Author: ipgocorp

NEW ORLEANS, LA – 365 Connect, a leading provider of award-winning marketing, leasing, and resident technology platforms for the multifamily housing industry, announced today that the company has received two Communicator Awards for its Marketing Syndication and Mobile Technology Platforms. These highly-coveted awards recognize 365 Connect’s capabilities to deliver innovative and creative solutions to meet the rapidly-changing needs of the multifamily housing industry.

The Communicator Awards is overseen and judged by the Academy of Interactive and Visual Arts (AIVA), a 600+ member organization of notable professionals from various disciplines of the visual arts, who are dedicated to embracing the evolving nature of traditional and interactive media. The current AIVA membership represents a “Who’s Who” of acclaimed media, advertising, and marketing firms such as AirType Studio, Condè Nast, Disney, Keller Crescent, Lockheed Martin, Monster.com, MTV, rabble+rouser, Time Inc., Tribal DDB, Yahoo!, and many others.  With over 6,000 national and international entries, the Communicator Awards is one of the largest competitive awards program, honoring the creative excellence of communications professionals.

Among the many talented companies that entered this year’s competition, 365 Connect was fortunate enough to be honored by the Communicator Awards for its revolutionary Marketing Syndication Platform, a fully integrated solution that eliminates redundant marketing efforts, reduces operating expenses, and increases qualified prospect traffic from a single platform. The Communicator Awards also acknowledged 365 Connect’s Mobile Technology Platform, a fully responsive solution that delivers leading-edge capabilities and enhanced user experiences on any device in order to serve the next generation renter.

“The work entered in the 22nd Annual Communicator Awards serves as a benchmark in gauging the innovative ideas and capabilities of communications and marketing professionals around the world. Each year, our entrants continue to amaze by reinventing the ways we communicate and market in an ever-changing industry,” Linda Day, the executive director of the Academy Interactive and Visual Arts, elaborated. She added, “On behalf of the entire Academy, we want to congratulate this year’s Communicator Award Entrants and Winners for their passion and dedication.  We are honored to be given the opportunity to recognize such outstanding work.”

In response, 365 Connect Founder and CEO, Kerry W. Kirby, stated, “365 Connect is pleased to have its technology platform acknowledged on an international level, and we are truly honored to receive these highly acclaimed awards. We are driven to deliver leading-edge technology to enhance marketing efforts, simplify onboarding experiences, and increase retention rates. These awards emphasize our dedication to meeting our clients’ needs of optimizing lead flow, reducing marketing spend, and delivering communication tools and services to residents.”

To date, 365 Connect has received a total of 39 national and international technology awards. The 365 Connect Technology Platform is highly recognized by its peers for its unique ability to market communities on high traffic sites across the Internet, automate social media postings, and deliver desktop and mobile platforms where prospects and residents alike can transact business. Today, 365 Connect’s innovative technology platforms are utilized across the nation by the most respected national, regional, and local multifamily housing operators.

SEATTLE, WA – Denver, Seattle and Portland, Oregon are the hottest real estate markets so far in 2016, according to Redfin, the next-generation real estate brokerage. In its latest report, Redfin measured housing markets’ hotness based on the percentage of listings designated as Hot Homes, those likely to go under contract within 14 days according to the company’s proprietary Hot Homes algorithm. In Denver, Seattle and Portland, more than 60 percent of homes listed so far this year were Hot Homes, outpacing all other markets Redfin tracks.

A limited supply of homes for sale has led to strong demand from homebuyers in these markets, accelerating the pace at which homes sell. In April 2012, a typical home in Denver found a buyer in 36 days. In Portland it was 65 days and in Seattle it was 50. This April, the median time on market fell to 10 days in Denver, and eight days in both Seattle and Portland.

In Denver, it is not unusual for a home to have more than 100 showings in a single weekend, with sellers having their pick of up to 30 offers, reports Redfin agent Karla Kirkpatrick Adams.

“The market is moving so quickly that I can no longer use recent sales as a guide for what my clients should offer on a home. Instead, I call listing agents of similar homes that are under contract but haven’t yet sold. I ask them the contract price, which is a more up-to-date reflection of the current market than the prices of homes that have already sold. That way, I can advise my clients accurately,” said Kirkpatrick Adams.

In all three metros, home prices are shooting up faster than the national pace, though Portland and Denver remain relatively affordable compared to other hot markets.

“Strong job growth and relatively affordable home prices have been lightning rods of buyer demand for Denver and Portland,” Redfin chief economist Nela Richardson said. “Their economies have a lot in common with the tech enclaves to the west, Seattle and San Francisco, but there’s a big difference—home prices.”

The typical home in Denver and Portland costs an incredible $850,000 less than a home in San Francisco. Portland and Denver also offer a respite from Seattle, where homes typically sell for around $90,000 more than in those two cities.

“The combination of jobs, affordability and a desirable western lifestyle is a triumvirate that buyers are flocking to this year,” Richardson said.

To read the full report, complete with charts, in-depth statistics and anecdotes, please visit Redfin.com

DALLAS, TX – Pinnacle, one of the nation’s leading multifamily management firms, announced today it has been selected by L&B Realty Advisors to manage The Avery on Southwestern apartment community in Dallas.

The 422-unit modern urban village is ideally positioned at 8910 Southwestern Boulevard, approximately one mile from NorthPark Center, one of the most prominent upscale shopping malls in the world. Near the intersection of Northwest Highway and Skillman Street, the community borders some of the wealthiest zip codes in the city and has immediate access to major thoroughfares, several million square feet of name brand retail, fine dining, entertainment, world-renowned hospitals and recreation.

“The Avery is in an iconic location surrounded by some of the best amenities in the city. Residents have an opportunity to live within this highly desired trade area, near the shores and trails of White Rock Lake, at a very reasonable price,” said Toni Rials, Pinnacle regional vice president. “Pinnacle is in the process of making upgrades to some of the common facilities to meet all the expectations of the market, making this one of the best living opportunities in the area.”

Residents can choose from seven different floorplans at The Avery with one-, two-, or three-bedroom apartment options. Each amenity-rich home is framed with contemporary features inside and out. From hotel style pools and floating tanning decks to a clubhouse bar with a media center, the pet-friendly community provides interactive gathering places and tranquil settings conducive to both a social and comfortable lifestyle.

Pinnacle Property Management Services is a privately held national real estate provider specializing in third party management of multifamily residential communities. As one of the nation’s preferred third-party managers, Pinnacle’s portfolio includes approximately 147,000 residential units and 2.1 million square feet of commercial assets.

FORT WORTH, TX – Ventures Development Group closed its $29 million loan and commenced construction on the development of a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie, Texas. The location is virtually equidistant to Fort Worth and Dallas, offering immediate access to all major roadways within just minutes.

Leasing is expected to begin in the Spring of 2017, with completion of the property expected by the fall of 2017. The project is located at the northeastern quadrant of I-20 and Texas Hwy. 360.

The mix of one, two and three bedroom floorplans will include premium flooring, custom kitchens with granite countertops, in-unit washers and dryers, along with other luxury finishes. Interior and exterior amenities will include a state-of-the-art fitness center, clubroom and tenant lounge, resort inspired swimming pool and sundeck, outdoor spaces with meeting, gaming and barbecue facilities, and a structured parking garage with direct access to all residential units. Units will range in size from 650 to 1,400 sq. ft. The project was designed by Humphreys & Partners Architects.

Realty Capital Partners, based in Dallas, provided a portion of the equity capital, and Realty Shares, based in San Francisco, California provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Leasing and marketing efforts will be managed by Stream Residential, a division of Stream Realty Partners.

Rob McConnell, Principal of Ventures Development, said the development will provide much needed, quality apartment homes along the fast-growing Arlington/Grand Prairie corridor along Interstate 20. “We believe there’s a great desire for an upscale, multi-family community in this area with amenities, accommodations and finishes typically found only in luxury units, but at highly affordable prices.”

Ventures Development is a fully-integrated multi-family development firm with offices in Baton Rouge, LA and Jacksonville, FL. This is the firm’s 4th ground-up multi-family development in DFW since 2011.

NEW YORK, NY – Mortgage rates continued to fall this week, with the benchmark 30-year fixed mortgage rate sinking to 3.74 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.18 discount and origination points.

The larger jumbo 30-year fixed fell to 3.71 percent and the average 15-year fixed mortgage rate slipped to 3.00 percent this week. Adjustable mortgage rates were also lower, with the 5-year ARM nosing downward to 3.13 percent and the 10-year ARM dipping to 3.49 percent.      

Mortgage rates fell for the second week in a row in reaction to a disappointing employment report. The economy grew by 38,000 nonfarm jobs, far less than market watchers had expected. After that, Federal Reserve Chair Janet Yellen delivered a speech in which she seemed to discount the possibility of a June rate increase by the Fed’s rate-setting committee. She said the Fed will raise the federal funds rate “gradually over time,” which conveyed a lack of urgency to enact an increase anytime soon.

At the current average 30-year fixed mortgage rate of 3.74 percent, the monthly payment for a $200,000 loan is $925.10.

SURVEY RESULTS

30-year fixed: 3.74% — down from 3.81% last week (avg. points: 0.18)

15-year fixed: 3.00% — down from 3.05% last week (avg. points: 0.15)

5/1 ARM: 3.13% — down from 3.22% last week (avg. points: 0.21)

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. Only 10% percent of the panelists expect mortgage rates to increase over the next week, while 30 percent predict that rates will go down.  The majority of experts, 60%, expect that mortgage rates will remain more or less unchanged in the coming week.

(RECAP: Earlier today, the U.S. Government Accountability Office (GAO) released the second in its three-report series on the Housing Credit program. This report focuses on state administration of the program. Despite its title, Low-Income Housing Tax Credit: Some Agency Practices Raise Concerns and IRS Could Improve Noncompliance Reporting and Data Collection, the report finds that states are administering the program in a manner largely consistent with federal laws and regulations, and in many cases, going above and beyond their requirements. The report is based on GAO’s review of all agencies’ 2013 Qualified Allocation Plans (QAPs) and site visits to and more extensive reviews of eight state agencies and one sub-recipient agency.)

NEW YORK, NY – The Dodge Momentum Index rose 2.4% in May to 119.4 from its revised April reading of 116.6. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.

The increase for the Index in May was due to a 6.5% gain for projects entering planning in the commercial sector, which more than offset a 3.4% decline for such projects in the institutional sector.

May’s increase places the overall Index 3.6% higher than its year-ago level, suggesting further growth in construction activity in 2016 despite the subdued first quarter GDP report and signs that lending standards are beginning to tighten for commercial projects.

The commercial portion of the Index rose in May for the second consecutive month and is at its highest level since September 2015. This recent improvement for commercial projects provides some evidence that construction plans are moving forward after the severe drop-off in planning that occurred with the financial market instability in late 2015. At the same time, institutional planning is 1.3% lower than it was in May 2015, settling back for now from the heightened activity reported in late 2015 and early 2016.

In May, six projects entered planning with a value that exceeded $100 million. For the commercial building sector, the leading projects were two warehouses in Staten Island NY – one valued at $304 million and one at $141 million. For the institutional building sector, the leading project was a $252 million neuroscience building at Stanford University in Palo Alto CA.

Dodge Data & Analytics is a technology-driven construction project data, analytics and insights provider. Dodge provides trusted market intelligence that helps construction professionals grow their business, and is redefining and recreating the business tools and processes on which the industry relies.

BOCA RATON, FL – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the acquisition of Emerald Bay Club Apartments, a two-story garden-style community situated in the highly desirable West Boca submarket.

Mill Creek will rebrand the community Alister Boca Raton and complete renovations to better meet the expectations of today’s luxury apartment residents. The community, featuring 448 apartment homes, will receive interior updates, landscaping improvements and the addition of several resort-style amenities, including a luxury pool and fully equipped fitness center.

“Palm Beach County is an extremely attractive location with a strong mix of entertainment destinations, employment opportunities and top-of-the-line schools,” said Wes Dickerson, senior managing director of acquisitions for Mill Creek Residential. “We believe our upgrades to Alister Boca Raton will transform an already thriving community into one of the best the submarket has to offer.”

Situated at 10235 Boca Entrada Boulevard, the community benefits from a prime location within walking distance of Publix Super Market, and just a short drive from Starbucks and Chipotle Mexican Grill. Only 15 minutes from Alister Boca Raton is Boca Town Center, which is home to 220 upscale retailers including Saks Fifth Avenue, Nordstrom, Neiman Marcus and Apple Store.   The community is also adjacent to Highway 441, one of South Florida’s primary north-south thoroughfares that extends north to Royal Palm Beach and south to North Miami Beach. The Sawgrass Expressway, Florida Turnpike and Interstate-95 also are conveniently accessible.

Boca Raton is one of the state’s most bustling employment centers, with more than 100 office buildings and 17 million square feet of office space. With the community’s location between Palm Beach and Broward counties, residents have access to several additional employment opportunities, including those in Delray Beach, West Palm Beach and downtown Fort Lauderdale. The School District of Palm Beach is the 11th largest in the nation and boasts the eighth-highest graduation rate, according to the 2014 School Grades.

Alister Boca Raton consists of 1, 2, and 3-bedroom apartment homes. As part of the redevelopment, interiors will be updated with stainless-steel appliances, vinyl wood-style flooring, hard-surface countertops, custom cabinetry and updated plumbing and lighting fixtures. Building exteriors will receive a new paint scheme and full-scale landscaping updates will be completed. Additional community amenities include a gaming area, media room and multiple social zones.

Including Alister Boca Raton, Mill Creek has developed and acquired more than 4,700 apartments in the South Florida area. 

(RECAP: Habitat for Humanity of Greater Charlottesville (Habitat) is pleased to announce that President & CEO Dan Rosensweig is being recognized as a 2016 Game Changer by the Virginia Housing Alliance (VHA). The Game Changer Award recognizes housing professionals whose work “changes the game” for clients, communities, and the housing industry as a whole. These leaders are recognized for major breakthroughs or outstanding achievements in the affordable housing industry and have advanced or expanded the work of VHA in a significant way. Since joining Habitat as President & CEO in 2009, Rosensweig has provided inspirational and innovative leadership in the affordable housing sector within the greater Charlottesville community, and the state of Virginia.)

LOS ANGELES, CA -The Praedium Group, a New York City-based national real estate investment firm, announced the $47.05 million acquisition of Miro Apartments in Santa Fe Springs, CA, part of the greater Los Angeles area.

Miro, which was brokered by Tom Moran, Jr. and Mike Murphy of Moran & Company, was developed in 2015 and is the newest and nicest apartment community in Santa Fe Springs.

The Property consists of nine buildings spread across 5.8 acres located at the center of the region’s newest master planned community, Villages at Heritage Springs. Unit interiors feature 9′ ceilings, washers and dryers, stainless steel appliances, granite countertops, and maple cabinets. In addition, each unit includes a one-car garage or carport. Community amenities at the Property include a resort-style swimming pool, modern clubhouse, and two BBQ areas. There is also a state-of-the-art fitness center with a yoga studio, spin bikes, and digital fitness on demand. The announcement was made by Asim Hamid, Managing Director of The Praedium Group.

“There is an extremely limited supply of multifamily in the area, and Miro Apartments is the only apartment community to be built in Santa Fe Springs in over 40 years,” added Spencer Schlager, Analyst of the Praedium Group.

Miro’s central location between downtown Los Angeles and Orange County positions it at the center of a broad range of employment opportunities throughout Los Angeles. Santa Fe Springs is also part of the Mid Counties region, one of the nation’s major industrial hubs, which is home to over 118 million square feet of office and industrial space. Santa Fe Springs alone has 51 million square feet of industrial space, which accounts for 45% of Mid Counties’ industrial market. Companies such as American Sportswear, Conway Freight, Crate & Barrel, and Trojan Battery Company all have operations in Santa Fe Springs. Other companies within the greater Mid Counties region include McMaster Carr, Coca-Cola, and UPS.