Author: ipgocorp

NEW YORK, NY – New construction starts in March increased 5% to a seasonally adjusted annual rate of $743.7 billion, marking the third straight monthly gain, according to Dodge Data & Analytics.  The total construction growth in March was led by the nonbuilding construction sector, and particularly by public works which featured the start of two large pipeline projects – the $4.2 billion Rover natural gas pipeline in Ohio and Michigan, and the $2.5 billion Mariner East 2 propane and natural gas liquids pipeline in Pennsylvania.  Residential building in March registered moderate growth, helped by a rebound for multifamily housing after a subdued February. 

Nonresidential building in March held steady with its February pace, as strong activity for office buildings and airport terminals offset a steep drop for manufacturing plants.  Through the first three months of 2017, total construction starts on an unadjusted basis were $160.1 billion, down 3% from the same period a year ago (which included heightened activity for manufacturing plants and electric utilities/gas plants).  If the often volatile manufacturing plant and electric utility/gas plant categories are excluded, total construction starts during the first three months of 2017 would be up 8% relative to last year.

The March data produced a reading of 157 for the Dodge Index (2000=100), compared to 149 in February and 147 in January. After sliding to a weak 129 in December, the Dodge Index over the next three months bounced back 22%.  On a quarterly basis, the Dodge Index averaged 151 during this year’s January-March period, up 9% compared to the 139 average for the fourth quarter of 2016.  “The pattern for construction starts in early 2017, with three straight monthly gains, is the reverse of the three straight monthly declines that closed out 2016,” noted Robert A. Murray, chief economist for Dodge Data & Analytics.

“While the construction start statistics will frequently show an up-and-down pattern, whether month-to-month or quarter-to-quarter, the improved activity in this year’s first quarter provides evidence that the construction expansion is still proceeding,” Murray continued.  “This year’s first quarter has seen nonresidential building and public works rebound from the loss of momentum each experienced towards the end of 2016, helped respectively by the strong activity so far in 2017 for new airport terminal projects and new pipeline projects.  Nonresidential building in 2017 should be able to stay on its upward track, supported by further growth for such institutional project types as school construction.  As for public works, it’s also expected to show improvement over the course of 2017, although its prospects are less certain given its connection to legislative developments at the federal level.  This includes how Congress will deal with the continuing resolution for fiscal 2017 appropriations scheduled to expire at the end of April, and whether a new federal infrastructure program will get passed this year.”

Nonbuilding construction in March jumped 16% to $195.7 billion (annual rate), following its 35% hike in February.  The public works sector surged 33%, reflecting an 82% increase in March for the miscellaneous public works category that includes such diverse project types as site work, pipelines, mass transit, and outdoor sports stadiums.  The $4.2 billion Rover natural gas pipeline was included as a construction start in March, and is located mostly in Ohio and Michigan with smaller portions in West Virginia and Pennsylvania.  Also reported as a March start was the $2.5 billion Mariner East 2 Pipeline, located mostly in Pennsylvania with smaller portions in West Virginia and Ohio, which will transport propane and other natural gas liquids from the Marcellus Shale natural gas fields in southwestern Pennsylvania to a processing and distribution facility near Philadelphia.  The start of a $300 million stadium in Washington DC for the DC United soccer team also contributed to the substantial March increase for miscellaneous public works.  Highway and bridge construction in March edged up 1%, essentially holding at the improved volume achieved with its 38% jump in February.  Large highway and bridge projects entered as March construction starts were a $399 million bridge replacement in the Pensacola FL area, the $266 million Sixth Street Viaduct replacement in Los Angeles CA, and a $192 million highway expansion project in San Antonio TX.  River/harbor development in March advanced 32% from its lackluster February amount, while sewer construction was unchanged and water supply construction slipped 2%.  The electric utility/gas plant category in March retreated 54%, although it did include as construction starts a $300 million wind farm in Ohio and a $175 million solar farm in Virginia.

Residential building, at $310.8 billion (annual rate), grew 4% in March.  Multifamily housing provided the upward push, rebounding 26% after a 23% setback in February.  There were six multifamily projects valued at $100 million or more that reached groundbreaking in March, led by a $200 million apartment building in Washington DC and a $150 million apartment building in New York NY.  Through the first three months of 2017, the top five metropolitan areas in terms of the dollar amount of multifamily starts were the following – New York NY, Los Angeles CA, Washington DC, Chicago IL, and Atlanta GA.  During this period, the New York NY metropolitan area accounted for 18% of the national multifamily total, up slightly from the 17% share for full year 2016 but down from the 25% share for full year 2015.  Single family housing in March receded 3%, which followed modest improvement reported during the previous five months.  By region, single family housing in March showed this pattern – the Midwest, down 9%; the West and South Central, each down 3%; and the South Atlantic, down 2%; while the Northeast ran counter with a 3% gain.

Nonresidential building in March, at $237.2 billion (annual rate), was essentially unchanged from its February pace.  The institutional side of the nonresidential building market grew 3% in March, with much of the support coming from an 83% surge for the transportation terminal category.  Large airport terminals that were reported as March starts included two at Los Angeles International Airport – the $1.9 billion Delta relocation to Terminals 2 and 3 and the $961 million Midfield Satellite Concourse North (phase 1).  Also entered as a March start was the $110 million Terminal 2 modernization at Fort Lauderdale-Hollywood International Airport.  Through the first three months of 2017, the dollar amount of new airport terminal projects was $9.0 billion (including the $3.4 billion Central Terminal Building at New York’s LaGuardia Airport), easily topping the $3.7 billion in new airport terminal starts for full year 2016.  Healthcare facilities in March increased 13%, aided by the start of these large projects – the $265 million Methodist University Hospital in Memphis TN and the $230 million North Alabama Medical Center in Florence AL.  Also strengthening in March were religious buildings, up 9%; and public buildings (courthouses and detention centers), up 4%.  On the negative side, educational facilities in March dropped 14% after February’s 11% gain, although March did include these noteworthy projects as construction starts – a $289 million research institute building in Seattle WA, a $170 million library and classroom facility at Temple University in Philadelphia PA, and a $138 million science building renovation at the University of Virginia in Charlottesville VA.  Also retreating in March was the amusement and recreational category, which fell 29%.

The commercial side of the nonresidential building market increased 7% in March, showing improvement after a 10% drop in February.  Office construction climbed 41%, lifted by the start of five projects valued each in excess of $100 million.  These were led by the $525 million East Campus Building 2 at the U.S. Army installation at Fort Meade MD, the $289 million LG corporate headquarters in Englewood Cliffs NJ, and a $228 million office building in Seattle WA.  Commercial garages also advanced in March, rising 12%.  In contrast, March witnessed declines for hotels, down 7%; stores and shopping centers, down 8%; and warehouses, down 14%.  The manufacturing plant category in March plunged 65%, after being lifted in February by the start of a $985 million refinery modernization in Richmond CA.

The 3% decline for total construction starts on an unadjusted basis during the first three months of 2017 relative to last year was due to a varied pattern by major sector.  Nonbuilding construction dropped 17% year-to-date, with electric utilities/gas plants down 72% while public works climbed 20% (reflecting the start of several large pipeline projects in early 2017).  Residential building slipped a modest 1% year-to-date, with multifamily housing down 18% while single family housing grew 9%.  Nonresidential building registered a 7% gain year-to-date, with institutional building up 35%, commercial building down 9%, and manufacturing building down 44%.  By geography, total construction starts in the first three months of 2017 showed reduced activity relative to last year in two regions – the South Central, down 26%; and the Northeast, down 3%.  Total construction gains year-to-date were reported in the West, up 1%; the South Atlantic, up 11%; and the Midwest, up 12%.

Further perspective comes from looking at twelve-month moving totals, in this case the twelve months ending March 2017 versus the twelve months ending March 2016.  On this basis, total construction starts were up 2%.  By major sector, nonbuilding construction decreased 8%, with electric utilities/gas plants down 40% while public works increased 6%.  Residential building rose 3%, as a 4% drop for multifamily housing was outweighed by a 7% gain for single family housing.  Nonresidential building advanced 7%, with institutional building up 14%, commercial building up 7%, and manufacturing building down 26%.

COLUMBUS, OH – Local property management company, Oakwood Management, has been selected as the management company for River and Rich, located in the up and coming East Franklinton. The highly anticipated mixed-use project is a partnership of CASTO, The Robert Weiler Company, Kelley Companies, Columbus Metropolitan Housing Authority and S2.

Opening in Summer 2018, River & Rich will have 230 one and two-bedroom garden and townhouse style apartments, 25,000 square feet of retail space and a two-story 292-space parking garage. Local artists and stakeholders in the Franklinton community will be contacted for input on murals and public art installations.

Oakwood Management Company was also recently selected as managing agent for nearby downtown community, Highpoint on Columbus Commons.

Highpoint on Columbus Commons opened just three years ago and is located in the heart of downtown Columbus, overlooking the lavishly landscaped grounds of Columbus Commons. Highpoint is not only home to one of Central Ohio’s premier apartment communities, but it is also home to booming retail. Highpoint houses the very popular Condado Tacos, PurePressed Juicery, and de-NOVO Bistro in its first floor of retail, and will be joined by new retailers in 2017.

The largest retail space in Highpoint will be Blasted Barley Beer Co., an Arizona-based brewpub. Joining the brewpub will be Posh Nails salon and expanding business Winans Fine Chocolates and Coffee’s, whose first location is in German Village.

Oakwood Management Company is recognized as one of Central Ohio’s top property management organizations and is currently the largest local management company of apartment communities in the Columbus Ohio area. 

SACRAMENTO, CA – A collaboration between the California Housing Finance Agency, local and federal partners, nonprofit developer BRIDGE Housing Corporation and other contributors has resulted in a sparkling renovation of Ocean View Senior Apartments in the Bay Area community of Pacifica.

CalHFA, the state’s affordable housing lender, provided the project with a short-term acquisition/rehabilitation loan of more than $18 million, a 40-year permanent loan of $9.35 million and a nearly $2 million subordinate loan to finance the acquisition and renovation of the property. In addition to these financial considerations, which helped make the deal viable for the buyers and sellers, CalHFA helped move the project toward completion by working with the U.S. Department of Housing and Urban Development (HUD) to secure the waivers necessary to ensure that all current residents could maintain their occupancy.

In an area that struggles with high rents and significant demand for senior housing, CalHFA contributions extended the affordability of the existing 100-unit Ocean View Senior Apartments for another 55 years.

“Working in conjunction with our housing partners like BRIDGE, San Mateo County, the City of Pacifica and HUD, allowed us to maximize the resources available for this project,” said Tia Boatman Patterson, CalHFA Executive Director. “As a lender with a purpose, it is important to us to help provide senior residents with safe and comfortable housing with affordable rents for many more years to come.”

Ocean View Senior Apartments has provided affordable housing for seniors in Pacifica since 1973. In 2000, National Church Residences of Pacifica, CA purchased the property with financing from CalHFA, the City of Pacifica and the County of San Mateo, thus maintaining its affordability. Ocean View was purchased in October 2015 by an affiliate of BRIDGE Housing Corporation, which oversaw the renovations to modernize and update the property.

In addition to the CalHFA financing, the County of San Mateo restructured two existing loans and provided new rental subsidies for 31 of the units. BRIDGE Housing Corporation also accessed a low-income housing tax credit program to provide additional equity.

“Creative partnerships like this one will be vitally important as housing entities around the state try to find ways to create and preserve the affordable housing that so many people need,” Patterson said.

The Ocean View collaboration made it possible to make upgrades to residential units, replace aging building elements and switch to more efficient and better performing systems, as well as, provide enhanced on-site services, such as free nutrition programs, wellness classes and referral services, all of which ultimately serve to enhance the quality of life for the senior residents.

NEW YORK, NY – Blackstone Mortgage Trust and Walker & Dunlop announced that they have entered into a joint venture to originate, hold and finance multifamily bridge loans. Walker & Dunlop, one of the nation’s largest nonbank originators of Fannie Mae, Freddie Mac and U.S. Department of Housing and Urban Development loans, will contribute 15% of the venture’s equity capital and BXMT will contribute 85%. 

The joint venture’s floating rate, first mortgage loan product targets assets prior to their eligibility for permanent agency financing.  This comprises an addressable market estimated to be upwards of $20 billion.

Steve Plavin, BXMT’s Chief Executive Officer, said, “Walker & Dunlop’s market leading multifamily and agency loan footprint makes it an ideal partner for us as we seek to help borrowers bridge their financing until an agency take out.  We are very excited about the increase in investment volume that the joint venture will provide for BXMT.”

Walker & Dunlop Chairman and CEO, Willy Walker, said, “The JV with BXMT will allow us to significantly expand our bridge lending business better serving our client base’s vast demand for capital and unlocking growth potential commensurate with the scale of our agency origination business.”

Blackstone is one of the world’s leading investment firms. Blackstone’s asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

Walker & Dunlop is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties.

LOS ANGELES, CA – Affirmed Housing and PATH Ventures celebrate the groundbreaking of PATH Metro Villas, a 65-unit permanent supportive housing project that will serve low-income individuals many of whom are experiencing homelessness, chronic homelessness or poverty with a significant rent burden.

Following the victorious win of Measure H and HHH in Los Angeles County, the well attended celebration included notable speakers such as LA County Supervisor Mark Ridley-Thomas, Jacqueline Waggoner of Enterprise Community Partners, Ben Metcalf of CA Dept. of Housing and Community development and more.

PMV will offer fifty-one units designated as Supportive Housing units and fourteen units will be for low-income households earning no more than 60% of the area median income. Located on the PATH campus, this is the third endeavor between Affirmed and PATH Ventures.

The new six story building will consist of 33 studio units, and 31 one-bedroom units. The building includes a large community meeting room as well as 2,800 square feet in community facility space that will house veteran services, in addition to a lobby with property management and case management offices. Site amenities include a communal kitchen; 2 rooftop terraces, convenient laundry facilities, bicycle parking, security cameras, a large community facility, and a community room that contains significant natural light.

“We are proud to again partner with PATH Ventures to develop housing for the homeless. Services will be provided to residents to help them acclimate and again contribute to society. The new development will enlarge and strengthen the PATH mall and their mission to serve the homeless.” James Silverwood, President and CEO.

Headquartered in San Diego, Affirmed Housing Group is dedicated to improving and sustaining the viability of California through the development of affordable housing. The company aims to enhance communities and our environment by building professionally-managed, high-quality, green, multifamily, senior and homeless housing.

HAMDEN, CT – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Seramonte Apartments, a 451-unit multifamily community in Hamden, Connecticut. The $63.1 million sales price equates to nearly $140,000 per unit.

Victor Nolletti, a senior managing director of IPA’s Northeast and Florida team, was the lead advisor on the transaction. “Seramonte offers immediate scale and excellent proximity to the New Haven central business district. Completed between 1965 and 1968 and owned by the same family for over 35 years, Seramonte Apartments provides new ownership with numerous value-add options in a market with one of the lowest vacancy rates in the country,” said Nolletti.

“The property offers the renter community quality amenitized apartment living at a discount to the pricier urban center while still providing the lifestyle that today’s millennials, renters-by-choice, dual occupants, empty nesters and renters-by necessity desire,” added IPA senior managing director Steve Witten.

Nolletti, Witten, IPA associate Eric Pentore, and Wes Klockner, an associate in Marcus & Millichap’s New Haven office, represented the seller, Seramonte Associates LLC, and procured the buyer, Detail Management LLC.

Seramonte Apartments is located on more than 30 acres at 1 Kaye Plaza in Hamden, just off exit 60 on the Merritt Parkway/Route 15. More than 1,000 small businesses focused in the healthcare, medical, precision cable, electronic and aeronautics industries are located in Hamden. Seven institutes of higher learning, including Quinnipiac University, the University of New Haven and Yale University are nearby.

PHOENIX, AZ – Alliance Residential Company, the nation’s second largest multifamily developer and seventh largest multifamily manager, will be interviewing 1,000 prospective new hire candidates across the nation on Tuesday, April 25 for its “1k in 1 Day” interview initiative.

During the “1k in 1 Day” interview blitz, Alliance will be interviewing potential candidates for open positions in the 32 metropolitan markets it serves throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. Available positions range from on-site associates at more than 300 Alliance communities nationwide, to corporate and investment positions at the 35 regional Alliance offices.

Alliance created the “1K in 1 Day” effort to coincide with National Apartment Association’s apartment careers campaign, which dedicates the month of April to promoting career opportunities in the multifamily industry. To see all available positions and to submit a resume visit www.CareersAtAlliance.com.   

Headquartered in Phoenix, Alliance has proudly been honored as a ‘Best Place to Work’ in several states over the last few years including Arizona, Texas, Georgia and Florida. Alliance sees the value in investing in their associates, even before day one, and offers one of the only dedicated corporate talent acquisition teams in the industry.

“We look for associates who want to be part of a growing industry, have an entrepreneurial spirit and are invested in expanding our company,” said Greta Schneider, vice president of Alliance Talent Management. “Our ability to attract and retain top talent contributes directly to our consistent growth, standard of excellence, entrepreneurial environment and industry-leading initiatives.”

Among the many benefits offered, Alliance associates value the opportunity for advancement within the company. This year alone, Alliance expects to promote over 500 associates. Other benefits include an institutional focus on professional development with Alliance University, rental discounts, sales contests, and — consistently one of the most-appreciated perks — Alliance InStyle, which provides associates with stylish career apparel options from brand-name retailers.

ARLINGTON, VA – Jefferson Apartment Group announced the acquisition of a 0.61-acre site located in the heart of the Rosslyn-Ballston Corridor of Arlington, Virginia. The site is approved for up to 330 units in a 22-story luxury high-rise at the corner of Fairfax Drive and North Quincy Street. The urban infill apartment community will have 264 below-grade parking spaces and 8,260 square feet of ground-floor retail. 

The completed project will provide market-leading amenities, including a rooftop resort-style swimming pool with sundeck and dramatic views of Arlington and Washington, DC, a state-of the-art fitness center, a clubroom, a rooftop outdoor lounge with fire pits and multiple grill stations, and 24/7 concierge service.

The residential units will feature top-of-the-market finishes and best-in-class design, including custom-designed cabinetry, quartz countertops, wood flooring, and upgraded fixtures. The street-level retail will include a landscaped plaza with 2,000 sf of outdoor seating area.  The property will be built and maintained to LEED Gold standards and is expected to break ground in late 2017.

“The new community will be an exciting development project that will meet the strong demand for housing with close proximity to local jobs, recreation and entertainment in the Rosslyn-Ballston market,” said Jefferson Apartment Group president Jim Butz. “We think residents will be thrilled with the modern design aesthetic of the apartments and the lifestyle and numerous amenities they offer.”

The property is located less than a quarter mile from the Ballston Metro Station (Orange & Silver Lines) and has a Walk Score of 96 (Walker’s Paradise). The site provides a prime corner location on one of the main arteries of the R-B Corridor and is one of the most visible intersections of the Ballston neighborhood, which offers multiple premier dining, shopping and entertainment options in the surrounding blocks and within walking distance of the site. The location also offers easy access to the major office employment nodes of Ballston and Virginia Square, as well as the District of Columbia, Tysons Corner, and Reston submarkets, via the Silver Line and I-66.

The project is being built in partnership with Mitsui Fudosan America, Inc., who is providing equity to the project. “Our strategy has been to form relationships with local partners who share our long-term view and goal of developing best in class assets. We are delighted to be partnering with Jefferson Apartment Group,” said John Westerfield, CEO of MFA.

SEATTLE, WA – Rents across the country rose 0.7 percent from last March, the slowest rate of appreciation since November 2012, as new construction began to meet renter demand and soften the market. The median rent payment in the U.S. is now $1,408, according to the March Zillow Real Estate Market Reports

Rents in the Bay Area have slowed more than any other large metropolitan area over the past year. In San Francisco, rents are down 0.1 percent after appreciating almost 10 percent annually at this time last year. Rents in San Jose were rising at almost 9 percent annually a year ago, but fell 1.1 percent over the past year to a median rent payment of $3,451.

Even in hot West Coast markets, where rental growth is notoriously strong, rent appreciation is starting to slow. In Seattle, rents are up 6.7 percent, but their pace of appreciation has been slowing since August 2016. Rents in Sacramento are up 4.7 percent, but were rising at almost 7 percent annually toward the end of last year.

Affordability is a significant issue for renters across the country, who have experienced rising rents for years. In many major metros, the share of income needed to pay rent well surpasses the general rule of not spending more than 30 percent of income on housing. In Los Angeles, the median rent payment takes up almost half of the median income, which forces renters to shack up with roommates in order to make housing more affordable.

“The slowdown in rental appreciating is mainly due to new construction finally meeting demand, and even outpacing demand in some areas,” said Zillow’s Chief Economist Dr. Svenja Gudell. “But, rents are the highest they’ve ever been, weighing heavily on renters’ budgets and making it extremely difficult for those renters hoping to become homeowners to save enough money for a down payment. In most markets, a monthly mortgage payment is more affordable than a monthly rent payment, but the most difficult aspect of home buying for many aspiring home owners is coming up with enough money for the down payment.”

The median home value across the country is $196,500, up 6.8 percent since this time last year. Seattle, Tampa, Fla. and Dallas reported the highest year-over-year home value appreciation among the 35 largest U.S. metros. In Seattle, home values rose almost 12 percent to a median value of $426,300. Home values in Tampa and Dallas are up about 11 percent since this time last year.

Low inventory continues to be a problem for home shoppers across the country — there are 5 percent fewer homes to choose from than a year ago, paving the way for an extremely competitive home shopping season.

Minneapolis, Columbus, Ohio and Seattle reported the greatest drop in inventory among the 35 largest U.S. metros. In Minneapolis, there are 24 percent fewer homes to choose from than a year ago, and 19.5 percent fewer to choose from in Columbus. In Seattle, where home values are growing the fastest, buyers will have 17 percent fewer homes to choose from than a year ago.

Mortgage rates are down from their December highs, but still well above where they were before the election. In March, mortgage rates on Zillow ended at 3.94 percent, down from a high of 4.13 percent. The month low was 3.93 percent. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

DALLAS, TX – HLC Equity, a national real estate investment holding group and property manager, announced the purchase of Toscana Apartments, a 192-unit, Class-B, multifamily community located in Carrollton, Texas, which is part of the greater Dallas MSA.

According to HLC Equity, Toscana is strategically positioned in an infill location within the Northern Dallas submarket with convenient access to Dallas North Tollway, and President George Bush Turnpike connecting to all major thoroughfares in Dallas metro. It is situated within the Plano Independent School District, one of the top school districts in Northern Dallas. Additionally, the surrounding area is well supported by several core employment hubs, retail and entertainment venues.

Dallas has become one of the most desirable cities in the USA from a quality of life perspective, and is continually ranked as a top investment market on the Urban Land Institute’s index due to a friendly business environment and the outstanding rental demand. Forbes recently ranked the Dallas economy as the most innovative in the country.

In line with HLC Equity’s strategy of purchasing community oriented properties, Toscana is richly amenitized with a resident business center, resort style swimming pool, hot tub, a recently upgraded 24-hour fitness center as well as 24-hour emergency maintenance. Additionally, HLC Equity was attracted to the studio and one bedroom layouts of the property, which facilitates to today’s transient renter. The property is currently 96% occupied.

“We found Toscana attractive due to its advantageous location that stands to benefit from organic market growth partially due to companies seeking a relocation to an area with a positive business climate, mixed with the quality of life that Northern Dallas has to offer for individuals and families” said Daniel N. Farber, Executive Vice President and Principal at HLC Equity. “We are excited about this investment, as it further increases our Dallas portfolio, and will allow us to continue carrying out our mission of building thriving community experiences for our community members and the public at large”

The property will be managed by HLC Equity’s management division, which intends to add value to the community and its residents by implementing a top tier renovation program.  HLC also intends to improve property performance by implementing a strategic digital marketing campaign to potential residents and integrating complimentary innovative technologies and processes to enhance resident satisfaction.

HLC Equity utilized a $10.4M loan originated by Bellwether Enterprise and Maverick Commercial Properties under Fannie Mae’s Green Rewards program for the purchase. Under the terms of the program, aside from HLC Equity’s renovation plans, HLC Equity will be required to implement certain operational renovations to enhance water and energy efficiency at the property. David Molitor, Head of Operations at HLC Equity, noted that “The Fannie Mae Green Rewards program produces a triple bottom line effect, as it provides us with a financial benefit of better debt terms, provides the social benefit of greater tenant affordability and higher quality housing, and the environmental impact of reducing the property’s use of natural resources.”