Author: ipgocorp

ORLANDO, FL – Florida’s housing market had more closed sales, higher median prices and more new listings in June, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 28,205 last month, up 4.3 percent compared to June 2016.

“More homeowners decided it was time to sell in June, resulting in an increase of new listings in Florida by 4.2 percent,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “However, this slight increase in June is not easing the market and inventory remains tight. Homes continue to sell quickly, which resulted in an increase of pending sales, which rose 2.2 percent.

“Buyers must continue to be prepared to act quickly,” Wells added. “They need to find a Realtor to assist them to navigate the choppy waters of today’s market. This will allow them to be ready to make an offer when the right property is available.”

The statewide median sales price for single-family existing homes last month was $245,000, up 8.9 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $176,820, up 7.2 percent over the year-ago figure. June was the 67th consecutive month that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in May 2017 was $254,600, up 6 percent from the previous year; the national median existing condo price was $238,700. In California, the statewide median sales price for single-family existing homes in May was $550,200; in Massachusetts, it was $385,000; in Maryland, it was $295,694; and in New York, it was $239,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,996 last month, up 4.9 percent compared to June 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 30.0 percent and foreclosures fell 47.3 percent year-to-year; short sales for single-family homes dropped 31.5 percent and foreclosures fell 43.4 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The median sale price among Florida single-family home sales in June was up 8.9 percent compared to last year; and the median sale price of condos and townhouses was up slightly less, increasing by 7.2 percent,” said Florida Realtors® Chief Economist Dr. Brad O’Connor.

“With sales and prices continuing to rise, it should come as no surprise that the dollar volume of sales throughout the state increased significantly this June compared to June of last year,” O’Connor added. “Statewide, closed sales of single-family homes totaled about $9.3 billion, a year-over-year increase of nearly 12 percent. Closed sales of townhouses and condos rose by a little over 11 percent to about $2.8 billion.”

Inventory remained tight in June with a 3.9-months’ supply for single-family homes and a 5.8-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.90 percent in June 2017; it averaged 3.57 percent during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

CHARLOTTE, NC – EDENS, one of the leading retail real estate developers in the country, and Crescent Communities, one of the nation’s top multifamily developers, are pleased to announce their partnership on the development of Atherton, a mixed-use center in the heart of Charlotte’s Historic South End neighborhood.

“EDENS is excited for the opportunity to work with Crescent Communities on revitalizing this piece of Charlotte’s history,” Lyle Darnall, Managing Director of EDENS, says. “Their company values align well with EDENS, and our focus is to create a vibrant gathering place for the people of South End – one that fulfills a need and reflects the story of the community.”

Atherton is evolving from a South End retail center, to a top Charlotte destination for dining, shopping and living – confirming Atherton as the soul of South End. The mixed-use project will offer 346 uniquely styled apartment homes, over 115,000 square feet of retail and will feature a significant expansion of the “Rail Trail” multi-use path that can accommodate public programming.

“EDENS has a track record of creating some of the most distinct community-oriented retail centers in the country and we are honored to have the opportunity to partner with them on this incredibly transformational development in Crescent’s hometown of Charlotte,” said Michael Tubridy, Managing Director of the Charlotte market for Crescent Communities. “As rich and authentic as the neighborhood itself, Atherton will be a storied community that celebrates the South End’s history and future of industry, innovation and creativity.”

EDENS owns and operates a number of other successful retail developments in the area, including Park Road Shopping Center, Kenilworth Commons and Myers Park. Crescent Communities has developed six multifamily communities in Charlotte since 2008 and currently has four multifamily developments under construction in the region including Crescent Stonewall Station, Crescent NoDa, Crescent Providence Farm and the recently announced Crescent Montford Park.

WASHINGTON, DC – Hedin House Apartments, a 48-unit affordable housing community located in Washington, D.C., was acquired by Security Properties in partnership with Housing Up Development, a local non-profit, for $3,300,000. This marks the second affordable housing acquisition by Security Properties and Housing Up Development in the District of Columbia this year. In February, the duo purchased Glenn Arms, a 55-unit historic multifamily community located in the Adams Morgan neighborhood for $8,800,000.

Hedin House, a 5-story mid-rise, was constructed in 1956 and renovated in 1973. It boasts 8,401 square feet of ground floor retail currently occupied by Seabury Resources, a local non-profit. The property houses senior and disabled residents with all units being income-restricted at 60% of Area Median Income (AMI). A Section 8 HAP Contract provides another layer of subsidy for 70% of project units. Affordability covenants have been extended for a 40-year term as part of the preservation transaction.

Hedin House was acquired using 9% Low-Income Housing Tax Credit (LIHTC) equity, a low-interest loan from the District’s Housing Production Trust Fund, and a Construction-to-Permanent loan from Citi Community Capital. $8 million of tax credit equity was provided by R4 Capital, a New York based private capital syndicator. Over the next 12 months, the property will undergo a $115,000/unit renovation to modernize all major building systems and to enhance the aesthetic appeal and functionality of both residential units and common areas. A new community space and computer room will be added for resident use. Other improvements include all new kitchens and baths, new appliances, substantial electrical, plumbing and HVAC improvements, new flooring throughout, a new green roof, ADA accessibility enhancements, and new windows throughout. “We anticipate a dramatic transformation at Hedin House,” indicates Jeff Garrison, Director of Affordable Housing at Security Properties. “We have worked closely with the Hedin House resident community from the outset of this project and we look forward to delivering a final product that will exceed expectations for years to come.”

Glenn Arms is located in the vibrant and rapidly-growing neighborhood of Adams Morgan in northwest Washington, D.C. The site has two residential buildings constructed in 1910 and 1916 respectively. It is currently undergoing a 10-month rehabilitation at $100,000/unit that will modernize unit interiors and common areas, update all major building systems, and provide two additional units and a new community room. Upon completion, Glenn Arms will be ADA-compliant, and include a host of energy efficiency upgrades. All of this renovation work will be done while maintaining the historical integrity of the structure, and, going forward, Glenn Arms will be included on the National Historic Registry.   

Funding sources for Glenn Arms include 9% LIHTC equity, Historic Tax Credit equity from the National Parks Service, a low-interest loan from the District’s Housing Production Trust Fund, and a Citi Community Capital Construction-to-Perm Loan. The tax credit investor is R4 Capital who provided over $10.5 million of equity. “The Glenn Arms project offers us a unique opportunity to preserve part of D.C.’s historic fabric while extending rental affordability. There are few locations where the need for quality affordable housing is as great as it is in the D.C. metro area,” said Bryon Gongaware, Managing Director of Affordable Housing at Security Properties.

SAN MARCOS, TX – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced the opening of The Local Downtown, a pedestrian-to-campus student housing community serving Texas State University in San Marcos. Including this development, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments in 2017.

The Local Downtown, a mid-rise community pedestrian to Texas State University, has 304 beds in floorplans ranging from studios to 4-bedrooms. Community amenities include a swimming pool, clubhouse, game room, media room, fitness center with saunas, structured parking and robust internet and Wi-fi throughout the building.

“With its pedestrian to campus location and amenity offering, The Local is one of the premiere living destinations in the San Marcos market,” EdR CEO Randy Churchey said. “Texas State is a growing university and a market with tremendous opportunity.”

Established in 1899, Texas State University is the fifth-largest university in the state with an enrollment of nearly 39,000 students and has experienced 19 consecutive years of enrollment growth as of the Fall 2016 semester. Designated an Emerging Research University by the State of Texas, Texas State is classified under “Doctoral Universities Higher Research Activity,” the second-highest designation for research institutions under the Carnegie classification system.

EdR is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 82 communities with more than 43,200 beds serving 52 universities in 25 states.

BLOOMINGTON, IN – CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Regency Consolidated Residential today announced the start of construction on Evolve Bloomington, a mixed-use residential and retail complex at 1425 Dunn St. in Bloomington, Ind. Located across the street from Indiana University’s Memorial Stadium, the 751-bed community will include 8,200 square feet of retail and is scheduled to deliver in summer 2018. Pre-leasing is slated to begin in fall 2017.

“Evolve Bloomington will completely transform this near-campus stadium neighborhood by replacing outdated low-rise apartments with a contemporary mixed-use community,” said JJ Smith, president of CA Student Living. “The development’s mix of modern apartments, on-site retail and abundant amenities, including a full-sized indoor basketball court, will establish Evolve Bloomington as an upscale neighborhood-within-a-neighborhood, within walking distance of the IU campus and popular attractions nearby.”

When complete, Evolve Bloomington will feature seven buildings: a five-story main building with 183 apartments, an expansive outdoor courtyard and 2,800 square feet of street-level retail fronting 18th Street; a second five-story building with 72 apartments wrapped around a shared parking deck; a three-story building with eight residences and 5,000 square feet of ground-floor retail fronting Dunn Street; and four three-story townhome buildings with three to five residences per building.

“We envision retail options that will offer convenience for students, visitors and residents,” said Smith. “There has been preliminary interest from fast-casual dining establishments and we’d love to see a small-format grocer anchor the complex.”

In total, Evolve Bloomington will include 279 pet-friendly units in a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,700 square feet. Each apartment will be fully furnished with designer furniture and feature a modern kitchen with stainless steel appliances, European-style cabinetry and stone countertops; a 50-inch smart TV in the living room; and contemporary lighting. Penthouses include under-cabinet lighting and tile backsplashes in kitchens; 55-inch smart TVs in living rooms, with additional TVs in bedrooms; and Kohler Moxie rain showerheads in bathrooms.

The 16 townhome residences offer the same level of condo-quality finishes as the apartments while giving residents added privacy within the overall community. Each townhome features an oversized living room on the first floor and two bedrooms on each of the two upper floors – all with private bathrooms. In addition to offering seclusion from the adjacent buildings in the development, the townhome component also allows for a more seamless transition to the less-dense neighborhood to the north.      

A 32,000-square-foot courtyard adjacent to the main building will offer numerous spaces for socializing, including an outdoor pool with hot tub and cabana; a jumbotron for sporting events and movie nights; a paddle tennis court; and grilling and fire pit areas. The main building will also include a full-court indoor basketball court with an adjacent glass-walled game-day lobby that will serve as a multipurpose amenity space for watching televised games or taking in live action on the adjacent court. Other amenities in the main building will include a coffee bar, game room, social lounge with kitchenette and snack bar, study lounge, fitness room, yoga studio, dedicated dog run, and a spa with sauna and tanning. In addition, private study pods will be located throughout the community.

Students at Evolve Bloomington will also have access to CA Student Living programming, designed to enhance study habits, encourage prudent financial planning and assist in attaining career goals.

“Evolve Bloomington will give students at IU what students nationwide demand: proximity to campus and fully furnished apartments with private bathrooms and finishes similar to those found in luxury market-rate rentals,” said Smith. “It also checks off all the wish-list items to enhance the college experience, including resort-level amenities where students can study, relax and build lifelong friendships.”

Atlanta-based Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor.            

(RECAP: With a two-bedroom apartment averaging $1,700 a month and nearly half of the salaries in the county at $50,000 a year or less, the non-profit community support groups in Mount Vernon need some help. John Smoot, from Habitat for Humanity Northern Virginia, encouraged the audience to become advocates for affordable housing, shop and contribute housing items to their ReStore, and volunteer with Habitat.)

(RECAP: Charlottesville’s planning director briefed councilors on Monday about how land banks, zoning changes and new community organizations could be used to help reach the goal of having 15 percent of the total housing stock deemed affordable by 2025.)

OAKLAND, CA – International award-winning firm KTGY Architecture + Planning announced that Elan Menlo Park, a 146-unit luxury apartment community in Menlo Park, Calif., is nearly complete and has begun leasing. Developed by CityView and Greystar, Elan Menlo Park is a contemporary-designed apartment community located at 3645 Haven Avenue, near major employers, restaurants, shopping, services, medical, education and transit. In addition to the 146 luxury apartment homes, the apartment community features over 17,000 square feet of indoor/outdoor amenity space for residents.

According to Jessica Musick, associate principal at KTGY, Elan Menlo Park is just minutes to the Dumbarton Bridge, Bayshore 101 Freeway and Facebook’s campus and only 10 minutes to Downtown Menlo Park, Palo Alto or Redwood City. Residents can bike to work, and it’s only a four-minute walk to the Marsh Road Shuttle. When work is over, residents can enjoy the great trail system located adjacent Elan Menlo Park.”

Elan Menlo Park’s design was conceived as a series of six interactively-connected “garden-style” apartments relating to a central amenity area, said Musick. “The prominent three-story amenity building includes a spacious open-area community lounge, game room areas, fitness center, viewing deck, and a leasing and administrative office. The amenity spaces have a visual connection to the outdoor swimming pool and deck, and views to the community green space. The central driveway provides access to the project’s amenity building which serves as a bold backdrop for the arrival sequence,” Musick commented.

Residences will be available in one, two- and three-bedrooms ranging in size from 715 to 1,249 square feet of living space. The well-appointed apartment homes have gourmet kitchens with custom islands, quartz countertops with under mount sinks, glass-tiled backsplashes, European cabinetry and stainless-steel appliances. Floor plans incorporate features such as wood-style plank flooring, abundant windows for natural light, pendant lighting, air conditioning, spacious walk-in closets and in-home full-size washers and dryers.

“In addition to modern finishes within each home, Elan Menlo Park offers a unique collection of amenities, a component that we have seen our community-seeking residents crave,” said Andrew Morcos, development manager at Greystar. “We sought to develop a place where convenience and luxury go hand in hand, and we have already seen an exciting response to the offerings at Elan Menlo Park.”

Community amenities include a club-quality fitness center, a resident lounge and large landscaped interior courtyards with Wi-Fi, bike storage and maintenance stations, automated package delivery system, and a resort-inspired saltwater pool and spa. It will also have an outdoor area with fire pits, barbecue grills and TVs, and a pet area that measures roughly 50 feet by 10 feet.  In addition to covered parking for residents, select apartment homes have an attached garage.

Elan Menlo Park’s general contractor is JS Builders. The interior designer is Parisi Portfolio. The landscape architect is MPA Design. KTGY is the project’s designer.

“The project brings an exciting new residential community to this burgeoning area of Menlo Park that will also feature Anton Menlo, a 394-unit apartment community at 3639 Haven Avenue, and a new 195-unit apartment home community at 777 Hamilton. All three projects are designed by KTGY and will help alleviate some of the demand for housing in this area,” noted Musick.
 

PORTLAND, OR – JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, announced the acquisition of Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. The purchase price was approximately $75 million.

Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. The suburb is conveniently located along the I-5, providing access to some of greater Portland’s major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco. Wilsonville, which has attracted a growing population of affluent families, also offers an exceptional public school system that Niche.com and US News & World Report have ranked as a top school system both locally and nationally. Wilsonville’s strong employment base and high barriers to entry should result in continued strong demand and future rent growth.

“The acquisition of Jory Trail at the Grove demonstrates JLL Income Property Trust’s strategy to invest in high-quality apartment assets in strong-performing areas featuring a combination of top incomes and school districts,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Jory Trail is our first multifamily acquisition in the Pacific Northwest, and we continue to focus our apartment investment strategy on submarkets that showcase stability, growth and have high barriers to entry.”

This acquisition represents JLL Income Property Trust’s ninth property investment in the apartment sector, bringing its aggregate apartment allocation to nearly $600 million and 25% of its overall property portfolio by valuation.

JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

NORMAN, OK – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, along with Provident Resources Group, announced that construction has begun on the first phase of a dynamic mixed-use project for the University of Oklahoma (OU). The $194M project will expand the University’s options for on-campus living for upper-class students as part of a public-private partnership (P3).

Located on more than 10 acres in the southern sector of OU’s campus in Norman, Oklahoma, the development will introduce a vibrant, mixed-use experience for both residents and the broader campus community. The project scope includes four distinct mid-rise buildings that will deliver 1,231 student beds, as well as more than 40,000 square feet of integrated dining, shopping, entertainment, fitness, academic and co-curricular spaces, and a parking garage with capacity for 1,000 vehicles.

JE Dunn Construction’s Oklahoma City office is leading the project’s design/build team, in collaboration with Clark Nexsen of Charlotte, NC and Studio Architecture of Oklahoma City. RBC Capital Markets is the financial underwriter for the project.

“Together with the new Dunham and Headington Residential Colleges, this project is going to establish an exciting, new, engaging on-campus living experience at OU designed for upperclassmen. Dunham and Headington Colleges will be over 95 percent full on day one. There is great demand to live on-campus at OU and this project will make it even more exciting for upperclassmen,” said OU Executive Vice President and Vice President for Administration and Finance Nick Hathaway. “This dynamic public-private partnership allowed OU to build these exciting new high quality student facilities with great attention to cost reduction.”

Construction of the project is expected to be completed in August 2018 in preparation for the 2018-2019 academic year. The housing component will be jointly operated and managed by the University and Balfour Beatty Communities.

“This project is a strong example of how public-private partnerships continue to evolve, as we believe it is one of the first comprehensive living community developments to be delivered through the public-private model,” said Josh Smith, senior vice president for Balfour Beatty Campus Solutions. “Our team is thrilled to be working with OU to fulfill their vision and shape an outcome that reinforces the campus’ position as a residential university and expands on-campus housing with a state-of-the-art option for OU students.”

“Provident is very pleased to be the University of Oklahoma’s partner on the project–OU’s first P3 project located on the Norman flagship campus,” said Steve Hicks, chairman and CEO for Provident Resources Group. “Through Provident Oklahoma Education Resources, Provident’s subsidiary, we will be able to serve many of OU’s capital project needs for many years to come. The University of Oklahoma’s commitment to serving its students through the project is to be applauded. Balfour Beatty and RBC Capital Markets did an outstanding job for both OU and Provident in bringing the project financing to completion.”