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Seltzertopia: The Effervescent Age. Welcome to my blog and podcast about writing the first definitive history of seltzer. Pour yourself a fresh glass, kick back, and join us! Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News. Community development financial institutions, or CDFIs, are banks and credit unions that focus on serving people who would otherwise be locked out of the financial system.

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September 30, 2005

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The school already had 26 students living at Entrada prior to the lease signing since it's one of many downtown buildings where students reside, and currently they have a total of 48 law school students living at Entrada.

They have established a waitlist process for students, which is used as vacancies arise in the building. Built in , the ,square-foot Entrada Apartments building includes a mix of studio, loft, one-bedroom, two-bedroom and three-bedroom apartments. The building features a newly renovated rooftop common area, interior courtyard, fitness center and underground parking.

The apartment complex occupies a central location in the heart of downtown San Diego, which is being revitalized into a mixed-use, transit-oriented urban area. That doesn't mean won't be a groundbreaking year for the firm, both literally and figuratively, especially under the direction of CEO John Orehek. In fact, it didn't take long for the company to make a big announcement. In early January, Security said it was re-entering property management-a business it exited in by forming Madrona Ridge Residential as its newly affiliated property management firm.

The reason for the launch? Security wants to position itself to manage units that are wholly owned, partially owned, or part of general managed partnerships. Security hopes it will provide its asset management group with a more intimate understanding of how their communities are performing. If Orehek has his way, though, Security will have a lot more units to potentially manage by the end of This year, with some stabilization in fundamentals and pricing, I'm ready to be a little more aggressive in my appetite to acquire, as long as the asset is in the right location with the right fundamentals.

Though Orehek acknowledges an extreme competition for apartments, he feels that properties are still renting at rates lower than at the height of the market, and in many regions, he thinks the firm can still make buys below replacement costs.

Instead of the trophy properties that traded last year, he expects to see more Bs and Cs to come loose in That presents opportunities for the company, which has acquired, operated, and sold 27 properties comprising nearly 5, units over the past decade, all in the A or B asset group.

Security also has a development platform that has produced multifamily units over the past decade. So there's also the potential to start properties in the pipeline, in addition to pursuing tax credits deals.

A Seattle-based company that pinpointed Denver as one of its target markets expanded its local portfolio with the purchase of The Reserve at Thornton. We look to substantially increase our portfolio there," said Tim Overland, managing director of the firm's Affordable Housing Group, who noted the metro area's continued job growth and shortage in the supply pipeline make for an attractive market.

Orehek, president and chief executive officer of Security Properties. Constructed in by an affiliate of Trammell Crow Residential, The Reserve at Thornton is partly financed under the federal low-income housing tax credit program.

The building community at Welby Road comprises entirely affordable apartments for individuals earning between 40 percent and 55 percent of area median income, and represents the only Class A rental property in the area exclusively serving the low-income renter segment, according to Security Properties.

Typically, when Security Properties acquires affordable apartment communities, it immediately addresses deferred maintenance issues and performs renovations to bring the property up to a high-quality condition, however, due to the state of the Thornton property, little work is needed. The Reserve at Thornton is in good shape and, in this case, very, very little work needs to be done," said Overland.

The Reserve at Thornton is 97 percent occupied with no concessions and has a very low turnover rate, added Overland. Amenities at The Reserve at Thornton include a swimming pool, fitness center, business center, playground and "spacious" layouts among its one-, two- and three-bedroom floorplans. As well, the parking, which is configured on the outside of the buildings, adds to the community feel of The Reserve at Thornton.

No brokers were involved in the transaction. Centerline, the limited partner, remains part of the partnership. The price of the transaction was not disclosed. The firm also owns the Axis at Nine Mile Station and Marcella Manor communities for a total of affordable and conventional apartments in the Denver area.

Security Properties looks to acquire additional communities, affordable and conventional, over the next several years along the Front Range and has looked as far north as Fort Collins and as far south as Castle Rock for opportunities. The year-old firm, one of the nation's largest owners of multifamily assets, specializes in acquisitions, development, financing, asset and property management, dispositions and advisory services.

Security Properties has acquired or developed nearly 64, apartments in properties in more than 40 states, including affordable housing assets of more than 12, units.

As the commercial real estate industry continues to shift its focus toward apartments, it's no surprise that more players are jumping back into the development game and choosing to deploy capital into ground-up construction. What's driving this renewed optimism, after new construction in virtually every sector ground to a halt amid the recession?

In many respects, it comes down to fundamentals. Currently, for certain apartment projects in certain submarkets, the projected returns on new construction investments are better than the yields on existing asset purchases. In short, demand is up and construction costs have retreated from pre-recession highs, thus driving new construction. Demographic trends continue to favor longer-term demand for rental housing, particularly in urban infill locations near employment centers with population and job growth to support absorption.

The prime to rental age group is entering a period of substantial growth due to the wave of echo boomers, representing a sizable source of demand for apartments.

The Urban Land Institute reports that the Seattle area has seen an influx of , new residents since the recession, and state demographers expect that migration to Washington will nearly double from recession lows by While job creation has been the missing ingredient in economic recovery, that picture is starting to look brighter. According to the Labor Department, the private sector added more than , jobs last month - a turning point that finally pushed the national unemployment rate below 9 percent for the first time in nearly two years.

Here in Washington, about 27, new employees joined the work force between November and November As businesses signal that they are finally willing to resume widespread hiring across a broad range of sectors, stronger job growth will inspire further confidence in sustained renter demand.

The most attractive regions for new apartment development are markets with high cost-of-homeownership barriers, which further widen the price gap between owning and renting. According to Moody's Analytics, Seattle's rent ratio of As a general rule of thumb, a ratio above 20 makes a better case for renting.

And not surprisingly, many people of all ages no longer equate homeownership with financial security and increasingly favor renting for lifestyle reasons. The combination of rising demand with unprecedented low levels of supply is pushing apartment occupancies and rents high enough to make some development opportunities attractive. According to the Census Bureau, new apartment construction fell to a year low in Construction costs are down significantly from peak pre-recession pricing.

With rental income being driven up by demand and with lower construction costs, investment yields can favor development. As the jobs picture strengthens and demographic trends continue to favor rentals, we can expect the apartment sector's fundamentals to further improve this year and contribute to compelling apartment development opportunities in the Seattle market.

It's a unit condo-turned-apartment complex atop 19,square-feet of commercial space that is leased to MultiCare Health System. David Dufenhorst, chief investment officer for Security Properties, said in an interview that the building's location and lease with MultiCare - a year lease with two year options - were key.

And since the building was conceived as condominiums, the quality of design was higher than an average multi-family building. Dufenhorst said a confidentiality agreement prevented him from identifying the seller, but he said his company had been trying to obtain Chelsea Heights for months. Pierce County records indicate the last owner of Chelsea Heights is Sterling Savings Bank, a subsidiary of which began foreclosure on the building owner last year.

The LLC filed for bankruptcy last year. The bankruptcy was dismissed in December when the debtor essentially let the property go. Chelsea Heights is one of several Prium properties that have run into trouble. In January, a Thurston County judge ordered 10 office buildings in Lacey, Olympia, Shelton and Port Angeles to be run by a receiver after they fell into default. A Prium property in Spokane also is in receivership, and records for the U. Bankruptcy Court of Western Washington show several other projects in some form of reorganization.

Security Properties has a 20 percent ownership stake, he said, and its management arm will run the apartments. The second floor, with about 28 units, was recently completed and soon will be available to lease, Dufenhorst said. His company plans to furnish and staff the leasing office, as well as build a gym for tenants.

Security Partners has more than properties nationwide, including 11 in Washington. At 78 units, Chelsea Heights is its smallest property in the state. Dufenhorst said the size wasn't as important as the price. Tacoma is an attractive multi-family real estate market, he said, citing the port, Joint Base Lewis-McChord and MultiCare as positive indicators.

Talk about an anxious first quarter of the year for Seattle-based Security Properties. Then, things got ugly. The borrower began fighting with the bank and filed for bankruptcy; the bank was attempting to foreclose on the property; and the guarantors of the loan sued the bank. Security now turns to lease-up at the property-which was 54 percent occupied as the firm took over operations-and has dispatched a leasing specialist team down to Tacoma to power up absorption.

That team's job could be completed quickly if Security can negotiate a master lease with Multi Care, one of the largest employers in Tacoma and current holder of a year lease plus two additional year lease options of the ground-floor office space at Chelsea Heights. Security intends to keep fostering new leasing relationships as well, particularly with partners that can go all-in themselves on a master deal.

Until then, the firm will continue searching for those off-market opportunities and try to keep them off-market too. When it opened in , Atrium Village became a model for community-developed, mixed-income housing nationwide.

It has remained such a success that many of its original residents still call it home. Straddling Chicago's notorious Cabrini Green housing projects, Old Town and the tony Gold Coast beyond, Atrium Village served as a transitional zone between two very different worlds. With Cabrini Green demolished, the development's owners, which include four area churches, are looking to vastly expand Atrium Village by adding retail and open space, all while staying true to its social mission.

Working with Chicago-based FitzGerald Associates Architects and Seattle-based Bumgardner, the owners are planning an enlarged Atrium Village, with four high rise towers, a series of townhouses, and two acres set aside for open space.

In its current state, Atrium village consists of an eight-story building surrounded by low-rise apartments. In accordance with the thinking of the time, the project was built "defensively," according to Michael DeRouin, president of FitzGerald, with surface parking lots placed at the corners and a perimeter fence encircling the property.

More than a quarter of the seven-acre site is given over to parking lots. Pending approval from community groups, Alderman Walter Burnett, and the Chicago Plan Commission, the new Atrium Village will have all underground parking, as well as approximately 40, square feet of retail space, including one large retail space to be leased to a local grocery store. The four towers, stepping up from 28, 36, and 41 to finally 44 stories, will anchor the corners of the site. A two-acre park, designed by Hitchcock Design Group, will be open to the public and accessible mid-block through an entrance on Wells Street.

The tower podiums will feature green roofs and roof gardens, including one devoted to rooftop farming. The entire project will include over 1, units, of which will be affordable housing, a slight increase in the current ratio at Atrium Village. The project has met with enthusiastic reviews from residents. The careful phasing, which is designed to displace as few residents as possible, as well as the long-term tenant-landlord relationship, also played a major role in winning over residents.

The plan calls for the demolition of approximately 48 units at the corner of Division and Wells streets, with relocated residents having the option to return. A unit tower would rise in its place to house residents while the next portion is cleared for the following phase, a process that would be repeated over four phases.

The entire build-out is expected to take ten to 15 years. The development team and the architects recently held an initial meeting with the Old Town Chamber of Commerce. They aim to meet with the broader community soon, DeRouin said. The development team hopes the community will see the enlarged project as a better use of the near-downtown parcel.

And, he added, "No one really believes there should be large surface parking lots so close to downtown Chicago. Preston at a gala held September 21 in Washington, D. Congress, are a part of the Center's ongoing efforts to position workforce housing as a critical component of vibrant communities.

They are making a positive contribution to their communities, and they are providing important roadmaps for other communities in need of workforce housing," said Secretary Preston, now president and chief executive officer of OAKLEAF Waste Management in East Hartford, Conn. The four winning developments for were chosen from 30 submissions located throughout the United States.

The other three award-winning projects are located in New York and Massachusetts. On the Park is a mixed-use, mixed-income development located in Seattle's vibrant Ballard neighborhood.

Once occupied by an aging grocery store and parking lot, the 1. It offers 54 apartments affordable to individuals and families with incomes at or below 80 to 90 percent of AMI, with basic utilities included. Security Properties also partnered with the city of Seattle to meet the workforce housing goals of the project and make it financially feasible. They also represented Seattle-based Security, whose equity partner on the deal is Praedium.

Located in Beaverton near employers Nike and Intel, the properties were built in the s and are between 97 and percent occupied. The new plan would replace the current nine-story apartment building and adjoining six-unit townhomes with about 1, units in four high-rises and townhomes. The property, built in , adjoins the former Cabrini Green site, the infamous collection of affordable housing towers that turned into gang dens more used for drug sales than families.

However, with the tear-down of Cabrini Green, the neighborhood here has started to change more affluent. That's not to say all the units will be market rate.

Matthew United Methodist and Fourth Presbyterian - which want to continue the property's current affordable housing mix.

The buildings will be constructed in phases, with a story tower planned for the first phase, at the southwest corner of Wells and Division. A spokeswoman for the development team, which also includes Crane Construction Co. The rest of the site will include a 20,square-foot retail grocery anchor and smaller retail units, as well as underground parking, a Bright Horizons School and a 2-acre park. The spokeswoman says if the city approves all the zoning and modifications, construction of the first phase will start in June The entire project with all the buildings will take up to 15 years to finish, she says.

Jeffrey Crane with Crane said in a statement that the current buildings are just too old and outmoded to continue renting. Built in by Security Properties Inc. When complete, the new Atrium Village project will be anchored by four residential towers, ranging between feet in height. Staying true to the original project's mission, 20 percent of the 1, new apartments in the development will be income restricted, providing much needed workforce housing close to transit and employment centers.

In addition, the project will feature more than 55, square feet of new ground-level retail space and structured parking for 1, vehicles. At the center of the new development will be a public, two-acre terraced park, complete with water features, sitting areas, walking paths, a ring of townhomes at its perimeter and a free-standing low-scale building designed for a restaurant.

Two major Chicago Transit Authority transit lines run in close proximity to the property. The Brown line runs adjacent to the property where a new station is being planned which will be incorporated with one of the new Atrium Village towers. The CTA's Red Line is within two blocks of the development, offering residents and retailers car-free access within minutes of downtown Chicago and providing connections beyond the city's northern suburbs.

Just as we wanted to serve the community in the s when planning began, we want to meet the needs of our community today. Crane of Crane Construction Company Inc. The property is aging and really not configured to the needs of today's individuals or families. It was both a challenge and an opportunity," said Crane. It also creates the opportunity to both use the superior materials and energy systems of today in addition to adding the amenities that today's renters look for and demand -- Wi-Fi, washers and dryers in the apartment, dishwashers, workout rooms, media rooms, business centers and the like.

Marasco added that the residents' reaction to the proposed redevelopment was rewarding. We were delighted that the residents are excited about the change and are eager to have an opportunity to become residents of the new buildings. Our goal is not only to revitalize Atrium Village but ensure that it remains a model for the nation -- of what great urban housing developments can be.

Recent successful projects that combine compact mixed-use development, open space, carbon-reduction measures, transit bus or rail , affordability and sustainability have been realized in Mill Creek, Bothell, Kent, Puyallup and beyond. Demographics, demand, market forces and, of course, rents, jobs and taxes all seem to indicate that the Puget Sound region can expect to see more of these developments.

The trend toward these developments began with the blurring of urban and suburban lines. Demographics started the shift early on, driven by boomers, empty nesters, and Gen X and Y, who created demand for walkable, flexible central business districts in markets they could afford. Urban areas were heralded for micro-neighborhoods that feel like small towns within big cities, with nodes of service and economic opportunity close at hand.

Residents and workers stay close and often go carless, or walk or ride. The cost of living in these areas was high. Still, as a result of this market demand, emerging suburban markets saw opportunity, and began successfully developing lower-cost urban models for suburban demographics.

In King County, demographic trends show that by the income and age range of those flocking to urban areas will not be that much different from those aiming at suburban areas. Public and private partnerships have proven to be imperative to success in these areas, with Kent and Bothell serving as two examples. In the case of Bothell, the city is undertaking a partnership with a Portland hotel and retail chain to turn a historic Bothell school into a boutique hotel, retail center and entertainment complex.

The city is also pursuing a partnership for a new city hall and city center that will include a plaza for community events and mixed-use buildings — all combining to create a revitalized Bothell. Transit options, including bus, bus rapid transit, streetcars, light rail and bicycles must be a part of the mix.

Without these ingredients, it is nearly impossible to create the desired next-generation model of urban and suburban living. The city of Bellevue took another bold step in this direction on Nov. Still, many new opportunities remain. Market forces and demographics are the larger influences of demand.

The demand is present, and the market is waiting for these innovations. And so is the environmental need. One of the most salient ways our region can reduce its carbon emissions and meet its reduction goals is through a purposeful focus on compact development and reduction of vehicle miles traveled. Adding density and transit in suburban areas will help our region do just this.

Not all jobs, after all, are in downtown Seattle. The fund will continue to invest in additional properties over the next two to three years, creating a portfolio that should eventually total between 1, and 2, units. The acquired properties include the mixed-use Chelsea Heights in Tacoma, Wash. Chelsea Heights is a unit condo to apartment conversion that sits atop 19, square feet of commercial space. The mid- to lates vintage properties are likely candidates for an upgrade. Two big Seattle employers are partnering with a developer to build something this region probably hasn't seen since the days of the "company town" a century or more ago: Seattle Children's hospital and the University of Washington have proposed a unit apartment complex in the University District at which their employees would have priority.

The university is providing the land, the hospital some of the financing. Seattle-based Security Properties would build, own and operate the complex, on 11th Avenue Northeast between Northeast 45th and 47th streets. Children's and UW officials say it would offer relatively affordable homes close to work for employees ranging from cooks to lab technicians to junior faculty.

First-year medical residents are another target, said Todd Johnson, Children's vice president for facilities: But they need to be nearby, and sometimes finding housing can be a real problem for them. The complex also could help both institutions recruit staff from across the country in the face of Seattle's still relatively expensive housing, said Aaron Hoard, the UW's deputy director of regional relations. Entry-level employees at Children's commute from as far away as Marysville and Federal Way, Johnson says, because that's where they can afford to live.

Employer-provided housing is a big part of the Northwest's history. Newcastle began as a coal-mine company town. Asarco's corporate ancestors developed the town of Ruston around their Tacoma smelter. But those communities all date to the early s, or earlier. It's apparently been many decades since any local employer played a role in supplying housing for workers, historians at Historylink. Some institutional employers in other high-priced parts of the country - Stanford University in Palo Alto, Calif.

For Seattle, however, "we think we're the first," Children's Johnson said. Curve, as the project is called, is a response to both a perceived need and a contractual obligation. When the Seattle City Council approved Children's plan to expand its Laurelhurst campus in early after a drawn-out fight with unhappy neighbors, the hospital was required to replace the housing that would be torn down - a unit, postwar condo complex called Laurelon Terrace, on Sand Point Way Northeast.

The council gave Children's a choice: Even before the condition was imposed, he said, Children's and UW executives had been discussing their common need for more-affordable housing near their campuses. The university happened to have a promising development site: The two institutions solicited proposals from developers this year. Security Properties, which has acquired or developed complexes across the country during its year history, was selected in August.

The company has leased the property from the university for 50 years. The loan also allows Security to build more large apartments - two- and three-bedroom units - than most developers are building today, he added: Laurelon Terrace had 66 two- and three-bedroom units.

Children's deal with the city requires that the replacement project contain at least that many. Preliminary plans call for three buildings of four, six and eight stories, separated by plazas. The building at the corner of 11th and 47th would have ground-floor space for shops or cafes. Security filed permit applications late last month. Marasco hopes to start construction in early and finish the complex in late It could face plenty of competition.

The largest, units, would be across 11th from Curve. Both are near Sound Transit's planned U District light-rail station. Children's and the university both expect Curve will help get more workers out of their cars. While the complex would be within walking distance of the university, it's nearly two miles from the hospital's main campus.

But there's a good alternative to driving, Johnson said: The hospital already runs a shuttle to Laurelhurst from offices it leases in a U District building a couple blocks away. Apartments at Curve would be offered to UW and Children's workers before they are marketed to the public.

Marasco said he expects employees of the two institutions will make up a good share of the residents: Worker surveys by the two employers found much interest in living closer to work, and that influenced Curve's design. What's more, Marasco said, Security's Epicenter complex in Fremont, two miles farther from the UW campus, already attracts university employees and students. Madrona Ridge Residential delivered outstanding results to its clients in its first year.

The Washington Multifamily Housing Association hosted the Emerald Awards Gala on the evening of January 19, , where they recognized the regional leaders in property management. On the Park is a six-story, unit community that features a 47, sq.

QFC grocery store in the building. Amenities also include a private theatre, demonstration kitchen, fitness center and spa. Located in the vibrant Ballard neighborhood, residents find themselves just steps from Market Street, home to an array of shopping, dining, entertainment options.

As Generation Y enters a difficult job market, many college graduates and young professionals are unwilling to take big financial risks. Though Millennials could bear the most risk in investment at their age, a survey by the Investment Company Institute reveals that fewer Gen Y investors are willing to take big financial risks, as compared to Gen X investors or their parents.

What does the skepticism of a new generation mean for the rental market? Many will remain renters for longer than previous generations. With a slower start financially and a cautious attitude, many Millennials will take a longer time to accumulate the wealth needed to buy and maintain a home. Young people are becoming more frugal in an attempt to seek financial security, with aims to pay off debt and increase savings.

Additional economic factors, such as underemployment and graduates earning historically less in entry level jobs, puts homeownership on the back burner. As Gen X bears the brunt of the housing price slump, younger consumers are less likely to make the financial and emotional investment of homeownership.

Notions of buying a home and starting a family have become outdated markers of adulthood for a new generation less likely to commit as a result of economic insecurity.

The share of U. Funny how those numbers travel together. Rental vacancies are therefore falling, the lowest rate out West, where foreclosures have run the highest during this housing crash. That is also where investors are rushing in to buy foreclosed properties and put them up for rent. Both rental and homeowner vacancies are down, which is a general positive for the housing market, because empty houses are a blight on communities.

While banks have bulldozed some foreclosed properties here and there, the practice is by no means popular or widespread. That should mean that household formation is increasing, which is generally a product of an improving jobs picture. That is thanks to a small drop in the unemployment rate among year olds to its lowest rate in three years. The home ownership rate now stands at Since the recession began, growth in overall new households has been about 50 percent short of trend lines, according to analysts at Goldman Sachs.

While household formation is rebounding for single or un-related Americans, formation among families is still waning; that may be due to the types of homes they need, i.

It thus stands to reason that pent-up demand will show itself first in single family rentals in the future and less in multi-family. No wonder investors are flooding the foreclosure market. The property includes 59 residential units and 10, square feet of well-located retail.

This acquisition is Security Properties' second purchase in the Seattle metropolitan area recently and the seventh acquisition for the Security Properties Multifamily Fund, according to Chief Investment Officer David Dufenhorst. According to Dufenhorst, the investment has two important things going for it: The seller of Broadway was a group of local investors that had owned and managed the property since they developed it in The property was sold to Security Properties in an off-market transaction.

In addition to the planned physical improvements to the location, Security Properties expects to improve operating performance through focused management and the implementation of institutional management practices by its property management affiliate Madrona Ridge Residential.

Security Properties acquired the property in a joint venture with an institutional partner. The Security Properties share of the equity was provided by SP Multifamily Fund which has secured capital commitments from company officers and high-net worth individuals. The company was drawn to Broadway because of the quality construction and its location, which boasts some of the highest rents and lowest vacancy in Seattle. The property is also prominently located at the north end of Broadway, five blocks from the future Capitol Hill Light Rail which, when complete in , will provide light rail access to and from the airport, as well as downtown Seattle and the University of Washington.

The property's retail space is especially desirable, given the visibility down the pedestrian-friendly Broadway corridor. The program was launched in to identify and recognize best practices in the hiring and retention of great people. In total, 85 companies have made the grade as finalists. Since inception, Security Properties has maintained a steadfast focus on multifamily real estate.

During that time, it has gradually expanded from its beginnings as an affordable housing syndicator into market-rate acquisition and development activities, as well as utilizing new programs related to affordable housing investment. It has also greatly expanded its capabilities and expertise, evolving from a firm strictly focused on financial and legal structuring, tax expertise and marketing, to developing capabilities in multifamily operations, property and asset management, construction, finance, accounting, and other areas necessary to run a successful and profitable real estate operation.

Throughout, Security Properties has maintained a fiduciary relationship with thousands of investors, both private and institutional. As a result of a generational and demographic shift to renting, the firm has experienced significant increases in demand for its apartment properties and is actively renovating, repositioning or developing several properties from the ground up. The finalists will be celebrated at a one-of-a-kind awards event at Safeco Field on Aug.

Honorees and the public alike are invited to come cheer for the workplace accomplishments of these companies from 4: The celebration will include ballpark food and drink, walking the bases, speed pitching, and an awards presentation. The company with the greatest number of employees present will win a suite at a future Seattle Mariners game. For more information, visit: Why are apartments rents on the rise?

Well, the nation's rental market is housing's "bright spot," says Harvard researchers, as the number of American tenants grew by 5. The bright spot continues to be the rental market, where demand has spiked.

Indeed, the number of renters surged by 5. In part, this growth reflects disproportionate shares of young, minority, and lower-income households, who are traditionally more likely to rent. But the foreclosure crisis and the aging of the population have also spurred increases in renting among the middle-aged, as well as households that are white, married and have moderate incomes. Moreover, rental markets have yet to benefit fully from the presence of the large echo-boom generation. The recession helped to dampen the rate at which young people begin to live independently, contributing to a decline in the number of households under age 25 - the years when renting is most common.

But once the economy recovers and the echo boomers increasingly strike out on their own, rental markets will receive another significant lift. Security Properties partnered with its investors to create a private equity real estate fund that would provide a diversified alternative to stocks and bonds. The fund was created to make direct investments, either through wholly-owned entities or in joint venture partnership with institutions.

The Security Properties Multifamily Fund will also pursue multifamily real estate investment opportunities in other western U. Security Properties' one-year-old multifamily fund recently closed on two major buys: And you thought you splurged on your birthday.