Author: ipgocorp

AURORA, CO – Gardner Capital Development has been awarded a reservation of State of Colorado Low Income Housing Tax Credits from the Colorado Housing and Finance Authority to develop Alameda View Apartments, a $30 million affordable workforce housing project consisting of 116 new energy-efficient one, two, and three-bedroom apartments for families.

The site is located at the corner of East Alameda Parkway and Alameda Drive in the Centretech Neighborhood of Aurora and is adjacent to the historic High Line Canal Trail and DeLaney Community Farm.

Construction of the units is anticipated to begin in the first quarter of 2017, with completion expected 12 months after construction begins. All units will be leased to residents earning a mix of 30, 50 and 60 percent of area median income. Sprocket Design Build will serve as the project architect and Pinkard Construction, the general contractor. The City of Aurora HOME funds and the State Division of Housing will provide additional financing.

When completed, the 3.7 acre development will offer residents some unique amenities, including a resource center where DeLaney Farm educators can offer a variety of community presentations, agricultural demonstrations, cooking classes, and education programs on urban gardening.  Residents will also have access to the historic High Line Canal Trail, and will be about a half a mile from RTD’s new light-rail station being built this year. 

“We consider it our mission to build sustainable communities and provide economic opportunities through the creation of high quality housing for working families near transit, jobs and community amenities,” said Michael Gardner, Principal at Gardner Capital. “We feel this development’s proximity to the DeLaney Farm, the new light-rail line and nearby retail is conducive to working families and we’re excited to be a part of this effort in Aurora.”

HATTIESBURG, MS – Nearly 68 years to the day after the Beverly Drive-in Theater opened in Hattiesburg, Mississippi, the 12-acre site is showing new life: This time, it’s the Village at the Beverly apartments. The 52-unit complex officially opened today with a ribbon-cutting ceremony attended by Hattiesburg Mayor Johnny DuPree, local dignitaries, and project representatives.

The Federal Home Loan Bank of Dallas (FHLB Dallas) and its member institution, Hope Credit Union, in 2013 awarded the $9.1 million project a $500,000 Affordable Housing Program (AHP) grant that was used for construction. Trustmark National Bank, also an FHLB Dallas member, provided a construction loan for the project.

“These affordable apartments have been the collective dream of many people in our community,” said Mayor DuPree. “Today, we celebrate the hard work and determination of everyone involved as 52 families in need will have a beautiful, inviting place to call home. Thank you, FHLB Dallas, Hope Credit Union, and so many others for making this undertaking possible.”

Village at the Beverly, which includes one- to three-bedroom units, was developed and built by the nonprofit Gulf Coast Housing Partnership (GCHP) in cooperation with South Mississippi Housing and Development and the Mississippi Home Corporation. Residents began moving in earlier this year; occupancy is currently at more than 85 percent of capacity. 

“HOPE believed in and supported this project from the start,” said Phil Eide, senior vice president of Community and Economic Development for HOPE, which is comprised of Hope Credit Union and Hope Enterprise Corporation. “It’s great to see that families are the focus here. The project demonstrates what is possible when we all work together.”

Community surveys during the project’s design phase revealed that the complex, located at Edwards Street and Old Airport Road in Hattiesburg, would be most utilized by families.

The two-screen Beverly Drive-in closed in September 1987 and reopened in 2001 under new ownership, according to CinemaTreasures.org, a website catalog of U.S. drive-in movie theaters. Hurricane Katrina in 2005 irreparably damaged the property, forcing its closure. In 2010, the drive-in was destroyed by fire.

“This is an historic site,” said GCHP President and CEO Kathy Laborde. “The Beverly opened May 29, 1948, as the second drive-in in Mississippi. It is a place that had given joy to families for decades. We are happy to be able to honor the site with the Beverly name and know that it will be a part of housing families in Hattiesburg into the future.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Hope Credit Union. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

In 2015, FHLB Dallas awarded $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. Mississippi received $1.5 million for the construction or renovation of 188 units. In 2016, FHLB Dallas is offering $7.6 million in AHP funding. Recipients will be announced later this year.  

“Affordable housing continues to be in high demand across our five-state footprint,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Events like today’s ribbon-cutting are terrific accomplishments for the communities served by our members.”

BEAUMONT, TX – BSR Trust announced that it has completed an acquisition of the West End Lodge apartment homes in Beaumont, Texas. The purchase of West End Lodge marks the second acquisition BSR Trust has made in the Beaumont market in under a year. BSR Trust purchased The Pointe Apartments in July of 2015.

West End Lodge was built in 2007 and contains 360 residences in an even mix of one bedroom and two bedroom floorplans. It has received an ApartmentRatings.com “Top Rated Award” three of the last four years. The upscale garden-style community adds to the growing list of over 40 multifamily housing properties owned and managed by the Little Rock based company throughout Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

“West End Lodge is the premier apartment community in Beaumont, and we are proud to expand our operations there.” said Daniel Oberste, Chief Investment Officer of BSR Trust. “Our experience in Beaumont makes us confident this is a great place to grow. The purchase of West End Lodge is also an indicator of the strategic direction BSR has taken to grow our market-rate based portfolio. West End is a first class property in terms of appearance, construction, location, and amenities. This acquisition reflects our continued effort to provide an exceptional living experience for our residents at a community they are proud to call home.”

The new acquisition puts BSR Trust managing roughly 9,000 units across its portfolio.

BSR Trust traces its roots back to 1956 with the formation of Bailey Corporation in Little Rock, Arkansas. Headquartered in the historic Union Station in downtown Little Rock, the resulting company owns and manages 45 properties in five states. BSR Trust employs over 250 team members across its operations. The primary mission of BSR is to provide an exceptional living experience for residents at a community they are proud to call home while creating value for our shareholders through strength, profitability and growth.

SAN DIEGO, CA – The Richman Group of California Development Company has started construction on a seven-story luxury apartment building with 5,841 square feet of ground floor retail space on a 0.57-acre site in Downtown’s East Village. The mixed-use project called F11 will front on the north side of F Street between 11th Avenue and Park Boulevard in the tech/design innovation hub called the I.D.E.A. District.

F11 will feature 99 apartments (11 one bedrooms, 51 two bedrooms and 37 studios), parking for 103 vehicles in a multi-level partially subterranean parking garage and extensive recreational amenities. The project is scheduled to open in early 2018.

Architects DesignARC designed a modified H-shaped building that showcases a large indoor/outdoor activity center on the third floor with a luxurious pool/spa area, entertainment center and outdoor kitchen. Other amenities include a fitness center and indoor bocce ball court.

The development team also includes Nexus Planning Consultants, landscape architects Wimmer Yamada and Caughey and general contractor Cannon Constructors.

The Richman Group of California, which is partnering with the long-time property owner Shearn H. Platt, is a subsidiary of The Richman Group Development Corp., ranked in the top seven of multi-family apartment owners in the United States. Financing for the $45 million project was provided in part by PNC Real Estate and The Richman Group (TRG).

“Since I grew up here and have spent much of my career in San Diego, I’m delighted to start construction on The Richman Group’s first San Diego project,” said Luke Daniels, the president of The Richman Group of California Development Company, who helped establish the company in January 2014. Daniels was a key member of the development team for several iconic San Diego projects, including Park Laurel overlooking Balboa Park and Mission Hills’ 1Mission, which earned the Gold Nugget Grand Award for best mixed-use project in the Western United States.

The Richman Group of California has developed an impressive portfolio in a short time. This month, the company completed construction of its first project, Ventana, a mixed-use project in downtown Fullerton with 95 affordable apartments for seniors and 3,244 square feet of ground floor retail space, and finished the foundation for Sage, a five-story apartment community in Cerritos with 132 market-rate apartments and deluxe recreational amenities.

Later this year, The Richman Group of California will break ground on a 23-story, high-rise apartment tower across the street from the Central Library in Downtown San Diego, at 330 13th Street. The project, designed by DesignARC, and Rob Wellington Quigley, FAIA, of San Diego and landscape architect Spurlock Poirier of San Diego, is planned for 222 apartments and more than 7,000 square feet of commercial space, as well as an adjoining low-rise building, which will include two penthouses, a restaurant with extensive outdoor seating and a park-like open space corridor.

MIAMI, FL – OKO Group, the Miami-based development company founded by international real estate and hotel magnate Vladislav Doronin, has revealed details about Missoni Baia, the firm’s 57-story luxury condominium tower set to rise along 200 feet of unrivaled Biscayne Bay frontage.

Located in the fast-growing Edgewater neighborhood of Miami, Missoni Baia is the first-ever branded residences from Missoni, the iconic luxury fashion and design house founded in 1953. In keeping with Missoni’s artisanal heritage, the expert integration of style, craftsmanship and engineering makes for a residential experience of unparalleled quality and a striking edifice that marks its presence on waterfront and skyline alike. The 649-foot-tall tower, located at 777 N.E. 26th Terrace, directly on the water, consists of 146 expansive residences, each with waterfront views, ranging from two to four bedrooms, and 2,500 square feet to 3,700 square feet.

Vladislav Doronin, Chairman and CEO of OKO Group, said: “Over three decades ago, on my first business trip to the US and just before setting up real estate company, Capital Group, I visited Miami and decided that I would one day build in this bright and vibrant city. Missoni Baia represents the ultimate in quality designed by an award-wining architect, Hani Rashid, who has recently been commissioned to design the Hermitage Modern Contemporary Museum in Moscow. The state-of-the-art amenities, influenced by my personal passion for wellness, are unlike any other offered in private residences in Miami. This unique and sophisticated residence, with interiors by Paris Forino, under the Creative Direction of Angela and Rosita Missoni and landscaping by Enzo Enea, located right on the Biscayne Bay waterfront, will be a game changer for the city.”  

Angela Missoni, Creative Director of Missoni, said: “Our design DNA is rooted in aesthetic and technical innovation. That’s just one of the reasons we are thrilled to collaborate with the many innovative and creative individuals on this project. The idea of bringing not just the Missoni vision, but the Missoni lifestyle to a residential project is something I find very inspiring, so when we heard about the concept it seemed like the perfect partnership. I’m looking forward to presenting the world’s first Missoni residential collaboration and celebrating the conviviality and allure of living on the waterfront.”

Hani Rashid, Co-Founder and Design Partner, Asymptote Architecture, said: “Miami is today a globally significant city, and its new architecture needs to reflect and celebrate this coming of age. The architecture for Missoni Baia takes its inspiration from equally beautiful and pristine sculptural works by the great American minimalist sculptors such as Sol Lewitt and Donald Judd, coupled with the mathematical poetry of the great Venezuelan artist Jesus Soto. These artists celebrated purity, musicality and the eloquence of perfect form, and from that DNA this tower was conceived as a nod to an elegant and new Miami.”

The interior design of the building incorporates Missoni’s trademark colorful design palette and Missoni Home furniture collection in inventive ways, including in all public spaces and amenities. Residents have access to a full suite of lifestyle amenities designed in collaboration with Missoni, offering the comforts of a luxurious resort in a private residential setting. Features include a flow-through deck designed for all-day sunbathing with well-appointed cabanas, five swimming pools including an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool, and an infinity-edge pool on the Bayfront Terrace, elevated tennis courts and an expansive fitness center and spa overlooking the bay. Boasting only three residences per floor each residence is afforded direct access to a dedicated elevator by way of a private lobby.

With only three residences per floor, dedicated elevators with direct access to the apartments, building services include a 24-hour attended lobby, concierge, valet and security. Additionally, each residence will receive two parking spaces in the adjoining garage.

Missoni Baia’s contemporary architecture is the vision of New York-based Asymptote Architecture, led by Hani Rashid and Lise Anne Couture, pioneers in the convergence of technology and art in architecture. The firm is best known for its unorthodox and eye-catching international projects including the Yas Viceroy Abu Dhabi hotel and the upcoming Hermitage Modern Contemporary Museum in Moscow. Missoni Baia is a sculptural tower with an innovative, streamlined, high-performance structure, as evidenced by the aerodynamic super-columns that render the glass façades almost entirely mullion-free. The fin-like corner columns echo the sails and sleek hulls of super-yachts—a fitting metaphor, given the building’s prominent waterfront setting. Landscaping of tropical plantings and reflecting pools, designed by renowned Swiss landscape architect Enzo Enea, weaves together the indoor and outdoor spaces.

Each of the 146 residences open onto deep, shaded terraces conceived as open-air rooms overlooking Biscayne Bay. Many offer floor-through layouts with multiple exposures and views of the city, the bay, Miami Beach, and the ocean beyond. Three dramatic duplex residences boast expansive private terraces near the water’s edge, while two duplex penthouses feature zero-edge plunge pools overlooking the bay and sculptural glass-enclosed stairs open to the sky above. Interior designer Paris Forino has conceptualized neutral but luxurious backdrops for a broad range of furnishings and art.

(RECAP: Graduates of four-year colleges who took out student loans are estimated to spend more than a decade saving up for a 20% down payment on their very own home, according to a recent report. That’s nearly double the 5.3 years it is expected to take those lucky grads who didn’t have to take out loans to fund their education, according to an Apartment List report. The report factors in the financial assistance buyers will receive from friends and family to pay for a $200,000 home. But it did not take into account the various no- or low-down-payment options available for U.S. military personnel (current and retired) and first-time and other eligible buyers. (First-time buyers often score 3.5% down mortgages through the FHA.)

(RECAP: Our nation is aging and millions of older adults will struggle to find housing that is both affordable and physically suitable. As co-chairs of the Bipartisan Policy Center’s Senior Health and Housing Task Force, we (Henry Cisneros and Mel Martinez) are releasing a report Monday with a set of recommendations that Congress, the administration and states could implement that would enhance the lives of America’s seniors. The acute shortage of affordable homes forces low-income households of all ages to spend excessive amounts of income just to pay the rent. However, it is particularly tragic when an older adult, often living alone, must forego essentials like nutritious food and medications to pay for housing.)

ALEXANDRIA, VA – Washington REIT closed the previously announced acquisition of Riverside Apartments, an apartment community in Alexandria, VA, consisting of 1,222 units and potential onsite density to develop additional units, for $244.8 million.

The currently 98% leased Riverside Apartments is located half a mile from Metro, near the intersection of Route 1 and the Capital Beltway, in the heart of the dynamic Huntington Metro market. The market anchors the North end of the Fort Belvoir-Carlyle employment corridor where new employers such as The National Science Foundation and MGM National Harbor are expected to create rapid job growth within three miles of the property over the next 18 months.

“Similar to The Wellington, this research-led acquisition demonstrates our disciplined capital allocation through the purchase of value-add, urban-infill multifamily assets with strong income growth potential at a significant discount to replacement cost,” said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. “Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply. The asset provides us with a compelling opportunity to renovate approximately 850 units to generate rental growth, and the potential opportunity to develop additional units onsite, thereby offering multiple price points in a submarket with a strong population of renters.”

Comprised of three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two story fitness center, large exercise studio, social room, outdoor pool with lap pool and an outdoor theater.

Washington REIT is a self-administered, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, and land held for development.

BOSTON, MA – Trammell Crow Residential (TCR), America’s premier multifamily real estate company and the only national group with more than 35 years of experience in apartment development, announced that it has established a new regional office in Boston, MA, to source and execute all new development opportunities in the Northeast Region. Andy Huntoon joins TCR as a Managing Director, having served most recently at GID, to provide Boston-based leadership for TCR’s new regional operations.  

“The Northeast region – and Boston, in particular – has a long-standing multifamily shortage driven by a strong, dynamic regional economy and increased demand for rental housing,” said Leonard Wood, Jr., Senior Managing Director of Development at Trammell Crow Residential.  “We are confident that TCR’s high-quality living experiences and thoughtful design will be well-received in the Northeast market while providing a differentiated option for the region’s growing rental market.  Andy will be key to our success in this regard, and we look forward to leveraging his local market expertise, relationships and transactional experience.”

During his tenure at GID, Andy’s responsibilities included serving as Vice President & Director of Central Region Acquisitions, sourcing both stabilized apartment acquisitions and forming joint-ventures for the ground-up development of new multi-family assets in Texas and Chicago. This included closing $1.9 billion of multi-family assets in 22 transactions containing 9,500 units.

Prior to his real estate career, Andy was a Second Officer in the US Merchant Marine where he worked aboard cargo vessels. Andy holds a Master of Business Administration with a concentration in finance and entrepreneurship from Boston College and a BS in Marine Transportation from the Massachusetts Maritime Academy.

Trammell Crow Residential was founded in 1977 to develop, construct and asset manage multi-family rental communities. Since inception, TCR has developed over 240,000 multi-family units in most major markets across the country. Currently, the company owns over 15,000 apartment units nationwide with an additional 3,000 new units planned for construction later this year.

ORLANDO, FL – Florida’s housing market reported increased new listings, rising median prices, fewer days to a contract and fewer cash closed sales in April, according to the latest housing data released by Florida Realtors. With inventory still constrained, statewide closed sales eased last month: Single-family home sales totaled 24,144, remaining relatively the same (down 0.6 percent) as April 2015.

“Still-low mortgage interest rates and a strong jobs outlook are positive trends for Florida’s housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “We’re also seeing a rising number of new listings added to the market, which is a trend that needs to continue as many areas still face a shortage of supply, particularly for single-family homes. New listings for existing single-family homes rose 3.1 percent compared to a year ago while new listings for townhouse-condo properties rose 3.7 percent.”

Meanwhile, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in April received 95.9 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.5 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $213,000, up 9.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $160,000, up 4.4 percent over the year-ago figure.

In April, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 53rd month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less. 

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in March 2016 was $224,300, up 5.8 percent from the previous year; the national median existing condo price was $209,600. In California, the statewide median sales price for single-family existing homes in March was $483,280; in Massachusetts, it was $329,505; in Maryland, it was $252,068; and in New York, it was $230,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,738 last month, down 5.3 percent compared to April 2015. However, the closed sales data reflected fewer short sales and cash-only sales in April: Short sales for townhouse-condo properties declined 43.2 percent while short sales for single-family homes dropped 35.9 percent. Closed sales may occur from 30 to 90-plus days after sales contracts are written.

“The positive growth we’re seeing in sales for homes priced above the $150,000 mark is being offset by a continuing decline of homes for sale in the most affordable price ranges,” said Florida Realtors® Chief Economist Brad O’Connor. “This trend is due in part to the ongoing decline in listings and sales of distressed properties. In April, distressed sales accounted for less than 12 percent of all closed Multiple Listing Service (MLS) sales in Florida – the lowest such percentage we’ve recorded since the initial stages of the downturn last decade.”

Inventory was at a 4.5-months’ supply in April for single-family homes and at a 6.3-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.61 percent in April 2016, down from the 3.67 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.