Author: ipgocorp

PANAMA CITY BEACH, FL – The St. Joe Company and HomeCorp announced the formation of a joint venture to develop, manage, and lease multi-family housing in Panama City Beach, Florida.

“HomeCorp is pleased to be working with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Panama City Beach market,” stated Jim Curtis, Principal of HomeCorp. Curtis added, “We believe there is strong demand for high quality apartment living in Northwest Florida.”

“We’re excited to join forces with HomeCorp and take advantage of their proven track record of successful apartment development and strong leasing experience,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, “This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties while maintaining a low fixed expense structure.”

The parties are working together to design, develop and construct a 240 unit multi-family apartment home community to be located on land owned by St. Joe in the Pier Park area. HomeCorp will serve as the construction and leasing manager for the project.

The St. Joe Company together with its consolidated subsidiaries is a real estate development, asset management and operating company concentrated primarily between Tallahassee and Destin, Florida.

HomeCorp, a fully integrated real estate organization since 1987, is a recognized leader in the ownership, management, acquisition and development of multi-family residences.

WASHINGTON, DC – NeighborWorks America announced that in 2016, members of the NeighborWorks network leveraged more than $3.1 billion of investment in rural communities, serving a diverse cross-section of residents including current service members and veterans, and seniors. At the same time, the organization said that a paper it commissioned calls on the philanthropic, business, nonprofit and government sectors to establish new partnerships and investments to increase jobs and set the foundation for broad-based economic growth and larger investments in rural America to fight persistent poverty.

The paper, “Turning the Tide on Persistent Rural Poverty,” uses analysis and observations from four rural regions of the United States (Colonias, Appalachia, Indian country and the Delta) and will be released on April 18 in Memphis, Tenn., at the first-ever national meeting on rural poverty and economic development organized by NeighborWorks America.

The paper specifically calls on business, government and philanthropy to increase the supply of: Consumer banking services and partnerships with Community Development Financial Institutions in rural markets, 21st century broadband connections, training and equipment more deeply into rural communities, and commercial lending to grow small businesses and encourage local entrepreneurship.

More than 150 senior leaders from the business, nonprofit, philanthropic and government sectors are expected to participate in the three-day meeting.

“We are excited by the economic impact the NeighborWorks network is having in rural communities across the country, but we know that more is needed and can be done” said Paul Weech, president and CEO of NeighborWorks America. “This new paper contains straight-forward recommendations that will contribute to significant economic and community improvement.”

Although national economic growth has been positive for several years, according to data from the U.S. Department of Agriculture, employment in non-metro (rural) areas of the country was still below 2007 levels at the middle of 2016. Conversely, metro (urban) employment was nearly five percentage points higher than the level in 2007.

The paper was developed with input from NeighborWorks network members and other community-based nonprofit organizations that work every day with residents to improve the economic conditions in rural communities. The organizations identified resident engagement as a necessary condition for any economic development strategy to foster lasting economic opportunity.

NEW YORK, NY – Cadre announced it has closed on the sale of its Astoria multifamily transaction, a portfolio comprising four multifamily apartment buildings in Astoria, Queens. The sale marks the first realization on Cadre’s platform, with a sale price exceeding $70 Million.  

Acquired in January 2015, the portfolio benefited from a successful renovation plan and strong local market. The transaction represents one of the largest fully-realized commercial real estate transactions to date in the real estate technology space.

Over the two year hold, large-scale renovations and lease-up were completed across the portfolio. Renovations entailed common area and unit improvements, including the addition of bedrooms and bathrooms to certain units.

“We are very excited to announce the first asset realization on our platform,” said Ryan Williams, CEO and Co-Founder of Cadre. “This is a huge milestone as real estate investing has historically been costly and opaque. Consistent with Cadre’s approach, the team’s experience, strong network, and data-analytics allowed us to identify this compelling market opportunity and unlock the value of the portfolio alongside a valued operating partner, Kushner Companies.  This transaction demonstrates the quality and promise of the transformational platform we’ve built.”

Cadre is a technology-enabled investment platform that connects qualified individuals and institutions to fully vetted, compelling real estate investment opportunities. Founded by Ryan Williams in 2014, Cadre enables investors to purchase assets in a significantly more efficient, transparent and economical manner.

Since its founding in 2014, Cadre has raised $70mm in capital from investors such as Goldman Sachs, Ford Foundation, Founder’s Fund, General Catalyst, Khosla Ventures and Thrive Capital.

TAMPA, FL – Campus Advantage, a leader in student housing, providing property management, consulting, acquisitions, and development services, announced it has closed on the sale of On50, a 444 bed student housing property located near the University of South Florida campus, through its investment partnership with a large state pension fund.

Campus Advantage has a well-established track record of creating value by turning around, stabilizing, and optimizing struggling assets, building equity for its investment partners. With On50, Campus Advantage successfully executed on its value-add investment strategy, infusing capital to cure deferred maintenance. That, combined with an integrated marketing approach brought by industry specialist Catalyst and the company’s proven operations expertise, enhanced the property’s overall appeal in the market. Since its acquisition 36 months ago, Campus Advantage has increased NOI by approximately 17.2%, or 5.2% annually compounded.

“When you partner with us, you get a great return on investment,” said Michael Orsak, Senior Vice President of Investments for Campus Advantage. “Because of our solid investment strategy, Students First™ residence life programming, and involvement in conducting renovations to On50’s units, property exterior, clubhouse and amenities, we were able to significantly increase the property and community value, making the asset more profitable.”

Since 2007, Campus Advantage has acquired more than $1.25B in student housing assets through its partnerships, with round trips on more than $350M. This has resulted in Campus Advantage’s excellent investment return performance, which since the Company’s inception has exceeded both NCREIF Property Index (NPI) and PREA | IPD U.S. Property Fund Indexes.

“By maintaining and operating each property to the highest standard, we create an environment that our residents love, resulting in maximum occupancy, rental rate growth and returning resident ratios,” said Mike Peter, President and CEO of Campus Advantage. “We look forward to continuing to leverage our proven, value-add expertise to the benefit of future clients and partners.”

Campus Advantage acquired On50 in 2014 and is recycling investment capital gains to support opportunities in tier one markets.

Campus Advantage is an Austin-based real estate firm fostering financially prosperous higher education student housing communities through its management, development, acquisition, and consulting services.

SEATTLE, WA – Investing in a home near a college has some undeniable perks – rent prices are typically stable and there’s always a new pool of tenants looking for rentals. Redfin, the next-generation real estate brokerage, narrowed down the most affordable college towns near schools that offer low tuition, a high-quality education and walkability.

Redfin’s methodology includes median list price for homes near the school, tuition cost and fees, the most recent U.S. News and World Report ranking and data from Walk Score, a Redfin company.

“It’s always great to invest in a location where there is a large pool of tenants, which is exactly what you get when you invest in a property near a school like Georgia Institute of Technology,” said Redfin real estate agent Rory Haigler. “The pool of potential tenants is also stable with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant. I’ve had a lot of clients looking to invest in property near Georgia Tech, but the problem is that because it’s such a hot market, homes aren’t listed often.”

Here are the 20 best college towns to buy an investment property:

1. Atlanta, Georgia

2. Chapel Hill, North Carolina

3. Baltimore, Maryland

4. St. Louis, Missouri

5. Columbus, Ohio

6. Houston, Texas

7. Philadelphia, Pennsylvania

8. Rochester, New York

9. Pittsburgh, Pennsylvania

10. Cleveland, Ohio

11. Austin, Texas

12. Providence, Rhode Island

13. Madison, Wisconsin

14. Nashville, Tennessee

15. College Park, Maryland

16. Minneapolis, Minnesota

17. Provo, Utah

18. Winston-Salem, North Carolina

19. Ann Arbor, Michigan

20. Chicago, Illinois

To read the full report visit: Redfin.com

Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $40 billion in home sales through 2016.

BOULDER, CO – CIM Group announced that it has sold 9Seventy, a newly-constructed, 138-unit apartment community conveniently located adjacent to the University of Colorado at Boulder. 9Seventy was completed in December 2015, and occupancy commenced in January 2016. The property is fully-leased.

9Seventy consists of five four-story buildings featuring an outdoor pool with resort-style seating, gas grills, an indoor fitness center, a multi-purpose community room, modern clubhouse with a billiards table, bike repair station as well as 174 subterranean parking spaces.

All apartments have hardwood-style flooring, stainless steel appliances, modern fixtures, and balconies and many feature expansive mountain views.

9Seventy’s location in the heart of Boulder on 28th Street is just steps from The University of Colorado and near the 29th Street Mall, Chataqua Park as well as the city’s popular restaurants, bars and entertainment venues.

Established in 1994, CIM is a leading partner for global institutional investors seeking to invest in real assets located in and serving urban communities with a principal focus on North America. CIM is a real assets manager offering investment strategies in opportunistic, stabilized, and value-add real estate, real estate debt, and infrastructure.

PALM BEACH, FL – Chicago-based Golub & Company, an international real estate investment and development firm, together with Commercial Financial Management, Inc. and Florida-based real estate investment firm Elion Partners, announced that it has confirmed construction financing for The Bristol Palm Beach, an iconic 25-story, 69-unit waterfront condominium in the Palm Beaches. The tower, which broke ground in May 2016, is located at 1100 South Flagler Drive at the base of the Flagler Memorial Bridge, allowing for unobstructed views of the Intracoastal Waterway, Atlantic Ocean and Palm Beach Island.

“The Bristol represents the next level of modern luxury residential development,” observed Golub & Company President and CEO Michael Newman. “The exclusive location offers residents unfettered access to everything Palm Beach has to offer, while the building design considers every detail delivering a resident experience unlike anything else in the area.”

Construction financing was provided by BREDS III Loan Holdings, an affiliate of The Blackstone Group. HFF’s Scott Wadler, James Dockerty, and Marc Roth brokered the construction loan. Michael Goldman, Golub & Company Senior Vice President, Acquisitions & Finance, coordinated the transaction for the borrower.

The Bristol’s three- to five-bedroom ultra-luxury residences range from 3,700 to 14,000 square feet and start at $5,000,000. All residences feature flow-through layouts with east to west ocean and city views and are delivered move-in ready with bespoke finishes. Private elevators open directly into each residence, with separate service elevators for staff and deliveries.

Residents will enjoy resort-like, world-class amenities including: a private dining room overlooking the Intracoastal; a fitness center featuring a main workout room, outdoor deck, private yoga and personal training room; a wet spa area with his and hers private indoor and outdoor treatment rooms, soaking tubs, steam rooms, and saunas; a dedicated beauty suite for private hair, manicure and pedicure appointments; and a 75-foot lap pool, heated whirlpool, and enclosed aquatic feature for children. The lobby will be staffed with 24-hour front desk attendants, a doorman and a concierge.

Other key participants include Solomon Cordwell Buenz, architect, and Suffolk Construction, general contractor. The interiors are designed by celebrated New York-based designer Amir Khamneipur and the outdoor spaces are designed by world-renowned landscape architects EDSA.

HENDERSONVILLE, TN – LCS announced the company added to its real estate portfolio with the closing of Clarendale at Indian Lake. The community will be located in Hendersonville, Tennessee. This is the fourth Clarendale senior living community for LCS and its partners, Ryan Companies and Harrison Street Real Estate Capital.

The transaction was facilitated by LCS Real Estate and the community will be managed by Life Care Services, both LCS companies.

Clarendale at Indian Lake is a $48.5 million senior living community offering independent living, assisted living and memory care apartments and services. LCS holds equity positions in 39 senior living communities nationwide.

“We have great synergy with our partners, Ryan Companies and Harrison Street Real Estate Capital,” says David Laffey, Senior Vice President/Director of LCS Real Estate. “We’re building considerable momentum with our real estate platform, which has been a strong addition to the LCS Family of Companies.”

Life Care Services is the third largest manager of full-service senior living communities. Life Care Services currently provides operations, and marketing and sales management services for not-for-profit and for-profit Life Plan Communities, formerly known as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide.

BINGHAM FARMS, MI – FOURMIDABLE, a national real estate property management and brokerage firm announced the renewal of management contracts with six public housing commissions in Michigan.

The signing of the renewal contracts comes after negotiations led by Sabrina Gaddy-Bollinger, FOURMIDABLE’s Director of Affordable Housing.

The contracts signed involve the following Housing Commissions:

Renewal with Detroit Housing Commission (DHC) included the Brewster Homes, Harriet Tubman Apartments, State Fair Apartments, Sojourner Truth Apartments, and Woodbridge Senior Village.  FOURMIDABLE began their partnership with DHC in September 2007 and the contracts renewed represent the exercise of a one-year contract renewal option.

Renewal with the Lincoln Park Housing Commission included the Lincoln Park Tower, scattered sites, Mod Rehab Program and their Housing Choice Voucher Program. The programs have been managed by FOURMIDABLE since May 2000. Renewals with Lincoln Park Housing are also for one year.

The renewal with New Haven Housing Commission included the Pinewoods Apartments. FOURMIDABLE has been managing this community since September 1996 and the contract signed is for a two-year renewal.

Niles Housing Commission’s renewal includes the 179 apartment high-rise and scattered homes that have been managed by FOURMIDABLE since September 2015. 

The renewal with the Royal Oak Township Housing Commission is a two-year term with an additional one-year option. The Royal Oak Township Housing Commission has been a client of FOURMIDABLE since December 2007.

Finally, the renewal with the Sterling Heights Housing Commission and their Schoenherr Towers and Housing Choice Voucher Program has been completed with a four-year renewal including an additional one-year option.

FOURMIDABLE CEO Jeri Hays says, “It is a privilege to be able to continue our relationships with the various housing commissions.”

She adds: “We’ve made it our business to create value for our clients and our expertise in this very important sector of public service provides us with this opportunity. It is always our privilege to make a positive impact on the lives of our residents.”

FOURMIDABLE is the largest private manager of Public Housing in Michigan.

NEW YORK, NY – Mortgage rates reset fresh three-month lows, with the benchmark 30-year fixed mortgage rate now 4.22 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points.

The larger jumbo 30-year fixed also dropped, to a four-month low of 4.15 percent, while the average 15-year fixed mortgage rate dipped to 3.43 percent. Adjustable mortgage rates were mixed, with the 5-year ARM nosing higher to 3.46 percent and the 10-year ARM dipping to a three-month low of 3.78 percent.

Mortgage rates slid further over the past week following a disappointing pace of job growth in March and with worries rising about Syria, Russia and North Korea. Anytime investors get nervous, whether it is from tepid economic data or saber-rattling by and between foreign adversaries, it tends to be good news for mortgage rates.

Nervous investors clamor for the safe haven of U.S. Treasuries, pushing bond prices higher and bond yields lower. Mortgage rates are closely related to the yields on long-term government bonds. Further uncertainty about when, or if, any substantive fiscal stimulus will arrive and whether or not it will have a meaningful economic impact is also giving investors another reason to further consider bonds.

At the current average 30-year fixed mortgage rate of 4.22 percent, the monthly payment for a $200,000 loan is $980.37.

SURVEY RESULTS                                                                                       

30-year fixed: 4.22% — down from 4.24% last week (avg. points: 0.28)

15-year fixed: 3.43% — down from 3.48% last week (avg. points: 0.18)

5/1 ARM: 3.46% — up from 3.45% last week (avg. points: 0.28)

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. Half of this week’s panelists expect mortgage rates to remain more or less unchanged in the coming week. One-third of respondents forecast further declines and just 17 percent predict a rebound in mortgage rates over the next week.