Author: ipgocorp

COLLEGE PARK, MD – A vibrant new development is in the works that will dramatically change the southern edge of downtown College Park. The University of Maryland announced plans to redevelop the Quality Inn, and several adjacent businesses, into a grocery-anchored, mixed-use community featuring upscale residences, restaurants and retail.

The project involves collaboration between Bozzuto, Willard Retail, and the University of Maryland College Park Foundation, the entity that will acquire the property in early 2017. This $110 million project is a signature piece of the University’s Greater College Park initiative, an ongoing effort to rapidly revitalize the Baltimore Avenue corridor and academic campus.

“We are thrilled to contribute toward this transformative project at the southern gateway to our campus,” said Peter Weiler, Vice President, University Relations and President of the UMCP Foundation. “The strength and retail expertise of our partners, Bozzuto and Willard Retail, will deliver this transformative market-leading community to the City of College Park.”

The project, slated to break ground in 2018, willcreate a town-center atmosphere within steps of the campus, complete with 300 luxury apartments.  Modelled after a similar project that helped invigorate the area around Catholic University in Northeast D.C., this project is designed to create a welcoming atmosphere as visitors arrive on campus via Baltimore Avenue. It will also serve and enhance the amenities available to the community of more than 50,000 students, faculty and staff at UMD.

“We are grateful to have been selected to develop this wonderful project with the University of Maryland College Park Foundation, the University of Maryland, the City of College Park, Prince George’s County, and Willard Retail,” said Toby Bozzuto, President and CEO, Bozzuto. “The combination of our previous experience developing Monroe Street Market with Catholic University and the strength of our partners will create a community to complement the University’s ongoing redevelopment efforts in downtown College Park. This is a rare opportunity to develop a project with transformative potential and we are proud of our stake in this extraordinary collaboration.”

County and city leaders echo the enthusiasm. “I am thrilled to see Bozzuto, one of Prince George’s County’s most important companies, partner with one of our most important economic resources, the University of Maryland,” said Prince George’s County Executive Rushern L. Baker, III. “Over the past five years since the arrival of President Wallace Loh, we have seen a transformational change in housing, retail, employment, and transportation options along Baltimore Avenue and in the College Park area. With Bozzuto’s involvement, I have confidence that this premier development will bring quality and vitality to the southern portion of College Park, making that area more attractive to new residents, as well as to students, faculty, and staff associated with the University.”

“Remaking Baltimore Avenue as College Park’s walkable main street is a key element of the University District Vision 2020,” said Senator Jim Rosapepe, chair of the College Park City/University Partnership, which drafted the vision that was endorsed by UMD and the city. “This project, focused on residences and a grocery store designed with families and the community in mind, is a big step forward.”

“With The Hotel at the main gate, and this new project at the southern edge of the city, College Park is now bookended by transformative developments supported by the UMCP Foundation,” said Weiler.  “We are proud to play such an important role in creating a Greater College Park.”

SAN BERNARDINO, CA – Wells Fargo & Company, a leader in affordable housing, has provided $22.7 million for the construction of affordable multifamily housing in San Bernardino, California. Wells Fargo supplied $8.8 million in construction to 40-year permanent financing through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) program, and purchased $13.9 million in Low Income Housing Tax Credits.

The development is also part of HUD’s Rental Assistance Demonstration Program (RAD), which provides the opportunity to convert public housing properties into long-term Section 8 housing.

“Wells Fargo is thrilled to close this new construction loan through HUD’s RAD program, providing more affordable living options for the San Bernardino community,” said Jennifer Quigley, managing director, Wells Fargo Multifamily Capital.

Janine Halverson, a director in Wells Fargo’s Multifamily Capital group, added, “We look forward to partnering with HUD on similar projects to help preserve and improve affordable housing in communities across the country.”

The property, known as Waterman Gardens, is an existing public housing project that is undergoing a multi-phase redevelopment. This particular redevelopment phase consists of 19 one- and two-story townhomes, and one single-story maintenance building. The proposed development will replace the 20 existing buildings with 62 units of affordable, garden-style multifamily apartments.

Additional proceeds for this project were provided by local organizations including HOME Investment Partnership Act Funds from the City of San Bernardino and a development loan and ground lease from the Housing Authority of San Bernardino.

“Wells Fargo has a strong commitment to affordable housing across the country and we’re excited to provide the tax credit equity component of this financing to bring affordable housing to San Bernardino residents,” said Paul Buckland, manager, Wells Fargo Community Lending and Investment.

In 2015, Wells Fargo community development lending and investments to support affordable housing, job creation, community services and economic development totaled $7.6 billion (according to 2015 CRA data). For more than 15 years Wells Fargo has been investing in tax credits and is one of the few banks active in both direct and fund equity investments, increasing the opportunity to provide developers with needed capital and to provide individuals and families with much needed affordable housing.

TEMPE, AZ – Vela, a brand new apartment community in Tempe, Arizona, opened their office doors on Saturday, May 7, 2016. Residents are expected to begin moving into the community in the following weeks. Located on Tempe Town Lake and neighboring a marina, residents have direct waterfront access with a lakefront lifestyle. The community offers luxury studio, one- and two-bedroom apartment homes.

Apartment amenities include quartz countertops, USB charging outlets, kitchen prep islands with pendant lighting, custom built-ins, spa bathrooms with soaking tubs, wood plank style flooring, private store units, and private balconies with lakefront views. Community amenities consist of a golf simulator, fitness center, interior secure bike storage, putting green, lounge with fireplace, TV media area, catering kitchen, dining table gathering space, four pergola grilling stations, resort-style heated pool and spa, cabanas with TVs, synthetic turf gaming areas, outdoor pool table, three courtyards, in addition to WIFI in all common areas.

Vela is steps away from the 1,500 acre Papago Park, the Phoenix Zoo and the Desert Botanical Garden. With easy access to major highways, outdoor recreation, shopping and nightlife at Mill Avenue District, Sky Harbor International Airport and the central business district, Vela provides access to any lifestyle.

Vela is under the management of Lincoln Property Company, the second largest multifamily manager in the United States.

Headquartered in Dallas, TX, Lincoln focuses on real estate investment, construction and development, in addition to property management. Their national reputation has enabled Lincoln to attract a large client base of owners and investors who count on their ability to deliver quality results and continually serve as a market leader.

SHAWNEE, KS – The Village Cooperative of Shawnee, a senior housing cooperative, announced its grand opening for the first senior cooperative development in the Kansas City metro area. Located at 12830 Johnson Drive in Shawnee, KS, the Village Cooperative is a community for active adults 55+ years of age who want a maintenance-free lifestyle with the financial benefits of home ownership.

Senior housing cooperatives began in the 1970s in Minnesota. There are over 115 senior cooperatives in the U.S., mostly found in the Midwest. There are currently 24 Village Cooperatives either operating, under construction, or scheduled for construction in the next year and can be found in five different states in the Midwest. 

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. These communities give active adults around the Midwest an excellent option of home ownership with a hassle-free lifestyle. We include the amenities they desire and all for a great value,” said Keith Jans, President of Real Estate Equities Development, LLC.

The 3-story Village Cooperative consists of 53 new homes located in a convenient location close to shopping, established neighborhoods as well as many other services and amenities supporting these neighborhoods, such as the Shawnee Aqua Park, Civic Center and Library as well as the popular Shawnee Mission Park. The community features beautifully decorated gathering areas including a community room with kitchen, club room, reading areas, outdoor gardening beds, workshop and fitness center in addition to a guest suite and underground heated parking.

Featuring expertly designed one and two bedroom homes that range from 876 to 1,602 sq. ft. of living space, each home is completely maintenance-free and has its own laundry room, storage area and private balcony. Well-equipped kitchens include spacious, open floor plans with kitchen islands, all new appliances and cabinetry to suit their personal style.

The cooperative also employs a Member Services Manager and offers courtesy services.

As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and easy lifestyle available at Village Cooperative.

Village Cooperative communities are developed by Real Estate Equities Development, LLC, a Twin-Cities, Minnesota based real estate development and property management firm with its roots dating back to the 1970s. Over the past decade, Real Estate Equities Development has developed over 30 projects comprising over 1,400 units with a value of $250,000,000 in urban, suburban, and medium-sized Midwestern communities.

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 a gold Hermes Creative Award for its Marketing Syndication Platform. This prestigious international award recognizes 365 Connect’s capabilities to deliver innovative and creative solutions to meet the rapidly-changing needs of the multifamily housing industry.

The Hermes Creative Awards is an international competition created to honor both traditional and developing media. The winning entries are selected by an international panel of judges. These industry professionals seek companies and individuals who exceed a high standard of excellence, and in their success, serve as a benchmark for the industry. As a truly international competition, The Hermes Creative Awards received over 6,000 entries this year from the expanse of the United States and Canada, as well as fifteen various countries throughout the world.

Among the many talented companies that entered this year’s competition, 365 Connect was fortunate enough to be honored with the Hermes Creative Awards’ gold level award for its revolutionary Marketing Syndication Platform. The 365 Connect Marketing Syndication Platform delivers automated listings with real-time updates to high-traffic housing search engines and classified websites. Ultimately, it offers a fully-integrated solution that eliminates redundant marketing efforts and seamlessly updates pricing, imagery, content, and availability from a single platform. The platform is proven to reduce operating expenses, while simultaneously increasing qualified prospect traffic for multifamily housing operators.

Administered and judged by the Association of Marketing and Communication Professionals, which oversees awards and recognition programs, winning entries are selected from 195 categories. Categories include advertising, marketing, branding, integrated marketing, and electronic media. Recognizing the highest standards of excellence, a Hermes Creative Award is a tremendous achievement that acknowledges outstanding talent within the marketing and communication industries.

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 this highly acclaimed awards. Our focus is to connect both future and existing residents with where they live by providing a host of services, resources, and communication tools. This award emphasize our dedication to meeting our clients’ needs of optimizing lead flow, reducing marketing spend, and extending their communities’ reach across the web.”

To date, 365 Connect has received a total of 37 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.

TYSONS, VA – International award-winning firm KTGY Architecture + Planning has added esteemed urban planner and architect Michael K. Medick as principal in the company’s Tysons office. Medick has served as a leader guiding the design and implementation of a wide variety of complex high-profile projects throughout the United States. Medick most recently served as the market leader for land planning with a national architecture and planning firm.

“As a registered architect and urban planner, Michael Medick brings extensive experience in real estate development, community design and revitalization of cities, buildings, campuses and neighborhoods,” said Rohit Anand, AIA, NCARB and managing principal in KTGY’s Tysons office. “He is a creative thinker and problem solver with design experience that spans all segments of the real estate industry, including single-family, multi-family, mixed-use development, campus planning and housing, military base housing, retail, commercial, traditional neighborhood development, transit-oriented development and community design guidelines. His thoughtful designs create value for both clients and communities.”

“I have always admired KTGY’s creative work and reputation for establishing industry trends,” said Medick. “I’m thrilled to be a part of this award-winning international architecture and planning firm, and look forward to playing an important role in the growth of the company and strengthening KTGY’s services on the East Coast.”

Medick has served as chairman of the American Institute of Architects (AIA) National Housing Committee and a member of AIA’s Livable Communities Committee; president of the University of Maryland School of Architecture Alumni Association and a member of the Alumni Board of Directors; and, most recently, the Baton Rouge Growth Coalition Board of Directors and the USGBC – Louisiana Chapter Board of Directors. Medick currently serves as a member of the Urban Land Institute (ULI) Residential Neighborhood Development Council.

Celebrating 25 years in 2016, KTGY Architecture + Planning is an international award-winning full-service architecture and planning firm delivering innovation, artistry and attention to detail across multiple offices and studios, ensuring that clients and communities get the best the firm has to offer no matter the building type or location. KTGY’s architects and planners combine big picture opportunities, leading-edge sustainable practices and impeccable design standards to help create developments of enduring value. KTGY serves clients worldwide from offices located in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.

COSTA MESA, CA – CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, and Red Oak Investments, an urban redevelopment company active in Los Angeles and Orange County, held a naming ceremony for Baker Block, their new apartment community in Costa Mesa, Calif.

The ceremony for Baker Block featured speeches by Stephen Mensinger, Mayor of Costa Mesa; Sean Burton, CEO of CityView; Henry Cisneros, Founder and Chairman of CityView and the former Secretary of the U.S. Department of Housing and Urban Development (HUD); and Joe Flanagan, Principal and Co-founder of Red Oak Investments.

Baker Block is located at 125 East Baker St., at the corner of Pullman Street. CityView is creating the project along with its development partner, Red Oak Investments. The project sits on a 4.17-acre site previously occupied by an office building. The project is the first of significant scale to be re-zoned for residential use in the area adjacent to the South Bristol Entertainment & Cultural Arts (SoBECA) District, which is commonly known for its low-density office buildings and light manufacturing facilities.

“Costa Mesa and Orange County in general are experiencing strong job growth and constraints in housing supply, which are pushing rental prices to all-time highs,” Mensinger said. “Re-entitling land, such as the site for Baker Block, not only helps our city keep up with housing demand, but boosts our local economy by bringing in new residents who will dine and shop in Costa Mesa.”

Burton said his company is glad to be in Costa Mesa.

“Orange County is an important market for CityView as it is now entering the redevelopment phase, where obsolete structures are being converted into housing,” said Burton. “These urban infill projects are typically complex, so they are often overlooked by other investors. We are able to overcome these challenges by working with local partners who know the local market better than anyone else. The Red Oak Investments team has been instrumental in bringing Baker Block to fruition, and I thank them for all of their hard work.”

When completed in mid-2017, Baker Block is expected to feature 240 residential apartments and a six-story above ground parking structure. Planned amenities include a rooftop deck, a fitness center with yoga room, a conference room, a Wi-Fi lounge, a dog park, a dog wash station, a club room with a kitchen, a bike storage and maintenance area, and multiple outdoor spaces with a resort-style pool, BBQ grills and fire pits.

“Housing affordability is a major concern in Southern California due to the lack of supply,” said Cisneros. “Market-rate developments such as Baker Block help stabilize the market by creating additional supply. I’m extremely proud of the Costa Mesa City Council – as well as the CityView and Red Oak teams – for their vision and execution of this project.”

“I would like to thank CityView, the entire City Council, and the city’s planning department for recognizing the need for housing and working with us to re-entitle this land for an essential housing development with top-of-the-line amenities,” said Flanagan. “We look forward to completing this project with the CityView team and together welcoming our first residents.”

Construction for Baker Block is being led by Johnstone Moyer, Inc., one of the top-10 multifamily builders in California. The building was designed by Architects Orange of Orange, Calif.

NEW YORK, NY – Mortgage rates slipped lower this week, with the benchmark 30-year fixed mortgage rate sliding to 3.75 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.17 discount and origination points.

The larger jumbo 30-year fixed inched up to 3.77 percent, while the average 15-year fixed mortgage pulled back to 2.99 percent. Adjustable mortgage rates were also lower, with the 5-year ARM and 7-year ARM each dropping further to 3.11 percent and 3.33 percent, respectively.    

Mortgage rates moved lower for a second consecutive week, a move sustained by a jobs report that fell short of expectations. While the initial estimate of April payrolls growth came in at 160,000, this was shy of the recent trend and the consensus for 200,000 new jobs. This helped bring long-term interest rates down further as it reduces the likelihood of a Federal Reserve interest rate hike in June, and raises concerns about a broader economic slowdown. Any time there are concerns about the economy or the prospect for interest rates remaining lower than expected, investors gravitate toward the safety and security of long-term government bonds that are integral to the pricing of mortgage rates. While some prognosticators have ruled out a June Fed rate hike altogether following the April employment report, the Fed themselves are jawboning the opposite – that a summer rate hike is still possible. The tone of economic data and financial market developments in coming weeks will tell whether the Fed, or the market, is correct.

At the current average 30-year fixed mortgage rate of 3.75 percent, the monthly payment for a $200,000 loan is $926.23. 

SURVEY RESULTS

30-year fixed: 3.75% — down from 3.77% last week (avg. points: 0.17)

15-year fixed: 2.99% — down from 3.01% last week (avg. points: 0.14)

5/1 ARM: 3.11% — down from 3.14% last week (avg. points: 0.20)

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. Seventy-three percent of the panelists expect mortgage rates to remain more or less unchanged in the coming week, while 18 percent predict rates will fall.  Just 9 percent forecast mortgage rates will rise in the next seven days.

(RECAP: The Consumer Financial Protection Bureau adopted the TILA-RESPA Integrated Disclosure (TRID) rule as part of its “Know Before You Owe” initiative. The TRID rule places new responsibility on lenders for the timing, accuracy and completeness of disclosures, requiring lenders to revamp their disclosure and closing processes. Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives in February, after TRID’s taking effect in October 2015, to examine lenders’ experiences with implementing TRID requirements and lenders’ views about TRID’s impact on the competitiveness of the mortgage industry. The survey results confirm in large measure the sense that lenders and their service providers have had difficulties in transitioning to TRID, particularly among smaller lenders. Many small to mid-sized lenders indicate that larger institutions are able to invest more to upgrade systems and have in-house compliance resources to increase efficiency and competitive advantages.)

CHICAGO, IL – The Chicago office of Crescent Heights announced 175 Harbor Drive, LLC has acquired North Harbor Tower, a 600-unit apartment tower located at 175 N. Harbor Drive in Chicago. North Harbor Tower is located within a 28-acre, award-winning master-planned community in the Lakeshore East neighborhood. Terms of the acquisition were not disclosed.

“North Harbor Tower boasts one of the most advantageous lakefront locations in downtown Chicago,” said Tomer Bitton, principal at Crescent Heights. “Our goal is to realize the full potential of this underutilized asset through a multimillion-dollar investment to reflect the Crescent Heights Inspired Living brand.”

Just west of Lake Shore Drive and south of the Chicago River, North Harbor Tower provides sweeping views of Lake Michigan and the Chicago skyline. The pet-friendly building is located within Lakeshore East, which includes the Village Market center and a six-acre park featuring hundreds of trees, plants and flowers, as well as ornamental and water gardens, a children’s play park, and a dog park. It is a short walk from several popular attractions, including Maggie Daley Park, Millennium Park, Navy Pier, the Art Institute of Chicago, and the shops along the Magnificent Mile. Current amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complementary classes, and party room. A multimillion-dollar renovation of the property is scheduled to begin later this year.

The 55-story building, which currently offers a mix of studio, convertible, one-, two-, and three-bedroom units, features unique floor plan arrangements with airy bay windows. “North Harbor Tower’s floor plans provide some of the largest apartments available in the City,” said Bitton. “It’s ideal for a variety of renters, from young families who wish to be within walking distance to some of the best family entertainment in the city, to empty-nesters who want the vibrancy of downtown living without having to dramatically downsize on living space, to young professionals seeking a premier address on the lakefront.”

Crescent Heights has had an established presence in Chicago for the past 15 years, and is one of the largest residential brands in the City. Notable Crescent Heights-branded properties include: Burnham Pointe; Park Michigan; Astoria Tower; Echelon at K Station; and, The LEX.

Bitton added, “We’re proud to deliver Crescent Heights Inspired Living throughout downtown Chicago, and North Harbor Tower will complement our existing urban portfolio.”