Author: ipgocorp

FOSTER CITY, CA – Foster City seniors now have a new retirement living option that combines the comfort of home with upscale amenities and connectivity to their local community.

Atria at Foster Square, which offers independent living, assisted living and memory care options, is now open at 707 Thayer Lane, just off Foster City Blvd., just a couple blocks from the Peninsula Jewish Community Center. At nearly 190,000 square feet in size, the six-story structure has 155 apartments that occupy the majority of the space, along with common areas and retail and dining options. Atria at Foster Square is part of a larger multi-building development that includes additional housing and retail space, all aimed at area seniors.  

Atria at Foster Square is operated by Atria Senior Living, a leading provider of senior housing throughout California, with 37 communities that serve more than 4,000 residents statewide. The company now operates 19 locations in Northern California alone.

“We’re very proud to add Atria at Foster Square to our portfolio as one of our flagship communities,” said Mike Mejia, Senior Vice President – West Operations for Atria Senior Living. “Residents of Atria at Foster Square will enjoy the best senior living has to offer – cutting-edge design, top-of-the-line amenities and innovative programming – all delivered with the quality for which Atria is known as one of California’s premier senior living providers.”

The modern, state-of-the art structure was designed by international planning and architecture firm Perkins Eastman and built by San Francisco-based Webcor Builders.

Like several other Atria buildings, Atria at Foster Square is seeking LEED Silver certification and incorporates ‘green’ design elements, such as energy-efficient appliances, water-efficient plumbing fixtures, environmentally-friendly building materials and more.

Other features include a fitness center, yoga studio and movie theatre. There are also multiple on-site dining venues, including an upscale restaurant and a cocktail lounge offering a small-bites menu. Sharif Wagdy recently joined Atria at Foster Square as Director of Culinary Services, with decades of restaurant and hospitality management experience that includes nearly 10 years in leadership roles with Four Seasons Hotels and Resorts.

“I was drawn to Atria because of its commitment to excellence and high-quality approach, not only in terms of the food experience, but all aspects,” Wagdy said. “I’ve had the fortune to lead culinary teams across the globe, and I’m thrilled to bring those experiences to Atria at Foster Square.”  

Residents will also have access to Atria’s signature program offerings. Engage Life programming is designed to help residents stay active and socially engaged, and to facilitate continuous learning. For instance, a program that will allow groups of residents to travel to exotic locales will soon be launched using the new Google Expeditions virtual reality technology.

Meanwhile, residents in the community’s Life Guidance memory care neighborhood will benefit from an individualized approach based on each resident’s history and anchored by strong staff-resident relationships. The community also will offer SingFit and Atria’s own Legato, both music programs designed to reduce stress and provide cognitive and physical stimulation. These programs were implemented with the knowledge that the part of the brain housing musical nostalgia is the last to be affected by dementia.

“Over the years, Atria has earned its reputation for creating one-of-a-kind environments and experiences for its residents, and Atria at Foster Square will only help take that reputation to new heights,” said Executive Director Allison Miller. “I’m proud of the outstanding team we’ve assembled and can’t wait for our residents, families and visitors to see what all we have to offer.”

NEW YORK, NY – Wharton Equity Partners announces the completion of the sale of a 900-unit portfolio in Central Florida it acquired with partners in 2012. The sale caps off a productive 2016 for Wharton Equity in which the firm sold over $300 million of multifamily properties which it purchased over the last few years in partnership with institutional investors.

“Starting in 2012, we saw an opportunity to acquire properties in strong secondary markets, and purchased approximately 6,500 units during this time which we are now in the process of selling to recognize gains. To date, these sales have resulted in weighted average IRR’s well in excess of 20%,” notes Peter C. Lewis, President of Wharton Equity Partners.

The firm, founded in 1987, and with offices in New York City and Miami, has a history of acquiring real estate slightly ahead of the curve and then selling when the markets ripen. “The driving investment philosophy of our firm for 30 years has been to capitalize on trends across all asset classes and strategies. Having been through a number of cycles, we felt strongly that multifamily assets would lead real estate out of the downturn, and decided to focus on secondary markets to reap the greatest arbitrage between cap rates and the cost of debt,” states Lewis.

The Florida portfolio is emblematic of Wharton Equity Partners’ investment style as the firm was presented with the transaction from a REIT when another buyer dropped out of contract and moved quickly to acquire the assets in conjunction with a New York City hedge fund and property management firm. After adding value through improved operations, and upgrades the partnership was able to raise income and sell the properties at a substantial gain.

“Although the environment has gotten more challenging, we believe there are still opportunities to purchase properties today and are actively looking for assets, particularly those catering to workforce housing,” adds Lewis. Along these lines, the company is about to close on a multifamily property in Nashville, TN that it is acquiring from the original developer.  “This is exactly the type of property we want to be purchasing right now where we can completely transform an asset, located in a burgeoning market, which caters to middle income families. Within the next six months, we will expand our sights to include Class A properties in strong markets where we believe there will be downward pressure on pricing due to softening from over-building. This is in addition to our development activities, mostly in Florida and New York” he notes.  In December 2016, the firm acquired a 2 acre property in the Bay Harbor/Bal Harbour sub-market in partnership with Northwood Ravin Investors where it plans on developing a mixed use project comprised of residential rentals, office and retail.

ORLANDO, FL – Florida’s housing market reported higher median prices and fewer all-cash sales in December, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 22,332 last month, up 0.8 percent from December 2015.

“The trend of tight housing supply continued to have an impact on Florida’s housing market in December,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 61 months in row. While that’s good news for sellers, it’s continuing to put pressure on inventory for first-time homebuyers and those who may be looking for their next ‘move-up’ home.

“And that’s where your local Realtor comes in – he or she will put their expertise to work for you to successfully navigate the complexities of finding the right property in your local real estate market and will make sure you get to the closing table.”

Home sellers continued to get more of their original asking price at the closing table in December: Sellers of existing single-family homes received 96 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $226,000, up 9.2 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in December was $166,900, up 7.7 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in November 2016 was $236,500, up 6.8 percent from the previous year; the national median existing condo price was $222,600. In California, the statewide median sales price for single-family existing homes in November was $501,710; in Massachusetts, it was $365,000; in Maryland, it was $266,164; and in New York, it was $240,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,673 last month, down 5.2 percent compared to December 2015. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 45 percent while short sales for single-family homes dropped 39.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Florida’s markets for existing homes closed out the year in December with a performance very much in line with what we saw over the previous 11 months of 2016,” said Florida Realtors® Chief Economist Brad O’Connor. “At the local level, single family home sales increased in 15 of Florida’s 22 metro areas, while condo and townhouse sales rose in only five of these markets. And, as has been the case all year, the lack of significant sales growth in much of the state has had a lot more to do with a shortfall of supply in key price tiers than with demand.”

Inventory dipped to a 3.9-months’ supply in December for single-family homes and was at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.20 percent in December 2016, up significantly from the 3.96 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports go to Florida Realtors Media Center.

(RECAP: The Committee On Banking, Housing, and Urban Affairs unanimously voted to approve Ben Carson as Secretary of the U.S. Department of Housing and Urban Development on Tuesday morning as his nomination process nears the final leg. From here, Carson’s nomination moves to the Senate floor for consideration. The date is up to Republican leaders and not yet set. Sen. Mike Crapo, R-Idaho, chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs stated during the sessions that HUD would benefit from having a secretary with a different perspective and a different background.)

DALLAS, TX – U.S. Residential Group, a national full-service, fee-based management company for conventional and affordable multi-housing communities, and a subsidiary of C-III Capital Partners, announced that it has combined its operations with Resource Residential, a former business unit of Resource America, Inc. The combination of US Residential and Resource Residential follows C-III’s acquisition of Resource America, Inc., in September 2016.

The newly combined Company manages over 200 properties and approximately 43,000 units in nearly 30 states. It also employs over 1,100 associates, ranking US Residential as one of the top 35 property management companies in the United States. US Residential’s and Resource Residential’s brands will continue to exist independently until property level transitions are completed.

The combined Company’s executive management team has extensive industry experience and expertise across all aspects of client service and operations. The management team is led by US Residential’s President, Stephanie Brock, an industry veteran with over 30 years of multifamily expertise, and includes Loyal Proffitt, Chief Operating Officer; Kelli Tomczak, Chief Administrative Officer; Caydee McCormick, Chief People Officer; and Mark Poston, Executive Vice President and formerly Chief Executive Officer of Resource Residential. The diverse skillset of the combined Company’s team furthers its industry leadership in delivering outstanding results to clients.

The combination of US Residential and Resource Residential leverages the best of both organizations to create a diverse suite of property management services and customized solutions covering property management, construction management, redevelopment, and lease-ups, all of which are carried out and delivered locally by experts in each of the markets that US Residential operates.

Stephanie Brock, President, US Residential, said, “The combination of our business with Resource Residential is a transformative milestone for both organizations and we look forward to collectively harnessing the talent and power of this new Company to create exceptional experiences for our associates, clients and residents. Through our expanded geographic footprint and newly combined platform, we will provide property management solutions to an even broader array of clientele. From coast to coast, from high-rise to garden apartments, from marketing and leasing to property repositioning, the US Residential team can meet your every need wherever you need us.”

US Residential is extraordinarily well positioned to grow both through third-party management contracts and with affiliate investment management businesses at Resource Real Estate and C-III Capital Partners, a commercial real estate services company.

PHILADELPHIA, PA – PRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Resort at Lake Crossing Apartments, located in Lexington, KY.

The Resort at Lake Crossing is a 208-unit garden-style apartment community located along the major thoroughfare of Richmond Road. The community’s location provides proximity to major employers such as IBM, Lexmark, and Trane along with regional attractions such as The University of Kentucky, Jacobson Park, and the Keeneland Horse Racing Track.

Built in 1999, The Resort at Lake Crossing provides a favorable mix of 1, 2 and 3 bedroom units with spacious floorplans averaging over 1,000 square feet. Unit interiors are well-appointed with oversized bathtubs, wood burning fireplaces, vaulted ceilings and large patios or balconies. The property also has a wide variety of unique amenities to offer residents such as a saltwater pool and sundeck, 24-hour health and fitness center and a full-service coffee bar and picnic area. PRG plans to further enhance the community by redecorating the clubhouse and upgrading the apartment homes with new appliances, flooring and fixtures.

“PRG is excited to assume ownership and management of Resort at Lake Crossing which will be our 4th acquisition in the Lexington market,” states CEO Sam Foster. “We have found that hands on management and focused customer service is the key to success. Our planned capital improvements will enhance both the apartment interiors as well as common area amenity space, improving the resident living experience and increasing the value of the property.”

TEMPE, AZ – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced it has started construction on a community adjacent to Arizona State University in Tempe in a joint agreement with Opus Development Company.

Strategically located on the north edge of the ASU main campus, the project is only one block to Mill Avenue, the downtown entertainment and retail district, and two blocks to the light rail transit. 

The development will feature 407 residential units ranging in size from 414 square feet to over 1,300 square feet. EdR will be 90 percent owner of the $164.9 million development and manage the community upon completion in Summer, 2018.

“This development will strengthen our position in Tempe, one of the most robust communities in Arizona, and home to one of the largest universities in the country,” said EdR chief executive officer Randy Churchey. “Demand for highly amenitized communities is on the rise in Tempe, and with our partner, Opus, EdR expects this to be one of the top communities in the market.”

The community will feature amenities such as 24-hour fitness center, yoga studio, grilling area, a dog park, club rooms, a bike storage / work room, terrace deck cabanas, state-of-the-art technology / wi-fi throughout the buildings, and 31,000 square feet of retail space.

“We’re thrilled that this vibrant, edge-of-campus rental community is under way,” said Larry Pobuda, senior vice president, general manager, Opus Development Company, L.L.C. “We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer.”

EdR owns and manages two additional communities in Tempe and Phoenix.

CORAL GABLES, FL – Greystone Development’s 14-story mixed-use building, The Aura, at 1501 SW 37th Ave in Coral Gables, has achieved a significant construction milestone, announcing it has topped off.

The Aura, a 96,550 square foot, 100-unit luxury multifamily development, designed by Borges + Associates Architects with a distinctive profile, features thoughtfully planned amenities, including swimming pool and spa, sun terrace, gym, lounge, and garage.

The property is comprised of one- and two-bedroom units, each with private outdoor space. The approximately 6,400 square feet of ground floor retail shines with floor-to-ceiling windows and over 150 feet of frontage along Douglas Road, a highly trafficked retail corridor.

Greystone Development has exclusively engaged The Diaz Team at CBRE to lease the retail portion of the property.

“This topping off marks our continued growth in South Florida,” said Jeffrey Simpson, Head of Greystone Development. “Greystone Development has developed more than 830,000 gross square feet in this market to date. Coral Gables and Miami are vibrant markets, and we look forward to expanding our presence.”

The Aura is ideally located within walking distance of Downtown Coral Gables, Miracle Mile and The Mile, a 120-unit luxury rental building developed by Greystone Development. In December 2015, The Mile was sold to a major national REIT for record pricing in Miami.

Greystone Development is also currently developing 2500 Biscayne Boulevard, a 20-story mixed-use property located near Biscayne Bay. Nearing completion, the property will offer 156 luxury apartments with 20,000 square feet of street-level retail in the Edgewater district of Miami.

(RECAP: On January 19, HUD published interim guidance on how states should comply with the Affirmatively Furthering Fair Housing (AFFH) rule until HUD finalizes the state Assessment of Fair Housing (AFH) Tool. HUD also provided an update on its efforts to finalize the state Assessment Tool and the other assessment tools it is developing for other HUD program participants. The AFFH final rule required state agencies to submit an AFH no later than 270 calendar days prior to the start of the program year beginning January 1, 2018, for which a new consolidated plan is due. However, it also stated that no AFH will be due before the publication of the Assessment Tool applicable to the program participant, and that HUD must provide program participants a minimum of nine months after the publication of their Assessment Tool before their AFH is due.)

REDLANDS, CA – President Jim Mauge of the UCR development team announces The Crossings at Redlands, the Inland Empire’s newest upscale 340-unit apartment community. The project is strategically located directly adjacent to the very successful 306-unit Circa2020 complex and shares the same Live, Work, Play benefit of being near major employers, freeways and within walking distance of new Class A retail, such as Citrus Plaza, Mountain Grove Shopping Plaza, and Redlands Town Center.

The Crossings at Redlands, is a 340-unit, resort-style luxury, market-rate apartment complex. The project will consist of studios, 1-bedroom, 2-bedroom, 2-bedroom den, and home style carriage units. The project is slated to commence construction in Spring 2017, and the move-in phase will be delivered for rental occupancy in early 2018.

Phase one, Circa2020 was the Redlands area’s newest Luxury, resort-style apartment community in decades; a 306-unit upscale market-rate apartment complex completed in 2016, incorporating similar world-class amenities for its residents’ enjoyment found in premier luxury multi-family apartment complexes throughout the country. Circa2020 is proud to welcome its new neighbor and the development of Phase II. This prominent rental housing community, has achieved its ambitious goals of being the number one new multimillion apartment complex in the entire Inland Empire. Both The Crossings at Redlands and Circa2020 will enjoy the same shopping and restaurant benefits within walking distance, such as the Redlands town center, Majestic Realty’s famous Citrus Plaza and Mountain Grove shopping and restaurant complex, including the opening of the multiplex Harkins theater. These amenities fulfill the lifestyle dreams of every apartment home dweller especially Millennials and medical professionals.

In addition to being a upscale gated community, The Crossings will feature amenities galore, such as over 12,000 sq. ft. of resort-style lobby and clubhouse; an e-lounge, state of the art fitness center, yoga, kickboxing, entertainment and theater lounge, and business center. The common areas are “to live for” with BBQs, cabanas, two resort-style swimming pools and spas, with all buildings being elevator served including the parking garage. Other onsite amenities include mail and package facilities, an Internet coffee lounge, fresh food service and resort market. The spacious floor plans include 9 to 12 foot ceilings, granite and quartz countertop, island kitchens, stainless steel appliances, washers and dryers, and walk in closets.

UCR Group’s Chief Financial Officer (CFO) Tom Stoddard stated, “this addition to the Redlands multifamily apartment market continues to bring the high-quality assets that are found in all the major multifamily communities across the country and I’m proud to be a part of a world class residential asset.”

The general contractor, First RC Corporation, will begin construction of the 340-unit apartment complex and parking facility, designed by Miller Architectural Corporation, in Spring 2017. The nearby area is undergoing dramatic expansion. There is a newly completed multimillion dollar VA Rehabilitation Center (ACC), along with the Loma Linda Medical Center’s $1.2 billion dollar Vision 2020 hospital and medical complex expansion, including a new 17 story hospital that’s well underway. Additions are being made to Redlands Community Hospital and world renowned ESRI continues to expand. From two Amazon facilities to Ashley Furniture, acclaimed Universities and less than an hour to the mountains, desert and the beach, this area has it all.