Author: ipgocorp

(RECAP: Freddie Mac today announced a redesigned standard application for borrowers to use when they apply for a single-family mortgage. The redesigned Uniform Residential Loan Application (URLA) was developed jointly with Fannie Mae under the direction of the FHFA. This marks the first substantial revision to the URLA in more than 20 years. In addition to a reorganized layout and simplified terminology, the new URLA includes data fields such as mobile phone number, email address and military service. Lenders may begin using the redesigned URLA on Jan. 1, 2018, for single-family loans submitted to Freddie and Fannie as well as mortgages that are federally insured by FHA, the VA or the Department of Agriculture’s Rural Housing Service.)

CHICAGO, IL – Moment, a new luxury apartment tower, has opened in the heart of Chicago’s bustling Streeterville neighborhood. The 45-story, 490-unit building at 545 N. McClurg Court welcomed its first residents in late July, according to international real estate firm Golub & Company, the developer. Designed to meet LEED Silver Standards, Moment also boasts nearly 40,000 square feet of indoor and outdoor amenities, including many thoughtfully designed spaces dedicated to wellness and healthy living.

“We are pleased to add a health and wellness-focused high rise apartment community to this vibrant neighborhood,” said Golub & Company President and CEO Michael Newman. “We have a long tradition of development in Streeterville, and we think Moment is a new and different way to meet the strong demand in this neighborhood for luxury living.”

At Moment, residents can take a mindful break from their daily lives in amenity spaces including the ELEVATE Rooftop Pool + Lounge, the MIND + BODY Wellness Spa, the REJUVENATE Sauna + Steam room, the INVIGORATE Massage Room, the VITALITY Fitness Hub and MEDITATE Yoga Studio, and the SERENITY GARDEN. They also share access to a demonstration kitchen, entertainment gallery, media theatre, coffee and tea bar, a self-service pet spa, a business center, and cabanas and grilling stations.

“At Moment, our busy, health-conscious residents can participate in yoga, massage, swimming and exercise without ever leaving the building,” observed Paula Harris, Golub & Company Principal and Senior Vice President. “By going down the hall instead of across town, you can fit health and wellness activities into a busy schedule.”

The apartments, available in studio, convertible, one-, two- and three-bedroom layouts, feature floor-to-ceiling windows, plank flooring, European-style frameless cabinetry, marble mosaic backsplashes, pearl quartz countertops in kitchen and bath, stainless steel appliances, and in-unit washer and dryer sets.

The silver-blue tower features a contemporary glass and metal exterior wall with taut, flush panels arranged in a pattern of asymmetrical bay windows. This combination of color and geometry provides each apartment with unique urban views and distinguishes the tower from neighboring buildings. The building also includes an attached 290-car parking garage and 5,200 square feet of ground-floor retail.

The architect for Moment is Solomon Cordwell Buenz and the general contractor is Walsh Construction. Construction financing was provided by The PrivateBank (as Agent and Sole Lead Arranger), The Union Labor Life Insurance Company and Prudential Mortgage Capital Company.

ORLANDO, FL – Avesta Communities announced the purchase of Andover at Winter Park, a 348-unit apartment home community in Orlando, Florida.  The community will be rebranded as Avesta Winter Park and will be managed by Avesta Homes.  Avesta Winter Park is located several miles from downtown Winter Park and is zoned for all “A” rated schools. 

Avesta will begin a multimillion-dollar capital improvement program including the renovation of both the interior and exterior of the community.  Currently, the community offers numerous amenities, including a dog park, a fitness center, a business center, and a community pool.  Avesta plans to expand these amenities by adding a splash pad, a second dog park, and a summer kitchen.

“We are pleased to find this expansive 26-acre community in one of the most desirable locations in Orlando,” said Joe Facchini, Avesta Partner.  “This area’s population is expected to grow by seven percent in the next four years, and the unemployment rate in Winter Park is the lowest in the entire Orlando market.  All of this means Avesta Winter Park should benefit long-term from a strong renter base.”

Avesta Winter Park is the newest property to be owned and operated by Avesta in the Orlando area.  This latest acquisition brings the total number of Avesta apartment homes in the market to nearly 1,200.  Other Avesta owned and operated properties include Avesta Bridgewater, located southeast of downtown Orlando, which was acquired in June.

“Avesta’s vision is to be the world’s most resident focused company,” said Rachel Ridley, Avesta Partner.  “Our goal is to serve 50,000 residents by 2019.  The acquisition of Avesta Winter Park brings us closer to reaching that goal.”

Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house.  Avesta’s mission is to give people a home where they can live abundantly and create more community in the world.

LOS ANGELES, CA- LaTerra Development, a Los Angeles based real estate developer, has started construction on two infill apartment projects totaling 325 units in Santa Ana and Chula Vista. Each project was capitalized with institutional joint venture equity and construction financing.

LaTerra started construction this week at The Line at Santa Ana, a 3.9-acre, TOD mixed-use development containing 228 apartment units and 4,000 square feet of ground floor retail, located at 3630 W. Westminster Avenue in Santa Ana, the county seat of Orange County. “The Line is in a prime location at Harbor Boulevard and the 22 Freeway in the award winning Garden Grove school district and is directly adjacent to a future light rail line stop,” explained Charles Tourtellotte, President and CEO of LaTerra.

“LaTerra designs and constructs its apartment projects with top notch amenities,” Tourtellotte added. The Line will contain a 2200 square foot fitness center with 20’ ceilings and store front glass windows overlooking a resort style pool deck. The clubroom will contain accordion doors that open up to the 60’ pool and adjacent hot tub surrounded by cabanas and an outdoor fire place. Additionally, The Line will contain a rooftop lounge with views of the Disneyland fireworks, BBQs, and an outdoor theater.

Underway in Chula Vista, the second largest city in San Diego County, is LaTerra’s Stone Creek Casitas, a 97-unit garden style apartment project located at 3875 Main Street, immediately West of the Interstate 805 Freeway. Residents will benefit from the city approved revitalization of both Main Street and the waterfront located just a few miles directly west of Stone Creek. The Main Street improvements will include sidewalks and pedestrian friendly walkways from the 3-mile corridor between Interstate 805 and Industrial Boulevard. The Waterfront revitalization will include the development of hotels, restaurants, and retail, creating thousands of jobs.

LaTerra is a rapidly growing Los Angeles-based residential and mixed-use development company with a focus on urban infill locations. LaTerra consistently integrates green building practices into its projects and has a diverse portfolio of land entitlement and development projects throughout Los Angeles, Orange and San Diego counties.

“We are excited to expand our apartment and mixed use development platform while forming new relationships with quality institutional capital partners,” Tourtellotte added. “We continue to entitle and develop job centric projects close to public transit with top notch amenities that will have a positive fiscal impact on the community,” he concluded.

In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry level homes in infill Los Angeles and El Monte. These two projects were recently sold to two public residential homebuilders.

LOUISVILLE, KY – Top-of-the line independent, assisted living, and memory care residences will be offered at the $20 million The Grand of Prospect, a luxury senior living community in Louisville.

The community will be located on 14.8 acres at 5217 Chamberlain Lane near Norton Commons, at the northeast corner of US-71 and Chamberlain Lane. Construction is scheduled to begin in the fourth quarter of 2016, with completion expected the first quarter of 2018.

The project will unite the talents of Guttman Properties of Cincinnati and Civitas Senior Living, a national provider of senior living communities. Mindel, Scott and Associates, Inc., of Louisville has been selected as the civil engineer and pH7 Architects of Columbus, Ohio has been selected as the architect.

The community will include a total of 168 apartments with a mix of independent senior lifestyle apartments, assisted living suites and memory care suites.

Guttman Properties of Cincinnati, led by Ian Guttman, 50, is a newly-formed real estate development company with a focus on senior housing development solutions and up-scale apartment communities. 

“We all want the best for our parents as they age because we love them,” said Guttman. “Studies have shown that seniors who live in housing that offers a resort-like experience feel connected to a community and have a better quality of life.”

The Grand of Prospect will have amenities including indoor and outdoor dining options; massage room; theater room; salon and barbershop; a playground for families and neighbors;  and elegantly landscaped grounds in a serene setting, said Guttman.

Social clubs and activities will be designed for active seniors’ interests. The assisted living and memory care amenities will include a courtyard with walking path, theater, private dining and many more industry leading amenities.

The Grand of Prospect will be owned by the development team of Guttman Properties and Civitas Senior Living. Civitas Senior Living will provide daily operational oversight under the leadership of Wayne and Misti Powell. The Civitas team has more than 30 years of experience.

“As the president and CEO, my only career for almost 30 years has been senior living,” said Wayne Powell of Civitas Senior Living. “My passion for senior living is shared by my team, with the vast majority having dedicated their entire careers to serving seniors.  With 10,000 baby boomers retiring daily we are dedicated to being the leading senior living provider.”

Guttman formed Guttman Properties after 29 years with his family business, Hills Properties of Cincinnati. Hills is an award-winning real estate development company formed in 1958 by his father, Murray Guttman.

Ian Guttman has been involved in many areas of the development business over the span of his career.

“While I’m enormously proud of the work we accomplished while I worked at my family company– including many exceptional developments in Louisville– after learning about the positive impact on the quality of life for seniors who reside in senior housing developments, my heartstrings pulled me in the direction of creating and developing senior housing communities,” said Guttman. “My love for my father, coupled with observing the struggles that accompany the aging process, were pivotal factors that led to my desire to pursue senior housing solutions.”

Civitas Senior Living specializes in development, acquisitions, operational management, and consulting for senior housing properties, including assisted living, retirement centers, and independent senior living.

(RECAP: While the numbers remain small, the National Association of Home Builders (NAHB) notes there is a slowly increasing trend of single-family homes being built specifically as rentals. Robert Dietz, chief economist and senior vice president for NAHB says that, while the small numbers mean care must be taken when identifying trends, there were solid gains in the built-for-rent market over the last year. The percentages translate to 34,000 housing starts in this category for the four quarters ending with the first quarter of 2016 compared to 26,000 for the four prior quarters. At the same time, there has also been a trend toward purchasing newly constructed homes on the part of institutional investors. Builders are even starting to offer institutional buyers bulk discounts.)

(RECAP: Fauquier Habitat for Humanity and 100 local volunteers will conduct a “blitz build” this fall on Haiti Street in Warrenton. The “Road Trip Crazies,” a group that supports Habitat affiliates, will join the effort Saturday and Sunday, Oct. 29-30, to build a home for a local family. Volunteers and professional homebuilders who execute lightning-fast house-building events make up the “Road Trip Crazies.” The group formed in 1998 in Lynchburg.)

CAMARILLO, CA – Global real estate investment company Kennedy Wilson announced that the company acquired a 100% interest in a 386-unit multifamily community in coastal Camarillo, California for $81 million. The property sits adjacent to California State University Channel Islands.

The company invested $18 million of equity (inclusive of closing costs) and secured a 7-year loan of $65 million through Freddie Mac at a rate of LIBOR + 2.48% to acquire this wholly-owned property.

“We are excited to acquire this high quality asset in close proximity to CSU Channel Islands (“CI”),” said Nicholas Bridges, Managing Director of Kennedy Wilson Multifamily Investments. “We believe our proven institutional asset management program will be very beneficial to CI, its students, faculty and staff, and the residents of the University Glen community.”

University Glen is a class-A apartment community located in Camarillo, CA. The property was built in phases between 2002 and 2006, and consists of 386 apartments and approximately 30,000 sq. ft. of retail. Given its immediate proximity and association with CI, University Glen enjoys a resident population of CI faculty, staff, and affiliates in addition to local area residents.

Kennedy Wilson intends to implement a value-add strategy, which will include the renovation of unit interiors, improving existing tenant amenities and the creation of a new community center, leasing office, clubhouse, and a fitness center.

Kennedy Wilson’s global apartment portfolio includes 132 communities with approximately 25,000 units, including eight communities and 2,811 units in Southern California.

ATLANTA, GA – Pointone Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, acquired Crestmark Apartments, a 334-unit, garden style, multifamily apartment rental community for $29,058,000. The complex is located in the Atlanta Metro’s city of Lithia Springs and features drive-by exposure to more than 60,000 vehicles per day on Thornton Road. Crestmark Apartments was built in two phases 1993 and 1997 and is 97 percent occupied. The property is located minutes from downtown Atlanta, Hartsfield-Jackson International Airport and some of the region’s predominate economic drivers.

Crestmark Apartments’ best-of-class amenities include two pools, resort style clubhouse and business center, state-of-the-art fitness center, outdoor kitchens, sports court, children’s playground, and a walking trail. The property’s well-designed apartment units average a spacious 1,079 square feet and feature fully equipped kitchens, ceiling fans, garden tubs, laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets.

PointOne Holdings plans to invest $1.4 million in capital improvements to the property. The renovation plan includes major upgrades to unit interiors, improving the property’s curb appeal and expanding the amenity package by adding a children’s playground, a dog park, and outdoor BBQ grills to the second pool area.

“We own Waterford Point, a similar property in this Douglas County sub-market, and are seeing more demand for better quality living said David Lewin, managing member of PointOne Holdings. “Crestmark Apartments is what the market is looking for: easy access, great amenities, large units and a solid resident base as neighbors.”

“In this deal, we see a clear opportunity to add value for both our residents and investors through a cost-effective capital improvement plan focused on upgrades to the unit interiors and enhancements to the property’s amenity package,” Ben Colonomos, PointOne Holdings’ managing member stated.

TAMPA, FL – Marcus & Millichap announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit.

“The Mirasol has been one of Davis Islands’ most elegant landmarks and Tampa Bay’s crowning property for more than 90 years,” says Frank Carriera, first vice president investments in Marcus & Millichap’s Tampa office. “The asset is also well-positioned for long-term stability and growth as the Davis Islands neighborhood, which has effectively been built-out since the 1950s, has the distinction of being one of the area’s most desirable places to live and having the highest occupancy.”

Carriera, along with Michael Regan, first vice president investments, Michael Donaldson and Nicholas Meoli, vice presidents investments, all in Tampa, represented the seller, and procured the buyer, a local multifamily investor.

“With the collective efforts of the listing team, we generated an incredible amount of national and international exposure for this one-of-a-kind opportunity,” notes Meoli.

The landmark property is located at 84 Davis Blvd., less than one mile from downtown Tampa, and minutes from Channelside Drive and Ybor City. The unique waterfront location surrounds an entire canal basin that provides direct access to Hillsborough Bay.

Built in 1925 as luxury hotel, the Mediterranean Revival-style Mirasol was converted to apartments in 1962. The property features a seven-story building with two complementary three-story wings, two detached one-story buildings and a 15-slip marina that accommodates 30-foot to 50-foot vessels. The main building’s interior features a grand lobby, pointed Venetian archways and original Mediterranean-influenced finishes, including dramatic ceiling woodwork, Gothic-inspired French doors and windows, and original chandeliers. Community amenities include a swimming pool overlooking the marina, a three-tiered back patio and a covered waterfront pavilion that stretches along the canal basin’s southern seawall.