Author: ipgocorp

SOUTHAVEN, MS – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Legacy Crossing, a 430-unit apartment community in the Mississippi suburbs of Memphis.

Situated less than 30 minutes from downtown Memphis, the community is close to the city’s primary thoroughfares and within a 15-minute drive of Memphis International Airport. CAPREIT will renovate the community and implement upgrades to select apartment homes.

“Legacy Crossing is an affordable community positioned on excellent property that is ripe to be improved,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company’s improvements to the property will make a positive impact on the local schools and children who attend them.

“A desirable community creates increasingly friendly surroundings, and our acquisition of Legacy Crossing allows a clear opportunity to improve the lives of our residents, which is CAPREIT’s core mission.”

CAPREIT’s planned renovations for Legacy Crossing include new cabinets, appliances and sheet vinyl flooring in living areas, kitchens, entryways and bathrooms, and upgraded countertops in select homes. Existing amenities at the pet-friendly community include a clubroom, three pools, multiple laundry facilities and complimentary parking.

Located at 7560 Chesteridge Avenue, Legacy Crossing is within minutes of Route 51, which is adjacent to Southaven Middle and High School. Nearby transportation arteries, including Route 61, Interstate 40, and Interstate 69 offer convenient access to professional employment opportunities throughout the Memphis metro area. Major employers include AutoZone, International Paper Co. and Federal Express (more commonly “FedEx”), Memphis’ largest company, with 30,000 local employees. The community is also a short drive from Interstates 55 and 240, the gateways to downtown Memphis.

Nearby attractions include the Southaven Towne Center, Arena at Southaven Expo Center, Casino Tunica, Snowden Grove Amphitheater, Tanger Outlet Mall, FedEx Forum and Landers Center (where the Memphis Grizzlies’ NBA Development League will launch in the fall of this year). Legacy Crossing is also a short drive from the historic Graceland and Mississippi River Park, which offers a bevy of various outdoor recreation activities.

Legacy Crossing consists of 1-, 2- and 3-bedroom patio-style apartment homes ranging from 711 to 1,063 square feet. The apartments feature vaulted ceilings with lighted fan, washer and dryer connections, central heating and air conditioning, spacious closets and extra outside enclosed storage area.

(RECAP: If South Boston Town Council has its way, more affordable housing in the Poplar Creek area will soon benefit low-to-moderate income veterans, senior citizens and people with disabilities.)

(RECAP: Two U.S. senators working on a bipartisan overhaul of Fannie Mae and Freddie Mac are seriously considering a plan that would break up the mortgage-finance giants, according to people with knowledge of the matter. The proposal by Bob Corker, R-Tennessee, and Mark Warner, D-Virginia, would attempt to foster competition in the secondary mortgage market, where loans are packaged into bonds and sold off to investors, said the people.)

(RECAP: Residents began moving into the senior apartments at 1221 E. Brookland Park Blvd. in January, but Tuesday, officials held a ribbon-cutting for the $11.4 million redevelopment project in which Maryland-based Community Preservation and Development Corp. partnered with the Richmond Redevelopment and Housing Authority.)

(RECAP: The need for affordable housing is periodically discussed in greater Williamsburg, but there is never an actual solution other than the preposterous statement that $200,000 plus fits the definition.)

FAYETTEVILLE, AR – Strategic Student & Senior Housing Trust, a private real estate investment trust sponsored by SmartStop Asset Management, announced its acquisition of The District, a 198-unit, 592-bed student housing property adjacent to the University of Arkansas in Fayetteville. The purchase price for the building was $57 million.

Formerly known as Sterling District, the 2.3-acre student housing property is located at 376 W. Watson St. and includes one-, two-, three- and four-bedroom, fully furnished floor plans. The District is currently 95 percent pre-leased for the 2017-2018 academic year.

“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust. “Completed in 2016, The District is an amenities-rich and modern urban wrap-design property that is consistent with our acquisition strategy of acquiring stabilized and purpose-built student housing assets adjacent to Tier 1 universities. The property includes many safety features, such as gated access, pass-key systems, on-site management with regular security patrols and an on-site, six-story controlled access parking garage. In addition, we have retained Asset Campus Housing, one of the nation’s premier third-party student housing managers, to provide on-site management.”

Asset Campus Housing, which is a member of The Institute of Real Estate Management and is recognized as an Accredited Management Organization, currently manages in excess of 210 properties and 118,500 beds.

“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” said John Strockis, senior vice president of acquisitions of the REIT. “The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”

Each apartment unit is fully furnished with state-of-the-art amenities and energy efficient appliance packages. Community amenities include a computer lab and business center; study rooms; an expansive pool, spa and courtyard; and a fitness facility with a separate yoga room.

The District is certified by the U.S. Green Building Council as LEED-Gold, the second-highest certification level that recognizes properties that use less water and energy, and reduce greenhouse gas emissions. In addition to its energy efficient appliances and other amenities, the property also provides preferred parking for fuel efficient vehicles, a bike-sharing program, increased natural light and close proximity to mass transit for ride-sharing.

NEW YORK, NY – UC Funds, a vertically-integrated commercial real estate specialty finance firm, and HAP Investment Developers announced the grand opening of 329 Pleasant Avenue, an eight-story, luxury apartment complex in East Harlem, New York.

The 21,500-square-foot modern building contains 20 studio, one, and two-bedroom apartments crafted by highly-regarded designer Karim Rashid. UC Funds and HAP have collaborated closely to bring the project to fruition since UC Funds originated the ground up construction loan in April of 2015.

“As development proceeded, UC Funds worked directly with HAP to overcome any barriers that arose along the way, providing them with the time and funding that was necessary to bring 329 Pleasant Avenue to life,” said Joel Pecoy, senior vice president of asset management at UC Funds. “The apartment building’s much anticipated ribbon cutting and grand opening represent the effective collaboration of UC Funds and HAP to successfully complete this project and bring top-notch apartment living to the evolving Harlem community.”

The East Harlem community is currently seeing a renaissance in commercial real estate development. 329 Pleasant Avenue is located near the popular East River Plaza, which houses Costco, Target, and Best Buy. It’s also situated within close proximity to Thomas Jefferson Park, the Silberman School of Social Work at Hunter College, and local hospitals. Residents can enjoy amenities such as: elevator access, private terraces, designer kitchen and baths, in-unit washers and dryers, a roof garden with panoramic views of Manhattan, and more.

Providing over $1 billion of capital solutions to date, UC Funds is UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry dedicated to developing and maintaining long-term relationships with its borrowers and has earned a strong reputation for providing extensive reliability, standing by borrowers through completion.

HIALEAH, FL – BBX Capital Real Estate, a division of BBX Capital Corporation, announced that the first three buildings of apartment homes at Altis at Bonterra have been completed and the first residents have moved in.

In January 2016 BBX Capital Real Estate entered into a joint venture with The Altman Companies to develop Altis at Bonterra. Located within BBX Capital Real Estate’s Master-Planned community of Bonterra in Hialeah, Florida, Altis at Bonterra will comprise of 314 apartment homes on approximately 14 acres.

Altis at Bonterra features a mix of one, two and three bedroom apartment homes averaging approximately 1,063 square feet. Units feature gourmet kitchens, energy star appliances, granite counters, contemporary espresso cabinets as well as spa-inspired baths with raised vessel sinks, marble counters and spacious linen closets. The development offers a community garden, dog agility park and membership in a resort style 6,245 square foot clubhouse which includes a beach entry pool, pool pavilion, outdoor kitchen, pool-side cabanas, full circuit fitness center, movie entertainment area, game room, and a kids’ play ‘n study area.

“We are pleased to announce our continued progress with Bonterra,” said Seth Wise, President of BBX Capital Real Estate. Bonterra is a desirable location and is easily accessible to Miami, the proposed American Dream mega mall and nearby employment opportunities. Interest in the community remains strong and we are excited to be working with The Altman Companies to bring a luxury apartment community to the city of Hialeah.”

Including Altis at Bonterra, when completed the master-planned Bonterra community will comprise of approximately 128 acres of land and feature 1,171 highly stylized single-family homes, villas, town homes, and apartments, along with several parks and a 15 acre lake.

BBX Capital Real Estate is also in a joint venture with CC Homes – a Codina-Carr Company, to develop approximately 394 single-family homes at Bonterra, and sold an approximate 36-acre parcel of land in Bonterra to Lennar Corporation, on which Lennar is building approximately 463 single-family homes, villas and townhomes.

DENVER, CO – Waterton, a U.S. real estate investor and operator, announced it has acquired Greenwood Plaza, a 266-unit rental community located in the Denver suburb of Centennial, Colorado, approximately 15 miles southeast of downtown Denver.

Built in 1996, Greenwood Plaza includes a mix of one-, two- and three-bedroom apartments in a highly accessible location, near Interstate 25 and approximately 2½ miles southwest of the Denver Tech Center, home to nearly 1,000 companies and 35,000 employees.

Adjacent to the community is Fiddler’s Green Amphitheater, the largest outdoor amphitheater in the Denver metropolitan area, hosting over 200,000 visitors annually. In addition, Arapahoe at Village Center station, which serves RTD’s E, F and R lines, is less than 1 mile east of Greenwood Plaza, offering light rail service to downtown.

“Greenwood Plaza is in a prime location near major employers, public transit and within walking distance to several strong retail centers including Greenwood Retail Plaza, Heritage Place Shopping Center and Arapahoe Marketplace,” said Mark Stern, senior vice president of acquisitions at Waterton. “The Centennial community offers a great deal to its residents, including the expansive Cherry Creek State Park, golf courses, a state-of-the-art recreation center and the K-12 Cherry Creek School District, one of the highest-achieving districts in Colorado.”

Apartments at Greenwood Plaza feature 9-foot ceilings, gas fireplaces, private balconies and direct-access garages. Previous ownership partially renovated 100 units, which include new kitchens with stainless steel appliances. As part of a phased capital improvement program, Waterton plans to update the remaining 166 units with a modern finish package that includes new flooring in kitchens and living areas, as well as carpeting in bedrooms. Kitchens will also be reconfigured to create a more modern, open layout and enhanced with new cabinetry and countertops, tile backsplashes and stainless steel appliances.

Residents of Greenwood Plaza also have access to a variety of on-site amenities including a fully equipped fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.

“Waterton’s interior renovations will generate revenue growth through updating unit finishes to the high standards demanded by residents today,” said Stern.

Greenwood Plaza marks Waterton’s second multifamily acquisition in 2017. The firm owns and manages two other rental communities in the Denver area comprising nearly 700 units.

OAK PARK, MI – UnitedHealthcare is investing $18.3 million to help build two new affordable-housing communities in Hart and Oak Park, Michigan.

The announcement was made at a groundbreaking ceremony for Jefferson Oaks in Oak Park, where community leaders and investment partners celebrated the start of construction for the 60-unit mixed-income community. UnitedHealthcare is investing $14.6 million in the Oak Park development. Cinnaire is providing a $2.3 million permanent loan to the project.

Jefferson Oaks, developed by Community Housing Network Inc. (CHN), is being built on the site of a vacant school building and campus, which will be transformed into 20 apartments and eight new townhome-style buildings with an additional 40 homes. Twenty-one of the apartments are set aside for supportive housing. When completed in 2018, the new community will include on-site support services and amenities such as a community room with a library, computer lab and meeting space, and a playground.

“We are very excited to start the construction of this new community in Oak Park and appreciate the work of UnitedHealthcare, Cinnaire and our other partners in helping make this groundbreaking possible,” said Marc Craig, president of Community Housing Network. “When completed next year, Jefferson Oaks will be a model community that brings quality homes with on-site amenities for individuals and families who want a wonderful place to live and play.”

UnitedHealthcare also announced a $3.7 million investment in Woodland Place Apartments in Hart. The new 24-unit apartment community, developed by Gryphon Group LLC and Oceana County Housing Commission, will include 12 units for people living with special needs and struggling with homelessness. The development is being built to U.S. Green Building Council LEED environmental standards. West Michigan Community Mental Health will provide supportive services and case management for residents. Woodland Place Apartments will open in 2018.

“UnitedHealthcare’s investments to support affordable housing in Michigan are part of our initiative to help people live healthier lives by connecting them to housing, health care and other important services,” said Dennis Mouras, CEO, UnitedHealthcare Community Plan of Michigan, which employs 1,100 people in Michigan and serves the health care needs of more than 800,000 people in the state. “We are grateful for the opportunity to work with these partners to expand affordable housing in Michigan.”

The Michigan State Housing Development Authority (MSHDA) approved the use of Low Income Housing Tax Credits for the new developments, with Minnesota Equity Fund (MEF) and Cinnaire securing the equity funding from UnitedHealthcare. MEF and Cinnaire support community stabilization and economic development through partnerships with investors and mission-focused organizations through the use of federal tax credits and by providing creative loans, investments and best-in-class services to partners.

“Today marks an important milestone in helping create new models for quality, affordable housing in Michigan,” said Earl Poleski, executive director, MSHDA. “Jefferson Oaks will provide new hope and opportunity for the families and individuals who get to call it home.”

“Cinnaire partners with socially motivated companies like UnitedHealthcare to make economic investments in well-designed, high-quality affordable-housing developments,” said Mark McDaniel, president and CEO of Cinnaire. “These investments will help meet a critical need in Michigan to provide low-income individuals with quality, permanent housing with supportive services. We appreciate the commitment UnitedHealthcare has made to investing in affordable housing and creating healthy, vibrant communities.”

Last year, UnitedHealthcare invested $16.5 million in two new affordable-housing communities in Ypsilanti and Holt. A ribbon-cutting celebration was held today for one of those developments – Prestwick Village in Holt, a new 66-unit affordable-housing community with support services that provides new housing opportunities for individuals and families, including veterans struggling with homelessness and people with disabilities. UnitedHealthcare invested $8.5 million in Prestwick Village, which was developed by Gryphon Group and constructed by T.R. Hovey Construction LLC.

UnitedHealthcare has provided more than $350 million in financing since 2011 for 56 housing development projects in 14 states, creating more than 2,700 affordable-housing units. This includes $34.8 million in four new affordable housing communities in Michigan.