Author: ipgocorp

MARINA, CA – The University Corporation at Monterey Bay, an auxiliary Corporation of California State University Monterey Bay, has purchased a 579-bed student housing development adjacent to its campus from AMCAL Equities LLC, a leading multi-family rental housing developer, and AMCAL’s partner Coleraine Capital Group, Inc. The team completed the project in time for student occupancy in the 2015-2016 academic year. Called The Promontory, the project at 400 8th Street sold for $68.5 million.

Cal State Monterey Bay has more than 7,000 undergraduate and graduate students, 50 percent who live on campus. It is one of the most residential campuses in the California State University system.

“AMCAL designed and built this project from start to finish specifically to expand our student housing inventory. Students love it because it is completely state-of-the-art, the latest technology and safety systems as well as extensive recreational and community spaces,” said Kevin Saunders, VP Administration and Finance, CFO and Executive Director, University Corporation at Monterey Bay. “It was fully occupied on Day 1 and we believe it will be a valuable asset for years to come.”

The Promontory was AMCAL’s first student housing development. Set on eight acres, it consists of three four-story buildings each surrounding a courtyard. It was built to LEED certification.

“The university had a 20-year master lease with an option to purchase after the first 12 months that it chose to exercise,” said Percival Vaz, CEO of AMCAL.

“Over four decades we have learned that our insistence on good design, sustainability, technology and quality construction results in projects that improve the community and make lives better for our tenants,” Vaz noted. “We cross pollinated all we have learned into The Promontory, our first student housing project, and it’s gratifying to see it so well received.”

The Promontory is contiguous to campus, allowing its residents to walk or bike to school, eliminating the need for additional parking on campus. Its fire-life safety technology is integrated with the University’s emergency management plan and notification system. Facilities especially designed for the students include an Internet café, a basketball half-court, community clubroom, 24-hour study places, bicycle storage, fitness center, outdoor grills and seating areas.

California State University, Monterey Bay (CSUMB) is a public university in the 23-campus California State University system, located in Marina and Seaside, in Monterey County, California.

AMCAL is a leading developer of multi-family rental housing, primarily affordable and market-rate apartments that frequently are honored with awards for excellence. Since 1978, it has concentrated in California, building in over 33 cities. It is known for delivering projects on time and on budget and for outstanding efficiency and quality, building with its own in-house construction company. The company entered the student housing field in California in 2013 and now has seven developments under construction or in entitlement stages.

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 made the SaaS Awards Program list for Best Customer Relationship Management SaaS Product. This prestigious international accolade recognizes 365 Connect’s capabilities to deliver innovative and creative solutions to meet the rapidly-changing needs of the multifamily housing industry.

This year, the Cloud Awards was augmented with the SaaS Awards recognition platform to more fully represent the breadth of cloud services available as software solutions. Specifically, the SaaS Awards recognizes excellence and innovation in the scope of cloud-based “solutions as a service” and honors SaaS solutions by celebrating the leading companies throughout the world.

“The SaaS Awards, unlike the long-running Cloud Awards, which takes a more holistic approach to celebrating excellence in cloud services, is a recognition platform specifically for software solutions. Frankly, it’s about time: in a maturing international marketplace for cloud services, SaaS has proven to be the poster boy for leveraging thin-client technologies, while ensuring end-users are always working at the cutting edge,” said SaaS Awards and Cloud Awards organizer Larry Johnson.  He continued, “After a lot of hard work, we are thrilled to be able to announce those that made the list – a collection of some of the brightest and best solutions in the SaaS space today.  It is exciting to see such a varied mix of the excellence and innovation that quite literally covers the globe.”

365 Connect was recognized by the SaaS Awards for its revolutionary Lead Management Platform it provides to the multifamily housing industry. The platform empowers a community’s leasing team with the tools to nurture, track, and manage lead flow. It allows a streamline conversion process by delivering action-driven lead funnels, integrated applications, and the backend tools to respond to every interaction in any format, from any device.

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 recognition alongside renowned names in the technology industry. The acclamation we received from the SaaS Awards emphasizes our mission to delivering leading-edge technology to enable our clients to optimize the leasing process, reduce marketing spend, and serve their residents after the lease is signed.”

To date, 365 Connect has received a total of 41 national and international awards, symbolizing the company’s dedication to delivering leading-edge technology. The 365 Connect Technology Platform is highly recognized by its peers for its unique ability to market communities across the Internet, automate social media, and deliver device-friendly platforms to prospects and residents to transact business. Today, 365 Connect’s innovative technology platforms are utilized across the nation, aiding multifamily housing operators by providing them with the ability to manage their marketing, leasing, and resident services from a single sign-on interface.

ATLANTA, GA – This signature high-rise residential tower will be located in the heart of the Buckhead neighborhood of Atlanta. Gilbane Building Company, a leader in construction services and multi-unit construction, is serving as the construction manager for Wood Partners, a progressive multifamily investment firm in Atlanta.

The 27-story luxury tower will offer 267 units of apartments and four stories of parking with podium-level parking deck and private garage options. The tower will offer a mix of one-, two- and three-bedroom units. The high-end, upscale finishes feature European-style cabinets with granite counters, undermount stainless steel sinks, plank flooring, modern lighting fixtures throughout, and ceramic tile tub surround. Community amenities include an elevated outdoor terrace and pool deck and a residential club and Sky Lounge on the 27th floor with a covered terrace, and a state-of-the-art fitness center.

“We are truly excited to have the opportunity to work with Wood Partners on such a high profile project,” said Jim Pritchett, Senior Project Executive Gilbane Building Company. “It is especially significant to Gilbane since when we completed the adjacent residential tower in 1999, the expectation was we would build the next tower shortly thereafter. Little did we know it would take 17 years to begin construction.”

The project, designed by Reese Vanderbilt & Associates is anticipated to complete in May of 2018 and will be located adjacent to the Phipps Plaza. The structure is a post-tensioned frame and is neighbors with the Park Avenue and Park Regency Condominium projects Gilbane Building Company completed many years ago.

VERO BEACH, FL – Watercrest Senior Living Group gathered with city officials, development, construction, and design partners to celebrate the ceremonial groundbreaking of Watercrest of St. Lucie West Assisted Living and Memory Care Community in Port St. Lucie, Florida. The 128 unit senior living community will open in the fall of 2017 featuring resort-style service, extraordinary care and luxurious residences with breathtaking lakeside views.

Watercrest of St. Lucie West is a signature Watercrest product, offering 102 assisted living and 26 memory care apartments with premium accommodations, stunning design and picturesque water views. Residents will enjoy pampering in elegant Spa W, savor private label Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining waterfront, bistro-style or in the chef’s private dining room. Architected by D2 Architecture and constructed by Walker & Company, the community will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon & spa, grand balconies and Florida style outdoor living spaces with tranquil water views.

With multiple senior living projects in development across the southeast, Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities.

“Expanding upon the success of our premier Watercrest of Lake Nona community, it’s a privilege to offer the seniors and families of Port St. Lucie an upscale senior living environment that fosters connection and the abundant, diverse lifestyles they deserve,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “We look forward to building valuable relationships which positively impact this vibrant community through job creation, shared resources and community involvement.”

Preliminary construction at the site of the 112,000 square foot building began earlier this summer, attracting widespread community interest. Ideally located at 279 NW California Boulevard, Watercrest of St. Lucie West is just minutes from abundant dining, entertainment, and retail options. Recently named the eighth largest city in the state of Florida, Port St. Lucie is home to PGA Village, the NY Mets Spring Training, waterfront downtown district, botanical gardens, as well as a top-rated park system, cultural attractions, recreational facilities, and vast residential options.

Watercrest Senior Living prides itself on providing outstanding caregivers and extraordinary care, all tailored to individual resident preferences. Their comprehensive memory care program is specifically designed to engage the senses, expand the mind, and enhance the emotions of residents. All Watercrest memory care associates are Certified Dementia Specialists and programming focuses on innovative lifestyle approaches, including personal life silhouettes, multi-sensory enhancements, Memories in the Making, and Music and Memory programs.

(RECAP: Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on Green and Energy Efficiency Multifamily Housing requirements.)

DALLAS, TX – Network Acquisition Partnership Alliance, popularly known as NAPA or NAPA Ventures, an Austin based Multifamily and Commercial Real Estate investment company co-founded by Glenn Gonzales and Shravan Parsi, announced acquisition of Woodbridge Townhomes in Arlington, TX and Westwood Apartments in Dallas, TX.

Woodbridge and Westwood are 2 of the 8 properties NAPA is acquiring as part of a 1450 unit multifamily portfolio acquisition in Dallas – Fort Worth MSA.  NAPA has completed the acquisition of 4 of the 8 properties, and ready to close the remaining 4 properties in September 2016. DFW MSA is ranked #3 in job growth in U.S. cities in 2015 according to Dallas Business Journal.

Woodbridge Townhomes is a 91-unit apartment community with spacious one and two bedroom floorplans, located in Arlington, Texas, minutes away from Six Flags Over Texas, Dallas Cowboys and Texas Rangers stadiums and in close proximity to Parkside Townhomes, a 144 unit property owned by NAPA. Woodbridge investment is a joint venture between NAPA and nation’s one of the top crowd funding platforms.  Equity capital was raised within days of publishing the content on their investment portal.  PNC, a Fannie Mae DUS lender has provided the financing.  

Westwood Apartments is a 187-unit apartment community with one, two and three bedroom floorplans, located in Dallas, Texas conveniently located close to major employers, shopping, restaurants and entertainment. Pecan Grove Park, a 15 acre community park with picnic areas, sport courts and a playground is a mile away from this property.  Westwood investment is a joint venture between NAPA and nation’s one of the top crowd funding platforms. Arbor, a Fannie Mae DUS lender has provided the financing.

NAPA’s business plan is to renovate the exterior and interior of the properties to increase rents to market comparables and in return provide a great living experience to the residents. These updates include complete makeover of landscaping, pool decks, parking lots, exterior paint and a transformation of the leasing office by reconfiguring the interior layout and upgrading the business center.  Interior unit renovations include upgrades to countertops, cabinets, paint and floors, and trendsetting black appliances.

IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its CoreLogic Home Price Index and HPI Forecast for July 2016 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6 percent in July 2016 compared with July 2015 and increased month over month by 1.1 percent in July 2016 compared with June 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.4 percent on a year-over-year basis from July 2016 to July 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from July 2016 to August 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”

“The strongest home price gains continue to be in the western region,” said Anand Nallathambi, president and CEO of CoreLogic. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”

LAS VEGAS, NV – The Siegel Group Nevada, a real estate investment and management company, announced that it had acquired the former Somerset Apartments. The sale was a quick off-market transaction.

Built in 1961 and situated on 1.24 acres, the two-story complex totals approximately 31,500 square feet and is comprised of a mixture of 40 large one and two bedroom apartment units.

The property, which will be renamed Siegel Gardens, has an exterior courtyard, outdoor swimming pool and laundry facility and is centrally located on Kishner Drive contiguous to the parking lot of the Las Vegas Convention Center (LVCC) to the east and adjacent to the former site of the Riviera Hotel that was acquired by the LVCC. Additionally, the complex is just one-half block from the Las Vegas Strip and the multi-billion dollar development site for Resorts World Las Vegas.

This is the sole property located on the cul-de-sac of Kishner Drive that is not owned or controlled by the Kishner family. For the near term, the property will continue to be operated as a traditional apartment complex while The Siegel Group investigates alternative redevelopment uses and further expansion opportunities.

Stephen Siegel, President of The Siegel Group, stated: “I’m pleased to have added this important and strategically located asset to our growing portfolio. This marks the second location we have recently acquired in this vicinity which we believe will be the center of the largest redevelopment plan to occur in Las Vegas since exiting the downturn.”

(RECAP: Buying a home isn’t just for the wealthy. Low- to -moderate income individuals and families have opportunities. Programs exist for first-time homebuyers. A first-time homebuyer is defined by the Virginia Department of Housing and Community Development as a prospective buyer who has never owned a home before or has not “held primary ownership in a principle residence within the most recent three-year period.” In fact, homeownership programs operating in part through federal support are implemented at the state and local level through partnerships with cities, nonprofit housing service providers and others. Numerous programs exist; let’s examine three of them. First, a statewide program administered through the not-for-profit Virginia Housing and Development Authority provides pathways to homeownership by providing free homeowner education, low-interest loans, and grants for down payment and closing-cost assistance.)

(RECAP: The Federal Reserve has long said it intends to shrink its balance sheet once the economy had gotten back on its feet from the financial crisis. But former Fed Chairman Ben Bernanke now thinks this nostalgia for the past might be a mistake. Bernanke said he came away from the Fed’s summer retreat in Jackson Hole convinced by experts that keeping a larger balance sheet, on balance, might be a smart thing to do. Bernanke said the large balance sheet could be a tool for enhancing financial stability. Facing stricter regulations, banks have a need for safe, liquid, assets. Instead of having the private market try to jerry-rig such assets, the Fed could offer its securities holdings to financial market participants when needed through reverse-repurchase agreements.)