Author: ipgocorp

COLLEGE PARK, MD – Monument Village at College Park, a brand new lavish apartment community bordering the University of Maryland, hosted its grand opening celebration. The official ribbon cutting ceremony was attended by county officials in addition to University of Maryland housing officials.

This casino themed event featured casino tables and dealers where attendees played for Monument Village branded poker chips that may be exchanged for raffle entries. The grand opening celebration was be catered and a photographer was on hand to capture the memories and moments.

Monument Village at College Park is a luxury mid-rise, boasting 235 units with 27 different floor plans. Floor plans range from junior one bedrooms, to one bedrooms, one bedroom dens, one bedroom lofts, two bedrooms, and two bedroom lofts. Apartment features include gourmet kitchens with stainless steel appliances, granite countertops, tiled backsplashes and high gloss kitchen cabinets. USB charging ports are found in each apartment home along with tiled showers, washers and dryers, hardwood style flooring, and wireless remote controllable thermostats.

Community amenities include 24/7 electric package concierge services, a private heated outdoor pool with patio and grilling area, movie theater room, business center with Wi-Fi café, bicycle storage and repair room, pet spa and dog run, fitness center with yoga and spin room, keyless entry doors with controlled access to the garage and building, in addition to several other features. The community is anticipated to be Silver LEED certified.

Monument Village is conveniently located between I-495 and the University of Maryland. The community provides easy access to public transportation including College Park Metro, Greenbelt Metro and the Greenbelt MARC station and is within 10 miles of Washington, D.C.

Monument Village at College Park is under the ownership of Monument Realty, one of the nation’s top performing development firms. The community is under the professional management of Lincoln Property Company, the second largest multifamily manager in the United States.

GLENDALE, AZ – National Asset Services (NAS) is one of the Country’s leading commercial property management companies has been selected to be the Asset Management Company for Paradise Vista Apartment Homes in Glendale, AZ.

NAS’ proven track record, objective management style, transparent communication and expertise in strategic planning and repositioning and upcycling commercial properties to maximize revenue while optimizing expenses were primary factors in the company being chosen to assume management of the multifamily property.

“Paradise Vista Apartment Homes has been an underperforming property, but with promising upside potential,” commented Karen E. Kennedy, President and Founder of National Asset Services. “In addition to looking at ways to further elevate the living experience for residents, we are moving quickly to develop and aggressively implement sound strategies to maximize value for our client by capitalizing on submarket fundamentals.”

Paradise Vista Apartment Homes is a 173,700 square-foot, 352-unit, garden-style community, located about 10 miles northwest of downtown Phoenix. 

Built in 1974, the property lies on approximately 9.24 acres and is made of block construction with pitched composition shingle roofs.  The unit mix consists of studio, one and two bedroom floor plans that range in size from 330 to 750 square feet.  Interior unit features include fully appointed kitchens, a breakfast bar, high-speed internet access, walk-in closets, ceiling fans and vertical blinds. Community amenities include a fitness center, leasing office, clubhouse, sport court, playground, four swimming pools, a spa, six laundry facilities, monitored security and covered parking.

NEW YORK, NY – Mortgage rates pulled back this week to levels not seen since early July, with the benchmark 30-year fixed mortgage rate falling to 3.54 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.22 discount and origination points.

The larger jumbo 30-year fixed tied a record low at 3.54 percent, while the average 15-year fixed mortgage rate fell to the lowest level since May 2013, at 2.82 percent. Adjustable mortgage rates were lower as well, with the 5-year ARM sinking to 3.04 percent and the 7-year ARM dropping to 3.21 percent.    

Mortgage rates staged the sharpest pullback since early July following last week’s meeting of the Federal Open Market Committee. The Fed did not raise interest rates and in addition to pointing out that inflation remains below their intended target, economic projections released following the meeting revealed that they aren’t expecting core inflation to hit 2 percent until 2018. The combination of no rate hike now, low inflation with very modest increases, and a possible short-term rate hike later this year is good news for long-term bonds, and by extension, mortgage rates. Higher inflation erodes the value of the fixed payments bondholders receive, but projections of low inflation and measures to keep it in check tend to push yields lower. Mortgage rates, which are closely related to yields on long-term government bonds, have directly benefited from this.

At the current average 30-year fixed mortgage rate of 3.54 percent, the monthly payment for a $200,000 loan is $902.56.

SURVEY RESULTS

30-year fixed: 3.54% — down from 3.62% last week (avg. points: 0.22)

15-year fixed: 2.82% — down from 2.91% last week (avg. points: 0.18)

5/1 ARM: 3.04% — down from 3.09% last week (avg. points: 0.26)

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. A little over half of respondents – 58 percent – expect mortgage rates to remain more or less unchanged over the next week, while 25 percent predict further declines. Just 17 percent forecast an increase in mortgage rates over the next seven days.

WASHINGTON, DC – Berkshire Group announced the purchase of Berkshire15 in Washington, D.C., from Bozzuto Homes, Inc. The 96-unit high-rise is located in the historic U Street corridor, providing convenient access to public transit on the metro, downtown Washington, D.C. businesses, entertainment venues, a dedicated bike lane and a popular neighborhood park.

“Washington, D.C. is a gateway market, and we believe it will continue to drive strong population and job growth in the future given the metro area’s global importance,” noted Jack Dent, Managing Director, Portfolio Manager, Berkshire Group. “Berkshire15 fits well into our strategy of building a first class core apartment portfolio in markets expected to outperform national apartment fundamentals over the long term.”

Berkshire15 apartments feature high-end finishes such as European-style cabinets, quartz countertops, and wood flooring. Community features include a ground-level patio, rooftop deck, a parking garage, extra storage units and bicycle storage.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group.

CHARLOTTE, NC – Inland Real Estate Acquisitions announced that it facilitated the acquisition of Vanguard Northlake, a newly developed 204-unit multifamily property located in Charlotte, North Carolina. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 11010 Northlake Landing Drive in Charlotte, Vanguard Northlake consists of eight three-story buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets, a nine-inch television built into the master bathroom mirror, a full size washer and dryer and a private balcony or patio. The property offers residents a variety of community amenities, including an outdoor saltwater swimming pool, a state-of-the-art fitness center, an outdoor grilling kitchen, a fireside lounge, a sundeck with cabanas, a dog park, bicycle storage and a business center.

“We are pleased to have closed on this high quality multifamily property ideally located in the Northlake area of Charlotte, which has strong demographics and has experienced substantial growth over the past few years,” said Tice. “We were particularly interested in the property due to Inland Real Estate Acquisitions’ history of facilitating two shopping center purchases in the Charlotte area, totaling more than 430,000 square feet. Having a previous knowledge and understanding of the Northlake area, combined with the town’s recent growth, made this an attractive acquisition.”

As of the acquisition date, the property was 95 percent leased.

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

(RECAP: Home prices continued their steady ascent in July but there’s no reason to believe a collapse in prices is on the horizon, according to S&P/Case-Shiller. On a national basis, single-family home prices rose by 5.1% in July, according to the S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions. Home prices have risen by about 5% annually for the last two years and are approaching the record highs seen before the financial crisis. In seven out of 20 major cities, houses are more expensive than ever. As housing prices have soared, the amount people are borrowing hasn’t swelled nearly as much as it did before the financial crisis. Currently, outstanding mortgage debt on family homes for four people or less is 13% below the peak in 2008.)

NEW YORK, NY – Investcorp, a leading provider and manager of alternative investment products, announced that its U.S.-based real estate arm has acquired five multifamily apartment properties and five student housing properties in several major metropolitan markets across the United States.

The conclusion of these deals represents the culmination of a 12-month period during which Investcorp saw record investment volume in real estate of approximately $1.6 billion of gross transaction value. According to Real Capital Analytics Investcorp has, for the past 10 years, been the top private Gulf-based investor in U.S. real estate.

The acquisitions are consistent with Investcorp’s strategy to invest in high-quality properties throughout key U.S. markets that it believes will provide attractive cash yields and upside.

“These additions to the Investcorp portfolio represent a continuation of Investcorp’s thesis of buying well-leased multifamily and student housing properties located in high growth, major metropolitan areas,” said Ryan Bassett, Principal, Real Estate Investment at Investcorp. “Each acquisition is in a strategic location where there is a significant demand for housing, whether from a robust employment market or housing needs stemming from students who attend nearby universities. In addition, all of these properties were acquired with pre-existing operating partners with whom we have invested historically.”

Little Cottonwoods Apartments is a 379 unit, Class B, “garden style” apartment property located in the Tempe submarket of Phoenix, Arizona. Phoenix is projected to have amongst some of the highest percentage of employment growth of major U.S. markets over the next few years, and is also projected to experience significant rent growth. Little Cottonwoods was acquired in joint venture with TruAmerica and is the fourth transaction between the parties.

The Raleigh-Nashville multifamily portfolio is a four property, 1,176 unit, Class B apartment portfolio with three assets located in Raleigh, North Carolina and one in Nashville, Tennessee. The portfolio properties are in upscale suburban neighborhoods, offering convenient access to employment hubs. Raleigh boasts a healthy labor market, with new and expanded companies attracted by its affordable cost of living and high concentration of growing industries. Nashville has one of the lowest unemployment rates in the country, and a well-diversified economy driven by a skilled labor force, low cost of living and pro-business environment. The Raleigh-Nashville portfolio was acquired in joint venture with Redwood Capital Group and is the fourth transaction between the parties.

The Tampa and Indianapolis properties are comprised of two recently built, Class A student housing communities totaling 1,080 beds; with 722 beds located in Tampa and 358 in Indianapolis. These properties serve students attending the University of South Florida and Indiana University-Purdue University Indianapolis, respectively, and average close to 100 percent occupancy rates year over year. The Tampa-Indianapolis properties were acquired in joint venture with the Preiss Organization and represent the fifth transaction between the parties.

The Raleigh Student Housing portfolio is comprised of three recently built, Class A student housing communities totaling 890 beds in Raleigh, North Carolina. These properties serve students attending North Carolina State University and have historically maintained nearly 100% occupancy. This portfolio was acquired in joint venture with the Preiss Organization and is the sixth transaction between the parties.

ST PAUL, MN – JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, announced the acquisition of The Penfield, a 254-unit, award-winning, transit-oriented, apartment complex that includes a ground-floor commercial space that is leased to a premier local grocer on a long-term basis. The Class-A property is located in the heart of downtown Saint Paul, Minnesota, the Midwest’s strongest apartment market. The purchase price was approximately $65.5 million.

Minneapolis-Saint Paul is home to 2.9 million residents and boasts one of the strongest job markets in the country with an unemployment rate of 2.9 percent, ranking first among the 50 largest metropolitan areas in the nation. The area is home to sixteen Fortune 500 companies (the most per capita in the U.S.), and ranks as the 4th most educated and 4th highest median income in the nation. In addition to the area’s strong job market, downtown Saint Paul has achieved a critical mass of amenities and residential population that is rapidly accelerating the growth of each making it a Millennial Magnet location in which over 30% of the population is between 20 and 34 years old. Recently constructed urban amenities include the new Green Line light rail, a new concert hall, and a minor league baseball park. Downtown Saint Paul now boasts a 95 out of 100 Walk Score, walkscore.com’s proprietary ranking of a property’s desirability based on its proximate location to retail, restaurant, and employment amenities.

“The Penfield is one of the finest quality apartment complexes in the downtown Saint Paul area,” commented Allan Swaringen, President and CEO of JLL Income Property Trust. “Limited new supply and a submarket apartment vacancy rate of 3.1 percent coupled with The Penfield’s high quality design, walkable location, and access to employment and entertainment amenities make it an attractive addition to our portfolio.”

“This investment represents a continuation of our core apartment investment strategy to acquire properties in strong urban in-fill locations that appeal to millennial renters. This is our third investment in the multifamily property sector this year, bringing our apartment allocation to $400 million in gross assets and 20 percent of our overall investment portfolio,” Swaringen added.

MIAMI, FL –  Housing Trust Group (HTG), a Miami-based real estate developer specializing in affordable housing, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Public officials, community members, and guests gathered at the new $22.8 million development for an official ribbon-cutting ceremony and reception.

Courtside’s 1, 2, and 3-bedroom apartments are reserved for residents making an annual income of no more than 60% of area media income (AMI). Monthly rents range from $760 to $990. The property is already 100% leased.

Matthew Rieger, President and CEO of developer HTG, commented, “Courtside Apartments is the result of a successful public-private partnership. We are committed to easing the burden on Miami’s working families, and to bringing high-quality affordable housing to downtown Miami. Courtside is a place residents can call home and take great pride in, and provides a solid foundation for the ongoing revitalization of the historic Overtown neighborhood.”

Courtside’s development started in 2008, when AM Affordable Housing, Mourning’s nonprofit, signed a 65-year ground lease for four acres at the County-owned Culmer Center property. After a competitive bidding process, AM selected Housing Trust Group as the developer-partner because of the developer’s successful track record in South Florida, expertise in the affordable housing arena, and strong relationships in the community.

HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corporation low-income housing tax credits (4%); $3.31 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.75 million from Miami-Dade County in the form of a surtax loan along with developer equity. It broke ground in 2015, with 40% of the construction labor provided by residents of the surrounding neighborhood.

Courtside includes 10 one-bedroom, one-bathroom units; 53 two-bedroom, two-bathroom units; 21 three-bedroom, two-bathroom units; and four live-work units. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, and carded entry system. There is resident parking for 86 cars, and an auto care/cleaning station on the property. Courtside is located in the Southeast Overtown Park West (SEOPW) CRA, directly across from a park, a school and a church, and adjacent to the Culmer Center.

Courtside Apartments is the first of a proposed three-phase development; phase two calls for approximately 120 apartments for seniors as soon as financing is finalized.

The project team for Courtside Apartments includes general contractor CB-HTG, LLC; architect Cohen, Freedman, Encinosa & Associates; structural engineer M.A.S. and Associates; mechanical/electrical engineer RPJ, Inc.; civil engineer HSQ Group, Inc.; and landscape architects Rosenberg Gardner Design.

HTG presently has five affordable housing communities under construction in Florida including Wagner Creek in Miami, Valencia Grove in Eustis, Freedom Gardens in Brooksville, Park at Wellington in Holiday and Covenant Villas in Belle Glade, along with two market rate developments outside Florida with Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ.

WASHINGTON, DC – The NHP Foundation, a national nonprofit, announced that it has received $11.2 million in rehabilitation funding through a financial partnership with the District of Columbia Housing Finance Agency (DCHFA) and Citi Community Capital for its Parkchester Apartments property. The funding also included a $6.4 million second mortgage from the District of Columbia Department of Housing and Community Development (DHCD) and tax credit equity from PNC Bank.

Located at 2704 Wade Road SE, Washington, D.C. in the Barry Farm neighborhood, the Parkchester Apartments are in an up-and-coming D.C. area conveniently located near shopping and public transportation, and across the street from a brand new, state-of-the-art recreation center. The property consists of four garden-style apartment buildings, totaling 93 apartment units that will be developed and rehabilitated by The NHP Foundation.

“Properties such as the Parkchester Apartments are a true rarity in the affordable housing market today,” said NHPF’s President and CEO Richard Burns. “We are thrilled to close on financing for a property that is so centrally located and has so much potential. We look forward to continuing our mission of providing a better quality of life and more robust services to Parkchester residents with our financing partners, DCHFA, DHCD, PNC and Citi Community Capital.”

The NHP Foundation has committed to set aside 100 percent of the units for renters earning no more than 60 percent of the area’s median income. There is a HUD Housing Assistance Payment contract in effect through 2034 that covers 100 percent of the units and subsidizes the rent of families earning 50 percent or less of the AMI. Added Joseph Wiedorfer, NHPF SVP of Acquisitions and Development, “A recent survey undertaken by NHPF pointed to the desire for amenity-enriched housing such as this and Parkchester exemplifies what is best about affordable housing.”