June 8, 2004 | Vol. 2 No. 11

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Volume 2 - Number 11 | June 8, 2004

TOP STORY: New Study Disputes Connection Between Mold and Major Health Problems
The debate regarding toxic mold—a persistent and costly problem faced by apartment owners nationwide—took an interesting turn last week that many observers say will have a significant impact on the industry for years.

INSIDER: Sterling American Properties' Jeff Smith
A colonel in the US Army Reserves fresh from a tour in Iraq, now Jeffrey Smith is armed with $300 million in discretionary equity capital to invest in multifamily properties across the US through a newly launched fund.

Fannie Mae Fronts Record $170M DUS Loan For New York City Deal
In a deal for Fannie Mae’s record books, the agency has made a $170-million DUS loan to American Property Financing for West End Towers, a 1,000-unit Manhattan high-rise property.

Market Focus: Houston Rental Market Remains Soft, But Investment Sales Are Strong
A first-quarter report released by Houston-based O’Connor & Associates reveals that while the city’s apartment rental market conditions remain weak, apartment investment sales have been solid. In fact, transactions have been closing at cap rates between 7% and 8%.

San Diego Condo Project Reaps Quick $106M

Boomers' Condo Fever Spikes, Driven By Convenience And Security

First New Project In 18 Years Rises On Philly's Main Line