Real Estate Weekly: 11/9/12
Posted: 3:13 pm Fri, November 9, 2012
Arbors apartment development lauded for residential features
The Arbors at Baltimore Crossroads, a 365-unit luxury apartment community near White Marsh, received two awards at the 16th annual Delta Associates Awards of Excellence competition for apartment home and condominium projects in the mid-Atlantic region. The Arbors, which was completed in November 2011, was honored for Best 2012 Baltimore-area Apartment Community, and for 2012 Best Lease-Up Pace for a Baltimore-area Apartment Community. Developed by Somerset Construction Co., The Arbors is located within the 1,000-acre Baltimore Crossroads @95 mixed-use development in Baltimore County. It features an array of Leadership in Energy and Environmental Design (LEED) elements, including energy-efficient heating, ventilating and air-conditioning and hot water systems; low-flow plumbing fixtures; 70 percent powered by wind and solar energy with 360 solar panels on the garage roof; Energy Star appliances that significantly reduce monthly water, gas and electric use and air filtration systems. The average monthly utility cost for each residential unit is approximately $90, which is less than half the cost of the industry norm for an apartment in the Greater Baltimore region.
Realtors honored for professional achievement
The Greater Baltimore Board of Realtors has honored Sharon McKenna as its 2013 Realtor of the Year at its annual meeting and awards ceremony. McKenna was recognized for outstanding commitment to the profession and the community. Rose Zappa Jehnert was named Rookie Realtor of the Year, and Jeff Margolies as Affiliate of the Year. Doris Hall-Scheeler received the association’s Community Service Award. Kathleen Beadell was honored as the Distinguished Sales Associate of the Year. Finally, Adam D. Cockey Jr. was awarded posthumously the Lifetime Achievement Award in Real Estate.
Floating dock completed at Port Deposit
The Town of Port Deposit and the Maryland Department of Natural Resources Boating Services have finished installing a floating dock on the Susquehanna River at Marina Park in Cecil County. The dock, installed using steel piles, is 300 feet long, 6 feet wide and can accommodate up to 20 boats 26 feet and longer. The project also features an Americans with Disabilities Act-accessible gangway with railings and a gate. The total cost of the project was $253,790, with $100,000 provided through Federal Sport Fish Restoration Boating Infrastructure Grant funds and $153,790 through State Waterway Improvement Funds. The Federal Sport Fish Restoration fund is derived from a federal excise tax on fishing equipment and motor boat fuels. Revenue from the State Waterway Improvement Fund comes from the 5 percent vessel excise tax paid when someone purchases and titles a boat in Maryland.
Tower will be landmark of Melford mixed-use project
St. John Properties Inc. is nearing completion of an 80-foot-tall landmark tower overlooking the intersection of US Route 50 and MD Route 3/301, within the Melford business community in Prince George’s County. Weighing more than 24 tons, the structure features the Melford name and St. John Properties logo on the upper portion of the tower, which will be decoratively lit at night. Melford is a mixed-used project in Bowie configured to support approximately 3.2 million square feet of commercial office, R&D/flex and retail space, as well as a full-service hotel.
University of Maryland program in mechanical engineering backed
The University System of Maryland has committed nearly $450,000 in support of a partnership among the A. James Clark School of Engineering at the University of Maryland, College Park, the College of Southern Maryland, the Southern Maryland Higher Education Center and the Naval Air Warfare Center Aircraft Division at the Patuxent Naval Air Station in St. Mary’s County. The money will support a program that allows students in Southern Maryland to receive an accredited University of Maryland mechanical engineering degree. Approximately 65 students residing in Southern Maryland are expected to enroll in the program annually at SMHEC, where the Clark School’s courses are taught.
Edgewood Management launches new company
Edgewood Management Corp., of Germantown, a provider of multifamily management services, has launched Vantage Management Inc., a provider of third-party property management services for conventional multifamily properties. The new company will focus on an existing portfolio of nearly 4,000 market rate units in Maryland, Virginia and the Washington area. The company was recently awarded the management contract for The Gallery Bethesda, a 234-unit, luxury high-rise development owned by the D.C.-based Donohoe Group that is scheduled to open in the fall of 2014. Plans call for expanding Vantage Management’s portfolio of properties throughout the mid-Atlantic area during the next year.
Revenue surges at Walker & Dunlop
Walker & Dunlop Inc., of Bethesda, a real estate lender specializing in multifamily loans, said its third-quarter revenue surged due to a 141 percent increase in loan originations and a 52 percent increase in servicing fee income. Revenue for the quarter totaled $70.1 million, up from $33.4 million in the prior-year period. Net income rose to $7.1 million, or 28 cents per diluted share, from $6.1 million, or 28 cents per diluted share, in the comparable 2011 quarter. Analysts surveyed by Thomson Reuters on average forecast earnings of 40 cents per share on revenue of $56.4 million.
Builder fined for setting debris on fire
Eastern Shore contractor Peter Ivan, of Eden, was given a six-month suspended sentence and ordered to complete 100 hours of community service by a Wicomico County Circuit Court judge after pleading guilty to multiple criminal counts of illegal open burning of solid waste, the Office of the Maryland Attorney General said Thursday. Ivan also was ordered to pay a $30,000 fine, of which $10,000 may be paid during a five-year probation period. Officials said Ivan burned a large construction debris pile on his property on April 2, 2011. The fire got out of control and it took five units of the Fruitland Fire Department an hour to extinguish it.
Enterprise Homes developments honored for general excellence
Three residential developments initiated by Enterprise Homes of Columbia have been honored by various organizations for their general excellence. Harper House in Columbia, a 100-unit apartment building for low- and moderate-income families, received a WaveMaker Award from the Urban Land Institute’s Baltimore chapter. The Greens at Liberty Road in Randallstown picked up the Property Management Association’s Apartment Community Excellence Award for “Affordable Communities with Rents Less than $900.” Also, The Greens at Hammonds Lane in Brooklyn Park also was honored by the PMA as a 2012 distinguished community. Both Greens communities offer affordable rental apartments for seniors 62 and over. “Our reward is building quality, affordable for-sale and rental homes for people from all walks of life,” said Chickie Grayson, president and CEO of Enterprise Homes. “The icing on the cake is the recognition we receive by such notable organizations as ULI and the Property Management Association.”
TBS Media Group, a provider of media distribution, order fulfillment, product acquisition, data analysis and marketing solutions for small- and medium-size businesses, leased 1,305 square feet of office space at 11201 Dolfield Road, Suite 108(F), in Owings Mills. Pat Franklin, Whit Levering, Lou Boeri and Ashley Combs handled the transaction for the landlord, Merritt Properties LLC.
Craig Pollock has joined Manekin LLC as a property manager. Working from the firm’s Columbia headquarters, he manages 13 flex and office buildings in Howard County. Pollock has four years of industry experience, having served as both assistant asset manager and common-area maintenance disputes administrator at Kimco Realty Corp., as well as an associate at Brunswick Plaza LLC. He holds a bachelor’s degree in finance from Quinnipiac University and is pursuing a master of science in real estate at the Johns Hopkins University. “Getting the in-depth, first-hand exposure to the real estate and working alongside top professionals in their field at a respected firm like Manekin provides invaluable experience that not only will benefit the company, but also will carry with me throughout my entire career,” Pollock said. “I hope to utilize my real estate knowledge and insight to help maximize the value and return on investment of the properties through highly efficient operations.”