Author: ipgocorp

(RECAP: Mortgage lenders found the federal “Know Before You Owe” mortgage disclosure rule—formally known as TRID—to be the source of most of their quality control (QC) headaches in 2016, the first full year of the rule’s implementation. TRID accounted for 12 of the top 15 findings of quality control (QC) issues in 2016, according to a review by MetaSource of thousands of post-close QC audits conducted by the Utah-based third party mortgage compliance service provider.)

LAS VEGAS, NV – Security Properties purchased Orchard Club, a 342-unit affordable multifamily property in Las Vegas, Nevada, for $27,200,000.

Orchard Club is a garden-style community comprised of a mixture of family and senior, income restricted units. The property was originally developed in 2001 utilizing a combination of Low-Income Housing Tax Credits (LIHTCs) and HOME funds from the Nevada Housing District (NHD). A Regulatory Agreement tied to those original sources of financing ensures that the affordable housing restrictions will remain in-place for the next 15 years.

Orchard Club is a valuable addition to Security Properties’ Las Vegas portfolio which already consists of over 1,400 conventional multifamily units across the greater metropolitan area. The company believes that Las Vegas’s multifamily market fundamentals continue to trend in a positive direction as the supply of new apartments has been slower to respond to growing demand than it has in many other major US cities.

“This acquisition increases our already strong investment in the Las Vegas market, and allows us to preserve this high-quality affordable housing community for the next 15 years with energy efficiency upgrades and capital investment,” states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties.

JLL Capital Markets provided a 15-year term fixed rate loan on the property and utilized Fannie Mae’s Green Rewards program which will provide funding for energy efficiency upgrades throughout the property.

“JLL was very pleased to have the opportunity to provide the acquisition financing for this asset. This closing marks the most recent of many transactions that we have closed for Security Properties all of which have been sound investments that will generate significant returns for investors but will also improve the quality of life of the tenants and continue to provide much needed high quality affordable housing,” notes Tim Leonhard, International Director of JLL Capital Markets.

The property will be managed by Madrona Ridge Residential, an affiliate of Security Properties.

PHOENIX, AZ – Shepley Bulfinch, a national architecture firm known for design excellence and innovation with offices in Boston, Houston and Phoenix, announced the grand opening for phase one of en Hance Park, a distinctive condominium development in downtown Phoenix.

This first of three project phases for en Hance Park comprises 49 units and 65,000 SF of total living space. Located at 2nd and Moreland Streets, en Hance Park overlooks Margaret T. Hance Park, a 32-acre green space and cultural destination, and is steps from the Roosevelt Row arts district and other urban amenities.

As one of the first new developments in this re-emerging downtown district, en Hance Park will serve as an anchor for future growth. Shepley Bulfinch is working closely with developer Sencorp on this transformational urban development project which, when complete, will cover almost an entire city block.

The new en Hance Park is open, airy and contemporary with clean lines and modern amenities. As an intentional contrast to more elaborate facades nearby, there is a distinct simplicity to en Hance Park’s exterior. The building is clad in metal panels and smooth stucco using a color palette reminiscent of the surrounding desert. This gives the building a sleek appearance that is also warm and inviting, fitting in beautifully with the sprawling park across the street.

“Our goal for en Hance Park was to build smartly-designed residences that expertly combine functionality, creativity and sophistication,” said Alvaro Sande, CEO of Sencorp. “Shepley Bulfinch helped us realize our vision through ingenuity and practicality in the design and planning of this project. The firm gave careful thought to every living space and common area and it is this attention to detail that distinguishes en Hance Park as an urban oasis.”

With the groundbreaking for phase two scheduled for spring 2017, en Hance Park is one of four residential developments Shepley Bulfinch is currently working on in the metropolitan Phoenix area, creating an additional million square feet of living space within the city.

(RECAP: An umbrella organization created to boost awareness of senior issues has been formally endorsed by both the Albemarle County Board of Supervisors and Charlottesville City Council. “By 2024, our area will have one in four people over the age of 65,” said Marta Keane, CEO of the Jefferson Area Board for Aging and an organizer behind the new Charlottesville Area Alliance.)

Botetourt County Leaders hosted a housing summit Monday, bringing all the pieces of development under one roof. This comes after a recent report shows a home shortfall looming on the horizon. The summit was designed to prime the pump of housing development in the area. “The biggest thing we’re looking at is the opportunity of multi-family out here right now, there seems to be a dire need for it and we’re looking to help out and help the community get what they need,” Turner Long Construction President and CEO Boyd Long said.

This year marks the seventh annual Northern Virginia Housing Expo designed to educate and inform home buyers and apartment seekers. Set for Saturday, March 18 at Sterling’s Dominion High School in Loudoun County, the free expo will run from 10 a.m. – 3 p.m. and offer free financial counseling, exhibits, workshops and the chance to talk with professionals in the housing and lending industries.

DENVER, CO – Triumph Properties Group has acquired Villas at Holly, a 144 unit apartment community, located in Centennial, Colorado.  The $26,250,000 acquisition is Triumph’s first in the Denver market. 

The property will continue to be improved via unit interior upgrades and exterior and common area additions. The Villas at Holly transaction was closed on an all cash basis in 37 days. Median income within a 1 mile radius exceeds $90,000. 

Located on the corner of Arapahoe Road and Holly Street, the property benefits from excellent drive by visibility, and is only minutes from Denver Tech Center and shopping at The Streets of Southglenn.

With superior amenities and features that complement upscale living spaces, the community is pet-friendly with a state-of-the-art fitness center, sparkling swimming pool, and on-site laundry services. The interior amenities include wood burning fireplaces, oversized closets, large bedrooms and living rooms, separate dining rooms, galley-style kitchens, and private balconies.

“We like Denver over the long term, and Villas at Holly presented us with an opportunity to gain entry into a high-quality submarket at attractive relative pricing and a clear opportunity to increase income by improving unit interiors,” said Will Roos, Triumph’s Director of Acquisitions.

Triumph is continuing to expand its acquisition platform with $150-$200 Million in acquisitions targeted over the next 12 months.  Triumph’s portfolio includes approximately 2,000 multifamily units, approximately 1,000,000 square feet of commercial properties, and various development sites around the country.

POOLER, GA – Shepherd Health and Cobalt Seniors announced Shepherd Living at Savannah Quarters, an upscale 124-resident community offering spa-like living on roughly 10 acres in Pooler, Georgia.  The joint venture has purchased the property from Southwest Quadrant Development and is developing the community with United Community Bank, architectural firm Erdman, and contractor DeAngelis Diamond. 

The project will create approximately 200 jobs throughout the construction period and, once completed, approximately 65+ additional jobs for permanent operations.  Shepherd will be hiring health and wellness experts, caregivers, and administrative and business staff, as well as workers in the food service industries and grounds maintenance. 

Residents will enjoy a host of amenities, including gourmet farm-to-table food, fine wine storage, a full-service salon, a greenhouse and numerous gardening opportunities, private kitchens, animal therapy, extensive walking trails and landscaping throughout the large grounds, and a tavern to enjoy college football.  The wellness lifestyle at Shepherd Living at Savannah Quarters also includes daily classes ranging from meditation and gentle yoga to aerobics and circuit training.

“This is the premier facility of its kind from St Augustine to Charleston to Atlanta, and Shepherd sets the bar for this new, thoughtful approach to senior living,” said Pooler Mayor Mike Lamb.  “There’s nothing that compares to it in this region, and we’re lucky to have them.” 

The community will be managed by the brand’s operations arm, Shepherd Senior Living, and will be located directly across the street from Westbrook at Savannah Quarters.  “We do considerable research when deciding where to locate our communities, and we are excited to be a part of Pooler and west-side Savannah,” said Christine Menedis, co-founder and CEO of Shepherd Health.  “This is going to be a dynamic, thriving addition to the region, and we look forward to providing a highly personalized resident experience, while integrating our distinctive blend of health and wellness offerings.”

BELLE GLADE, FL – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, in a joint venture with The Spectra Organization, Inc. (an affiliate of the Palm Beach County Housing Authority), held a groundbreaking ceremony for Covenant Villas, a 144-unit apartment community in Belle Glade, Florida. The previously market-rate apartments will be converted to affordable housing and set aside for families earning at or below 60% and 33% of the Palm Beach County area media income (AMI). Newport Property Construction is the general contractor.

The Groundbreaking Ceremony was attended U.S. Congressman Alcee Hastings; along with representatives on behalf of County Commissioner Melissa McKinlay and the Palm Beach County Department of Economic Sustainability; Belle Glade Mayor Steve B. Wilson; and City Manager Lomax Harrelle.

“Palm Beach County, and Belle Glade in particular, has a tremendous immediate need for safe, clean and affordable housing for its residents, and it is so gratifying to be able to provide exactly that for the families of this city,” said HTG President and CEO Matthew Rieger. “Our work has made us a leader in multifamily affordable housing, and we are so proud to be able to take part in such an important project which will provide newly renovated apartments to the deserving citizens of the City of Belle Glade and Palm Beach County.”

“We specialize in multifamily construction nationwide and we are particularly pleased to partner with HTG on this project serving our South Florida community,” said Jose More, Principal, Newport Property Construction. 

Covenant Villas was built in 1988 and consists of 144 one-, two- and three-bedroom apartments in 18 garden-style buildings. HTG’s renovation program will bring the property up to local code and satisfy all Florida Housing Finance Corporation affordable housing guidelines. All buildings will get new metal roofs, impact-resistant windows, new electrical, plumbing and HVAC systems, and new interior carpentry, drywall, paint and cabinetry. There will also be enhanced landscaping and paving/re-stripping, and enhanced site lighting. 

HTG acquired the property for $22 million, which includes funding for renovations. Financing sources include $18.2 million in 9% Low Income Housing Tax Credit equity invested by Raymond James Tax Credit Funds; loans totaling $2.2 million from Palm Beach County; permanent financing from National Lending Partners of $1.9 million; and a $13.5 million construction loan from TD Bank. Rehabilitation commenced in the fourth quarter of 2016 and is expected to be completed September 2017.

The general contractor on this project is Newport Property Construction, a leading provider and builder of construction services in South Florida. Palm Beach County local, Kimberly A. Dellastatious, PA, is the architect and West Palm Beach Land Developers Consortium are the engineers for the rehabilitation of Covenant Villas.

HTG recently completed construction of Courtside Family in Miami, FL, in partnership with Alonzo Mourning, Wagner Creek in the City of Miami’s burgeoning Health District  and Valencia Grove in the City of Eustis and has four other affordable housing communities currently under construction in Florida including, Freedom Gardens in Brooksville, Park at Wellington (two phases) in Holiday, Arbor View in Margate and Hammock Ridge in Brooksville. HTG also has two market rate communities in development outside of Florida, Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ.

TAMPA, FL – Glenmont Capital Management, a New York-based real estate investment firm led by Lawrence A. Kestin, and Arlington Properties, a real estate development firm led by Jim Dixon, announced the closing of its $73 million sale of Tapestry at Citrus Park, a 400-unit Class-A apartment community developed in 2015 by Glenmont and Arlington.

Patrick Dufour of ARA Newmark in Tampa represented Glenmont and Arlington in the sale to an institutional owner/operator.

Located on a 60-acre land assemblage at 12780 Olive Jones Road in the North Hillsborough submarket of Tampa, Florida, Tapestry at Citrus Park sits in the southeast corner of Veteran’s Expressway and Gunn Highway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport, and Downtown Tampa.

Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, designer plank flooring, walk-in closets, granite countertops, and stainless steel appliances. Resort-like amenities include two beachfront-entry pools, fitness studio, lounge, business center, and dog park.

Tapestry at Citrus Park represents the eleventh multifamily project, dating back to 2002, successfully developed, leased, and sold by a venture comprised of Glenmont and Arlington.

“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 and following the success of Tapestry at Citrus Park, earlier this month Glenmont and Arlington closed the acquisition of 6835 Gunn Highway in Tampa, Florida, a 14-acre development site planned for a 318-unit Class-A apartment community, this first phase of which will be completed by early 2018.