Author: ipgocorp

CHAMPAIGN, IL – American Campus Communities, the nation’s leading developer, owner and manager of high-quality student housing, announced that The Suites at Third, a new student community in Champaign, Illinois opening August 2017 is pursuing LEED Homes Gold certification.

LEED is an initiative from the U.S. Green Building Council that encourages the sustainable planning, construction, maintenance and operation of projects around the world. LEED is the most widely used third-party verification for green buildings, with approximately 1.9 million square feet being certified daily. Projects pursuing LEED certification earn points across several areas that address sustainability issues. Based on the number of points achieved, a project then receives one of four LEED rating levels: Certified, Silver, Gold and Platinum.

The Suites at Third, located at 707 South Third, is a boutique 251-bed community pedestrian to the University of Illinois at Urbana-Champaign campus and just one block south of “Green Street,” a hub of retail and student life activity. Suites residents will have access to amenities for academic and personal success, including study lounges and G2B® (high speed internet up to 1 gigabit per bed), an Academic Success Center with iMacs and free printing, a state-of-the-art fitness center with separate yoga room and modern student lounges for resident socialization and interaction.

Sustainability was a driving initiative in the design process with the community targeting LEED Homes Gold designation by the USGBC. Features include low emission paints throughout the community, low flow plumbing fixtures to reduce water usage, light efficiency in all common areas and units, outdoor courtyards for student gathering, and native plants that don’t require irrigation.

“We’re proud to deliver a best-in-class student community that is tracking LEED Homes Gold certification,” said Jim Hopke, American Campus Communities president. “The integration of sustainable features into our projects and the education of our employees and residents on the importance of green living are critical components in creating communities where students love living.”

With over 80 percent of the community preleased, The Suites at Third has received strong market acceptance and has limited spaces remaining. For more information on The Suites at Third or to tour a model apartment, students can visit the community’s leasing office located across the street at The Tower at Third, a sister property owned and managed by American Campus Communities.

SAGINAW, MI – A ribbon cutting ceremony hosted by the Saginaw County Chamber of Commerce and Saginaw Future will highlight The Energy Alliance Group of Michigan’s latest PACE project, New Amadore Apartments.

Originally constructed in the 1920’s, the event will showcase the recent energy efficiency renovation of this historical building. The renovations are expected to save more than $600,000 in utility and maintenance costs over the 20 year life of the financing.

The apartment complex is Saginaw county’s first property to take advantage of Property Assessed Clean Energy (PACE), an innovative energy efficiency financing mechanism. The County joined the Lean & Green Michigan statewide PACE program in September 2013 through a vote by the Saginaw County Board of Commissioners.

The goal of the Lean & Green Michigan PACE financing program, administered by Levin Energy Partners, is to make it easier for owners of commercial, industrial and multi-family properties to reduce wasted energy and upgrade to energy efficient technologies and renewable sources of energy.

“The PACE model is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property”, said JoAnn Crary, President of Saginaw Future. “We were pleased to be part of the New Amadore Apartment project and look forward to working with other companies considering this type of financing.”

Petros PACE Finance funded the upgrades to the property owned by Marookeh Nahikian. The financing paid for the replacement of all 281 original single pane windows installed when the building was first constructed in 1929. Replacement parts for the deteriorating window seals and operating mechanisms were no longer available.

According to Carl Nerio, a long time resident of New Amadore, “During the winter, no matter how warm it was inside the building you wouldn’t sit anywhere near the windows because of the drafts and ice build up.” In addition to the overall improvement in the appearance of the building Nerio noted “the new windows don’t let in any drafts and the tinted glass really cuts down on the heat build up when the sun is shining.”

Supplied and installed by Lawrence Smith Window and Door, the replacement windows are highly energy efficient, maintain the historical look of the building, and won approval from the Historical Society of Saginaw County.

The ribbon cutting ceremony will take place on June 7th, 2017 at 3:00 p.m. at the main entryway of the New Amadore Apartments. Tours of the facility will be available immediately following the ribbon cutting.

The ceremony was planned to coincide with the popular Jazz on Jefferson Festival.

NEW YORK, NY – Mortgage rates fell for the third week in a row, with the benchmark 30-year fixed mortgage rate falling to the lowest level in more than six months, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has a rate of 4.09 percent, the lowest since November 16, 2016, and an average of 0.25 discount and origination points.

The larger jumbo 30-year fixed slid to 4.02 percent, and the average 15-year fixed mortgage rate dropped to 3.31 percent, also the lowest since mid-November. Adjustable mortgage rates were mixed, with the 5-year ARM inching down to 3.41 percent while the 7-year ARM nosed higher to 3.60 percent.  

Between inflation rates stalling out, consumer spending softening and ongoing questions about a White House scandal and its implications for policy initiatives, there is just enough uncertainty to keep bond yields and mortgage rates on a downward trajectory. Mortgage rates are closely related to yields on long-term government bonds, which appeal to investors any time uncertainty, or low inflation, is in the air. With a looming employment report for the month of May, investors will be looking for some confirmation of more robust economic activity in the current quarter than the anemic 1.2 percent annualized pace of growth in the first three months of the year.

At the current average 30-year fixed mortgage rate of 4.09 percent, the monthly payment for a $200,000 loan is $965.24.

SURVEY RESULTS
30-year fixed: 4.09% — down from 4.13% last week (avg. points: 0.23)
15-year fixed: 3.31% — down from 3.32% last week (avg. points: 0.22)
5/1 ARM: 3.41% — down from 3.42% last week (avg. points: 0.30)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of the panelists, 56 percent, see the decline in mortgage rates continuing while one-third expect mortgage rates to remain more or less unchanged over the next week. Just 11 percent of this week’s respondents predict a rebound in mortgage rates in the next seven days.

(RECAP: On Tuesday, May 30, at Virginia Street Cafe in Urbanna, Democrat Dr. Sheila Crowley announced she will seek the 98th District seat in the Virginia House of Delegates in the November 7 election. She is an assistant professor at the VCU School of Social Work and the former CEO of the National Low Income Housing Coalition.)

(RECAP: M. Craig Toalson, CEO of the Home Building Association of Richmond, is stepping into his father’s shoes. He will become the CEO of the Home Builders Association of Virginia effective July 1. Meanwhile, Danna Markland — president and CEO of the Chesterfield Chamber of Commerce — will step into the CEO role at the Home Building Association of Richmond on July 1.)

(RECAP: The Board of Commissioners of the Alexandria Redevelopment and Housing Authority is pleased to announce that the Virginia Housing Development Authority has published its final rankings for the 2017 round of Low Income Housing Tax Credits and Ramsey Homes is within the funding range.)

SEATTLE, WA – Walk Score, a Redfin company, released its 2017 ranking of the most walkable U.S. cities with populations over 300,000. New York, San Francisco and Boston remain the top three most walkable cities in the nation, while Miami leapfrogged Philadelphia to become the fourth most walkable city since last year’s ranking.

Walk Score measures the walkability of a location based on its distance from amenities, density of population, block length and pedestrian friendliness. As in previous years, all of the top 10 cities saw an increase in their respective Walk Score ratings, indicating that the nation’s most walkable cities are becoming even more walkable. Of the top 50 most walkable cities only one, Omaha, Nebraska, saw its Walk Score decline.

Miami’s steady increase in walkability can be attributed to builders and city officials embracing the idea of densely populated neighborhoods.

“Developers are seeing an overall trend in people who desire to live, work and play within the same neighborhood,” said Aaron Drucker, a Redfin real estate agent in Miami. “Developers have focused on popular, urban neighborhoods like Wynwood, Midtown, Brickell, South Beach and Coconut Grove, constructing high-rises, multi-family homes and condominiums. This has increased population, creating density that didn’t exist in Miami years ago.”

Despite being edged out of the fourth spot by Miami, Philadelphia continues to improve walkability. Last year, the Pennsylvania hub held a healthy score of 78.3 compared to this year’s score of 79.0.

To read the full report, complete with a ranking of the 50 most walkable U.S. cities, visit Redfin.com

NEWARK, NJ – One Wall Partners (OWP), the real estate investment and management firm based in Newark, N.J., recently surpassed 1,150-units of transit-oriented housing in Northern New Jersey when it acquired 75 Prospect in East Orange, NJ. This transaction combined with other recent acquisitions, puts OWP ahead of its 2017 growth goals.

“We’ve been steadily expanding our portfolio since entering the market in 2013 and are very excited to add the ‘Castle on Prospect’ to our holdings,” said Nate Kline, chief investment officer and principal at One Wall Partners. “75 Prospect is an irreplaceable apartment tower that was impeccably built at the end of the Roaring Twenties with a stately façade and gracious floor plans echoing Rosario Candela and Emery Roth buildings of the same vintage. Furthermore, it diversifies our portfolio by adding a one-of-a-kind property with apartments that compare favorably in both size and price to houses in nearby high-end suburbs. Finally, for NYC transplants, the units offer the charm of pre-war Park Ave apartments at less than one fourth the rent per square foot.”

Since the beginning of 2016, OWP has significantly increased its portfolio of properties by acquiring fourteen buildings located across East Orange, Orange, Newark and Irvington. These properties were all transit-oriented and in highly-walkable neighborhoods, offering affordable workforce housing with quick commutes to New York City and Newark.

“One Wall Partners’ commitment to acquiring, managing and developing transit-oriented, workforce housing adds value to the communities they operate in and supports the rapidly growing commuter population in Northern New Jersey,” said David Oropeza, managing director with Gebroe-Hammer Associates, who has worked with OWP on numerous transaction in the last few years. “This type of housing is in high demand and I’m pleased One Wall Partners continues to expand and offer high-quality and affordable options for residents.”

By defining a niche and adhering to their transit-oriented housing formula, OWP has been able to acquire and manage a variety of properties and has become an authority on transit-oriented housing in the Northern New Jersey region. After expanding into the Newark and Irvington markets this past year, OWP’s portfolio has grown to almost $100 million in assets under management. OWP continues to search for and identify potential properties for investment opportunities in Northern New Jersey.

“The demand for naturally occurring affordable housing remains strong in areas that offer reasonable commutes to New York City, Newark and other employment centers,” Kline said. “We were very deliberate in the decision to move our corporate headquarters to Newark, within arms-reach of all of our properties. We’re in this market for the long haul and are bullish on the future of these Northern New Jersey communities.”

Founded in 2010, OWP is a vertically integrated real estate investment firm whose primary objective is providing naturally occurring affordable housing and quality, transit-oriented workforce housing located within a half-mile of public transportation.

DETROIT, MI – Olympia Development of Michigan announced plans for hundreds of new affordable and market-rate rental housing units across six buildings in The District Detroit’s initial phase of residential developments. Four existing buildings – The Alhambra, The American, The Eddystone and 150 Bagley – and two new-construction buildings will create an exciting mix of urban lofts and apartments in The District Detroit. 

This initial phase of residential development includes 686 units, 139 of which will be designated as affordable at no more than 80 percent of the Area Median Income (AMI). These projects together meet Olympia Development’s goal of 20 percent affordable housing throughout The District Detroit.

This is Detroit’s largest single announcement of new apartment units, affordable units and redeveloped historic buildings in more than 20 years. American Community Developers, Inc. (ACD), a local developer with significant affordable housing experience, will team with Olympia Development on five high-profile properties near Little Caesars Arena. The highly-experienced, Detroit-based team at Bagley Development Group will partner with Olympia Development to redevelop the majestic 18-story structure at 150 Bagley, just west of Grand Circus Park.

“Olympia Development’s plan to preserve several historic buildings and bring hundreds of new residential units into the heart of the city is a clear sign of the demand for housing in Detroit,” said Detroit Mayor Mike Duggan. “The fact that they are including nearly 140 units of new affordable housing across these six developments aligns perfectly with our efforts to build a city that includes everyone.”

“The District Detroit will be one of the most exciting places in the country to live,” said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. “These six uniquely Detroit residential developments will be in the heart of the action, in a city on the rise.”

The District Detroit, a 50-block, mixed-use development led by the Ilitch organization, is a world-class sports and entertainment destination built around eight theaters, all four major sports teams, three professional sports venues and new restaurants, shops, offices and places to live – connecting Downtown to Midtown Detroit into one vibrant area.

“I am very optimistic about the opportunity for a dynamic development at 150 Bagley,” said Emmett Moten, Jr., Team Executive for Bagley Development Group and a veteran Detroit developer. “This well-known building has a high-demand location, and we believe its renovation will be well received by the entire community.”

“We’re excited to be part of such a transformational development in our hometown,” said Jerry Krueger, president of American Community Developers, Inc. “We’re proud to play a role in the renovation of three historic buildings as well as the development of new landmark properties in The District Detroit.”

ST PAUL, MN – IRET, a real estate investment trust focusing on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest, announced the acquisition of Oxbō Apartments, a multifamily property in St. Paul, Minnesota, for $61.5 million. 

Chief Executive Officer, Mark O. Decker, Jr. commented, “We are pleased with the acquisition of this high-quality property.  Oxbō is well-located in an attractive neighborhood in St. Paul.  This transaction furthers our goal to enhance our existing portfolio and improve the prospect of sustainable cash flow growth for our investors.”

The Company acquired 202 7th Street West, located in St. Paul, Minnesota, for approximately $61.5 million.  The newly constructed property is currently 42% leased and consists of 191 rentable units featuring desirable interior finishes, fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station.

The building also features nearly 12,000 square feet of fully leased street level retail space. The property is located in one of St. Paul’s most vibrant neighborhoods, steps away from entertainment, restaurants and employment centers, as well as local landmarks such as the Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway Theater. 

IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space.