Author: ipgocorp

NEW YORK, NY – The NHP Foundation-Urban Atlantic Fund announced the acquisition of four apartment complexes, Exchange Place Tower Apartments, Countryside Apartments, and Flanders West Apartments in Connecticut.

These senior properties are located in the Waterbury region west of Hartford, Connecticut. The 404 units consist primarily of studios and one-bedrooms, with a few two bedroom units. All properties benefit from a Project-Based Section 8 Housing Assistance Payment (HAP) contract for 100% of units.

Launched in June 2012, the $50 million equity Fund, created to address the growing shortage of American affordable housing, brought together three national leaders in the development of affordable real estate: PNC Bank N.A., Urban Atlantic, and The NHP Foundation.

The Fund’s mission is to identify and preserve affordable housing developments that are both sound investments and important components of the social fabric in their broader communities. Since the Fund’s inception, six properties totaling over 850 units in Maryland and Ohio have been acquired. The addition of the Connecticut properties will bring the total to ten properties and over 1,200 units.

“This type of portfolio acquisition is very well suited for the Fund as an intermediary buyer as it combines the financial capacity and development expertise of both partners,” said Mecky Adnani, Sr. Vice-President, NHPF. “We are proud of this collaboration that enables us to preserve the long term affordability and viability of these properties for their intended senior community.”

“The portfolio boasts complexes with different locations ranging from walkable urban to a more country setting,” continued Adnani.  “The properties are part of a portfolio of buildings originally developed by John Errichetti, a prominent real estate developer in the Waterbury area, prior to his passing in 2001.”  The portfolio was owned and managed by Beacon Communities since 2007 in conjunction with the New Boston Fund.

According to John Nunnery, senior vice president and manager of preservation at PNC Bank, the equity investor in the Fund, “The acquisition of these three properties supports PNC’s commitment to strengthening communities and preserving affordable housing.”  Recapitalizations are expected to take up to three years to complete.

Exchange Place Tower Apartments – Located at 44 Center Street, Waterbury, CT, Exchange Place Tower was built in 1983 and includes 145 one-bedroom and five two bedroom units within the 11 story building. Exchange Place is located in an urban area in the city’s historic district, making it easily accessible to retailers, cafes, St. Mary’s Hospital and local University of Connecticut campus. It is located less than a mile away from the MTA rail station which provides access to New York City.

Countryside Apartments (I & II) – Countryside I and Countryside II were built in 1982-1983 with 55 and 54 units respectively, in 16 buildings. All units are one-bedroom with the exception of three two-bedroom units. Countryside I and Countryside II are located at 12 Wolf Hill Road, Wolcott, CT. The Countryside Apartments are located within close proximity to a large reservoir and City of Wolcott recreational area, that includes trails, fishing and swimming areas, sports courts and a pavilion.

Flanders West Apartments – Flanders West was built in 1978 and includes 51 efficiency and 94 one-bedroom units within two four-story identical buildings. Located at 1 Darling Street, Southington, CT, 16 miles southwest of Hartford and 2 miles from the Southington Shopping Center.

“This acquisition affords us the opportunity to upgrade these properties and provide seniors what they are looking for in quality housing,” said Richard Burns. “We plan to improve and update the units for this population segment which is expected to grow 57% by 2040.”

HOUSTON, TX – Just shy of its 102nd year as a downtown landmark, one of Houston’s most beloved buildings, the Texaco at 1111 Rusk Street, is welcoming guests again for the first time since 1989 as part of the Downtown Living Initiative. Under the stewardship of Provident Realty Advisors, the early skyscraper that cemented the city’s economic significance has been reborn as The Star. The multifamily milestone, managed and leased by Fein, celebrates the refined Renaissance Revival style and striking Beaux-Arts accents implemented by the New York architectural firm of Warren & Wetmore, which completed Manhattan’s Grand Central Terminal two years prior.

“There are so few opportunities to create something as magical as The Star,” said Provident Realty Advisors’ Kip Platt, the Development Partner. “We were fortunate to have found an iconic, pre-war building of this scale where a thoroughly modern makeover meshes so seamlessly with its timeless architecture.”

Encompassing 286 units, ranging from 730 to 1,730 square feet with irreplaceable architectural details and interior finishes typically associated with a high end condominium, The Star reactivates a key block in the heart of a neighborhood rejuvenated by the 2017 Big Game. The exhaustive renovation adds to that progress with a refined living option and approximately 21,000 square feet of street front retail – 75% in final contract negotiations – within steps of two light rail lines, as well as new office, dining, entertainment and hotel offerings.

The launch delivers 207 one bedroom, one bath and 79 two bedroom, two bath homes along with chic and inviting ground floor reception areas. Forty percent of the units offer a powder bath, and a significant portion of the one bedroom homes also feature a separate den or study. Unveiled public spaces include a hotel-style lobby lounge and a cozy and complimentary coffee and snack bar with cafe seating. Restored mosaic tile flooring and original decorative brass elevator surrounds are focal points of the lobby, which is staffed 24/7 by a concierge and free valet for leasing visitors, residents and their guests.

With 22 different floorplans, the design of each residence maximizes window placement, views and a myriad of unique attributes. Depending on the apartment location, the historic nature of the building has created a bonus mix of extras such as deep window ledges for seating or display, beamed ceilings over 11 feet in height and unusually large kitchens, living areas and bedrooms. The scale enhances some masters with dressing or flex space and gives guest or roommate accommodations the luxury of footage for a king bed.

Upgrades are evident throughout with no texture walls, wireless speakers, recessed lighting, solid core doors, wide plank hardwood floors, professional line KitchenAid stainless appliances, wine refrigerators, stainless farmhouse kitchen sinks, quartz counters with waterfall edges, oversized showers and closets and custom, 48-inch soft-close cabinetry.

Amenities debuting into summer include a resort-style courtyard with heated pool, cabanas, summer kitchen and gas grills; lower lobby level climate-controlled storage and media/theater room; second floor business center and a covered dog run with grooming station; and 16th level recreation area with two-story, atrium-like foyer flowing into a state-of-the-art fitness center and expansive club room with commercial demonstration kitchen and event space, billiards and TV pods. From the foyer, a dramatic staircase will lead residents to the one-of-a-kind rooftop, where a covered lounge with TV and fireplace will open onto multiple, alfresco seating vignettes, framed by lush landscaping and trees and overlooking downtown Houston.

LOS ANGELES, CA – International award-winning KTGY Architecture + Planning announced today that Manny Gonzalez, FAIA, LEED AP, managing principal of the firm’s Los Angeles office, will serve as keynote speaker for a live webcast scheduled to air on February 22, 2017, at 3:00 p.m. ET on MultifamilyBiz.com, the largest media platform in the multifamily housing industry.

2020 Vision: Housing Trends of Today and Beyond will delve into an array of topics, such as home automation, urban living, walkable communities, and how millennial’s are driving technology into the housing mix. This fast-paced 60-minute digital media webcast will focus on what multifamily housing professionals need to know about the next generation of design trends emerging in the market.

Joining Gonzalez, are property management expert Ernest F. Oriente of PowerHour, and multifamily technology innovator Kerry W. Kirby, CEO of 365 Connect, who are the hosts of the MultifamilyBiz.com + PowerHour Digital Media Webcast Conference Series. With a combined experience of almost 50 years in the multifamily housing industry, Oriente and Kirby deliver comprehensive, educational, and leading-edge programming.

Kirby stated, “We are excited to have Manny join us and present his insights on where housing is trending to our global audience. As a leader in our industry, Manny always delivers current, captivating, and relevant information that is affecting the way multifamily communities are being developed in today’s ever-changing market.”

Gonzalez reports that the KB Home ProjeKt at last year’s GreenBuild Conference demonstrated some of the features of the future, including a green wall, drone landing pad, and refrigerated package delivery storage. It also showcased a very simple “low tech” feature of a wall that moved to allow a secondary bedroom to become an office or disappear altogether and expand the great room into an even larger entertainment space.

Remember the Betamax and Window’s Vista? Not all technologies are improvements and developers need to avoid building properties that are outdated before they stabilize, said Gonzalez. “I can remember when builders thought they were on the cutting edge of technology incorporating iPod docking stations into new construction. It wasn’t even a year later that Apple introduced a newer version of the iPod and it didn’t fit anymore. In fact, none of the following generation did either. Wi-Fi and Bluetooth have allowed us more freedom with technology so we are less likely to build something that is dated just after its completed,” Gonzalez stated.

Uber and Lyft are now mainstream travel options and the autonomous car is just around the corner, Gonzalez reports. What is the future of auto storage in housing? In 2015 the 16 to 34 age group only purchased 3.5 cars per 100 individuals compared to more than 6.5 for each of the 35 to 49 and 50 to 54 groups. “Parking requirements in new urban developments have been dramatically reduced,” said Gonzalez. “It’s not unrealistic to think that new homes in 10 years won’t have a garage. Residents will use their app that delivers the driverless car service to their front door.”

Millennials have been the focus of apartment builders the last half dozen years, but are age-qualified properties the next big thing? With 10,000 people a day turning 65 until 2030, the boomers are a huge demographic. “Affordable senior apartments have always leased well, but today more luxury versions are coming online and leasing very well,” explained Gonzalez. “In some cases, it’s residents just wanting to downsize and not carry another mortgage and, in others, it’s a second home near the grandkids. As the millennials start buying homes and getting out of the rental market, the 55+ population segment is just beginning to get into it.”

Registration for the webcast is available at MultifamilyBiz.com.

Manny Gonzalez is the managing principal for KTGY’s Los Angeles office. Gonzalez is responsible for the design, land planning and production of residential and mixed-use developments throughout the U.S., including active adult and affordable multifamily communities. In 2016, Gonzalez was elected to the College of Fellows of the American Institute of Architects. Election to Fellowship recognizes not only his achievements as an individual architect but also his significant contributions to architecture and society on a national level. Gonzalez was also recognized in 2015 by Builder magazine for his legacy of delivering remarkable residential design with his induction into the prestigious Wm. S. Marvin Hall of Fame for Design Excellence.

DETROIT, MI – FOURMIDABLE, a national real estate property management and brokerage firm, announced the opening of The Griswold located at 1117 Griswold Street, in the heart of Detroit’s central business district. The Griswold is Detroit’s first residential new Downtown construction project in 25 years.

The Griswold is a $24-million apartment community, which sits atop a 10-story parking garage and retail structure, with 80 one, two and three-bedroom units occupying floors 11 – 15.  The apartment homes feature open floor plans with nine-foot-high ceilings, floor-to-ceiling windows, granite counter tops, stainless steel appliances, sealed concrete floors, state of the art heating and cooling and storage units.  All units boast unparalleled panoramic views of Downtown Detroit

“FOURMIDABLE is proud to have been selected as the Management Agent for The Griswold,” stated Michael Schocker, President of FOURMIDABLE. “This is the second project where we have worked with the Roxbury Group and are honored to be part of their vision to help revitalize housing in Detroit.”

The ribbon cutting took place on February 9, 2017 with Mayor Mike Duggan in attendance.  “The completion of The Griswold helps meet the growing demand for residential units Downtown,” said Detroit Mayor Mike Duggan. “The fact that we are starting to see new residential construction, to compliment the many residential building restorations already taking place, is a clear sign of an increasingly strong housing market in Detroit.” 

The developer is the Roxbury Group, Walbridge is the construction manager and Kraemer Design Group is the architect, all Detroit-based companies.

Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500.

FOURMIDABLE is a national real estate management and brokerage company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government assisted, public housing and rural development apartment communities. Founded in 1975, FOURMIDABLE currently manages 87 communities in ten states, with more than 9,256 units under management.

WASHINGTON, DC – Fannie Mae provided $55.3 billion in financing and supported 724,000 units of multifamily housing in 2016 – the highest volume in the history of its Delegated Underwriting and Servicing (DUS) program. The company also led the market last year with $54.9 billion worth of new issue mortgage-backed securities that attracted more investors purchasing DUS MBS than ever before and provided additional liquidity to the market with more than $10 billion in Guaranteed Multifamily Structures (Fannie Mae GeMS).

“I am proud of the business we did last year with our lenders and borrowers to support affordable and workforce housing across multifamily market segments. We achieved record volumes for Affordable, Green Financing, Student Housing, and Manufactured Housing Communities,” said Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. “Our unique DUS risk-sharing model allows us to leverage lender delegation to do more business with greater certainty of execution, providing borrowers with faster decisions and quicker loan closings. Inherent in this model is a reliance on strong partnerships – from borrower to lender to Fannie Mae to investor – and everyone has a vested interest to succeed.”

Fannie Mae Multifamily devoted significant resources in 2016 to invest in technology as part of an effort to support its business activities and will continue to make improvements to systems and processes in 2017. Additionally, the company introduced more frequent and transparent communication and collaboration opportunities to further enhance the customer experience and reinforce its partnerships.

“This is a relationship-based business – you need reliable, trusting partners to get deals done for borrowers and meet the needs of the rental housing market,” said Hilary Provinse, Senior Vice President for Multifamily Customer Engagement, Fannie Mae. “Whether borrowers are in need of portfolio management strategies or looking to make their properties more energy-efficient or solving for a complex affordable transaction, Fannie Mae has the financing solutions. Thanks to our 25 DUS Lender partners, we had a remarkable 2016 and we look forward to another great year.”

The following top 10 DUS Lenders produced the highest business volumes in 2016.

Top 10 DUS Producers in 2016	Volume ($Billion)
1.     Wells Fargo Multifamily Capital	$11.7
2.     Walker & Dunlop	$6.0
3.     CBRE Multifamily Capital	$4.8
4.     Berkadia Commercial Mortgage	$4.2
5.     Berkeley Point Capital	$3.9
6.     Capital One Multifamily Finance	$2.7
7.     Prudential Mortgage Capital Company	$2.5
8.     Arbor Commercial Funding I	$2.3
9.     Greystone Servicing Corporation	$2.2
10.   KeyBank National Association	$2.2

NEW YORK, NY – Omni New York celebrated the opening of its Morris Avenue Apartments affordable housing complex located at 655 Morris Avenue in the Bronx, which will provide 176 new units of mixed income housing for New York families and formerly homeless, including formerly homeless veterans.

Eighty-seven percent of the units are reserved for tenants with incomes at or below 60% of the Area Median Income (AMI), with 35 of these units set aside for formerly homeless tenants, including 17 units reserved specifically for homeless veterans, most of whom already occupy their new apartments. The remaining 13 percent of the units are reserved for tenants restricted to 80 percent of AMI.

“We at Omni are excited to open our first new construction building in New York City,” said Eugene Schneur, Managing Director and co-founder of Omni. “Built to meet some of the highest eco-friendly standards in the industry, we are very proud to offer these new, quality affordable housing options for New Yorkers, including formerly homeless veterans. I would like to thank HPD, HDC and Bank of America for helping make the Morris Avenue Apartments a reality.”

Omni has already moved 16 formerly homeless veterans into their brand new units and a local non-profit will provide an array of supportive services to all formerly homeless tenants living in the building.

Constructed in partnership with the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC) and Bank of America, Morris Avenue Apartments include numerous sustainable and energy-efficient features.

Approved for LEED Silver Certification prior to construction, the building is on pace to achieve LEED Gold Certification as well as Enterprise Green Communities Certification. Rooftop solar panels will offset a portion of the property’s electricity usage. A clean microturbine cogeneration unit will allow the building to produce enough electricity to power the common areas, retail space and community facility, while satisfying domestic hot water requirements and acting as a backup emergency generator. Other sustainable and energy efficient building elements included bamboo flooring, Energy Star rated appliances and water saving fixtures. The building has designated areas for recycling and an interior bicycle room for the tenants and employees of the commercial areas.    

The 15-story building includes 9,500 square feet of ground floor retail, 8,500 square feet of community facility space and a two-level parking structure with 75 parking spaces. An extensive DVR-security camera system with approximately 175 cameras, including a state of the art facial recognition system at the front entrance, will provide safety for tenants and the public.

LOS ANGELES, CA – Century West Partners, a Los Angeles-based developer of sophisticated luxury apartment communities, completed the “topping off” at its NEXT on Sixth apartment community currently under development in Los Angeles. The topping off of NEXT on Sixth is a milestone celebration of the newest community to grace Koreatown and was hosted by Century West Partners, the development team behind NEXT on Sixth, on the afternoon of February 15.

Along with Century West Partners’ recently completed K2LA luxury community nearby, NEXT on Sixth is widely recognized for its role in the current renaissance that is reshaping burgeoning Koreatown. “NEXT on Sixth joins our 488-unit K2LA community as one of Koreatown’s most prominent new projects,” said Michael Sorochinsky, co-founder and principal with Century West Partners.  “Each of these communities aims to meet high demand for luxury living options in one of Los Angeles’ hottest neighborhoods.”

The stylish, seven-story NEXT on Sixth community includes six upper floors featuring 398 leading-edge designed units presented in studio, one-bedroom, and two-bedroom floorplans. The ground level features the community’s sophisticated lobby and one of just a few Target urban-concept retail stores to debut in Los Angeles. The 22,000-square-foot Target store will serve both NEXT on Sixth residents as well as the surrounding community. Construction of the new NEXT on Sixth community is expected to be complete in November of 2017.

“The rejuvenation of Koreatown is truly exciting to us,” said Steven Fifield, co-founder and principal with Century West Partners. “The blend of retail and restaurant amenities coupled with the incredible location has made Koreatown a widely-sought place to live among young professionals, millennials, and those seeking a vibrant urban lifestyle. With these two new apartment communities and the Target offering, Century West is looking to meet the growing lifestyle demands of those who recognize that Koreatown is a true Los Angeles hot spot.”

NEXT on Sixth will offer luxe finishes and tech-friendly amenities less commonly found in rental apartments. The community will also provide a robust package of modern amenities and luxuries for today’s discerning renters.

“We’ve added full height kitchen backsplashes, plank floors, three-door stainless refrigerators, full height Carrera tile surround bathrooms, and light in light mirrors as well as multiple sun decks, a dog run, large aerobics gym, weight room, yoga studio, virtual golf range, video arcade, and lap pool with oversized hot tub and cabanas,” said Randy Fifield, principal with Century West Partners. “These amenities rival five-star resorts. Million dollar condos don’t even offer as much.”

The community will elevate the living experience further, featuring renowned large-scale custom art commissions placed on the community’s exterior and in the community courtyard. Additionally, the community as a whole will act as a gallery, showcasing numerous works throughout and providing a rich cultural experience.

NEXT on Sixth is well-situated at the intersection of Sixth Street and Virgil Avenue near the Wilshire/Vermont Metro subway station. Residents will benefit from immediate proximity to retail, restaurant, business, nightlife, and public transportation.

(RECAP: Arlington, Va.—Union on Queen, a mixed-income apartment development in suburban Washington, D.C., has opened for leasing. Significant financial support was given to the project from Arlington County and the Virginia Housing Development Authority, as well as from Capital One, Hudson Housing, Walker & Dunlop and Freddie Mac.)

LOS ANGELES, CA – Mapletree Investments, a leading real estate development, investment and capital management company, has acquired Oakwood Worldwide, a premier global provider of corporate housing and serviced apartment solutions. The acquisition covers all of Oakwood’s global operations.

Mapletree also announced the appointment of Mr. Christopher Ahearn as Oakwood’s Chief Executive Officer with immediate effect. Oakwood’s Founder and Chairman Mr. Howard Ruby will assume the non-executive role of Chairman Emeritus at Oakwood, where he will serve in an advisory role to Oakwood on the corporate housing business.

Mapletree’s acquisition of Oakwood is part of its long-term strategy to strengthen its corporate housing and serviced apartment business. Currently, all of Mapletree’s nine corporate housing and serviced apartment assets in the United States and Australia are managed under the Oakwood brand as part of a collaboration signed in 2014. The collaboration also saw Mapletree acquire a 49 percent stake in Oakwood’s Asia Pacific operating arm, Oakwood Asia Pacific.

Said Mr. Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer: “This acquisition is strategic and commercially significant to Mapletree. Our full ownership of Oakwood will allow us to enhance efficiencies and the growth momentum of our corporate housing and serviced apartment business. In addition, Oakwood is a reputable global brand and we intend to continue strengthening its presence.

“Furthermore, Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams and expand housing options available to Oakwood’s clients and guests. We will be looking at markets across the US, Europe and Asia Pacific, which are also regions where Oakwood is a well-regarded brand.”

Said Mr. Howard Ruby, Chairman Emeritus of Oakwood: “It has been my very special privilege to lead this organization for 57 years. It gives me great pleasure to know that the company, the associates and our clients will be in good hands with Mapletree and CEO Christopher Ahearn at the helm. We have learned through our collaboration that Mapletree shares our key vision of growing and expanding the Oakwood brand globally and maintaining the high customer service standards for which we are known. Both companies have worked well together since 2014, and I am confident that will continue. I am very excited about the future of Oakwood as we embark on this new journey with Mapletree as the company’s new owner.”  

Mr. Ahearn, as Oakwood’s new CEO, will draw from his vast experience in growing and improving the operating performance of companies, which he gained while serving as Senior Advisor to TPG Capital. He will also capitalise on the industry knowledge he acquired while serving as Oakwood’s Senior Vice President of Sales and Marketing from 2005 to 2010.

Said Mr. Ahearn, CEO of Oakwood: “I am delighted to be returning to Oakwood as the new CEO. Howard is a pioneer in this industry and I am honoured to have been entrusted to carry forth his legacy and lead the company into this new chapter under Mapletree’s ownership. I look forward to working with our associates, the heart of our organization, to align and evolve Oakwood’s global capabilities and innovative offerings in order to better meet the ever-changing needs of our clients and guests. We are committed to a seamless transition of ownership with minimal disruption to Oakwood’s operations.”

Oakwood is the largest provider of corporate housing and serviced apartments globally with a presence in more than 95 countries. The company serves more than 80 percent of Fortune 500 companies, and works with the 10 largest US relocation companies. In addition to a vast supply chain inventory, Oakwood manages a portfolio of more than 50 branded properties globally.   

In addition to the nine Mapletree properties operated by Oakwood (US and Australia), Mapletree is currently developing three serviced apartment properties in Japan and Vietnam as well as one other asset under development in the US, which will be managed by Oakwood Worldwide upon completion.

COLLEGE PARK, MD – Wood Partners, a national leader in multifamily real estate development, announced that pre-leasing has begun at Fuse 47, a new community located in downtown College Park, roughly 10 miles north of the Capitol.

“With this asset, we’ll help fulfill a much-needed demand for housing in the expanding College Park neighborhood,” said Scott Zimmerly, Director of the Mid-Atlantic region for Wood Partners. “This was another opportunity that fell in line strategically with our approach to seeking optimal locations with a clearly identified need for exceptional housing.”

Rich in amenities, Fuse 47 offers a resort-style pool, outdoor grilling stations, a bocce court, a state-of-the-art fitness center with the latest CrossFit®-inspired equipment and more. The community includes 1-, 2- and 3-bedroom market rate apartments in a variety of floor plans that provide residents with the option to choose layouts based upon their preferences. All units are equipped with luxury conveniences and finishes.

The community is well-positioned to take advantage of burgeoning growth that College Park is experiencing, with a new Whole Foods market, two new major hotels and a new Amazon bookstore on the University of Maryland campus, all coming online in the ensuing months. In addition to a wide variety of events and experiences at the University, including the innovative Discovery District, residents will also have convenient access to major shopping and retail options off Route 1, such as Target, Best Buy and Ikea.

“It’s clear that College Park has become one of region’s most ideal places to live as companies and people continue to relocate here. Its growing entertainment, lifestyle and transportation options are driving considerable interest,” said Zimmerly. “In recognizing this, we’ve created Fuse 47 to connect residents with a network of parks, college events and expanding retail options, all a short distance away, to serve the professionals, faculty and students that we are targeting.”

Pre-leasing at Fuse 47 has begun and the first units will be available in June 2017. The ground-up project broke ground in the fall of 2015 and is scheduled for completion in late summer of 2017.