Author: ipgocorp

ST PETERSBURG, FL – The highly-anticipated renovation of units and amenities at Trellis at the Lakes is officially underway in the Gateway neighborhood of St. Petersburg, Florida. Carefully planned to deliver sustainably-minded, resort-style living with a modern edge, Trellis at the Lakes distinguishes itself as one of the only apartment communities in the area to offer this level of apartment home finishes and amenities.

“A renovation of this magnitude on units and amenities is a first for the area and solidifies our investment in the community and dedication to increase the value of the region,” said, Tammy Young, southeast regional manager for Alliance Residential Company. “Trellis at the Lakes, owned by ESG Kullen and professionally managed by Alliance, will first renovate the apartment homes and building exterior, then tackle amenity and communal space upgrades over the course of a few months. Alliance praises ESG Kullen on acquiring this beautiful community and developing the forward-thinking renovation plan.”

Located at 11401 Dr. Martin Luther King Jr St. N, Trellis at the Lakes is a 688-unit garden-style community currently leasing 600 to 903-square-foot apartment homes, including one-bedroom, one-bedroom-plus-den and a variety of two-bedroom units as well as lofts. With leases from $750 to $1,489, the beautifully renovated homes feature top-of-the-line designer wood cabinetry, a subway tile backsplash appointment and solid granite counter tops and vanities.

Additionally, Trellis at the Lakes has made a conscious effort to incorporate green features that represent a commitment for cost savings to residents with energy-saving improvements such as new designer LED lighting, smart thermostats, upgraded Energy Star appliances and more. The community will also be undergoing a complete window and sliding door replacement program designed to promote electrical efficiency and reduce outside noise.

Trellis at the Lakes currently offers residents four tennis courts, two sports courts, two sparkling pools, a resident business center and clubhouse, a dog park with dog wash station and a car wash station.  In addition, Trellis at the Lakes will be adding a state-of-the-art fitness center featuring a fitness on demand studio.

The beautifully landscaped community stretches over 56 acres and boasts lush greenery, flowering trees and meandering lakes, many of which are home to a number of birds and fish that are native to Florida. The community is also surrounded by over a mile of city sidewalks that residents can enjoy walking, running or biking in and around the community.

The nearby business districts of Carillon Parkway and Gateway Business corridor makes it an ideal community for people working at any of the major employers, including Jabil Circuit, HSN, Raymond James, Clearwater Air Station, MacDill Air Force Base and Progressive.

An industry leader in apartment living, ESG Kullen owns 12 communities nationwide. Alliance is proud to represent ESG Kullen as manager of its seven Florida communities, including Trellis at the Lakes.

TAMPA, FL – Glenmont Capital Management, a New York-based real estate investment firm led by Managing Principal, Lawrence A. Kestin, and Arlington Properties, a Birmingham-based apartment company led by Jim Dixon, announced the acquisition of a 14-acre assemblage at 6835 Gunn Highway in the North Hillsborough submarket of Tampa for the development of Canopy at Citrus Park, a 318-unit Class-A apartment community.

The planned development follows the success of Glenmont and Arlington’s development of Tapestry at Citrus Park, a recently constructed, leased-up, and sold 400-unit Class-A apartment community located in the same North Hillsborough submarket.

The property acquired is situated at the northeast corner of Gunn Highway and Veteran’s Expressway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport, and Downtown Tampa. Canopy at Citrus Park’s units will average 993 square feet and benefit from a best-in-class amenity package that will cater to young professionals, families, and corporate relocations.

Construction is expected to begin in Q1 of 2017, with first move-ins scheduled for 12 months thereafter. Canopy at Citrus Park will represent the twelfth multifamily project undertaken by Glenmont and Arlington together, dating back to 2002.

“Glenmont continues to believe select investments in domestic real estate development opportunities provide compelling risk-adjusted opportunistic returns for sophisticated investors” Mr. Kestin said. “The project is representative of Glenmont’s on-going strategy to develop best-in-class, stabilized income-producing real estate assets, taking advantage of monetization opportunities from the growing institutional and public demand for these investments.”

Further reflecting Glenmont’s strategy, Glenmont and Arlington recently announced the sale of Tapestry at Citrus Park to an institutional owner/operator following a successful lease-up.

ANAHEIM, CA – JPI, a leader in the development of Class A multifamily housing, announced the close of construction financing for Jefferson Stadium Park’s Phase I, consisting of 371 luxury apartment homes and a 1.1-acre public park.  The community is located on a 17.6-acre prime real estate site located in the prestigious Platinum Triangle in Anaheim, California – directly adjacent to Angel Stadium of Anaheim.

Jefferson Stadium Park, a three-phase development, will ultimately result in the construction of 1,079 luxury apartment homes including 12 live-work units, the 1.1-acre park, and 14,600 square feet of community-oriented retail space.

“Clearly, JPI is committed to investing in the vision of Anaheim’s Platinum Triangle.  We currently have four projects in various stages of development within the Platinum Triangle, with a total anticipated value upon completion of over $675 million,” said Todd Bowden, JPI’s Western Region Senior Vice President and Managing Development Partner. “Platinum Triangle is a model for development efforts that encourage new projects and enhance quality living experiences for the community. Stadium Park only strengthens that commitment.”

The Jefferson Stadium Park constructing financing is provided by East West Bancorp, a publicly owned company with assets over $34 billion. East West Bank is a premier bank focused exclusively on the United States and Greater China markets, and operates over 130 locations worldwide.

“We’re proud to provide financial support for Jefferson Stadium Park,” said Deborah Beveridge, Senior Vice President and Commercial Lending Officer of East West Bank. “At East West Bank, we believe that vibrant communities are the cornerstones of economic growth for the nation. This relationship exemplifies our continued commitment to support community development.”

Also, participating in the lending of the project is Preferred Bank. Jim Belanic, its Senior Vice President/Group Manager, said: “Preferred Bank’s Orange County Real Estate Industries Group is excited about participating with East West Bank to finance JPI’s newest apartment project.”

In June 2016, JPI received unanimous approval for the project from Anaheim’s Mayor and City Council, and in September 2016, it was announced that JPI had partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a $255 million Joint Venture to develop Phases I and II of Jefferson Stadium Park. Laurie Mathers, the U.S. based Head of Acquisitions for Grand China Fund, said at the time: “Our fund seeks to partner with leading real estate developers in gateway cities across the U.S.  Jefferson Stadium Park is a model for this type of development, and represents Grand China Fund’s commitment to identifying quality investments for our partners.”

Gus Villalba, Managing Regional Partner of JPI’s Western Division, said: “The closing of our construction financing for this project with East West Bank, coupled with the investments from our Chinese partners, solidifies that Jefferson Stadium Park will come to life as a model project for our portfolio, and for future investments in other projects by Chinese investors.”

Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball’s Los Angeles Angels of Anaheim, and the National Hockey League’s Anaheim Ducks. Additionally, the project is located one mile from the Downtown Disney Shopping District; Disneyland, and California Adventure theme parks. It is also located within ten miles of Anaheim’s top five employers: Disneyland Resort, Kaiser Foundation Hospital, Hilton Anaheim, Cash Call Inc., Mortgage Division, and Anaheim Memorial Medical Center.

“Jefferson Stadium Park represents the ideals that we originally envisioned for Anaheim’s Platinum Triangle,” said Anaheim Mayor Tom Tait. “This area will be transformed with the dynamic new community this project will create.”

LINTHICUM, MD – Developed by public private partnership that includes Landex Development and Prince George’s County, Artist Row, located at 3807 and 4100 Rhode Island Avenue in the Gateway Arts District, is the intersection of modern urban living and the arts.

The LEED gold designed community is being constructed in two phases. The first phase, Studio 3807, is currently under construction and scheduled to open early summer 2018. Studio 3807 includes 147 apartments, 6322 square feet of retail space and 3000 square feet of artist studio space. The second phase, Artisan at 4100, will open in late 2018 and will consist of 84 apartments and 5000 square feet of retail.

Artist Row will be an active member of the Gateway Arts District. Local artists are being engaged to create art installations which will be on display in a planned gallery space in Studio 3807. Local artists will operate the art studios which will be used by local artists and hold public artist talks at Artist Row. The retail space will be occupied by neighborhood serving businesses which will further complement the concept of an inclusive neighborhood that encourages diversity.

“Artist Row will be an inclusive community space where people can gather to share ideas about the world and art,” said Landex CEO, Peter Siegel. “We are very excited to be a part of the Gateway Arts District and Prince George’s County. Our vision is to have Artist Row provide a central gathering place that promotes positive communication and allows growth for not only the arts but local businesses.”

The Gateway Arts District spans two miles along Route 1 Baltimore/Rhodes Island Avenue and incorporates four towns; Mount Rainier, Brentwood, North Brentwood and Hyattsville. The Gateway Arts District was established by the Prince Georges County government in 2001 as an Arts and Entertainment District to use the arts to promote economic development.

The Gateway Arts District is a focal point for art activities of all types, as well as for socializing, entertaining, dining, shopping, and living. It offers the richness and diversity of the metropolitan region, but retains at its core the heart of the four small towns: Mount Rainier, Brentwood, North Brentwood, and Hyattsville. Spanning two miles along Route 1 Baltimore/Rhode Island Avenue, with quick access to the MARC, two Green Line stations, and several bus lines to Mount Rainier, the Gateway Arts District is the perfect home for artists, art-lovers, families, commuting professionals, and students.

The rich artistic diversity of the area results in a variety of restaurants, coffee houses, local and regional theatres, galleries and entertainment, as well as arts-related businesses such as arts and crafts stores, designers, and art supply stores that support and extend the influence and economic vitality of the artists’ community.

Federal housing officials are conducting a wide-ranging investigation of whether the civil rights of Hopewell public housing residents were violated in two redevelopment projects touted as a win-win for the city and its poor. That promise eroded as Community Housing Partners, a nonprofit with 100 properties across the Mid-Atlantic and Southeast, assumed ownership of two communities from the city’s housing authority and began overhauling them, according to complaints filed with the U.S. Department of Housing and Urban Development in December.

LITTLE ROCK, AR – BSR Trust, a leading owner and operator of garden-style, multifamily communities, announced that it has completed the acquisition of Mountain Ranch Apartments in Fayetteville, AR. The purchase of Mountain Ranch marks BSR’s official entry into the Northwest Arkansas market. However, BSR already owns and manages 10 other properties within in the state of Arkansas.

Mountain Ranch was built in 2009 and contains 360 units in a mix of one bedroom, two bedroom and three bedroom floorplans. The upscale garden-style community sits on 15 acres, just across Interstate 49 from the University of Arkansas campus.

Mountain Ranch adds to the growing list of multifamily housing properties owned and managed by the Little Rock based company throughout Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

“Mountain Ranch is an outstanding community that we are thrilled to add to the BSR portfolio,” said Daniel Oberste, Chief Investment Officer of BSR Trust. “BSR has focused our acquisition growth outside the state of Arkansas in recent years. However, the economic growth story in Northwest Arkansas is impossible to ignore. Further, BSR’s corporate offices along with a large chunk of our operating personnel are based in Arkansas. As a result, it makes good business sense for BSR to expand our Arkansas presence at this time. This transaction, together with the other acquisitions and investments made in the past year, are indicators of the growth our company is experiencing and our strategy moving forward.”

The new acquisition puts BSR Trust owning and managing just over 9,200 units across its portfolio.

NEW ORLEANS, LA – 365 Connect, a leading provider of award-winning marketing, leasing, and resident technology platforms for the multifamily housing industry, announced today that the company has received a Vega Digital Award for its Marketing Syndication Platform. This prestigious international award recognizes 365 Connect’s capabilities to deliver innovative and creative solutions to meet the rapidly-changing needs of the multifamily housing industry.

The Vega Digital Awards is an international competition for creative professionals who hold the unique ability to inspire through concept, writing, or design by means of traditional or electronic media. From broadcast and print to social media and emerging platforms, winners were selected in a broad scope of categories.  Administered by the International Awards Association, winning entries are carefully selected by a panel of internationally-esteemed creative professionals from around the globe. This year’s competition boasted entries from 30 countries including Argentina, Brazil, Belgium, Canada, China, Denmark, Faroe Islands, France, Germany, India, Ireland, Italy, Kazakhstan, Latvia, Luxembourg, Malaysia, Singapore, Netherland, New Zealand, Panama, Poland, Portugal, Russia, Slovakia, Spain, Sweden, Switzerland, Ukraine, United Arab Emirates, United Kingdom, and the United States.

“We wish to recognize the singular achievements of small and medium-sized firms, and the creative professionals who are the driving force behind the global digital communications industry,” said Kenjo Ong, President for the International Awards Associates. “We hope to find, encourage, and reward the newest and brightest stars emerging in the world of digital communications.”

365 Connect was fortunate enough to be recognized for its revolutionary Marketing Syndication Platform by the Vega Digital Awards. The 365 Connect Marketing Syndication Platform delivers automated listings with real-time updates to high-traffic housing search engines and classified websites. Ultimately, it offers a fully-integrated solution that eliminates redundant marketing efforts and seamlessly updates pricing, imagery, content, and availability from a single platform. The platform is proven to reduce operating expenses while simultaneously increasing qualified prospect traffic for multifamily housing operators.

Ong added, “Winning a Vega Digital Award is a significant career accomplishment for the recipients.  With vetted panelists, tough criteria, blind judging processes, and strict bylaws limiting winners, only the best entries received recognition. The creative work this year was truly outstanding and inspiring.”

365 Connect Founder and CEO, Kerry W. Kirby, stated, “365 Connect is pleased to have its technology platform acknowledged on an international level, and we are truly honored to receive this highly acclaimed award. Our focus is to connect both future and existing residents with where they live by providing a host of services, resources, and communication tools. This award emphasizes our dedication to meeting our clients’ needs of optimizing lead flow, reducing marketing spend, and extending their communities reach across the web.”

To date, 365 Connect has received a total of 45 regional, national, and international awards, symbolizing its dedication to delivering leading-edge technology. The 365 Connect Technology Platform is highly recognized by its peers for its unique ability to market communities across the Internet, automate social media, and deliver desktop and mobile platforms to prospects and residents. Today, 365 Connect’s innovative technology platforms are utilized across the nation, aiding the most respected multifamily housing operators by providing them with the ability to manage their marketing, leasing, and resident services from a single sign-on interface.

CHARLESTON, SC – Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it has been retained to manage 61 Vandy, a 101-bedroom complex serving the College of Charleston. The property is in the final stages of conversion from conventional apartments to student-focused housing.

“Third-party management is an integral part of our growth plan, and this upscale property in the heart of downtown Charleston is an outstanding addition to our portfolio,” said Donna Preiss, founder and CEO, The Preiss Company. “This is our first time working with this private investment group, and we look forward to building on our relationship and launching this exceptional project together. The property is completing a total makeover/conversion to a student housing-focused facility and will be one of only five purpose-built projects serving the Charleston college community.

“It also marks our entry into the important Charleston market, which is our sixth new market in the past three months,” she added. “We have in-depth operating experience in the region and already are actively leasing for the 2017 school year.”

The 61 Vandy complex is located at 61 Vanderhorst Street, two blocks from the College of Charleston, within walking distance of the Medical University of South Carolina and a short drive to The Citadel. The five-story property consists of 33 units offering a mix of studio, two-bedroom/two bathroom, three-bedroom/two bathroom and four-bedroom/two bathroom floor plans.

The upscale units feature key-fob entry, boutique-style furniture, hardwood floors, stainless steel appliances, granite countertops and wall-mounted flat screen televisions in the living area. Amenities include a self-serve coffee bar and Preiss’ proprietary technology that utilizes top-of-the-market WiFi with 1GB Internet connected directly into each suite, as well as programs that enhance online leasing and rental payments and social media. On-site parking is available.

“We have added four new management contracts in the past 90 days and are looking selectively for additional properties,” Preiss noted. “Student housing requires expertise and operating programs that are distinctively different from other forms of multi-housing. Since our founding in 1987, we have continuously refined and updated our programs to reflect student, parent and university preferences. Third-party management in this sector is highly fragmented, offering considerable opportunities for growth.”

PORTLAND, OR – Community Development Partners announced the recent closing of affordable, multi-family housing properties Baltimore Gardens and Cleveland Gardens in Las Vegas, NV and Viking Village in Salem, OR.  The properties consisting of 201 units in Las Vegas, NV closed on February 3; and the 87-unit development in Salem, OR closed on February 17.  These properties are the newest additions to the developer’s expanding portfolio of life-enhancing, affordable communities. 

Baltimore and Cleveland Gardens includes two existing HUD-assisted developments in Las Vegas, NV.  The properties, located at 316 West Baltimore Ave and 311 Cleveland Ave, consist of 201 units throughout 21 buildings constructed between 1958 and 1960.  All units receive Section 8 rental assistance for those earning up to 60 percent of the AMI.  

Community Development Partners has teamed with BLVD Capital to renovate the unit interiors and building systems to enhance living conditions and improve energy efficiency and security. Renovations are designed by Integrated Design & Architecture, constructed by Precision, with property management by Cornerstone.  Construction is set to be complete in December 2017. 

Viking Village is an HUD-assisted development located at 3402-3570 Fairhaven Ave NE in Salem, OR. The ten-building property was constructed in 1969 and contains 87 units, 86 of which receive Section 8 rental assistance for those earning up to 60 percent of the AMI. Ten units are set aside for agricultural workers. The rehabilitation will include unit interiors and building systems upgrades.

To develop a deeper sense of community and pride of place, Community Development Partners is constructing a new community building, education center, and community garden. Renovations are designed by Waechter Architecture, constructed by LMC, with property management by Cascade.  Nonprofit partners include AOF/Pacific Affordable Housing Corp and Salem Housing Authority. Construction will commence this month.

Eric Paine, Chief Executive Officer of Community Development Partners, says, “The acquisition of these projects in key markets ideally suits our mission-driven strategy of executing projects where we can provide a profound transformation for the residents and surrounding communities.”

NEW YORK, NY –  Mortgage rates increased for a second week in a row, with the benchmark 30-year fixed mortgage rate rising to the highest level since April 2014 at 4.38 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed increased to 4.35 percent and the average 15-year fixed mortgage rate climbed to 3.57 percent. Adjustable mortgage rates also moved up, with the 5-year ARM stepping up to 3.57 percent and the 7-year ARM to 3.77 percent.  

Mortgage rates posted further increases after a speech by Federal Reserve Chair Janet Yellen all-but-telegraphed the expectation of an interest rate hike on March 15. The Federal Open Market Committee meets March 14-15 and is now widely expected to raise interest rates another quarter percentage point.

Just three weeks ago, there were scant odds of a March rate hike, but it has become a near lock in recent weeks. This also increases the prospect that the Fed will raise interest rates more than twice this year. Bond yields and mortgage rates had to recalibrate to reflect these now higher odds. Mortgage rates are closely related to yields on long-term government bonds.

At the current average 30-year fixed mortgage rate of 4.38 percent, the monthly payment for a $200,000 loan is $999.16.

SURVEY RESULTS

30-year fixed: 4.38% — up from 4.31% last week (avg. points: 0.26)

15-year fixed: 3.57% — up from 3.49% last week (avg. points: 0.24)

5/1 ARM: 3.57% — up from 3.48% last week (avg. points: 0.27)

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 overwhelming majority of panelists, 90 percent, expect mortgage rates to keep climbing, while the remaining 10 percent predict that mortgage rates will remain more or less unchanged in the coming week. None of this week’s respondents expect a decline in mortgage rates over the next week.