mac CME loan for the refinance of Creekwood North Apartments, a 204-unit multifamily apartment community in Gulfport, Mississippi. The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street’s Birmingham, Alabama office.
When looking to refinance Creekwood North, the borrower, a repeat client of Beech Street who acquired the property in 2005, approached the lender with the main goal of reducing
his interest rate to current market levels. The property, located in the gulf coast area, was impacted by Hurricane Katrina, however the area has increased its population since 2007 and multifamily fundamentals significantly improved since early 2010. “As the market was shifting over time and the track record of the property was building, Beech Street worked with the borrower to convert the best deal at the best time,” states Hagwood. “Together with Freddie Mac, the Beech Street team was able to provide a significantly lower rate and considerable savings for the borrower.”
Built in 1996, the property consists of 15 garden-style apartment buildings on over 14 acres. Amenities include a swimming pool, clubhouse, tennis courts, fitness center, and a car care center.
The fixed-rate loan has a ten-year term with a 9.5 year yield maintenance payable on a 30-year amortization schedule.
About Beech Street Capital, LLC
Beech Street Capital, LLC is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily mortgage loans for existing and proposed apartment buildings and manufactured home communities throughout the United States. Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA MAP and LEAN lender. Headquartered in Bethesda, Maryland, Beech Street has offices in California, New York, Massachusetts, Illinois, Texas, Georgia, Alabama and Washington. Web site: www.beechstcap.com
####
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Jim Andrews's picture

Taffeta Strapless Empire Rouched Bodice with Asymmetrical A line Skirt Prom Dress P-0003 [2011003312] - $194.00 :

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Taffeta Strapless Empire Rouched Bodice with Asymmetrical A line Skirt Prom Dress P-0003 [2011003312] - $194.00 :
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Taffeta Strapless Empire Rouched Bodice with Asymmetrical A line Skirt Prom Dress P-0003
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Taffeta Strapless Empire Rouched Bodice with Asymmetrical A line Skirt Prom Dress P-0003
Taffeta Strapless Empire Rouched Bodice with Asymmetrical A line Skirt Prom Dress P-0003Move your mouse over image

Price: 
$184.00  $194.00

Model: 2011003312
Step 1 - Choose Options:
Color
Same As Picture
Ivory
White
 

Size
US 10 / UK 12 / EUR 40
US 12 / UK 14 / EUR 42
US 14 / UK 16 / EUR 44
US 16 / UK 18 / EUR 46
US 18 / UK 20 / EUR 48
US 2 / UK 4 / EUR 32
US 20 / UK 22 / EUR 50
US 22 / UK 24 / EUR 52
US 24 / UK 26 / EUR 54
US 26 / UK 28 / EUR 56
US 28 / UK 30 / EUR 58
US 4 / UK 6 / EUR 34
US 6 / UK 8 / EUR 36
US 8 / UK 10 / EUR 38
Back Style
Same As Picture
Lace Up
Zip Up
Size Chart | Color Chart
Product Customization - Custom Options
After saving your customized product, do not forget to add it to your cart.
Check Standard Size       Units:Inches

  • Bust
    Inches*
  • Waist
    Inches*
  • Nipple to Nipple
    Inches*
  • Neck
    Inches*
  • Hips
    Inches*
  • Shoulder to Hem
    Inches*
  • Height
    Inches*
  • Shoulder to Waist
    Inches*


Satin




































































Chiffon






























































Taffeta

























































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Step 2 - Choose Quantity:
Quantity :
Step 3 - Add to cart:

What Color?
What Size?
Payment Methods
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Condition: Brand New Prom Dress, Evening Dress, Floor Length Dress Fabric: Taffeta Details: Handmade High Quality Beading Quality: Fully Boned and Lined in High Quality, all handmade beading without any GLUE Special: Strapless Rouched Bodice with Asymmetrical A line Skirt Color:Picture Color or Check from Our Color Chart Size: Standard Size or Custom Made Size Working time: About 20 working days Shipping:EMS ( about 10 business days) / TNT (about 5 business days) / DHL ( about 3-5 business days) / UPS ( about 3 business days ) Available in Rush Order which will cost you extra USD 30
Please choose your favorite color from the palette
wedding dress card palette
Notice:Since computer screens have chromatic aberration, especially between CRT screen and LCD screen, we can not guarantee the color of the dress you get will be 100% similar as the color chart. And also different fabrics will show different color degree on the same color. So we can not accept any returned dress for sake of color. Please kindly understand us.
Please choose your size
Standard size (in centimeter)
US size no
2
4
6
8
10
12
14
16
18
20
22
24
26
28
EUR size no
32
34
36
38
40
42
44
46
48
50
52
54
56
58
Bust
84
86
89
91
94
98
102
105
109
114
119
124
132
142
Waist
66
69
71
74
76
80
84
88
91
96
102
107
114
124
Hip
91
94
97
99
102
105
109
113
117
122
127
132
140
150
Shoulder to floor
150
150
151
152
152
153
154
154
155
156
156
156
156
156
Standard size (in inches)
US size no
2
4
6
8
10
12
14
16
18
20
22
24
26
28
EUR size no
32
34
36
38
40
42
44
46
48
50
52
54
56
58
Bust
33
34
35
36
37
39
40
42
43
45
47
49
52
56
Waist
26
27
28
29
30
32
33
35
36
38
40
42
45
49
Hip
36
37
38
39
40
42
43
45
46
48
50
52
55
59
Shoulder to floor
59
59
60
60
60
60
61
61
61
61
62
62
62
62
Shipping Time
Total Time=Operation Time + Shipping Time
Default operation time is 30 business days from the day you place an order.
We will rush your order within 20 business days and 15 business days if you
choose rush service from  the operation time option,and you will pay extra
cost for it.Shipping time varies as: UPS , TNT 2-4 business days, Air Mail(Express) 10
business days, Air Mail(Normal) 20 business days. Please calculate the total
time carefully before you place the order.
Note: You can also choose Air Mail(Normal) if package weight is under 2kg.
Return Tips
If any returns, please contact our customer support within 24 hours from the time you receive your gown and fill in the Application for Refund in email. Only products in their original condition will be accepted. We do not accept returns on any custom made order. ALL SALES ARE FINAL for custom made dresses. For mis-shipped items, once confirmation got with us, we will be responsible for item exchange and have full refund returned including shipping fee and handling fee. In principle, any emergency order isnot subject to this return policy and will be denied. Also other merchandise, such as veil ect.

How to Measure

  • A.Bust:Measure Around The Fullest Part Of Your Bust.
  • B.Waist:Measure Around The Smallest Part Of Your Waistline.
  • C.Hips:Measure Around The Widest Part Of Your Hips.
  • D.Length: Measure From Top Of The Shoulder Through The Nipple To Floor,Including The Height Of Wedding Shoes.
  • E.Under Bust:Measure Around Under Your Bust.
  • F.Nipple To Nipple: The Measurement Between Your Two Nipples.
  • G.Shoulder To NiPPLE:Measure From Top Of The Shoulder To Nipple.
  • H.Shoulder TO Waist:Measure From Top Of The Shoulder Through The Nipple TO Waist.
  • I.Shoulder To Hips:Measure From Top Of The Shoulder Through The Nipple TO Hips.
  • J.Shoulder To Shoulder:Measure Your Shoulder Width From The Back.
  • k.Neck:Measure Around The Fullest Part Of Your Neck.
  • L.Biceps:Measure Around The Widest Part Of Your Arm.
  • Please Measure With Bra and Underwear On.
  • Remember To Keep The Measuring Tape Comfortably Loose.

Notice:1. Please also tell us your "Height with Shoes" on (measured from top head to your wedding shoes' heel).
2. Please remember that wear your Wedding Underwear and your Wedding Shoes.
3.Inches and Centimetersare both available for size, and please tell us if you use inches or centimeters.
4. We suggest you measure yourself by a Professional Tailor.
5. It is very normal to have 3CM measurement error between the sizes you give and the sizes you will receive on your dress. This kind of error can not be accepted for any returns and exchanges.

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Copyright © 2011 www.dressever.com
bridal gowns
Discount Wedding Dresses
Wedding Dresses 2010
Bridal Gowns 2010
wedding dress 2010
.It's that simple.After your wedding day have people designated to post the marriage ceremony cameras and have the snap shots developed so its possible to enjoy all the memories any time you return in your honeymoon.
Wedding Digital cameras Designed to match your Decor
Unlike the particular disposable cameras you should purchase at the local discount retail outlet, wedding cameras are made to match the wedding design.That would make decorating in your wedding reception so much easier so when in anything else easier usually means that less headaches for everyone.
Want the beach crafted camera for the beach assembled wedding? Daisies? Silver precious metal? Gold?...You have the option.There is an efficient chance you'll find a wedding and reception camera to match the decor of your respective wedding party Other About dresses blog dresses About dressever.com blog

Jim Andrews's picture

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Jim Andrews's picture

Wedding Dresses 2011, Bridal Gowns 2011, wedding dress 2011, 2011 wedding dresses

Prom Dresses
Wedding Gowns
Wedding Dresses 2010
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.You may choose to handle the orchids within the regular gift basket, as a new nosegay, or for an arrangement that you choose to cradle as part of your arm.If you've planned to undertake a winter marriage use egypt orchids and make a muff in its place with amazing orchids sewn for the muff to generate a magnificent intimate feel.
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Wedding Dresses 2011, Bridal Gowns 2011, wedding dress 2011, 2011 wedding dresses
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Copyright © 2011 www.pickdresses.com
Prom Dresses
Wedding Gowns
Wedding Dresses 2010
Bridal Gowns 2010
wedding dress 2010
.You may choose to handle the orchids within the regular gift basket, as a new nosegay, or for an arrangement that you choose to cradle as part of your arm.If you've planned to undertake a winter marriage use egypt orchids and make a muff in its place with amazing orchids sewn for the muff to generate a magnificent intimate feel.
Additionally you can use orchid marriage flowers that will decorate this building wherein your wedding are going to be held.You can utilize silk or possibly real flowers as just stated to decorate the chairs, columns, woods, patio, or almost everything.Add a small amount of babys air and temparate ferns also, you have the setting in a tropical wedding event.
Other methods orchids to brighten your big event is to have flower girl scatter petals with real orchids Other About Dresses blog Dresses About pickdresses.com blog

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