Riverstone To Manage BlackRock’s 15,000 Units

Posted on December 11, 2008 by Sharon Kramer

From the article – …the properties are in California, Maryland, New Jersey, Texas, Utah, Virginia and Washington. Freeland says the assets are in very good condition and none require huge upgrades.

Well thats good to know if that is really the case because huge upgrades would include extensive mold remediation if for instance any of these properties had years worth of mold growth like Jefferson Lakes Apartments in Baton Rouge, Louisiana.  Riverstone would ignore that problem as they did at Jefferson Lakes Apartments because it is much cheaper and saves money for clients if they poison tenants instead of invest in huge upgrades.  They do not have to worry about the cost of accountability for poisoning their tenants because they use some old school management techniques, fraud, etc…  katy   

DALLAS, TX-In its first major outsourcing agreement with BlackRock Realty Advisors Inc., Riverstone Residential is taking on management and leasing for more than 15,000 units owned by the real estate investor, a subsidiary of BlackRock Inc. in New York City. The 62 properties in the mid-Atlantic, Texas and the West had been managed by Metric Property Management Inc., which is no longer in operation.

Christy Freeland, Riverstone Residential CEO says her company has offered positions to everyone on Metric’s staff. “The background knowledge and expertise they have is valuable, and we’d like to be able to transition that to Riverstone,” Freeland tells GlobeSt.com. “Everyone involved in the property management firm was made an offer.” Metric Management was a wholly owned subsidiary of BlackRock Realty Advisors, and responsible for managing its multifamily assets.

In the meantime, Riverstone’s responsibility for its new portfolio will range from leasing and marketing, to property maintenance and customer service to renters. Freeland tells GlobeSt.com that the portfolio is varied, with the sole overriding feature among all the properties being “good, strong real estate.” According to Metric’s Web site, which is still operating, the properties are in California, Maryland, New Jersey, Texas, Utah, Virginia and Washington. Freeland says the assets are in very good condition and none require huge upgrades.  Occupancy figures were not available.

community.icontact.com

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Snow in Louisiana!!!

Posted on December 11, 2008 by Sharon Kramer

sub tropic snow manaudubon park snow man french quarter snowman 

blogofneworleans.com

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“If it isn’t the most corrupt state in the US, it’s certainly one hell of a competitor.” No, they aren’t talking about Louisiana this time

Posted on December 11, 2008 by Sharon Kramer

Illinois Grabs Corruption Title
by Jim Beam – The American Press (excerpt)

“If it isn’t the most corrupt state in the United States, it’s certainly one hell of a competitor.”

No, they aren’t talking about Louisiana this time. That is a comment from Robert Grant, special agent in charge of the FBI’s Chicago office. He made the remarks after federal agents arrested Illinois Gov. Rod R. Blagojevich on political corruption charges. Blagojevich has been accused of scheming to enrich himself by selling President-elect Barack Obama’s vacant U.S. Senate seat. The governor is out on bond and insists he hasn’t done anything wrong.

Authorities were surprised at comments Blagojevich made during wiretapped telephone calls. Grant said the governor has known for at least three years that he was under investigation for alleged hiring fraud and clearly realized agents might be listening in. Conspiracy to commit fraud and solicitation to commit bribery are the charges filed against Blagojevich and John Harris, his chief of staff. If convicted, they could get up to 20 years on the first charge and up to 10 years on the second.

Where’s the reform? What is most surprising to people around the country is the fact Blagojevich was elected in 2002 as a reform governor and was re-elected to another four-year term in 2006. The governor will have his day in court, but recent Illinois governors haven’t fared well in the judicial system. Former Republican Gov. George Ryan, the man Blagojevich succeeded, is serving a six-year term in prison for graft. Otto Kerner, the Democratic governor from 1961 to 1968, was convicted in 1973 on bribery, tax evasion and other counts. Former Democratic Gov. Dan Walker pleaded guilty to bank fraud, misapplication of funds and perjury charges after he left office in 1987.

“It’s a very sad day for Illinois government,” U.S. Attorney Patrick Fitzgerald said Tuesday after the current governor was arrested. “Gov. Blagojevich has been arrested in the middle of what we can only describe as a political corruption crime spree.”

Louisiana voters demonstrated with the election of former Govs. Mike Foster and Kathleen Blanco and current Gov. Bobby Jindal that they will no longer tolerate corruption in this state’s highest office. Jefferson’s defeat is additional confirmation that the political winds are changing for the better. Thanks, Illinois, for proving Louisiana hasn’t cornered the market on political corruption.

la news link.com

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Chamber, AAJ face off over frivolous lawsuit site – Corporate Gangsters want to take away our rights

Posted on December 10, 2008 by Sharon Kramer

Corporate Gangsters want to take away our rights.  katy

The U.S. Chamber of Commerce has launched a new public awareness campaign aimed to show that frivolous lawsuits are not victimless crimes.

A new website called FacesOfLawsuitAbuse.org features videos of workers, business owners, and even a rollerblading child telling their stories of being named in lawsuits and the ensuing effect on their lives.

“Many people have the perception that lawsuits are primarily the concern of faceless, ‘deep-pocket’ corporations, yet small businesses and average families are also victims of these abusive suits,” Lisa Rickard, president of the Chamber’s Institute for Legal Reform said in announcing the new site.

But the American Association for Justice, the nation’s largest trial lawyers’ group, shot back, saying the campaign is bankrolled by negligent corporations.

When you are bankrolled by giant multi-billion dollar corporations, it’s laughable to claim you’re also protecting the interests of small businesses,” said American Association for Justice CEO Jon Haber, noting that companies including Wal-Mart, Citigroup, AIG, Bank of America sit on the ILR’s board.  “This campaign is just a new phase of their longstanding credo: negligent corporations should never be held accountable.”

lawyersusadcdicta.wordpress.com

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HUD, partners break ground at St. Bernard site to bring new mixed-income community to New Orleans

Posted on December 10, 2008 by Sharon Kramer

Construction begins at first of Big 4 slated for historic transformation.  HUD also to host Gulf Coast housing symposium at Tulane

NEW ORLEANS – U.S. Housing and Urban Development Secretary Steve Preston joined General Douglas O’Dell, Mayor Ray Nagin and other partners today to break ground at the former St. Bernard public housing site and make way for Columbia Citi Residences at Bayou District, a new mixed-income community. This historic groundbreaking marks the start of HUD’s ambitious effort to redevelop four of New Orleans’ large public housing developments that suffered from massive flooding after Hurricane Katrina in 2005.

“This groundbreaking builds on a commitment HUD made to create communities that are inclusive, better and safer than what families had before,” said Preston. “We promised you new housing, a new community, and a better life. This groundbreaking marks the start of fulfilling that promise.”

“Today’s groundbreaking marks a tremendous milestone in recovery and rebuilding for residents here, those who want to return and others who want to live in Orleans Parish,” said General Douglas O’Dell, Federal Coordinator for Gulf Coast Rebuilding. “President Bush remains fully committed to the people of Gulf Coast and his Administration has laid the foundation for many of the successes we will see in the years to come. Secretary Preston and his team at HUD have worked diligently to ensure the residents here have access to affordable housing. But the work doesn’t stop here. Later today, we will, together at a HUD-sponsored roundtable, further explore options for making more affordable rental housing units available in the greater metro area.”

The first phase of development will bring 466 units of two and three story residential town homes, including 157 public housing units, 160 tax-credit units that can be rented using rental assistance vouchers, and 149 market rate rental units. When Columbia Citi Residences at Bayou District is completed in 2010 the community will consist of a mix of housing, including public housing, other affordable housing as well as market rate rental housing. There will also be homeownership possibilities for low-income families and market rate homes. Total new housing will be 1,326. The new community will also bring a golf course, new schools, a library, retail and community center.

The total development cost for this phase is $138 million, including nearly $30 million of HUD funding and $27 million from Louisiana’s Community Development Block Grant program. The new community also received substantial private investment from AEGON USA Realty, Regions Bank, Freddie Mac and MMA Financial.

Joining Preston were Diane Johnson, the HUD-appointed Board Chair and Karen Cato-Turner Executive Administrator for the Housing Authority of New Orleans (HANO). Several other local officials and developer partners that helped make this day possible attended, including the development team Columbia Residential, the Bayou District Foundation and Fore!Kids Foundation.

Today’s groundbreaking represents a six-year effort by HUD to revitalize New Orleans’ public housing. When HUD took over HANO in 2002, it began an ambitious plan to redevelop the city’s public housing communities to create communities that are inclusive and safer. Prior to Hurricane Katrina, HANO, under a HUD receivership, had redeveloped public housing communities at Fischer, Guste, St. Thomas, now River Garden, and Desire, now Abundance Square.

HUD will also bring public and private partners together today at Tulane’s Woldenburg Art Center to discuss the progress being made to address affordable rental housing in New Orleans. Participating in Partnering for Gulf Coast Progress Housing Symposium will be the State of Louisiana, the Louisiana Housing Finance Agency, the Louisiana Recovery Authority, the City of New Orleans and the Office of the Federal Coordinator for Gulf Coast Rebuilding.

“Today’s groundbreaking to bring new affordable homes to the old St. Bernard neighborhood is a testament to what partnerships can accomplish,” said Preston. “That’s the importance of the symposium – to bring our partners together in one room to discuss pooling federal, local, private-sector and non-profit resources to ensure New Orleans’ rental housing needs are met well into the future.”

A report that will be presented at the symposium concludes that the federal government has provided a substantial amount of resources toward rebuilding the affordable rental stock and providing tenant-based subsidies. The group will discuss on how current market conditions are impacting the number of affordable units projected to be developed and talk about possible solutions to overcome present and future barriers.

7thspace.com

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