Author: ipgocorp

(RECAP: The Arlington Partnership for Affordable Housing (APAH) broke ground Thursday, July 27 on its newest project, Gilliam Place, which will be located at 3507 Columbia Pike.)

JACKSONVILLE, FL – The Praedium Group, a New York City-based national real estate investment firm, today announced the acquisition of The Views at Harbortown in Jacksonville, FL for $57.25 million. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Views at Harbortown, built in 2015, consists of 300 one, two, and three bedroom units ranging in size from 713 square feet to 1,570 square feet. Unit interiors feature granite countertops, custom cabinets, kitchen islands, stainless-steel appliances, undermount sinks, tiled flooring in bathrooms, garden-style tubs, walk-in closets, track lighting, washer/dryer in units, plank flooring, nine-foot ceilings, and crown molding.

Community amenities include a clubhouse with lounge areas and billiards room, a sundeck with Wi-Fi, two resort-style swimming pools with cabanas, a cyber lounge and business center, fitness center, WellBeats virtual training system, bike rack, picnic areas with grills, and controlled-access gated entry and exit. The Property also owns three boat slips, two of which can fit up to a 40-foot boat and a smaller one which can fit up to a 19-foot boat.

Per the Bureau of Labor Statistics’ March 2017 report, Jacksonville achieved a 3.7% year-over-year change in total nonfarm jobs, doubling the national average. AXIOMetrics expects this job growth to continue, projecting an increase of another 13.3% over the next five years. Forbes projects 2017 wage growth of 7.8% in Jacksonville, #3 across the country’s 50 largest MSAs.

“The Views at Harbortown is a high-quality asset that offers residents access to the privately owned Harbortown Marina and the Intracoastal Waterway, an amenity unique relative to the competitive set of properties,” said Hughes.

“REIS expects Jacksonville’s population to grow by 9.6% over the next five years, compared to the national average of 5.1%. This growth is driven by Jacksonville’s influx of jobs, affordability, and attractive quality of life,” added Lindsay Schuckman, Associate of the Praedium Group.

ATLANTA, GA – Olmsted Chamblee Apartments, with design inspired by boutique hotels, is already 50% leased – and for good reason. The community’s amazing amenities include co-working spaces, artist’s studio, and a landmark sign to name a few. Across the street from Chamblee MARTA rail station, it is two blocks from the soon-to-open Whole Foods in Peachtree Station, which also has several restaurants. It’s also at the starting point of the completed part of the Chamblee Rail Trail.

“We have one of the best locations and largest amenity offerings of any new community inside the Perimeter,” says Brett Oliver, Director of Development for CF Real Estate Services. “The unique and eclectic community spaces are truly special and already in full use.”

“Seeing the amenities for the first time blew me away,” says Olmsted resident Darrell Duliman. “The furniture, attention to detail and design of the entire floor is truly impressive.”

Its marquee “CHAMBLEE” rooftop sign is at the busy intersection of Peachtree Boulevard and Chamblee Tucker Road. The 37-foot-wide sign has five-foot-tall letters visible from a mile away.

“The sign brings attention to the city itself, as well as the incredible neighborhood taking shape,” says Oliver, who’s responsible for the development and design of the Olmsted brand, including Olmsted Nashville, opening soon in Nashville, Tennessee. “The apartments were the catalyst for a lot of the new development that’s making Chamblee one of the most dynamic parts of Metro Atlanta. It’s fun to watch it grow with breweries, shops, loft offices, and restaurants.”

Olmsted Chamblee has eclectic interior design and down-to-earth customer service. There’s a neighborhood pool, hammocks, and outdoor grills and smokers. Living room lounges have comfy seating and loads of hardcover books; there’s raked seating for art and photography classes, an indoor bocce ball court, movie room, community kitchen, mail room lounge with vintage-look tile floors, and 24-hour fitness center with the latest gear. The Workshop has tables and sinks for art or DIY projects.

The co-working spaces are also unique. Residents and outside entrepreneurs can rent private offices with a selection of WiFi providers.

The 283 one, two, and three-bedroom apartments have granite countertops, energy-efficient appliances and windows, Nest thermostats, and huge closets. Some have kitchen islands. Two-bedrooms have roommate floorplans as well as premium outside corner units with flexible layouts. There are also for-rent townhouses with 3-bedrooms and 3.5-bath that are a rare find in the market.

Buckhead, Midtown and Downtown are a few stops away via MARTA rail. I-85 and Ga. 400 are close; so is I-285, which means a short drive to SunTrust Park. Oglethorpe University is two miles away. Historic Downtown Chamblee, Buford Highway and Town Brookhaven are also nearby.

KANSAS CITY, MO – As it nears its 2018 completion, Two Light Luxury Apartments in the Kansas City Power & Light District celebrated the pouring of the building’s last column with a ceremonial Topping Out event held at the project site. Executives from The Cordish Companies and the Power & Light District were joined by distinguished guests from the City, community and business leaders, executives and team members from JE Dunn Construction Company and lead project architect Hord Coplan Macht, to celebrate this exciting milestone, continuing a boom in residential growth downtown that shows no signs of slowing.

Two Light will be the second of four high-rise apartment buildings built by The Cordish Companies within the perimeter of the Power & Light District, with the 25-story One Light Luxury Apartments having opened in November 2015.   

Scheduled to open in 2018, the 296-unit Two Light will join One Light as the second new construction high-rise apartment building in the last 50 years in downtown Kansas City, MO

“The topping out of Two Light is an exciting milestone and a great opportunity for us to share our appreciation of the hard and skillful work the JE Dunn team has done so far,” said Nick Benjamin, Executive Director of the Kansas City Power & Light District and Director of Multifamily Development for The Cordish Companies. “Just like its sister property, One Light, Two Light will add a unique, amenity-rich residential experience to Kansas City’s downtown, which is now growing at pace with the country’s most dynamic cities. We are extremely proud of what we delivered with One Light and with today’s milestone, we are one step closer to Two Light achieving the same success.  We can’t wait to reveal Two Light to Kansas City next year.”

Scheduled to open in 2018, the $120 million, 296-unit Two Light will join One Light as the second new construction high-rise apartment building in the last 50 years in downtown Kansas City.

The 24-story tower features a seven-story parking garage with 499 spaces, plus 18 floors of studio apartments, 1-bedroom, 2-bedroom and penthouse apartment homes. Additionally, the first floor will include 15,000 square feet of office space and 3,100 square feet of retail space.

Two Light will feature more than 16,000 square feet of amenity space that rivals that of any luxury apartment or condo building anywhere in the United States.

The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Commercial Real Estate; Coworking Spaces; Entertainment Districts; Gaming; Hotels; International Development; Private Equity; Residential; Restaurants; and Sports-Anchored Developments.

NASHVILLE, TN – CIM Group announced the acquisition of Stacks on Main, a newly constructed five-story, 268-unit apartment building with 377 parking stalls located at 535 Main Street in the East Nashville neighborhood. Located 1.5 miles east of Downtown Nashville, the neighborhood is a hub of art, music, restaurants and bars with a vibrant craft beer scene, and an array of boutiques and local retailers.

Stacks on Main, which opened in October 2016, consists of one- and two-bedroom units, offering washer/dryer, quartz and granite countertops, stainless steel appliances, Google Fiber, and an intrusion alarm security system and a range of amenities including a salt water pool, barbeque area, rooftop deck with city views, fitness and yoga center, music room, bike storage, clubhouse and business center.

The property is conveniently located close to the area’s major thoroughfares, with immediate access to the Ellington Parkway, U.S. 41, and Interstate 24, and is also proximate to several bus lines that connect into downtown Nashville in less than 10 minutes.

CIM made its first investment in Nashville in 2015 with the acquisition of L&C Tower, a 272,000-square-foot office building located in the downtown core after identifying the community as possessing the attributes that fit its investment strategy, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks.

CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure.

MONTGOMERY, AL – Inland Residential Properties Trust, a non-listed real estate investment trust sponsored by Inland Real Estate Investment Corporation, announced the acquisition of The Verandas at Mitylene, a 332-unit, gated community, apartment complex in Montgomery, Alabama.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of Inland Residential Trust.

Located at 8850 Crosswind Drive, the property is on the east side of town just north of I-85. Constructed in 2007, The Verandas at Mitylene consists of 14 three-story buildings containing a total of 24 one-bedroom, 248 two-bedroom and 60 three-bedroom units. Each unit features granite countertops, full-size washers and dryers, walk-in closets, and a sunroom, patio or balcony.

The complex also includes a clubhouse, 24-hour fitness center, playground, car care center, business center and pool. As of June 30, 2017, the property was approximately 91 percent leased.

“This acquisition was an ideal opportunity to add a property with condominium quality amenities to Inland Residential Trust’s growing multifamily portfolio,” said Mitchell Sabshon, chief executive officer and president of Inland Real Estate Investment Corporation. “The property is well positioned off the interchange and near many large employers including The Baptist Medical Center, Auburn University at Montgomery and the Maxwell-Gunter Air Force Base. The property’s close proximity to I-85 also provides residents with easy access to downtown Montgomery, the Eastchase office market and to a variety of local and national retailers. This acquisition aligns well with Inland Residential Trust’s strategy to purchase high quality residential properties in attractive locations.”

Inland Residential Properties Trust was formed to acquire, directly or indirectly, a geographically diverse portfolio primarily of Class A and Class B multifamily properties located in the top 100 metropolitan statistical areas throughout the United States.

SAN DIEGO, CA – In a joint venture with Allstate, TruAmerica Multifamily has made its biggest investment in San Diego County with the acquisition of the 519-unit Eagles Point Apartment Community in Escondido for approximately $90 million.

Escondido is one of the fastest growing cities in North San Diego County. Over the past five years, its population has grown by 6.3% percent and is projected to grow by an additional 5.4% by 2021, according to FastReport.

With fewer than 14,000 rental units and only two projects totaling 275 units in the construction pipeline, the city’s multifamily inventory is not close to keeping pace with its tremendous growth, according to Greg Campbell, TruAmerica’s Senior Managing Director of Acquisitions and Dispositions.

“Demand has far exceeded supply in Escondido driving vacancy rates to a little more than one percent,” said Campbell. “And most of the current inventory in the area is older and lacks the amenities desired by today’s renter.”

Eagles Point includes studio, one-, two- and three-bedroom apartments that have not been updated since they were built in 1985.

“The property has great infrastructure but lacked the reinvestment to make it relevant in today’s market,” added Campbell.

TruAmerica will invest significant capital to improve the property. The renovation plan — the largest in company history — includes refurbishing all interior units and upgrading the property’s two pools and spas, tennis courts, and clubhouse. Plans also call for a new fitness center to be incorporated in the existing clubhouse.

“With 1,600 units in our San Diego portfolio, we will be able to take advantage of economies of scale and in-house construction management expertise to transform Eagles Point into one of the most attractive communities in the submarket, and still keep rents in line for working families and individuals in the North County,” Campbell added.

Eagles Point benefits from being located across the street from the Walmart-anchored Vineyard Square Shopping Center, one of the major retail centers in Escondido. The property also is served by nearby Highway 78 and Interstate 15, providing easy access to downtown San Diego as well as the coastal communities of Carlsbad and Oceanside.

Allstate has now acquired more than 7,600 units through its joint venture with TruAmerica.

“We are excited to partner with TruAmerica on another terrific addition to our real estate portfolio. We believe assets like Eagles Point are both a great investment and a great way to support the community with high-quality yet affordable housing,” said Michael Moran, Vice President and head of Real Estate Investments at Allstate.

Troy Tegeler’s Newport Beach-based CBRE team arranged the project financing through Fannie Mae. CBRE’s San Diego-based team of Kevin Mulhern, Rachel Parsons and Dixie Hall marketed the property on behalf of the seller.

FORT MYERS, FL – Discovery Village at The Forum, one of the top senior living communities in Southwest Florida, hosted a formal ribbon cutting ceremony to celebrate the completion of the area’s newest, and most luxurious, independent living community.

Discovery Village at the Forum’s new independent living community is owned and operated by award-winning Discovery Senior Living. The independent living portion of the community broke ground early last year and is adjacent to Discovery Village at the Forum’s assisted living community.

“Our residents are always top of mind, and Discovery Senior Living pride ourselves on providing the best lifestyle possible to promote overall well-being and happiness,” says Richard J. Hutchinson, CEO of Discovery Senior Living. “This new community is unmatched in regards to the amenities, the living arrangements, and the lifestyle. Our team put so much heart and thought into the construction and overall design of this new community. We hope all residents at Discovery Village at the Forum feel at home, in addition to living their best life.”

The new community offers an array of luxurious exterior and interior amenities. There is a grand ballroom for community events, a deluxe movie theater for relaxation and entertainment, and a resort-style pool, complete with oversized cabanas and a covered, outdoor entertaining and dining area.

In addition to the amenities, residents will be able to enjoy gourmet, freshly prepared meals through the community’s Sensations dining, and participate in a variety of events and activities through the Celebrations program. Promoting wellness and vitality is also crucial to the community, which is why the Dimensions program is available to all residents.

Senior Management from the Discovery Senior Living team was present at the ribbon cutting ceremony, in addition to community leaders and board members from the Greater Fort Myers Chamber of Commerce. Acting Lee County Commissioner, Cecil Pendergrass, was also among the distinguished list of attendees. 

WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased 1.5 percentage points in July to 86.8, after matching its all-time high in June. The decline can be attributed to decreases in three of the six HPSI components. The net share who reported that now is a good time to buy a home fell 7 percentage points, with the share who say it’s a bad time to buy reaching a new survey high and the share who say it’s a good time to buy reaching a new survey low. The net share of those who say it is a good time to sell a home decreased by 11 percentage points, following June’s survey high.

Americans also expressed a greater sense of job security, with the net share who say they are not concerned about losing their job rising by 9 percentage points. Additionally, consumers continued to express that their current household income is not significantly higher than it was 12 months ago, with that component falling an additional percentage point in July. Finally, the net share of Americans who expect home prices to go up also increased by 1 percentage point this month, following last month’s upward trend.

The decline in selling sentiment was the biggest drag on the index, followed by the drop in buying sentiment. Underlying data showed that economic conditions weighed on the former. Among consumers who believe now is a bad time to sell, the share citing economic conditions as a primary reason posted a sharp rise. Nearly half of consumers who say now is a bad time to buy cited rising prices as a primary concern—a survey high.

“It’s clear that high home prices are a growing challenge helping to send buying sentiment to a record low,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “However, we find the notable decline in selling sentiment surprising. If it persists, this month’s decrease in optimism regarding the direction of the economy, which appears to coincide with rising uncertainty regarding the outlook for pro-growth legislation this year, could weigh on overall housing sentiment in the second half of the year.”

HOME PURCHASE SENTIMENT INDEX – COMPONENT HIGHLIGHTS

Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) decreased in July by 1.5 percentage points to 86.8. The HPSI is up 0.3 percentage points compared with the same time last year.

The net share of Americans who say it is a good time to buy a home fell 7 percentage points to 23%, reaching a new survey low, with the share who say it’s a bad time to buy and the share who say it’s a good time to buy reaching a new survey high and low, respectively.

The net percentage of those who say it is a good time to sell decreased by 11 percentage points to 28% after reaching a survey high in June.

The net share of Americans who say that home prices will go up increased by 1 percentage point in July to 47%, following the upward trend from last month.

The net share of those who say mortgage rates will go down over the next twelve months remained the same at   -49%.

The net share of Americans who say they are not concerned about losing their job rose by 9 percentage points to 75%, reversing the decrease from last month.

The net share of Americans who say their household income is significantly higher than it was 12 months ago continued to decrease, falling 1 percentage point in July to 16%.

The Home Purchase Sentiment Index (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

PORTLAND, OR – Granite Investment Group announced that it recently acquired the Tabor Crest Memory Care Portfolio, consisting of two memory care facilities in Oregon. Both facilities are located in densely populated areas of Portland and will be managed by the seniors housing division of Avalon Health Care Group.

“This is a really exciting growth opportunity for Granite, and allows us to continue our strategy of acquiring quality properties in strong markets for our investors,” said Humair Sabir, vice president of acquisitions with Granite.  “We are thrilled to partner with an operator that enjoys an enviable track record of patient care and service. Avalon brings with them experience and resources that are essential for superior quality and care.”

The portfolio, consisting of a total of 60 beds, includes a new facility that was built in April 2016 and leased up within 6 months of its opening. The second facility was acquired by the sellers in 2004, wherein they made significant improvements and built a stellar reputation in the community for quality of care. Both facilities provide high acuity services, focusing primarily on memory care, along with room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision, and assistance with activities of daily living (ADLs).

“This portfolio offers strategic in-fill locations with high visibility and an excellent reputation in the market place.  Granite Investment Group was fantastic to work with.  The due diligence and closing process went very smooth and I look forward to working with them again,” said Jason Punzel, senior vice president of Senior Living Investment Brokerage. Jason, along with Brad Goodsell, represented the sellers in both transactions.

The bridge loan was provided by Congressional Bank, and the HUD loan will be processed by Housing and Healthcare Finance (HHC).

Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of $500 million, based on purchase price, primarily comprised of senior housing facilities.