Author: ipgocorp

SALT LAKE CITY, UT – Cottonwood Residential, a leader in multifamily property management and operations, announced the unveiling of its new brand at two recently acquired apartment communities.

Modera Prime 235, a luxury community in St. Petersburg, Fla., has been rebranded Cottonwood Bayview. Elan Westside, an upscale community in the West Midtown neighborhood of Atlanta, has been rebranded Cottonwood Westside. The communities represent the start of Cottonwood Residential’s effort to incorporate its new brand into high-profile markets and locations.

“The brand represents the next phase for Cottonwood Residential, in which we are redefining our portfolio to provide the best apartment living experience available in incredible locations where today’s renters want to live,” said Chad Christensen, president of Cottonwood Residential. “The vibrant locations of our communities, the top-of-market amenities and the premier level of service that we will provide our residents will be synonymous with the Cottonwood experience.”

Cottonwood Residential is in the process of transforming its portfolio, reinvesting in well-appointed communities in strategic Class-A locations while also rehabbing existing Class B assets. Communities in the new portfolio and updated existing communities will be rebranded with the Cottonwood name. The company will also implement its upgraded all-in-one property management system, which will simplify the resident user experience and streamline operations.

“Investing in Class-A markets plays to our strengths and our onsite associates, who are some of the most talented, experienced and passionate associates in the industry,” said Glenn Rand, executive vice president for Cottonwood Residential. “Along with our detailed landscaping, elegant apartment interiors and high-end finishes, our associates will be committed to delivering the most sought after apartment living experience in the country.”

Cottonwood Bayview contains 309 apartment homes with a mix of studio, 1- and 2-bedroom homes. The community offers prime views of Tampa Bay, a rooftop terrace, state-of-the-art fitness center, resort-style swimming pool with sundeck, stainless steel appliances and full size in-home washers and dryers.

Cottonwood Westside, a mixed-use community with 197 apartment homes, is situated in a highly desirable walkable neighborhood (85 Walk Score) within steps of some of the city’s finest shopping, dining and entertainment options. Featuring sleek modern architecture, the community includes a salt-water pool with sun shelf, fitness center, high-tech gaming lounge and a pet park.

Cottonwood Residential is a fully integrated real estate investment company that has focused solely on the multifamily sector since 2004. The firm owns and/or manages over 18,000 multifamily units in 15 states.

IRVINE, CA – Talonvest Capital announced the successful funding of two value add bridge loans totaling $20,000,000 for The Bascom Group. Talonvest sourced and successfully negotiated with a regional bank for an $11,500,000 loan for the acquisition of a Harvard Villas, a 64-unit property in Torrance, California, and an $8,500,000 loan for the purchase of Pebble Cove Apartments, a 90-unit apartment community in Las Vegas, Nevada.

The $8.5M loan for the Las Vegas property featured a three-year term with interest-only payments for the first 30 months, one three-year extension option and no prepayment penalty. The $11.5M loan for the Torrance property featured a four-year term with interest-only payments for the first 30 months, one one-year extension option and no prepayment penalty.

Pebble Cove Apartments is a garden style multifamily community consisting of eight buildings situated on a 4.13-acre site ideally located only 2.9 miles from the Las Vegas Strip and 4.5 miles from downtown Las Vegas. Bascom plans to implement a substantial renovation program including interior and exterior upgrades, as well as amenities.

Harvard Villa Apartments is situated on a 1.66-acre site centrally located in the South Bay region of Los Angeles. Bascom purchased Harvard Villa in an off-market transaction from a private owner and plans to implement a third-party management and construction team to reposition and rebrand the property.

Jerry Fink, Managing Partner of Bascom, commented, “Talonvest took the time to understand our needs and then tailored a strategy to fit those needs. Although both properties had underwriting challenges, they created a competitive environment for the debt financing and greatly exceeded our expectations.” Talonvest Principal Tom Sherlock added, “We’re pleased to have established a new lending relationship for Bascom and are excited to continue providing valuable insights on the capital markets as we grow our relationship.” The Talonvest team handling the transaction included Erich Pryor, Eric Snyder, and Tom Sherlock.

SAN RAMON, CA -SummerHill Apartment Communities, a division of SummerHill Housing Group and a leader in providing quality, smart growth, multi-family rental housing and mixed-use developments, announces the completion of Villas on the Boulevard, a new 186-unit luxury residential rental community in Santa Clara, Calif. The completion celebration will be held on Thursday, May 18, 2017, from 5:00-7:00 p.m., at 2615 East El Camino Real in the City of Santa Clara.

“We are very excited to open our latest multi-family project in the heart of Silicon Valley,” said Robert Freed, CEO of SummerHill Housing Group. “We are grateful for our collaboration with the City of Santa Clara, who made this new community possible.”

Located steps from shopping and restaurants, Villas on the Boulevard includes a mix of one- and two-bedroom luxury apartment homes ranging in size from 758 to 1,378 square feet. The well-appointed apartment homes are energy- and water-efficient and include expansive windows, a gourmet kitchen with stainless steel ENERGY STAR® appliances and European-style cabinetry, wood-style flooring, quartz countertops, spacious kitchen pantry, in-unit full-size washer and dryer, large walk-in closets, private storage units and balconies or patios.

Villas on the Boulevard also includes alternative transportation amenities such as electric vehicle charging stations, a resident carpool web portal and secure bicycle storage and repair facilities. Other amenities include a resident lounge with an entertaining kitchen, cyber café, conference room, state-of-the-art fitness center, resort-style swimming pool with a spa, poolside cabanas, outdoor kitchen with lounge seating and fireplace, green space for recreation, and a pet spa with washing station and grooming table.

According to Freed, the amenity courtyards provide a series of outdoor “rooms” for residents to gather and socialize. The main courtyard adjacent to the club and fitness rooms includes the pool, spa and BBQ area. A breezeway connects residents to a second courtyard with an outdoor kitchen and amenities, living room with a fireplace, and a bocce ball court. Additional amenities include a nearly half-acre pedestrian promenade and a fitness par course along the side of the building creating a buffer to the existing single-family neighborhood.

Designed by international award-winning KTGY Architecture + Planning, Villas on the Boulevard features a four-story residential building over a one-story partially subterranean garage. As part of the development, SummerHill widened the sidewalk and added street trees and landscaping, and tiled stoops leading to the apartment homes. The apartment community’s new public plaza highlights the adjacent Saratoga Creek and a new crosswalk constructed on El Camino Real to give residents safe access to the neighborhood shopping center across the street.

“We designed The Villas on the Boulevard in Mission style architecture that the City of Santa Clara and El Camino are known for,” said Manny Gonzalez, FAIA, LEED AP and principal at KTGY in Los Angeles. “We took great care to address the adjacencies of the property by introducing ground-floor stoops along the El Camino frontage in order to bring more pedestrian scale to the building along El Camino and stepping the back portion of the building down in scale with the goal of minimizing privacy impacts on the existing single-family homes.”

From public transit and local bikeways to RideMatch, Villas on the Boulevard is conveniently located between the Lawrence and Santa Clara Caltrain stations and ½ block from the proposed VTA Bus Rapid Transit Bowers Station. Villas on the Boulevard also offers easy access to the central expressway and highways 101, 237, 280, and 85.

In addition to Villas on the Boulevard, SummerHill Apartment Communities has six new apartment communities in California in various stages of planning and construction including 994 new residential units in the 65-acre Lawrence Station Area Plan in Santa Clara; 268 new residential units featuring a mix of apartments and condominiums in Burlingame; 694 residential units and 36,500 square feet of retail space near Milpitas BART Station; a proposed 211-unit apartment community in Mountain View; a 105-unit apartment community under construction in Pasadena; and a proposed 255-unit apartment community in Carlsbad for a total portfolio of 4,315 apartment units. Currently, SummerHill is leasing 481 on Mathilda, a 105-unit apartment community in Sunnyvale; and Origin, a 153-unit apartment community in Seattle, Washington. 

TAMPA, FL – Wood Partners announced that it has closed on the sale of a multi-family housing community in Land O’ Lakes, Florida. The 311-unit, Class A community was purchased by Northland Investment Corporation.

Located on State Road 54 in vibrant Pasco County, a rapidly-growing suburb of Tampa, Alta at Terra Bella is situated less than three miles west of I-75 and 30 minutes north of downtown Tampa. The community is part of the 220-acre Terra Bella mixed-use development, which also includes medical office and retail uses, in addition to 253 single-family home sites. Wood Partners purchased the site in November 2014 and developed the 18.9-acre property, comprised of 14 three-story buildings and an 11,000-square-foot standalone clubhouse, from the ground-up.

Completed in 2016, the community features a zero-entry saltwater swimming pool, outdoor summer kitchen, fitness center with yoga room and children’s playroom, clubhouse with sports lounge, cyber café and conference room, an expansive dog park and dog wash facility and both detached and breezeway-access garages. The one-, two- and three-bedroom units feature expansive floor plans at an average unit size approaching 1,100 square feet, and are accentuated by top-notch finishes, including granite countertops, stainless steel appliances, island kitchens, full-size washers and dryers, walk-in closets and screened patios. 

“We’ve been thrilled with the reception of Alta at Terra Bella and the opportunity to contribute to the landscape of this thriving submarket,” said Bryan Borland, Wood Partners’ Director of North Florida. “The sense of place and community that is evident at Alta at Terra Bella is a testament to our best-in-class design, construction, marketing and leasing professionals who collaborate to deliver both a top-notch resident experience and attractive returns to our investors.”

SEATTLE, WA – A 41-story tower currently under construction in downtown Seattle is getting a fresh start with a new name and brand. Development partners The Molasky Group + Binjiang Tower Corp. are branding the property at 2116 4th “Arrivé” (pronounced ah-ree-vā).

The name, logo and original marketing campaign are created by VERV Projects, Vancouver, BC.  Formerly known as Potala Tower, the joint venture partners have taken complete ownership and control of the property and have revitalized the project with a substantial new investment as well as a recommitment of EB5 investor capital. The project, currently under construction, is planned to be delivered in the first quarter of 2019.

“The building has a new name and look reflective of the high-value experience we plan to deliver to those who will want to live here,” says Mike Doran, The Molasky Group executive in charge of the design and construction. “The name Arrivé is aspirational and resonates well with our target demographics. The logo uniquely reflects elements of the building’s iconic design while conveying the upscale positioning of the property.”

Located at the confluence of Seattle’s most vibrant neighborhoods, Arrivé will be one of the first for-rent mixed-use properties in downtown Seattle with ground level retail, an upscale hotel, well-amenitized apartments, and secure below grade parking. It is adjacent to the landmark Seattle Cinerama on 4th Avenue and only two blocks from Amazon’s three million square foot headquarters.

The general contractor is Denver, CO-based PCL, the sixth largest contractor in the United States. The architect is Weber Thompson, Seattle’s most notable architectural firm.

WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index (HPSI) increased 2.2 percentage points in April to 86.7, rebounding following March’s dip. Five of the six components that comprise the HPSI were up. The net share of Americans who reported that now is a good time to buy a home increased 5 percentage points, while the net share reporting that now is a good time to sell a home decreased 5 percentage points.

Consumers also expressed greater confidence about the stability of their jobs, with the net share of that component jumping 7 percentage points. Additionally, on net, the share of respondents reporting that their household income is significantly higher than it was 12 months ago increased 2 percentage points.

The net share of Americans who say that mortgage rates will go down over the next twelve months rose 3 percentage points. Finally, the net share of those who think home prices will go up increased by 1 percentage point this month.

“The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”

HOME PURCHASE SENTIMENT INDEX – COMPONENT HIGHLIGHTS

Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) increased in April by 2.2 percentage points to 86.7. The HPSI is up 3.0 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 rose 5 percentage points to 35%, reversing some of the decrease seen in March.
• The net percentage of those who say it is a good time to sell decreased by 5 percentage points to 26%, falling from last month’s all-time survey high.
• The net share of Americans who say that home prices will go up increased by 1 percentage point in April to 45%.
• The net share of those who say mortgage rates will go down over the next twelve months rose 3 percentage points from last month’s survey low to -57%.
• The net share of Americans who say they are not concerned about losing their job rose 7 percentage points to 77%, erasing most of last month’s decline.
• The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 2 percentage points to 13% in April.

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.

AUSTIN, TX – Independence Realty Trust announced that it sold a 320-unit apartment property located in Austin, Texas for $32.0 million. IRT received net cash proceeds of $23.7 million after transaction costs and full repayment of $7.0 million of underlying property specific debt.

IRT expects to recognize a gain of approximately $16.2 million associated with this sale, after transaction costs, in the quarter ended June 30, 2017.

IRT used $21.0 million dollars of the proceeds from this sale to reduce its outstanding borrowings on its line of credit.

The property sale is part of IRT’s previously announced strategy to sell its “C” class assets and reinvest the proceeds into “B” class assets located in IRT’s core geographic markets. This is the first of four sales, all expected to close during the second quarter.

Independence Realty Trust is an internally-managed real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.

CHICAGO, IL – QuadReal Property Group (QuadReal), CA Student Living (CASL) and GI Partners (GI) have formed a joint venture to acquire, develop and manage student housing at select universities throughout the United States.

QuadReal has invested $600 million US of equity into the joint venture. CASL and GI are co-investors and general partners, with CASL serving as the operating partner. All three entities have established track records in residential real estate and manage multi-billion-dollar real estate portfolios. CASL has acquired 5,000 university beds and developed another 20,000 new beds since its founding in 2004, making it one of the most active infill student housing developers in the country.

The joint venture provides QuadReal and GI with a compelling entry point into the growing US student housing market. The sector performs well throughout all economic cycles, and offers downside protection during periods of economic contraction.

“Much of the student housing stock in the US is aging and in need of repair or replacement, providing an opportunity to invest in long-term assets that provide an ongoing, dependable revenue stream and align with QuadReal’s desire for strong investment returns,” said Jonathan Dubois-Phillips, President, International Real Estate, QuadReal.

“We are very pleased to work with experienced partners such as CASL and GI as we build out our current portfolio of high-quality, income-producing properties and seek future investments in the resilient student housing sector.”

The joint venture’s initial portfolio includes 10 properties developed and managed by CASL. The properties are geographically diversified in 10 major US university markets across nine states. In addition, the joint venture will acquire and develop additional student housing projects across the country to grow and diversify the portfolio.

Emerging fundamentals in the US student housing market are creating change and opportunity. Students living in on- and off-campus housing increasingly demand walkable locations with modern amenities such as fitness centers, study lounges and communal areas, as well as features like high-speed internet.

“More than a decade ago, CA Student Living began as a pioneer of core infill, pedestrian-oriented developments with modern designs and amenities,” said Tom Scott, CEO of CASL. “Our unique site selection and product development skillset strongly align with the investment philosophy of the new joint venture. The long-term nature of this partnership with QuadReal and GI underscores our confidence in the continued growth of this burgeoning sector.”

“As long-term investors in high quality real estate platforms, GI Partners carefully seeks the right mix of property sectors with attractive growth attributes and experienced, successful partners capable of achieving scale,” said John Saer, Managing Director of GI. “We are delighted to partner with the accomplished team at CASL and to align with a strategic investor in QuadReal.”

Added Dubois-Phillips: “The new joint venture reflects QuadReal’s commitment to create places for people, provide peerless service to our residents, and broaden and deepen our partnerships around the globe.”

INDIANAPOLIS, IN – American Campus Communities, the nation’s largest owner, manager and developer of high-quality student housing properties in the U.S., celebrated the commencement of construction on a new student housing facility at Butler University in Indianapolis, IN with a beam signing event.

Upon completion in fall 2018, the 648-bed community will be located on the southern border of the Butler campus, creating a welcoming gateway into the heart of campus. The community will feature modern, suite-style accommodations, resources for academic success and state-of-the-art amenities for fitness and fun, including a fitness center, gaming lounges and more.

“President Danko has a vision for an unmatched residential experience on the Butler University campus,” said Jamie Wilhelm, EVP Public-Private Transactions. “Fairview House was delivered as the first phase of the Butler-ACC partnership in Fall 2016 and has already received two awards for excellence in design and sustainability. We’re excited for this second phase to provide the University’s first-year students with a modern, academically oriented residence community and expand Butler’s extraordinary housing portfolio.”

The community will be the second phase in the Butler University-American Campus Communities partnership, which delivered Fairview House in Fall 2016. The partnership got its start in 2014 with a goal to realize Butler’s 2020 Vision of becoming an innovative national leader in undergraduate residential education.

“The addition of this new facility is a critical step toward advancing Butler’s educational mission through superior campus amenities, and the ultimate realization of Butler’s 2020 Vision as an innovative national leader in undergraduate residential education,” Butler President James M. Danko said in the University’s press release for the event. “By the time this new housing opens, we will have added almost 1,300 new beds to campus in two years and given prospective students yet another reason to choose Butler.”

The public-private partnership transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. Under the ACE program, ACC delivers high-quality student housing at lower development costs and operating expenses, as well as affordable rents to residents, without the use of taxpayer or university funds, which allows universities to dedicate their capital to educational and research facilities.

“By working with ACC, we are able to concentrate on our core mission: educating our students,” Butler Vice President of Finance and Administration Bruce Arick said. “ACC’s investment allows Butler to focus and prioritize resources toward the development of new, state-of-the-art academic space to better serve students. We have hundreds of millions of dollars of construction and development that we’ve prioritized for the sciences, a new school of business building, and more. We couldn’t afford to do those projects and invest in our student housing.”

The event was held on the Butler University campus, and featured a beam signing – University students, faculty, staff and alumni were invited to sign a structural beam that will be used in the construction of the project.

ATLANTA, GA – Cousins Properties announced that it has completed the disposition of Emory Point I and II, a mixed-use property in Atlanta comprised of 750 apartments and 125,000 square feet of retail space, for a gross price of $199 million.

The project was owned through a 75/25 joint venture between Cousins and Gables Residential.

Emory Point includes 750 luxury rental apartment homes featuring quartz and granite counter tops, stainless steel, energy-efficient appliances, and front-loading washers and dryers. The 100% smoke-free community boasts 2 fitness centers, 3 saline pools, 4 club lounges, and our Bark Park for pet owners, as well as a fireside social area, mezzanine grilling area, sundecks with relaxing water features, and lots of courtyards and green spaces. For residents with electric vehicles, Emory Point also has charging stations! And those who prefer to pedal can take advantage of our bike-share program.

Emory Point was developed on land owned by Emory University and ground-leased to the developer. This Earth Craft certified, urban-style mixed-use project created a desirable town center nucleus along Clifton Road, surrounded by the Emory University campus and CDC headquarters.  Emory Point is walkable to the area’s large population of workers and students, and the property’s exceptional mixed-use qualities were reflected in its numerous awards including the 2013 ULI Atlanta Development of Excellence Award.

Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. This transaction was included in the Company’s previously provided 2017 disposition activity range of $300 million to $325 million.

With this transaction, the Company estimates remaining 2017 disposition activity of $150 million to $175 million, before transaction costs and debt payments.  

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets.