Author: ipgocorp

(RECAP: The American Bankers Association – through its subsidiary the Corporation for American Banking – has endorsed a solution that helps banks get more buyers into homes. The program – provided by Atlanta-based Down Payment Resource – is the nation’s only database of homeownership programs and software that automates the process of matching eligible buyers and properties to available programs. Prior to awarding the endorsement, ABA conducted a due diligence review to investigate Down Payment Resource’s ability to provide financial institutions with a one-stop digital solution for sourcing live, up-to-date information about down payment assistance, grants, closing costs, Mortgage Credit Certificates and more. DPR works with more than 1,000 housing agencies to find and update information about local, state and national homebuyer programs.)

SAN RAMON, CA – SummerHill Apartment Communities, a division of SummerHill Housing Group and a leader in providing quality, smart growth, multi-family rental housing and mixed-use developments, announces the completion of 481 on Mathilda, a new 105-unit luxury residential rental community in downtown Sunnyvale. A completion ceremony was held on December 7, 2016.

“The completion ceremony is a celebration of the collaboration between the City of Sunnyvale and SummerHill Apartment Communities,” said Robert Freed, CEO of SummerHill Housing Group. “Our goal is to produce high-quality housing located near jobs, transportation and existing services so our residents can enjoy a convenient and satisfying live-work-play lifestyle. We are excited to bring new, housing opportunities to the City of Sunnyvale.”

The community’s amenities include a state-of-the-art fitness room, clubroom with an entertaining kitchen that looks out on the landscaped central courtyard, and resident conference room. The central courtyard includes both active and passive spaces for activities that range from outdoor cooking to hanging out by an outdoor fire pit. This courtyard includes a BBQ, outdoor kitchen area, expansive green space for recreation, outdoor “living room” with fireplace and reflecting fountain. The pet-friendly community also includes a pet salon, conference room, and an on-site parking garage. WiFi is available throughout the community. 

Studios, one- and two-bedroom floorplans feature in-unit full-size washer/dryers, stone countertops, gourmet kitchens, modern cabinetry, contemporary wood-finish flooring, private balconies/patios, storage and private-entry stoops.

Located at 481 S. Mathilda Avenue in Sunnvale, the transit-oriented and pedestrian-friendly residential community is less than ½ mile from the Sunnyvale CalTrain Station, and VTA Lines 22 and 522 at El Camino and Hollenbock/Pastoria. 481 on Mathilda is also located near grocery and retail opportunities as well as the Murphy Avenue entertainment district.

SummerHill Apartment Communities recently celebrated the completion of several Silicon Valley luxury residential rental communities totaling 634 apartment homes including Domus on the Boulevard in the City of Mountain View; The Lane on the Boulevard in Redwood City; and Brio in Walnut Creek. In addition to the newly completed 481 on Mathilda apartment community, SummerHill Apartment Communities is slated to complete Villas on the Boulevard, a 186-unit apartment community in Santa Clara, in early 2017.

SummerHill Apartment Communities is currently under construction in Seattle, Washington, on a 153-unit apartment project. In 2017, SummerHill also has plans to break ground on four new communities in California: 290 new residential units featuring a mix of apartments and condominiums in Burlingame; 720 residential units and 36,000 square feet of retail space near Milpitas BART Station; a 251-unit apartment community near the Lawrence Station Cal Train in Santa Clara; and a 105-unit apartment community in Pasadena.

 

SEATTLE, WA – Three buildings in Pioneer Square will be significantly renovated to accommodate a new retail, office and residential destination that reinvigorates the entire block. The pedestrian-friendly development within Pioneer Square will be a central part of the reawakening of this vibrant Seattle neighborhood while augmenting its historic character. This transformative project is being developed by Urban Villages (UVI), together with Manchester Capital Management (MCM).

The project will retrofit and revitalize three marquee buildings in Pioneer Square: The Manufacturer’s Building at 419 Occidental Ave., the Westland Building at 100 S. King St., and the former Schoenfeld Furniture building at 115 S. Jackson St.  

The result will be an exciting and unique entertainment, work, residential, retail and dining hub that will transform the historic alleyway between the buildings into one of Seattle’s most compelling destinations. One of the project’s signature features will by its active alleyways – former utilitarian spaces that will be transformed into bustling retail and dining hubs. The alleys are designed to build upon an international trend of alley activation, in which underused city spaces are repurposed into highly energetic pedestrian gathering spots, drawing locals and visitors alike with a robust mix of businesses and activity. Seattle has led this trend in the US with Post Alley at Pike Place Market, and with the International Sustainability Institute/Alliance for Pioneer Square’s recent efforts in Nord Alley and Pioneer Passage.

“From unique dining choices to boutique retail to farmers’ markets and festivals, the alley corridor between the buildings will capitalize on the growing energy in Pioneer Square to be more than a thoroughfare, but a true destination,” said Jon Buerge, vice president of UVI. “These buildings, streets and alleys were originally built decades ago to facilitate the transportation of goods, but today we can reactivate them to convene people, ideas and energy while maintaining their historic appeal.”

In addition to creating a distinctive alley destination, UVI will improve the buildings for Class AA office space with seismic retrofits, refurbished interiors, upgraded mechanical systems and more functional interior spaces for residential, retail and office tenants.

“Pioneer Square was Seattle’s first neighborhood and remains one of its most historically significant places,” said Leslie Smith, Director of The Alliance for Pioneer Square. “The multimillion-dollar investment in this section of Pioneer Square reinforces our goal of restoring this incredible neighborhood by driving urban revitalization and responsible, place-based development.”

To date, the Pioneer Square Presentation Board has reviewed and approved the UVI project plan, which calls for extensive historic preservation of the existing buildings. Additionally, since UVI is noted for its highly sustainable solutions, this project will continue Seattle’s long tradition of environmental leadership.

“This transformative project is one step in the evolution of Seattle’s waterfront,” continued Buerge. “This development’s proximity to existing and planned transportation corridors, innovative business hubs like Galvanize, popular dining locales and CenturyLink Field, make it perfect for new businesses, retail and creative arts. We are excited to collaborate with the neighborhood and help reawaken these historic buildings to ensure that they thrive for the next 100 years while forging a new sense of place in Pioneer Square.”

UVI has selected several Seattle-based companies to assist with the project’s development including SHED Architecture + Design, MIG|SvR which will lead the landscape and urban design, and Sellen Construction as general contractor.

Construction is expected to begin in late 2017 and completed by 2019.

CARSON, CA – Affirmed Housing celebrated the ground breaking of Bella Vita Senior Community. Located at 402 East Sepulveda Blvd., attendees included: City of Carson Mayor Albert Robles, City council members Lula Davis-Holmes, Elito Santarina, Jawane Hilton, and Cedric Hicks.

Bella Vita will be a mixed-use development offering 65 senior residential apartment units and commercial space on a 1.22-acre site located Southwest of East Sepulveda Boulevard and Panama Avenue.

The affordable, senior housing will offer 58 one-bedroom apartments and 7 two-bedroom apartments. The commercial retail space will encompass approximately 3,000 square feet. Offering underground parking, the project will also feature approximately 20,000 square feet of common areas that include a community room, community garden, outdoor seating, theater area, podium gardens, and a pocket park.

“Our second development in the City of Carson, we look forward to a successful collaboration with city staff for the development of Bella Vita. We are confident in our ability to provide quality, affordable housing opportunities for the local senior population while also enhancing the local community.” James Silverwood, President and CEO, Affirmed Housing.

Headquartered in San Diego, Affirmed Housing is dedicated to improving and sustaining the viability of California through the development of affordable housing. The company aims to enhance communities and our environment by building dynamic, professionally-managed, high-quality, green multifamily housing. In business for over 20 years, Affirmed has successfully built 40 affordable communities and secured over 1 billion dollars in funding.

EL RENO, OK – Gardner Capital Development has been awarded a $4.7M reservation of affordable housing tax credits from the Oklahoma Housing Finance Agency to develop 46 one- and two-bedroom, energy-efficient, duplex, villa-style apartment units for seniors in El Reno. This $6M project will be known as Ridgeview Heights.

An apartment complex to the west, a neighborhood of attractive single-family homes to the east, and a mix of retail shops and restaurants to the south and west border the 12.5-acre site, located near downtown El Reno. With a population of 16,000+, the city of El Reno is located 25 miles west of downtown Oklahoma City in Canadian County.

All units will be leased to seniors, age 62+ with a mix of apartments set aside at 40-60 percent of Canadian County median income. Five of the units will be fully accessible for residents with physical handicaps. All units will include modern kitchens with energy-efficient appliances, washers and dryers, a private patio, and two surface parking spaces in close proximity to the unit’s front door.

“The Ridgeview Heights Community will provide its senior residents not only with affordable housing, but with numerous upscale amenities, including a community room, fitness center, computer lab, shuffleboard court, and outdoor, covered picnic area,” said Michael Gardner, President, Gardner Capital Development.”

Construction of the development is anticipated to begin in the spring of 2017, with completion expected approximately 12 months after construction begins. Gardner Capital Development will serve as the lead developer for this project. Hans Thomas & Associates, is the project architect.

Gardner Capital is an affordable housing and renewable energy tax credit development, syndication, and investment company with primary regional offices located in St. Louis, Dallas, San Francisco, Atlanta, and Springfield, Missouri. Since 1992, Gardner Capital has invested more than two billion dollars of equity in affordable housing.

NEW YORK, NY – Mortgage rates nudged higher, rising for a sixth consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.15 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.21 discount and origination points.

The larger jumbo 30-year fixed climbed to 4.14 percent, while the average 15-year fixed mortgage rate inched upward to 3.40 percent. Adjustable mortgage rates were mixed, with the 5-year ARM retreating to 3.45 percent while the 7-year ARM increased further to 3.69 percent.

Mortgage rates moved higher at the end of last week but moderated in the first half of this week, perhaps signaling a pause – or an end – to the recent run-up in long-term government bond yields and mortgage rates. Mortgage rates are closely related to yields on long-term government bonds. The half-percentage point spike since Election Day has been based on speculation that we’ll see more government borrowing, higher inflation, and higher interest rates due to the policies of the Trump administration. There is every possibility, however, that the increase has been overdone and that if reality fails to meet the expectations that have been priced into markets, bond yields and mortgage rates could pull back. With the Federal Reserve poised to raise short-term interest rates next week, a move that keeps a lid on inflationary pressures, this may further temper any increases in long-term rates.

At the current average 30-year fixed mortgage rate of 4.15 percent, the monthly payment for a $200,000 loan is $972.21.

SURVEY RESULTS

30-year fixed: 4.15% — up from 4.13% last week (avg. points: 0.21)

15-year fixed: 3.40% — up from 3.39% last week (avg. points: 0.21)

5/1 ARM: 3.45% — down from 3.48% last week (avg. points: 0.33)

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 panelists are divided with 55 percent expecting mortgage rates to remain more or less unchanged in the coming week while 45 percent forecast a decline. Interestingly, none of this week’s respondents predicted further increases in mortgage rates over the next seven days.

(RECAP: HUD today unveiled the Community Assessment Reporting Tool (CART) – an innovative reference and mapping tool created to help answer the question, “How is HUD investing in my community?” CART provides a snapshot of HUD investments across a community, cutting the time it takes to generate this information from several business days to minutes. CART uses geospatial technology to show the wide variety of HUD investments by city, state, county, metropolitan area, or congressional district. It also provides an interactive mapping interface that allows users to explore HUD investments within their community and see property- and grant-level detail at a variety of geographies.)

(RECAP: If all goes according to plan, Marshall will get 30 “workforce” townhouses by this time next year. Middleburg-based Windy Hill Development Co. hopes to begin leasing the three-bed room units in late 2017, Manager Kim Hart said. Washburn Place townhouses will rent for about $1,100 per month. Windy Hill can offer dwelling units below “fair market” because of low-interest financing, land donations, tax incentives and fee waivers, he said. Windy Hill tenant incomes can range from $30,000 to $55,000 per year, depending on household size. Washburn Place will comprise six buildings, with five townhouses per structure, and include five “fully handicap-accessible” townhouses.)

LOS ANGELES, CA – Champion Real Estate Company announced the acquisition of a 30-unit multifamily property in the heart of Koreatown. The property, named The Bard Apartments, was purchased by an affiliate of Champion, and is located at 756 S. Normandie Avenue.

The property is currently almost fully occupied and subject to the City of Los Angeles Rent Stabilization Ordinance (“RSO”). It consists of 23 studios and 7 one-bedroom units.

“The Bard Apartments is a great value-add investment in a core Los Angeles market,” states Parker Champion, Senior Vice President. “The investment allows for immediate cash flow and based on our prior success with RSO properties, we believe that we can create strong value-add returns.”

Prior to acquisition, several units had been renovated as part of a modest value-add improvement program. In addition to continuing to improve the units as they become available, Champion intends to expand on this effort by improving the curb appeal, common areas, and property amenities.

“Koreatown is quickly becoming a core market for investors and developers, especially for multifamily investments that can provide an immediate return,” says Parker. “Champion intends to continue to acquire multifamily properties in Koreatown as part of our investment strategy.”

Champion and its affiliates currently manage similar RSO properties in the Koreatown and Hollywood submarkets.

Champion Real Estate Company was founded in 1987 by nationally recognized investor, developer and CEO, Bob Champion. Based in Los Angeles, Champion’s investment strategy is to acquire infill properties in “A” locations within markets that are core, core adjacent, or gentrifying to core, and implement value accretive improvements to achieve above-market returns.

IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its CoreLogic Home Price Index (HPI) and HPI Forecast for October 2016 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6.7 percent in October 2016 compared with October 2015 and increased month over month by 1.1 percent in October 2016 compared with September 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.6 percent on a year-over-year basis from October 2016 to October 2017, and on a month-over-month basis home prices are expected to increase by 0.2 percent from October 2016 to November 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“While national home prices increased 6.7 percent, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” said Dr. Frank Nothaft, chief economist for CoreLogic.

“Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami and Denver.  Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates,” said Anand Nallathambi, president and CEO of CoreLogic. “Looking forward to next year, nationwide home prices are expected to climb another 5 percent in many parts of the country to levels approaching the pre-recession peak.”