Author: ipgocorp

KANSAS CITY, MO – The Cordish Companies and the Two Light team are excited to announce the opening of the leasing center for Two Light Luxury Apartments, the newest addition to the downtown Kansas City skyline.

The leasing center, located at 1251 Main Street, provides an opportunity to view, touch and feel a fully built-out one-bedroom suite apartment and the ability to take a virtual tour of all apartments and building amenities. Tours are now available weekdays between the hours of 9 a.m. to 6 p.m. or by appointment.  The apartment and building virtual tours are also available on the Two Light website, which launched today.

The $120 million, 296-unit Two Light, will join One Light as the second new construction high-rise apartment building in the last 50 years in downtown Kansas City, continuing a boom in residential growth downtown that shows no signs of slowing.

“We’ve seen more and more people of all ages and demographics want to live, work and play in downtown Kansas City, and buildings like Two Light will only accelerate and deepen that demand and the overall growth of this great downtown,” said Nick Benjamin, Executive Director of the Kansas City Power & Light District and Director of Multifamily Development for the Cordish Companies.

Two Light will feature a suite of amenities that rivals that of any luxury apartment or condo building anywhere in the United States, including an infinity-edge outdoor pool perched above 14th Street, an indoor pool and spa retreat, a demonstration kitchen, indoor-outdoor bar and party room and, like its sister property One Light, a building sommelier, 24-hour lobby attendant and full suite of concierge services.  All apartments will have luxury wood floors, quartz countertops, porcelain and marble bathroom tile and custom-crafted European-style cabinetry and built-in furniture.

“We couldn’t be more proud to be revealing this unique community and lifestyle to Kansas City,” said Marnie Sauls, Director of Residential Management for the Cordish Companies.  “It’s what Kansas City deserves, and we can’t wait to welcome more residents to the Power & Light District community.” 

Located just one block from the KC Streetcar, Two Light is the first of three eventual apartment towers that will frame the southern edge of the Power & Light District. 

The 307-unit One Light Luxury Apartments opened at 50 East 13th Street in November 2015 and reached 100 percent occupancy in less than five months. 

TYSONS, VA – LMC, a leader in apartment development and operations, announced the groundbreaking of Lumen at Tysons, a mixed-use apartment community located in the heart of Tysons, a culturally-rich, rapidly-developing city on the edge of the Washington, D.C. metro area.

The community, part of LMC’s emerging presence in the Mid-Atlantic Northeast, will feature 32 stories, 398 apartment homes and more than 11,000 square feet of retail space on the ground floor. Lumen at Tysons was unveiled during a groundbreaking ceremony on the construction site in October. Steve Saville, project lead for architect DCS Design, Sharon Bulova, chairman of the Fairfax County Board of Supervisors, and Michael Caplin, president of Tysons Partnership, shared their thoughts about the positive impact the community will have on the neighborhood.

“Lumen at Tysons will offer a suite of unparalleled amenities on multiple levels throughout the high-rise, creating both a visual aesthetic and a true cutting-edge experience for our residents,” said Stuart Cain, LMC’s vice president of development for the Mid-Atlantic Northeast, about the community, which could be open for first move-ins as early as Fall of 2018. “We believe the thoughtful design, combined with the LMC’s hospitality-driven services, will make the community the finest in the surrounding area and one with long-term, sustainable value.”

Lumen at Tysons, built in conjunction with TEGNA Construction, benefits from a prime location in an international shopping district. Super-regional malls Tysons Corner Center and Tysons Galleria offer a variety of local and national retail options, including various high-end outlets. Among them are Apple, Coach, Gucci, Louis Vuitton, Macy’s and Nordstrom.

From its convenient location along the Capital Beltway (Interstate 495), the Tysons area offers expedient access to professional jobs throughout the metro area. Many prominent employers are rooted in Tysons, including MC Dean, TENGA, Ernst and Young, MITRE, Capital One, Booz Allen, CVENT Headquarters, Hilton Worldwide, Freddie Mac, Intelstat and SAIC. The vibrant, transforming area also is home to several local businesses and vast cuisine options, including highly acclaimed Eddie V’s Prime Seafood, Earl’s Kitchen + Bar, The Capital Grille, Barrel & Bushel, Nostros Restaurant and Chima Brazilian Steakhouse to name a few.

Situated at the epicenter of Tysons, adjacent to the Greensboro Metro Station and flanked by Naturel’s Tysons Water Lillies murals, Lumen at Tysons’ 32 stories will rise over the next two years. Once complete, its apex will boast the highest elevation in Fairfax County. LMC will aim to further cultivate the spirited, eclectic atmosphere of the neighborhood with the development of the community.

Apartment interiors will feature high-end appliances and finishes with help from Faulkner Design. Land Design will assist with the landscaping for the community and the civil engineer for the development is Vika. The community’s retail outlets are still to be determined.

CHANDLER, AZ – Olympus Property expands their multifamily Phoenix portfolio with the acquisition of Vive in Chandler, Arizona. Vive is the second purchase in Chandler, Arizona as Olympus recently acquired the Elevation Chandler property in September 2015.

Vive is the sixth apartment community to be added to Olympus Property’s sixth fund. The investment structure provides investors an opportunity to diversify among numerous multifamily assets throughout the United States.

“Fund VI offers investors a highly attractive, geographically diverse blend of stabilized multifamily assets with strong immediate cash flow,” said Braden Barr, Senior Investment Officer at Olympus Property.

Vive is a 194 unit Class “A” apartment community completed in 2014. The asset is situated on over 10 acres in the strategic location of the South Price Corridor submarket. Featured property amenities include a 24-hour state-of-the-art fitness center, resort pool with spa, clubhouse with billiard table, cinema room, and an outdoor fireplace with seating. Interior amenities include some of the most premier finish outs in the entire Chandler submarket.

As Arizona’s most prominent home of innovation and economic prosperity, the 1,442-acre Price Corridor, split into a north and south section by the Loop 202, is located adjacent to Vive. This burgeoning high-technology center is only 46% built out, currently housing over 32,000 employees with expectations of 75,000 employees at build-out. 

The South Price Corridor features noteworthy employers including Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft, and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk, and Pearson Education.

Vive enjoys a strong resident base of highly educated, high-income wage earners, primarily due to the property’s close proximity to Chandler’s expansive high-tech employment corridors.

“Vive’s location offers expansive opportunity to nearby technology and finance jobs in the South Price Corridor of Chandler. The name of the town made the acquisition an easy decision,” joked Chandler Wonderly, Principal of Olympus Property.

OXFORD, MS – Homestead Development Partners and Columbus Pacific has formed a joint venture with Kayne Anderson Real Estate Advisors (KAREA) to develop HELiX Oxford, a ‪252-unit luxury student housing community featuring 790-beds near Ole Miss in Oxford, Mississippi.

“We couldn’t be more pleased to partner with Kayne Anderson Real Estate Advisors to build a best-in-class student housing community for the students of Ole Miss. We are confident that our community’s location, amenities, and customer service experience will prove to be a market leader once delivered in 2018.” said Michael Augustine, President of Homestead Development Partners.

HELiX Oxford will feature a market-leading student-focused lifestyle driven by unique amenities, carefully crafted apartment designs and a rarified level of exceptional service all designed to set the stage to maximize the college experience. Amenities will include elevators, a circular beach-entry pool, a fully self-contained health and fitness center with cross fit, a multipurpose Yoga studio in addition to cardio and weight training equipment; significant space dedicated to individual, small and large group study labs, an interactive gaming center, media center, event space, summer kitchen and numerous other amenities.

“We craft each of our communities to empower students through inspiring design, exceptional service and a focus on the whole self/well-being. College should be a journey of vast experiences. We are happy to provide the stage” said Jared Miller, Managing Director of Asset Management for Homestead Development Partners.

Apartments at HELiX Oxford will include 1 bedroom, 2 bedroom flats and townhomes and 4 bedroom flats and townhomes. Each apartment will be equipped with custom, modern furniture; quartz countertops, stainless steel appliances, plank flooring, upgraded cabinetry and blazing fast internet.

The leasing center and amenities will be delivered in the fall of 2017 when pre-leasing begins. First move-ins are scheduled for fall 2018.

“HELiX is poised to be an incredibly desirable community for students at Ole Miss, and we’re excited to partner with Homestead Development Partners to build this best in class property,” said Craig Zogby, Managing Director, Student/Multifamily Housing, Kayne Anderson Real Estate Advisors. “We have been watching the Oxford market for some time and believe that HELiX is the perfect entry to this market for us.”

TAMPA, FL – Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $18.7 million.  This investment is in connection with The Altman Companies plans to develop a 392-unit multifamily community located in Tampa, Florida. 

Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.

The development is part of the Wiregrass master-planned community which has been approved to include, among other things, over 10,000 homes, 2.7 million square feet of retail, one million square feet of industrial, a 138-acre sports complex, and 2.6 million square feet of office, including a campus planned by Raymond James for 750 employees.  

“The Altman Group is a South Florida based developer of Class A multifamily properties throughout the Southeast U.S.  We are excited to partner with The Altman Group,” said Daniel M. DuPree, the Company’s Vice-Chairman and Chief Investment Officer.

Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States.  The company enters into forward purchase contracts or purchase options for to-be-built multifamily communities and makes real estate related loans, provides deposit arrangements, or performance assurances in connection with the development of multifamily communities and other properties.

NEW YORK, NY – Mortgage rates soared this week, with the benchmark 30-year fixed mortgage rate rising to 4.01 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed climbed to 4.01 percent, while the average 15-year fixed mortgage rate jumped to 3.21 percent. Adjustable mortgage rates spiked as well, with the 5-year ARM and 7-year ARM bounding to 3.39 percent and 3.62 percent, respectively.    

“Mortgage rates spiked above the 4 percent mark for the first time since January on speculation – and that’s all it is at this point – about the potential for more government borrowing, higher inflation, and faster economic growth under a Trump administration. This week’s increase in mortgage rates, being dubbed the ‘Trump Tantrum’, is the biggest one week increase since the ‘Taper Tantrum’ in June 2013,” stated Bankrate.com’s chief financial analyst, Greg McBride, CFA. “For an increase of this magnitude to be sustained, eventually the reality will have to catch up with the perception. And since it is likely months before we have specific stimulus plans from the President-elect and even more months until any dollars would actually make their way into the economy, the backdrop of slow global economic growth, aging populations in developed markets, and low inflation around the world may well reassert itself, prompting a rate pullback. Stay tuned.”

At the current average 30-year fixed mortgage rate of 4.01 percent, the monthly payment for a $200,000 loan is $955.98.

SURVEY RESULTS

30-year fixed: 4.01% — up from 3.73% last week (avg. points: 0.24)

15-year fixed: 3.21% — up from 2.97% last week (avg. points: 0.20)

5/1 ARM: 3.39% — up from 3.15% last week (avg. points: 0.29)

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. Half of the panelists expect rates to go down over the next week, while 40 percent predict that mortgage rates will continue to rise. Just 10 percent expect mortgage rates to remain more or less unchanged over the next seven days.

(RECAP: An affordable apartment complex will be a key part to jump-starting redevelopment in part of the Pembroke area. The Franklin Johnston Group has plans to turn 10 acres near Witchduck Road into 264 apartments. This week, City Council designated 91 acres of land around it a revitalization area to help the development company get special financing. It will help keep the complex affordable. Price Street Apartments will be the first major project in the revitalization area, which is included in the Pembroke Strategic Growth Area. Seven buildings will have four stories of 40 one-bedroom apartments, 160 two-bedroom apartments and 64 three-bedroom apartments.)

LOS ANGELES, CA – Saban Real Estate, in partnership with Campus Advantage, has completed the acquisition of nineteen student housing communities from American Campus Communities in a transaction valued at $508 million. The 12,083-bed portfolio includes properties serving students at Penn State University, Michigan State University, Louisiana State University, University of Missouri, University of Indiana, University of South Carolina, University of Alabama, Florida State University, University of Alabama-Birmingham, East Carolina University and Western Michigan University.

With this acquisition, Saban and CA collectively own and/or operate a portfolio of over 35,000 beds across 40 universities, making them the 4th largest owner/operator of off-campus, purpose-built student housing communities in the US.

“We’re excited to partner with Campus Advantage, one of the industry pioneers in student housing and to once again work with American Campus Communities in the acquisition of a significant portfolio of well-located, institutional quality student housing properties,” said Philip Han, Chief Investment Officer at Saban Real Estate. “We are confident that together with Campus Advantage, we will be able to continue the legacy of quality ownership that American Campus Communities is known for and look forward to delivering an unsurpassed housing experience for all of our student residents.”

CA will take over management from ACC in three phases during the next five months as well as implement a capital investment plan of approximately $30 million to reposition and rebrand the properties. Today, CA assumed management on the first phase of assets which include eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

“We are excited about the opportunity to once again work with American Campus Communities with whom we’ve done three previous acquisitions and to partner with Saban Real Estate in building a platform for future acquisitions,” said Mike Peter, President and CEO for Campus Advantage. “As one would expect from a first class operator such as American Campus Communities, these were well run, well maintained assets. The properties will benefit from a fresh set of eyes, new programs, upgraded amenities, and approximately $30 million in capital improvements that will provide enhanced, supportive communities for students. I am also proud to say that, with this transaction, CA has become one of less than a handful of privately-held companies in its industry to acquire over $1.2 billion in portfolio assets.”

“We are proud to partner with one of the top student housing operators in the country, on acquiring this significant portfolio,” said Bowen Hsu, Managing Director for Saban Real Estate. “We look forward to a long and prosperous relationship with Campus Advantage as we grow our investment platform together.”

Saban and CA were represented by Holliday Fenoglio Fowler in securing financing from Fannie Mae. HFF’s debt placement team was led by directors Robert Wooten and Casey Wenzel.

CLAREMONT, CA – StarPoint Properties, an industry leader in acquiring, developing and re-positioning multifamily projects, has purchased a 66,703-square-foot multifamily property in Claremont for $15.75 million in an off market transaction. Located at 510 S. Indian Hill Boulevard, Indian Hill Villas is just a few minutes from the prestigious Claremont Colleges. The two-story, 75-unit property, will undergo a complete $2.1 million renovation that will reposition the complex.

“This asset is located in a prime location within Claremont, just a few blocks from the Claremont Village which has a wide array of restaurants and shopping,” said Paul Daneshrad, CEO of StarPoint Properties. “We plan to ‘rebrand’ the property – renaming it Claremont Park – by modernizing the interiors and exteriors in addition to updating the overall amenity package. We envision the future residents of Claremont Park enjoying the comprehensive amenity package and modern interior finishes on the property, while being able to walk to a diverse selection of local shopping, dining and entertainment that the Claremont Village has to offer.”

Indian Hill Villas currently offers spacious units with configurations ranging from one-bedroom/one-bath, two-bedroom/one and one-half bath and two-bedroom/two-bath. The current community amenities include a spa, sparkling swimming pool, four laundry rooms, fitness center, sauna and an on-site leasing office.

Originally built in 1971, an extensive exterior renovation plan will include updating the pool and cabana area, adding a dog park, a new car washing station, building new private garages, updating the gym with modern equipment and installing free Wi-Fi in gym, pool and cabana areas.

Renovations will also include upgrading each unit as they become vacant with the installation of in-unit washer and dryers, new vinyl plank flooring, a full stainless steel appliance package, new countertops, new cabinets and hardware and environmentally efficient plumbing and light fixtures.

“StarPoint Properties focuses our value-add acquisition strategy on properties situated in the best locations within high barrier to entry submarkets,” said Daneshrad. “Anchored by the favorable asymmetric supply and demand metrics of the Claremont submarket, we believe this asset is ideally positioned to generate strong and stable financial returns.”

Stewart Weston and John Montakab from Institutional Property Advisors represented StarPoint in this off market transaction.

(RECAP: It’s not surprising that for the past decade, most of the discussion of affordable housing needs in Virginia has focused on urbanized areas with growing populations and rapidly increasing housing costs. Surrounding these metro areas, however, are rural communities struggling with slow or negative population growth, along with a unique set of housing challenges that have almost faded from view. However, just because the population center in Virginia continues to move north and east doesn’t mean we can or should neglect the challenges of those Virginians living in rural areas. For the past year, Housing Virginia has been engaged in an effort to explore housing trends and needs throughout the state’s rural regions. The work included partnering with the Virginia Association of Realtors to host meetings with rural stakeholders across the state. The results of these efforts are published in a report titled The State of Housing in Rural Virginia: Changing Needs, Challenges and Opportunities. The report will be released and presented at the Governor’s Housing Conference, which begins today in Roanoke.)