Author: ipgocorp

OAK BROOK, IL – Inland Real Estate Acquisitions announced that it facilitated the acquisition of Alexan Riverdale Apartments, a 212-unit multifamily property located in the Morris County, New Jersey, community of Riverdale, approximately 25 miles northwest of New York City. Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23, the property is situated on 15 acres and was constructed in 2010. Alexan Riverdale Apartments consists of two four-story buildings featuring 77 one-bedroom and 135 two-bedroom units, a two-story clubhouse, 243 underground parking garage spaces and 170 outdoor surface spaces. Each unit includes luxurious interiors and modern amenities, including granite countertops, gourmet kitchens, nine-foot ceilings, hardwood floors and a private balcony with select units. The property offers residents a variety of community amenities, including a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, a state-of-the-art fitness center with a yoga and spin studio, a lounge with billiards, a game room and a business center.

“What I really liked about this property was the quality of construction, that every unit has covered parking and the fact it is in a residential community,” said Cosenza. “The property is also conveniently located next to multiple shopping and dining amenities, and is positioned to draw residents employed in the nearby areas of Wayne, Parsippany, Morristown and Midtown Manhattan.”

As of the acquisition date, the property was approximately 98 percent leased. The property will also be renamed The Reserve at Riverdale.

To date, Inland Real Estate Acquisitions, Inc. has facilitated $44 billion of purchases including retail centers, apartments and single-tenant properties.

LAS VEGAS, NV – Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, in partnership with Continental Realty Advisors, a Denver-based multifamily investment and management firm, have completed the acquisition of three apartment complexes totaling 1,194 units, located in the north and east suburbs of Las Vegas. Terms of the deal remain undisclosed.

The portfolio includes the 402-unit Loma Vista Apartments in North Las Vegas, as well as the 440-unit Stonegate Apartments and 352-units Stonegate West Apartments located on the eastside of Las Vegas. The properties are close to primary employment centers in Las Vegas such as the Strip, the expanding Las Vegas Medical District and Union Village development, and the northern industrial and manufacturing hubs. Las Vegas is currently experiencing pent-up demand for rental housing due to historic lows in new development, and both the North and East Las Vegas submarkets currently have no active or planned new development.

“We are excited for the opportunity to acquire a portfolio with scale at a significant discount to replacement cost,” said Senior Vice President of The Roxborough Group, Matt McCormick. “The Las Vegas market is experiencing a significant recovery in employment, wage and population growth, yet the growth in new rental housing remains below peak levels and significantly behind most major cities throughout the country. We see significant room for rent increases in this sector.”

The portfolio is the second acquisition for the partnership in Las Vegas, which acquired Turtle Creek Apartments in the Las Vegas suburb of Henderson in November of 2015. This property was recently rebranded as “Tesoro Ranch” and has experienced significant rental growth upon completion of its common area upgrades. The business plan for the portfolio calls for a light renovation of a subset of the individual units and a full upgrade of common areas to capitalize on the rent growth in the market. The renovation will bring the properties in line with their competition in each submarket.

“The opportunity to acquire this portfolio and add another 1,200 apartment units to our holdings in Las Vegas is the result of a strategic effort between CRA and Roxborough,” said David Snyder, chairman of Continental Realty Advisors. “We intend to grow our southwest portfolio and welcome the opportunity to offer quality, renovated apartment lifestyles to the region. We want to embrace the Las Vegas community and hope it will appreciate a conscientious owner that values its residents and their living needs. We are excited to be part of their lives.”

LOS ANGELES, CA – According to Manny Gonzalez, FAIA, LEED AP and principal, with international, award-winning KTGY Architecture + Planning, National Multifamily Housing Council’s (NMHC) research shows that aging boomers will represent a larger share of growth in the apartment market as millennials begin to marry, have children and buy homes.

From affordable senior rentals to luxury living, the demand for age-qualified apartment homes is higher than ever. And with 10,000 people a day turning 65 through 2030 that demand will continue to grow. “Just like the millennials who fueled the recent surge in apartment construction, the 55+ renters are looking for many of the same things. They rank proximity to grocery stores, dining and entertainment at the top of their list,” Gonzalez said.

“Demographic studies and historical patterns also point to the 55+ cohort downsizing and choosing a more convenient lifestyle,” said Gonzalez.

Incorporating Universal Design into active adult apartments is critical for attracting new residents and for allowing existing residents to remain in their apartment as their lifestyle needs change, Gonzalez commented. “Incorporating Universal Design is key and the best Universal Design is invisible. You don’t know it’s there until you need it,” Gonzalez said.

One example, Gonzalez states, is Kohler’s grab bar that doubles as a wall shelf for shampoo or soap or as a towel rack. Other examples include a walk-in or curbless shower, no-step entry and outlets in the hallway at switch height so no one has to bend over to plug in the vacuum. “It is more than just placing a microwave at chair height,” Gonzalez said.

Some of the 55+ renters are looking for a second home near family, particularly when grandchildren are involved. “Boomers don’t want to sleep on the couch every time they visit their son or daughter, nor do they want to sell their home. An apartment offers a home away from home. And, should the child move at some point, they don’t have to worry about trying to sell that second home,” said Gonzalez.

A great design element inspired by millennials is to allow residents to customize the entry to their units, Gonzalez suggested. “If the design team doesn’t, this cohort will figure out a way to do it themselves. Incorporating a window box, photo frame or pot shelf can do the trick and help keep decorations from getting out of control, especially during the holidays,” said Gonzalez.

“After catering to millennials for some time, the industry needs to give these growing number of renters what they need as they easily could become more important than the much-prized millennials,” Gonzalez said.

A frequent speaker at the most prestigious national and regional industry events, Gonzalez will offer his expertise and insights at NMHC OPTech Conference and Exposition on November 16, 2016, in Dallas, Texas. He will be a featured panelist at NMHC OpTech’s general session, “The New Hip-sters: Planning Now for an Older Demographic,” along with panelists Helen Foster, principal, Foster Strategy, LLC; Tim Hermeling, executive vice president, marketing, Cortland Partners; and Cristina Sullivan, COO, Gables Residential.

Gonzalez has also been invited to speak at BizFed Institute’s NextUp Forum, “Housing Now – Turning NIMBY to YIMBY” on Friday, November 18, 2016, held at Woodbury University in Burbank, Calif. Gonzalez will be a featured panelist in the session, “NIMBY to YIMBY: Digging for Answers to Get Shovels in the Ground” and will discuss how cities and developers can convert opponents, NIMBY (Not In My Backyard), to proponents, YIMBY (Yes, In My Backyard).

Gonzalez is the managing principal for KTGY’s Los Angeles office. He is responsible for the design, land planning and production of residential and mixed-use developments throughout the U.S., including active adult and affordable multi-family communities as well as mixed-use residential, office and/or hotel/hospitality with retail.

AZLE, TX – Fort Worth-based Civitas Senior Living announced plans to develop a new senior living housing community in Azle. Legacy Oaks at Azle will provide 123 independent living and 77 assisted living and memory care apartment homes to seniors ages 55 years and older.

“Legacy Oaks at Azle is an exciting addition to our company’s existing developments,” said Civitas President Wayne Powell, whose passion for the senior living industry has fueled the company’s quick expansion throughout Texas. “It’s an opportunity to offer more local families the comprehensive services, care and quality of life their loved ones deserve.”

In addition to the benefits offered by the company’s signature Passion Program, Legacy Oaks at Azle residents will experience a secure, private community designed to meet their needs. Powell said the modern, resort-style amenities were designed to inspire comfort, healthy living and social activities for all lifestyles.

Community highlights include: Beautiful, landscaped courtyards, community pool for relaxation and exercise, flexible outdoor entertainment spaces for social gatherings and events, multi-function on-campus amphitheater with comfortable, luxury seating, movie theater with luxury seating, on-site dog park and dog wash for pet owners, spacious clubhouse and game and activity room, and contemporary dining facilities like an outdoor patio, private dining room and on-campus bistro.

Legacy Oaks at Azle will be Civitas’ fourth community in Tarrant County and its 25th nationwide. It will be located at the northwest corner of Jacksboro Highway and Avondale Avenue and is expected to be completed by winter 2018.  

Civitas Senior Living is a Fort Worth, Texas-based management company that specializes in development, acquisitions, operational management, and consulting for senior housing properties, including assisted living, retirement centers, and independent senior living properties.

ATLANTA, GA – Emma Capital Investments announced the completion of the acquisition of 3400 Club Apartments, a 300-unit garden style multi-family apartment community located at 3400 Club Lake Parkway, Lawrenceville, (submarket of Atlanta), Georgia at a purchase price of $25,700,000 Million.

This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to over $300,000,000 and over 4,500 apartment units.

The property is well-located on the border of Lawrenceville and Duluth in North Gwinnett County, less than two miles from the Pleasant Hill Road and I-85 interchange, providing excellent access to I-85 and Highway 316, connecting motorists to Midtown/Downtown Atlanta and to the University of Georgia in Athens, respectively. The area benefits from continually improving demographics in one of the fastest growing counties in the nation with outstanding access to employment area, retail, cultural hubs, variety of amenities and excellent schools.

3400 Club was built in 1984, and is a mix of 300 residential units in 25 two-story buildings. 3400 Club Drive offers 6 different floor plans made up of 75 One-bedroom units, 166 Two-bedroom units, and 59 Three-bedroom units averaging 1140 square feet per unit.  These units are some of the largest in the Submarket with spacious condo-style layouts.  The community features a swimming pool area and a tennis court.   3400 Club Drive has benefited from ongoing exterior capital improvements totaling approximately $1.5 million.  Emma Capital plans to renovate the interiors of  a majority of the units, as it has done in its other Metro Atlanta properties as well as to expand tenant amenities with features such as unique outdoor fitness equipment and enhancement of the clubhouse.

“We are pleased to add 3400 club Apartments to our growing portfolio in the Greater Atlanta Area,” stated founding Partner and Co-Owner Haya Zilberboim. “We currently own more than 2,500 units in Atlanta with a majority located in Gwinnett County. The addition of this property further strengthens our footprint in this rapidly growing market and provides us with a very strong base to continue our expansion to other South-East submarkets such as Charlotte, Raleigh, Tampa and Nashville.”

“This investment is our 10th in the Atlanta area in the last 24 months,” added Partner and Co-Owner Oz Cohen. “North Gwinnett is a well-developed market with fast growing population; however it has a high aversion to new multi-family construction. There are currently no apartments or condos either completed or under construction and very little currently in the planning/proposal stage. This supply restriction will help drive rent rates as population growth increases the demand for multi-family communities.”

CHARLOTTE, NC – Ginkgo Residential announced the acquisition, through its investment affiliate, of Matthews Lofts located in Matthews, North Carolina. The property is a mixed-use condo development comprised of 81 one and two-bedroom apartments, plus 8,084 square feet of commercial space.

The commercial tenants include The Big Idea, Rocky Mountain Chocolate Factory, Wayback Burgers and 9Round Kick Boxing. Matthews Lofts has easy access to the entire Charlotte market through I-485 and Independence Boulevard, a major artery connecting Matthews to uptown Charlotte.

“We are excited about adding our first higher-end, mixed-use property to our portfolio. While Matthews Lofts represents a new concept for Ginkgo, its location in downtown Matthews, its proximity to employment, health care, and entertainment opportunities, and the walkability offered by the site are all consistent with Ginkgo’s core principles. Ginkgo will continue to focus primarily on single-purpose workforce housing properties, especially those involving significant rehabilitation potential; however, we believe the addition of Matthews Lofts will add diversity and stability to our portfolio,” states Philip Payne, CEO of Ginkgo Residential.

Ginkgo Residential is an industry leader focused on combining our core business of providing reasonably priced, high quality workforce housing with energy efficient programs that are environmentally sensitive. Ginkgo Residential is a significant operator of apartment communities located primarily in the Southeast region of the United States.

NEW YORK, NY – Mortgage rates were only modestly changed as the nation went to the voting booth, with the benchmark 30-year fixed mortgage rate rising to 3.73 percent, according to Bankrate.com’s weekly national survey. But rates have rocketed higher ever since Donald Trump was declared the winner. The 30-year fixed mortgage has an average of 0.23 discount and origination points.

The larger jumbo 30-year fixed had slid to 3.73 percent, while the average 15-year fixed mortgage rate nosed higher to 2.97 percent. Adjustable mortgage rates were only slightly changed heading into Wednesday, with the 5-year ARM and 7-year ARM inching higher to 3.15 percent and 3.33 percent, respectively.    

Mortgage rates increased sharply throughout the day today, much of the increase coming after data had been gathered for the survey. The election of Donald Trump was shocking to many, but the reaction of U.S. financial markets on Wednesday was a surprise, as well. Contrary to expectations of a sharp drop in stock prices, as had been seen overseas as news broke of the election result, and an expected decline in bond yields, the yield on long-term government bonds actually spiked. President-elect Trump’s acceptance speech soothed investors’ nerves and the prospects of higher government spending and more government borrowing for infrastructure improvements sent long-term Treasury yields racing higher. The 10-year Treasury note yield soared above 2 percent on Wednesday, closing at 2.07 percent, the highest since Jan. 22.

At the current average 30-year fixed mortgage rate of 3.73 percent, the monthly payment for a $200,000 loan is $923.96.

SURVEY RESULTS

30-year fixed: 3.73% — up from 3.69% last week (avg. points: 0.23)
15-year fixed: 2.97% — up from 2.96% last week (avg. points: 0.18)
5/1 ARM: 3.15% — up from 3.14% last week (avg. points: 0.27)

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 further increases in the next week, while 40 percent predict that mortgage rates will level off at this point. Just 10 percent forecast a pullback in mortgage rates over the next seven days.

(RECAP: In July 2015, HUD’s Office of the Inspector General (OIG) alleged that some state housing financing agencies’ (HFAs’) down payment assistance programs are violating FHA requirements and putting the FHA mortgage insurance fund at unnecessary risk. In this brief, we review the publicly available data to assess their concerns. We find that the number of loans for which a possible premium was charged is small and that state HFA DPA loans are net present value positive, not negative, to the FHA insurance fund.)

(RECAP: The federal agency that enforces the nation’s fair housing laws said it is “in discussions” with Facebook to address what it termed “serious concerns” about the social network’s advertising practices. Heather Fluit, a spokeswoman for HUD, said in a statement that the department was “aware of published reports that Facebook’s advertising tool may allow users to discriminate in housing advertisements.” Fluitt said Facebook’s advertising policies will be examined by HUD’s office of Fair Housing and Equal Opportunity. ProPublica disclosed last week that Facebook’s software allows advertisers to exclude people from seeing their ads whose habits on the social network suggest an affinity with ethnic groups like African-Americans, Hispanics or Asian-Americans.)

ST LOUIS, MO – Tristar Companies and Balke Brown Transwestern, with construction management services provided by Propper Construction marked the grand opening of Alinea Town & Country. Alinea Town & County is the premier Luxury Apartment community built at the heart of St. Louis County, positioned on the northwestern corner of Manchester Rd & I-270.

The 254 unit, three building, 1, 2 and 3-bedroom modern apartment building, officially opened September 1st and is already 24% leased with the remaining two buildings to finish construction in the next two months. Located on Daylight Drive directly off Des Peres Rd at Manchester Rd and I-270, this community delivers an impressive two-story clubhouse with a fully-equipped fitness center run by Wild Horse Fitness, a Starbucks coffee bar, business center, and relaxing lounge with lavish decor. The floor-to-ceiling windows in the grand clubhouse look out to the center courtyard which features a three-tiered infinity pool, over-sized infinity hot tub open year around, outdoor kitchen, two seating areas with large screen TV’s and fire pits. Ample garage, carport and surface parking is available.

Developed by TriStar Companies, one of St. Louis’ leading developers, Alinea Town & Country is the first of its kind in the West County Market, designed to cater to working professionals that desire a mix of true lifestyle & professional balance.

Michael Towerman, president of Tristar Companies, shared his excitement for the addition of The Alinea Town & Country and Alinea vision for the St. Louis market.

“We are excited about the future of the St. Louis area, and its professional workforce, and know that The Alinea is a perfect addition for their needs and desires. We are also looking forward to delivering not only the best single living community, but expanding the “Alinea” brand throughout the metro area.”

Alinea Town & Country is leased and managed by Balke Brown Transwestern, a full-service commercial and residential real estate brokerage, management and development company. Named 2016 Property Management Company of the Year by the St. Louis Apartment Association, the firm’s multi-family division focuses on creating and managing high-end, unique and inspirational places that St. Louisans are proud to call home.