The Bozzuto Group’s The Fitzgerald [above] is on track to become the most sizable LEED-certified apartment community in the Baltimore area. The development, comprising 275 apartments, 24,000 square feet of street-level retail and a 1,245 space parking garage, is registered with the U.S. Green Building Council (USGBC) and is being constructed to attain LEED certification. The Fitzgerald garage opened in January, residential leasing commenced in March and retail will begin to deliver in early summer. To achieve LEED certification, the Fitzgerald’s sustainability strategy includes implementing a number of environmentally conscious design features, construction tactics, water efficiency technologies and air quality practices. The Fitzgerald’s 1,245-space parking garage provides convenient public parking for the neighborhood, most notably serving the University of Baltimore, the Lyric Opera House and MICA, as well as local businesses, commuters and residents. Photo courtesy of The Bozzuto Group.

Two Tennessee condominium buildings have become the first recipients of green multifamily certification under the National Green Building Standard, NAHB announced last month. The buildings were certified by the NAHB Research Center. The bronze-level certification was awarded to the first two buildings completed in the Park Run community at McKay’s Mill in Franklin, TN. When completed, the development will comprise 23 buildings for a total of 92 condominium homes. The Jones Company, a top-100 single-family builder, also has certified dozens of single-family green homes.

Although the Portland, OR-Vancouver, WA economy will begin to recover late this year, challenges will persist as an above-average unemployment rate and oversupply of shadow stock weigh on absorption, according to the 2010 National Apartment Report by Marcus & Millichap. Elevated apartment completions and widespread layoffs have pushed vacancy to levels last recorded in 2003.

“Investment activity in the metro reached a low in 2009 but will pick up this year as buyers seek unique opportunities to reposition their portfolios,” says Tony Cassie, regional manager of Marcus & Millichap’s Portland office.

Following are some of the most significant aspects of the Portland Apartment Research Report:

• Employers in the Portland-Vancouver metro are forecast to add 13,500 jobs this year, a 1.4 percent increase. In 2009, roughly 44,300 positions were eliminated.
• Completions will slow to just 480 units in 2010, down from 1,480 units last year.
• Following a 160 basis point climb in 2009, vacancy is projected to rise 20 basis points this year to 7 percent.
• Asking rents are forecast to decline 3.5 percent, to $775 per month in 2010, while effective rents will slip 4.6 percent to $692 per month.

Behringer Harvard announced that it has acquired Acacia on Santa Rosa Creek, a multifamily community providing 277 apartment homes located on an 11.6-acre site in Santa Rosa, CA. The community is situated in the heart of the Sonoma Valley wine country approximately 50 miles north of San Francisco. Constructed in 2003, Acacia on Santa Rosa Creek consists of 15 three-story residential buildings and a clubhouse with wood-beamed ceilings, oak floors and large windows. The property offers the convenience of direct access via Mission Boulevard and Highway 12 and is buffered against traffic noise by mature shade trees and grass-covered knolls.