Author: ipgocorp

ROSWELL, GA – International award-winning KTGY Architecture + Planning announced today that The Georgian Lakeside in Roswell, Georgia, a 95-unit assisted living and memory care community, recently opened. KTGY is the designer of this innovative community, offering luxury amenities, leading-edge technology and resort-style living. Griffin Fine Living, LLC is the General Manager. Canyon Partners Real Estate LLC provided the investment capital.

Set in a beautiful location overlooking a tranquil five-acre lake, The Georgian offers spacious private living suites with accommodations for both independent/assisted living and memory care integrated with technological breakthroughs that are changing the senior healthcare industry. The Georgian features 70 assisted living and 25 memory care units.

“The distinctly regal three-story Georgian architecture is a look rarely seen in new senior living communities,” said Manny Gonzalez, FAIA, LEED AP, a principal with KTGY Architecture + Planning, located in the firm’s Los Angeles office. “Residents and visitors would think that they have arrived at an upscale hotel or a lakeside resort.”

KTGY’s Keith McCloskey, LEED AP, executive director in the firm’s Los Angeles office, and the project’s designer and project manager, says that the design takes maximum advantage of the views of the lake by strategically locating common areas, dining facilities and expansive outdoor terraces. Indoor-outdoor connections have also been carefully planned.

“With warm and comfortable living spaces for these special seniors, the 80,000 square-foot Colonial-inspired building design seamlessly integrates wellness and vibrant living through a variety of amenities and features that support the residents’ different dimensions and stages of life — physical, social, spiritual, emotional, intellectual and environmental wellness,” said Soo Im, AIA, LEED AP, a director in KTGY’s Los Angeles office.  

Residents of The Georgian enjoy the thoughtful facility amenities such as multiple dining options, including a private dining room, theater room, hair salon, library, physical therapy and private doctors’ examination rooms, along with numerous activity rooms and an exercise facility to help residents maintain an active and dignified lifestyle. The use of state-of-the-art technology benefits the residents and their families in the primary care, safety and administration for each resident.

“We are very excited for the community of Roswell and the opening of The Georgian Lakeside,” said Gonzalez. “This beautiful senior living community provides a high level of care and dramatically improves the quality of life for these special seniors and their families.”

The community is located at 1070 Hardscrabble Road, Roswell, Georgia 30075, which is at the intersection of Highway 92 and Hardscrabble Road, and across the street from a Target-anchored shopping center. 

CHARLESTON, SC – Greystar Real Estate Partners and Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, announced that they have signed a letter of intent to jointly form and capitalize a new Asia-Pacific rental housing platform, Greystar Asia-Pac.

Greystar Asia-Pac plans to raise institutional capital to acquire, develop, reposition and manage rental residential assets across the region. Greystar is a global leader in the investment, development and management of rental housing, operating over 400,000 rental units in 160 markets globally with an ownership interest in assets worth $14.0B. The expansion into the Asia-Pacific region advances Greystar’s successful international growth strategy – which includes current operations in the United Kingdom, Europe and Latin America – and underscores a long-standing advisory relationship with Macquarie Capital.

Greystar Asia-Pac, the jointly owned venture between Greystar and Macquarie Capital under consideration, would be Greystar’s and Macquarie Capital’s exclusive platform in the rental residential space in the Asia-Pacific region. Initial investment opportunities are being evaluated and anticipated to include assets in the Tokyo, Beijing, Shanghai, Sydney and Melbourne markets.

The proposed joint venture will combine Macquarie Capital’s deep relationships and proven track record in the region with Greystar’s rental housing expertise, creating an attractive opportunity for Greystar to grow and enhance its presence in Asia-Pac.

“My original vision when starting Greystar in the early 1990s was to build a blue chip company that could help professionalize the rental housing industry for institutional capital in the US,” said Bob Faith, Founder and CEO of Greystar. “We view our opportunity in the Asia-Pacific as a natural extension of our original strategy and believe a partnership with Macquarie provides valuable regional experience and expertise. We intend to build the leading rental residential company within the major cities of the region.”

Chris Green, Global Head of Real Estate at Macquarie Capital said: “Macquarie Capital has a longstanding relationship with Greystar and we are very pleased to be working with Bob Faith and the high caliber Greystar team in expanding to the Asia-Pacific region. We continue to see deep demand from global institutional investors for multifamily and student accommodation real estate, and believe a combination of Greystar’s residential expertise and Macquarie Capital’s Asia-Pacific strength will be a successful platform.”

PORTLAND, OR – Security Properties and Pacific Life Insurance Company purchased One Jefferson, a 347-unit, Class A multifamily property located in Lake Oswego, OR, for $78,000,000.

The property is located in one of Portland’s most prominent suburbs, Lake Oswego. Lake Oswego residents boast an average household income in excess of $84k/year and is also home to some of the area’s most expensive single-family real estate (average home price of $585k). The area is also characterized by limited future supply of multifamily units, and access to top-performing schools.

One Jefferson Apartments is a garden-style apartment community that was constructed in 1987 and 1990.  Unit interiors currently contain a variety of interior finishes.  Due to this inconsistency, Security Properties will be focusing on establishing a uniform spec level.  By combining the renovation of unit interiors with greatly improving amenity areas and overall aesthetics, Security Properties will re-establish One Jefferson as the area’s premiere multifamily community.

Barrett Sigmund, Sr. Director at Security Properties says they acquired this property because, “This deal epitomizes what we look for in value-add projects.  Lake Oswego boasts some of the best schools, demographics and proximity to jobs of any suburban Portland submarket.  Additionally, given the barriers to entry and limited future supply, there should be little new product in the submarket for the foreseeable future.  This dynamic allows us to reposition the property and provide residents a best-in-class physical asset on par with the A+ location.”

The property will be managed by Security Properties-affiliate Madrona Ridge Residential.

SEATTLE, WA – Half of today’s U.S. home buyers are under 36 and reflect an increasingly racially diverse middle class, according to the first annual Zillow Group Report on Consumer Housing Trends.

As the U.S. housing market nears full recovery and the Millennial generation matures, 47 percent of people buying and 63 percent of those selling a home are doing so for the first time. These new buyers, sellers, and homeowners have old-fashioned aspirations, seeking a home that is both a good investment and a reflection of themselves. And they instinctively turn to internet research and social networks on and offline, approaching home ownership with both savviness and caution.

The 200-page Zillow Group Report on Consumer Housing Trends, which is free and available to the public, is a deep dive into the characteristics, aspirations and priorities of U.S. consumers when it comes to their homes. The report challenges longstanding conventional wisdom across all generations and sheds light on major demographic and economic trends and how they will affect the future of real estate. 

“We knew the Millennial generation was playing an increasingly large role in the housing market,” said Zillow Chief Economist Dr. Svenja Gudell, “But this consumer research allows us to get a fascinating, behind-the-scenes look at how their expectations and approach are playing out in the housing market. These young adults came of age during a recession, but they are buying their first homes in a high-priced and fast-paced market.  They’re using every available resource, including online research and real estate professionals, and taking on the challenge with gusto.”

“Young home buyers and sellers share their grandparents’ romantic notions about homeownership, and we’re finally seeing their home buying dreams come true in the data,” said Jeremy Wacksman, Zillow Group chief marketing officer. “These savvy consumers are doing things differently: they juggle shopping for homes to buy and rent at the same time, and they bring deep research and their vast social networks to the process.”

Here are some key findings from the report:

While shopping for a home, 52 percent of buyers said they also considered renting, and only 46 percent of buyers got the first home on which they made an offer, demonstrating that in today’s fast-moving market, disappointment and competition are now part of the process. 

While 56 percent of buyers save up for a down payment a little at a time, 32 percent find savings are not enough and rely on other sources, such as gifts, loans, and cashing in their retirement savings.

Millennials, who will define the future of real estate, include their social networks in their real estate transactions and expect their real estate agents to help with more than logistics – looking to them for strategic advice and remodeling ideas. 

First-time buyers rent longer than previous generations. When they do buy, they typically spend just as much as Baby Boomers on a home that is only slightly smaller than homes purchased by repeat buyers.

It’s not just Millennials who are shopping online for real estate. Nine out of 10 buyers and sellers under 65 depend on both real estate agents and online sites and apps.

Most Americans (83 percent) want a single-family home, and more than half (52 percent) live in the suburbs. Of home-owning Millennials, 47 percent live in the suburbs.

Renters are disproportionately women and people-of-color, and most make less than $50,000 a year. Their top concerns are budget, safety, and finding a home that allows pets.

The first annual Zillow Group Report is the largest-ever survey of U.S. home buyers, sellers, owners and renters, and asked more than 13,000 U.S. residents aged 18 to 75 about their homes – how they search for them, pay for them, maintain and improve them, and what frustrations and aspirations color their decisions.

(RECAP: The Loudoun Board of Supervisors has unanimously approved changes to the county’s Affordable Dwelling Unit program that will open the program up to VHDA and HUD grants. Developers who rezone land for large subdivisions—more than 50 units, with exceptions— are required by county zoning rules to dedicate 12.5 percent of those units to the county’s ADU program. That program sets price restrictions on those units, but the rules don’t line up with what is required for grants VHDA or HUD. The rules change is yielding immediate benefits. Windy Hill expects to bring in $15 million in tax credits for its Heronview Apartments, with construction planned to begin at the Kincora development later this year.)

PITTSBURGH, PA – Milhaus Development broke ground on Phase One of an exciting multi-phase residential and retail development in Lawrenceville. Mayor Bill Peduto, Councilwoman Deb Gross, and Matt Galluzzo from the Lawrenceville Corporation were among many who showed up to lend support for Arsenal 201.

“Lawrenceville is a neighborhood full of wonderful people, great businesses, and strong organizations. This project has the potential to build off of all the hard work put in over the years by so many and become an integral addition to the neighborhood,” says Councilwoman Gross.

The full development will cover the entire block from 39th to 40th Street, on the original site of Allegheny Arsenal. The site’s history played an important role in naming “Arsenal 201”. Thomas Bost, the Vice President of Development for Milhaus explains, “From working closely with city officials and the community councils, it was voiced that they would like ‘Arsenal’ to remain in the name in some capacity. We paired this with ‘201’, the last three digits of the Lawrenceville zip code, to represent the unique, modern, and local Lawrenceville style.”

The first phase, eventually totaling over $100M, starts at the corner of 39th and Butler Street. It will have 243 units and 19,000 square feet of retail. Amenities include Arsenal Alley (a pedestrian walkway), Canteen Resident Lounge, Ammunition Fitness/Wellness Center, The Fort (a courtyard complete with hammocks that serves as an outdoor entertainment area) and Cannonball Deck and Pool. Arsenal Alley will connect Butler Street to a new one-acre public park and existing riverfront amenities.

Construction is estimated to be completed in phases with the first units available for prelease in the summer of 2017.

Milhaus is an award-winning, mixed-use development, construction, and property management company that specializes in Class A, urban, multifamily residential buildings. Headquartered in Indianapolis, Milhaus is comprised of inspired and industrious individuals who are passionate about revitalizing urban neighborhoods.

SHIPPENSBURG, PA – Madison and Creekside apartments are the perfect living space for any college student. Each resident who lives in these apartments will now be exposed to the newest, most innovative technology.

Located within walking distance from Shippensburg University, Hot Point Bar and Grille, Sheetz, and Wibs Restaurant and Bar, each building has a centralized open covered breezeway for socializing. In addition, a numerous amount of parking lots are available to residents. Each fully furnished apartment includes 3 or 4 private bedrooms and bathrooms. The top of the line units include granite countertops & stainless steel appliances. Every unit includes a washer and dryer, high speed internet, and much more. With the many included benefits, amazing location, newly constructed units and competitive pricing you won’t find a better living situation to foster your college lifestyle in Shippensburg than Madison/Brookside Court or Creekside Court Apartments.

Recently, Madison and Creekside apartments became the first apartment complex to become NFC enabled. NFC (Near Field Communication) is simply a short-range wireless technology. It allows consumers around the world to make transactions, exchange digital content, and connect electronic devices simply and effortlessly with a touch. This technology is allowing management to connect with their residents easily and painlessly and at the same time it encourages residents to stay involved and connected throughout their stay in Madison and Creekside.

With this added technology, students can now place their phones on a small, square sticker that will direct them to a specific source. This sticker has a built-in chip programmed to allow the user’s phone to “tap it” to learn more information, download related material, etc. In Madison and Creekside’s case, tapping your phone onto the sticker will prompt you to download their app. It’s simple, easy and requires nothing but a cellphone and a quick touch.

The NFC tags can do much more than just directing students to an app. It will also allow residents a chance to tap to call 24/7 maintenance or take a survey/poll that management can use to make decisions about the property based on the results that they get. The chips can be altered to direct students to any desired location, survey, etc. NFC technology succeeds in allowing a better, more connected living environment throughout Madison and Creekside apartments.

Students and residents of Madison and Creekside apartments can interact with and learn more about these NFC devices by walking into one of the offices and either tapping or scanning their phones on one of the stickers.

Property manager of Madison and Creekside apartments Casey Bender stated that, “We are very excited about our new partnership with Purple Deck! We are excited to use this technology to connect with our residents and allow them to quickly be prompted with our app and the awesome local coupons!”

(RECAP: The Federal Reserve may need to run a “high-pressure economy” to reverse damage from the 2008-2009 crisis that depressed output, sidelined workers, and risks becoming a permanent scar, Fed Chair Janet Yellen said on Friday in a broad review of where the recovery may still fall short. Though not addressing interest rates or immediate policy concerns directly, Yellen laid out the deepening concern at the Fed that U.S. economic potential is slipping and aggressive steps may be needed to rebuild it. Yellen’s comments, while posed as questions that need more research, still add an important voice to an intensifying debate within the Fed over whether economic growth is close enough to normal to need steady interest rate increases, or whether it remains subpar and scarred, a theory pressed by Harvard economist and former U.S. Treasury Secretary, Lawrence Summers, among others.)

DALLAS, TX – NAPA Ventures, an Austin, TX based multifamily and commercial real estate investment company co-founded by Shravan Parsi and Glenn Gonzales announces the acquisition of Brandon Mill Apartments, Dallas, TX and Ravenwood Apartments, Fort Worth, TX.

“As a team we are thrilled about the acquisition of Brandon Mill and Ravenwood which is part of our 1450-unit multifamily portfolio containing eight properties in Dallas and Fort Worth MSA,” said Shravan Parsi, Co-CEO of NAPA.

DFW MSA is No. 3 in population growth in U.S. cities in 2016 according to Realtor Magazine, “which gives us (NAPA) great confidence in the purchase of these properties,” Parsi said.

Ravenwood, a garden style apartment community, is comprised of 122 spacious one, two, and three bedroom floorplans, located in Fort Worth, TX, minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums and is in close proximity to Parkside Townhomes (144 units) and Woodbridge Townhomes (91 units) which were both recently purchased by NAPA in September 2016.

Brandon Mill, the largest of the “Dallas Eight,” is a 300-unit apartment community with two and three bedroom floorplans, located in Dallas, TX conveniently close to major employers such as PepsiCo, L’Oreal, and Proctor & Gamble. The apartment community is located just minutes from Highway 67.

“With our deep knowledge of multifamily acquisitions and renovations, coupled with our innovated way of funding projects we are confident that we will be successful with this portfolio,” said Glenn Gonzales, Co-CEO of NAPA. “Our combined 50 years of experience in multifamily and our well designed business plan is what sets us apart.”

NAPA’s business plan is to renovate the exterior and interior of its properties to increase profitability and provide a great living experience for its residents. These updates include a makeover of landscaping, pool decks, parking lots, exterior paint and upgrading both the leasing office and business center. Interior unit renovations include: upgrades to countertops, cabinets, floors, and trendsetting black appliances.

The multifamily acquisitions company has completed the acquisition process for six of its “Dallas Eight,” and is set to close the remaining two properties by the end of October 2016.

TOLEDO, OH – Welltower announced it has completed the previously announced acquisition of the Vintage Senior Living portfolio for a purchase price of $1.15 billion. The 19-property portfolio offers a combination of independent living, assisted living and memory care in premium locations concentrated in Southern and Northern California, including the Los Angeles and San Francisco metro markets.

“The addition of this portfolio further solidifies Welltower’s position as the largest owner of premier seniors housing properties in the United States and furthers our strategy to focus on top metro markets with high barriers to entry,” said Tom DeRosa, Chief Executive Officer of Welltower. “Combining this portfolio with transactions announced through June 2016, Welltower has completed over $1.5 billion of seniors housing investments year-to-date.”

Welltower is transitioning management of these communities to three of its best-in-class operating partners based, in large part, on property locations, community size and unit mix:

Senior Resource Group will operate eleven (11) communities, representing 1,705 units, the majority of which are independent living and assisted living. Founded in 1988 and headquartered in Solana Beach, California, SRG is an award-winning, fully integrated developer, owner and operator of senior living communities. Over 4,000 seniors, primarily in California, currently call an SRG community their home. Including this acquisition, Welltower will have approximately $1.3 billion of investments with SRG.

Sunrise Senior Living, which is Welltower’s largest seniors housing operating partner, will operate seven (7) communities, representing 806 units, offering residents independent living, assisted living and memory care options. Founded in 1981 and headquartered in McLean, Virginia, Sunrise Senior Living operates more than 300 communities in the United States, Canada and the United Kingdom, with a total unit capacity of approximately 28,400 including 50 communities in California with a unit capacity of 4,027. Including this acquisition, Welltower will have approximately $5.2 billion of investments with Sunrise Senior Living.

Silverado Senior Living will operate one (1) community, representing 79 units that will be converted exclusively to memory care. Founded in 1996 and headquartered in Irvine, California, Silverado Senior Living is a privately held company that is nationally recognized as a leader in memory care. Silverado currently operates 31 communities, primarily on the West Coast. Including this acquisition, Welltower will have approximately $0.4 billion of investments with Silverado.