Despite the ongoing apartment building spree in Boulder County, the booming multifamily market the rising rents, the falling vacancy rates and broader demographic and economic trends has only whetted investors' appetites.

Through early December, real estate investment trusts, public retirement trusts and individual buyers have dropped a half a billion dollars on more than two dozen apartment communities in the county, an analysis of property records show.

Even when extracting the pricey $93.5 million Two Nine North apartments sale and the Balfour Senior Living portfolio in Louisville that sold for $104 million, the total value of this year's transactions exceeds that of the comparably busy 2012 by nearly 70 percent.

Top 10 sales

10 largest apartment property sales in Boulder County through Dec. 9, 2014

1. Two Nine North, 1925 30th St., Boulder, $93.5 million

2. Wyndham Apartments, 2540 Sunset Drive, Longmont, $51 million

3. The Boulders, 2850 Kalmia Ave., Boulder, $44.2 million

4. Balfour, 1331 Hecla Drive, Louisville, $40.25 million

5. Strathmore Park Apartments, 440 Strathmore Lane, Lafayette, $39.9 million

See the rest here:
Boulder County apartments: Investors buying high, banking on hot streak continuing

Six units were damaged and one person was hospitalized Saturday after a fire broke out at a five-story apartment building near UCLA, officials said.

The blaze began just before 8:30 p.m. on the fourth floor of the Wilshire Manor Apartments, a 46-unit apartment building in the10600 block of Wilshire Boulevard, Los Angeles Fire Departmentspokesman Brian Humphrey said.

About 130 firefighters put out the fire shortly before 9:30. To accommodate more than a dozen fire trucks, officialsshut down Wilshire Boulevard in both directions between Manning and Westholme avenues.

One woman was transported to a hospital in fair condition and is being treated for smoke inhalation, Humphrey said.

The six units damaged in the fire were rendered uninhabitable and residents were referred to the American Red Cross for temporary housing assistance, Humphrey said.

Some residents were evacuated from the apartment building while others were urged to shelter in place.

The apartment building, built in 1957, is located about four blocks southeast of UCLA.

For breaking news in California, follow@MattHjourno. He can be reached atmatt.hamilton@latimes.com.

9:17 p.m.: Updated the number of floors in the building.

9:29 p.m.: Added detail on injured person taken to hospital.

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6 units damaged in apartment fire near UCLA; 1 hospitalized

Real Heroes #1: Fire Fighters in Houston Save Construction Worker From Fire Certain Death
March of 2014, The HFD saved this construction worker from a multi-level apartment building construction site fire. The worker at one point hangs down and dr...

By: Real Heroes Wear

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Real Heroes #1: Fire Fighters in Houston Save Construction Worker From Fire & Certain Death - Video

Federal investigators have concluded the fire last week that consumed a downtown Los Angeles apartment complex under construction was deliberately set, according to a source close to the investigation.

Investigators have been digging through the rubble left by last week's blaze, sometimes wading in knee-deep rainwater during the storms that swept through the area, collecting samples from suspected points of origin. A national response team with the Bureau of Alcohol, Tobacco, Firearms and Explosives was called to assist in investigating the scene because of the magnitude of the fire.

The blaze, which broke out in the middle of the night, all but obliterated a seven-story building of the Da Vinci apartment complex and caused extensive damage to the adjacent 110 Freeway and city buildings. It took 250 firefighters an hour and half to put out the flames that rose to heights taller than many downtown buildings. The total damage was estimated to be in the tens of millions of dollars.

Fire officials said previously that they suspected arson because of how quickly the building appeared to be engulfed. Even though a fire station was a few hundred yards away, two-thirds of the building was already burning by the time firefighters received the initial report at 1:09 a.m. and rushed over, Los Angeles City Fire Chief Ralph Terrazas said.

The ATF national response team, at the end of its investigation, reaches one of three conclusions incendiary, accidental, or undetermined. Given Thursdays conclusion that the fire was determined to be "incendiary," or deliberately set, local authorities will probably launch an arson investigation to identify those responsible for the blaze.

Earlier this week, authorities announced that they were looking for two potential witnesses who were present at or near the scene of the fire. One man is seen in a surveillance video calmly walking down the street before the start of the fire. The second was captured on freelance news footage after the fire is in full force appearing to attempt to get through a construction fence into the burning building. As of Thursday, investigators had yet to identify the men.

Authorities said they were not suspects or persons of interest, but "purely someone we are seeking to interview as an investigative lead."

For news on the courts, follow@vicjkim

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Massive Da Vinci fire in downtown L.A. was arson, investigators say

Photo by: John Dixon/The News-Gazette

The old CR Marble building at 502 N. Neil (northeast corner of Neil and Washington), right, and 508 N. Neil St. (Evolve Fitness Center). These two buildings might eventually be torn down to make way for a new five- or six-story apartment building being planned by One Main Development.

CHAMPAIGN One Main Development is considering building a five- or six-story apartment complex on the northeast corner of Neil and Washington streets, company President Dave Jones said Thursday.

The company, which previously developed the One Main Plaza and M2 on Neil buildings in downtown Champaign, is still studying the feasibility of the project. But Jones said the intent is to develop 35 to 40 units on the upper floors and "likely retail" on the ground floor.

As envisioned, the project would be built on the sites of the long-vacant C R Marble building at 502 N. Neil St. and the Evolve Fitness Center building at 508 N. Neil St.

However, Jones said he would not expect construction to begin until late 2015 at the earliest, with the hope that units could be occupied in August 2016.

Jones said he is working on a plan for demolition of the 502 N. Neil St. building in the spring of 2015. That two-story building, once used for manufacturing, had deteriorated considerably before One Main Development acquired it, he said.

The Evolve building is expected to be around a while longer. Although Saturday is the last day for the fitness club, personal trainer Matt Rossbach has leased the space, effective Jan. 1, for his business, MLAB Fitness, which will provide personal training as well as group fitness classes.

Rossbach said he plans to use the 508 N. Neil St. space "as long as the building is standing, which I believe is going to be most of the year." He said he considers it a temporary location until he can find long-term space.

Jones said One Main Development is committed to downtown Champaign.

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Apartment complex considered for downtown Champaign

By Ralph Ellis, CNN

updated 9:30 PM EST, Thu December 18, 2014

STORY HIGHLIGHTS

(CNN) -- Arsonists started a huge December 8 blaze that destroyed a downtown apartment building under construction and damaged nearby buildings, the Los Angeles Fire Department said Thursday in a news release.

"The fire at 900 West Temple Street destroyed the seven-story complex under construction, damaged a nearby high-rise structures and the Harbor (110) Freeway," the release said. "Investigators recovered sufficient evidence to eliminate all known potential accidental causes and determine the fire was intentionally set.

"The fire caused an estimated $20 million to $30 million in damage to the DaVinci Apartments. Total damage estimates to nearby businesses and Caltrans property remain undetermined at this time."

Nobody was hurt in the fire that shut down traffic on the 110 and 101 freeways. The blaze started in the early morning hours and lit up the Los Angeles skyline.

The Fire Department said it seeks information about two "potential witnesses" seen in video footage. They are called "persons of interest" and are not considered suspects, the release said.

Security camera video of the two witnesses can be viewed at the Fire Department website.

The fire was battled by 250 firefighters. The fire was investigated by the Los Angeles Fire Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

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LA blaze was arson, officials say

Homes built in Melbourne

Melbourne has never seen a building boom quite like it, with new skyscrapers sprouting from virtually every city street.

But that's not necessarily all a good thing, says the head of planning at Melbourne City Council.

On Thursday, the council released data showing the apartment boom sparked by a flood of international money flowing into Melbourne has helped the city record the largest jump in apartment construction since data started being kept in 2002.

Cr Ken Ong

With more than 6300 new apartments completed in the first 10 months of the year, it is already triple the long-term average of 2100 a year and more than twice the amount finished last year.

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"We have a spike at the moment and the question is whether the spike is sustainable," said Ken Ong, the council's chair of planning.

"Whether we grow too fast in the short term, that's the question. We would prefer a steady managed growth rather than a sharp growth."

Still, Cr Ong and others at the council aren't necessarily complaining, because the boom, given a kick-along by former planning minister and now Opposition leader Matthew Guy's many tower approvals, has led to a huge growth in jobs in the construction sector.

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Apartment construction hits new record in Melbourne

Property

It's well known Australians are turning more to apartment living than ever before. Building approval numbers point to this trend in every major city in Australia. But it's most pronounced right here in Sydney. In 2013, 57 per cent of all dwelling approvals were for apartments; 10 years ago it was 50 per cent and when this data series began in 1984 it was just 27 per cent. That's a big shift.

The most popular location for future apartments in Sydney is the CBD. Twenty or 30 years ago, urban planners predicted the term Central Business District (CBD) would eventually be replaced by Central Activities District (CAD), as the relative dominance of business use reduced and an increasingly wide range of activities such as retail, entertainment, hotels, culture and residential increased their presence. For Sydney, this evolution now appears to be accelerating, thanks in large part to the influence of new apartment building.

There are 4500 apartments either under construction or proposed in the Sydney CBD (or CAD), but only 400 of those 4500 are actually under construction and the peak year for completions is likely to be 2017. That's when 1500 apartments are projected to be completed. These forecast dates, though, are difficult to predict, as builders will also need to dodge the light rail line construction, which could complicate things.

And contrary to the apparent popularity for converting obsolete office buildings to apartments, at this stage only 550 of the 4500 are forecast to come from that route. While adaptive building re-use might sound like a responsible way of recycling buildings, it's not always the most cost-effective and doesn't always give the best result.

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Myth No. 2 is the impact of offshore developers: at this stage, just 35 per cent of CAD apartments are being facilitated by offshore developers. The major developer is Lend Lease.

Kevin Stanley is the principal at Deep End Services.

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Pie in the skyscrapers

Jeremy Brooks, a Walsh Construction superintendent on the Orchards at Orenco apartment project in Hillsboro, posted a sign in his trailer that reads Nothing on this job is typical.

Thats not an overstatement.

When Orchards at Orenco opens in 2015, it will be the largest passive-house building in North America. The 57-unit Phase 1 is being built to the superinsulated standards of the movement that began in Europe as passivahus and is slowly spreading to energy hog America.

Passive house projects built in the Portland area typically are higher-end single-family homes. But Orchards at Orenco is being built by Portlands Reach Community Development, a nonprofit housing developer that hopes to rent the apartment units for $611 to $733 a month.

Heating bills will be minimal, since passive houses use the highest-known standards in energy efficiency. The airtight membrane at Orchards will be two to three times tighter than normal.

A passive house lives and dies by its insulation. Architects and construction workers must minimize drafts and thermal bridges metal pipes or other components that can transfer heat quickly between inside and outside. Installing one leaky window here could be a disaster in terms of wasted energy. Catching it and fixing it could be very costly, so quality control is key, according to Brooks.

Costs higher

Orchards at Orenco will cost 11 percent more than traditional construction, according to project architect Michael Bonn, of Ankrom Moisan. The added costs come from a mix of labor and materials, including a sophisticated ventilation system to assure air flow.

Where the Tyvek has been stapled, it must be taped over with Siga Wigluv, a high-tack tape that costs $75 a roll. And Bonn chose stainless steel flashing over cheaper steel.

The brick will last 200 years, but if you use normal steel flashing it starts to rust in 25 years. Then you have to peel off the expensive brick to get to it, and thats a cost.

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Affordable units you can heat with a TV

Fire crews respond Sunday, Feb. 9, 2014, to a four-alarm fire at 550 E. 500 South in Salt Lake City.

Scott G Winterton, Deseret News

SALT LAKE CITY A Bountiful man pleaded guilty Monday to setting fire to an unfinished Salt Lake apartment building in February, causing about $6 million in damage.

Dustin Jay Bowman, who stood in a red jumpsuit with his hands shackled at his waist, pleaded guilty to arson as part of a resolution with prosecutors.

Federal prosecutor Drew Yeates will recommend a prison sentence of 48 months and a fine of just under $3 million when Bowman, 34, is sentenced on March 4.

Days after the Feb. 9 blaze, Bowman admitted during an interview with investigators that he started a fire in the apartment building, where he was involved in construction as an electrician. That interview was later challenged by Bowman's attorney, Jamie Zenger, because police reportedly did not inform Bowman of his Miranda rights.

Zenger made a motion to suppress Bowman's confession, though prosecutors say Bowman offered to help investigators and told them during the interview that he knew he was not obligated to speak to them.

U.S. District Judge Ted Stewart granted the motion to suppress Bowman's statements during that interview, but denied a motion to suppress a later confession at the Salt Lake County Jail.

"Once that got resolved, we decided it was in his best interest to enter the (guilty) plea," Zenger said.

The 64,000-square-foot building near 540 E. 500 South was destroyed in a four-alarm fire. Investigators later reviewed surveillance footage from several buildings nearby showing a man entering and exiting the apartment building around 5:30 p.m. on Feb. 9. Fifteen minutes later, smoke began rising from the building.

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Bountiful man pleads guilty to starting fire that caused $6 million in damage