Author: ipgocorp

COMMERCE, TX – EdR, a leader in the ownership, development and management of quality collegiate housing, announced that financing was finalized and the commencement of construction on an on-campus housing community at Texas A&M University-Commerce in Commerce, Texas.

As was previously announced, the $29.9 million third-party development is scheduled for completion in summer 2017. When completed, the university will manage the 490 bed community.

“We like to partner with universities who are on a mission to grow their enrollments and transform their campuses,” said Tom Trubiana, EdR president. “Texas A&M-Commerce has rapidly expanding enrollment numbers and we are honored to oversee the development and construction of this residence hall that will be a positive force on its campus.”

The 136,975 square-foot community will be a freshman-only residence hall designed to foster a sense of community for first-year college students. It will also provide private study rooms, several communal areas, laundry facilities (with smartphone app monitoring capabilities), robust internet and Wi-Fi throughout the building.

“As a proud alumnus of A&M-Commerce, it gives this ol’ Lion tremendous pride to see the continued growth of our beloved campus as well as the continued enhancement of residential housing options being made available to our students,” said Phillip Ray, vice chancellor for business affairs for the Texas A&M University system. “Chancellor John Sharp is a visionary when it comes to crafting such innovative Public-Private Partnership collaboration and I am especially grateful for his leadership in bringing this priority project on behalf of the TAMUC campus community to fruition.”

Alicia Currin, Texas A&M-Commerce’s vice president of business development said this new residence hall will enhance the campus in a number of ways.

“This residence hall is an example of A&M-Commerce’s commitment to strategically add to the residential experience,” Currin said. “It will include space intended to foster a sense of community, encourage student development, and beautify the campus.”

Founded in 1889, Texas A&M University-Commerce is comprised of five colleges awarding degrees in 100 fields of study. Its enrollment has grown nearly 31 percent over the last decade due to its academic programs and convenient location to the Dallas-Fort Worth Metroplex.

(RECAP: Governor McAulifee recently issued a proclamation declaring June as Virginia Homeownership Month, recognizing the Virginia Housing Development Authority and its many partners’ contributions to this important quality-of-life cornerstone.)

HOUSTON, TX – Medistar Corporation announced that it closed on financing and began construction on the new InterContinental Houston Medical Center hotel and Latitude Med Center luxury apartment tower located at the intersection of Main Street and Old Main Street in Houston, Texas. The site is immediately adjacent to the Texas Medical Center, the largest medical complex in the world with 50 million square feet of buildings, on 1,345 acres, supporting 8 million patient visits annually.

“The project includes more than 1.1 million square feet of upscale hospitality and residential solutions to meet the growing market demands not only for the Texas Medical Center, which has an increasing number of international travelers familiar with the InterContinental brand, but also the Greater Houston Area,” said Kelly Lindig, Vice President at Medistar and lead development officer for the project. Lindig brings both mixed-use development and over 20 years of hotel development experience, comprising $2 billion in project value.

Lindig added, “The residential and hospitality aspects of the project are designed to complement each other and will benefit the entire region. You could say that our ‘across the street marketing plan’ allows for stability for the hotel because of the proximity to the Texas Medical Center, while also providing a walkable solution for anyone looking for a nearby apartment home. Partnering with Greystar for the second tower makes this project work.”

InterContinental Houston Medical Center is the first full-service luxury hotel to be developed in the immediate area in several decades and will provide modern four-star accommodations, amenities and guest services for domestic and international travelers. With 21 stories, the hotel features 353 guestrooms and suites and includes 11,800 square feet of meeting space – comprised of seven meeting and board rooms and a 7,800 square foot Grand Ballroom.

Monzer Hourani, Founder and CEO of Medistar, said, “InterContinental Houston Medical Center will meet a critical need for guests visiting and doing business with the world-renowned Texas Medical Center and its member institutions. We are proud to partner with IHG to bring this project to life.”

Scheduled to open in late 2018, InterContinental Houston Medical Center is being developed by Medistar through a joint venture partnership with TRC Capital Partners. The hotel will be owned by Medistar and managed by InterContinental Hotel Group (IHG).

TRC Capital Partners, formerly The Redstone Companies, brings extensive high-rise development and hospitality operating experience to the joint venture. Steve Lerner, CEO of TRC Capital, said, “InterContinental Houston Medical Center will be a thoroughly modern, upscale hotel and meeting space for the Texas Medical Center community. We are delighted to partner with Medistar on this landmark project.”

Joel Eisemann, IHG’s Chief Development Officer of the Americas, said, “We are very enthused about working with our partners at Medistar Corporation to bring the InterContinental Hotels & Resorts brand to Houston and the Texas Medical Center, which serves patients and visitors from all around the world. We appreciate Monzer Hourani’s vision for and commitment to this outstanding project.”

InterContinental Houston Medical Center was designed by HOK, is being built by GHJ Construction and is scheduled for completion in late 2018.

Medistar selected Greystar, the largest operator of apartments in the United States, as its partner for the 35-story Latitude Med Center luxury apartment tower.

“We are excited to be able to offer a new upscale living option this close to the Texas Medical Center,” said Bo Chapman, Director of Development for Greystar. “Standing side-by-side on a site barely more than an acre, design of the hotel and apartment towers forced meticulous coordination between the development teams, often playing to each other’s strengths to find solutions to unique challenges.”

Latitude Med Center will offer a variety of one, two and three-bedroom floor plans as well as penthouses, ranging in size from 349 to 3767 square feet of living space. From well-appointed interiors with modern living spaces to amenities that include a rooftop infinity pool, separate 10th floor amenity deck and concierge services, the community will meet the needs of any lifestyle.

Designed by The Preston Partnership, Latitude Med Center is being built by Hoar Construction and scheduled for completion in late 2018.

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 Muse 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 Muse Creative Awards is an international competition for creative professionals who hold the unique ability to inspire through concept, writing, or design whether it’s through traditional or electronic media. From broadcast and print to social media and emerging platforms, winners were selected in a broad scope of categories.  Administered by the International Awards Association, winning entries are carefully selected by a panel of creative professionals from around the globe. This year’s competition  boasted entries from 33 countries including Argentina, Brazil, Belgium, Canada, China, Denmark, France, Germany, India, Italy, Japan, Luxembourg, Macau, Malaysia, Mexico, New Zealand, Netherland, Poland, Portugal, Russia, Singapore, Switzerland, Sweden, Spain, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, and United States.

“We wish to recognize the singular achievements of small and medium-sized firms and the creative professionals who represent the heart and soul of the global marketing communications industry,” said Kenjo Ong, co-managing director for the Muse Creative Awards. “They follow the spark of an inner muse, lighting the path to success with deep knowledge and shining originality.”

365 Connect was fortunate enough to be recognized for its revolutionary Marketing Syndication Platform by the Muse Creative Awards. 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.

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 award. 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 emphasizes our dedication to meeting our clients’ needs of optimizing lead flow, reducing marketing spend, and extending their communities reach across the web.”

Ong added, “Winning a Muse Creative Award is a significant career accomplishment for the recipients.  With vetted panelists, tough criteria, blind judging processes, and strict bylaws limiting winners, only the best entries received recognition. The creative work this year was truly outstanding and inspiring.”

To date, 365 Connect has received a total of 40 national and international awards, symbolizing its 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 desktop and mobile platforms to prospects and residents. Today, 365 Connect’s innovative technology platforms are utilized across the nation, aiding the most respected multifamily housing operators by providing them with the ability to manage their marketing, leasing, and resident services from a single sign-on interface.

NEW YORK, NY – Fairstead Capital announced the purchase of Savoy Park Apartments, a 1,790-unit, 10.5-acre multi-family campus in Central Harlem for $315 million. The purchase represents Fairstead’s continued support for New York City affordable housing and the company’s long-term belief in Harlem. The property was sold by an investor group that includes L+M Development Partners and Savanna.

Comprised of seven, 16-story buildings, Savoy Park is 100% rent stabilized and a historical piece of New York City. In collaboration with the City and in congruence with Fairstead’s belief in the importance of New York City affordable housing, Fairstead enhanced and strengthened the existing regulatory agreement, ensuring the property remains affordable until at least 2052.

Fairstead plans to make significant improvements to the property including upgraded security systems, improved public spaces and landscaping and modern renovations to all interior common spaces.

Jeffrey Baker and Graham Hobbs at Savills Studley and Victor Sozio and Shimon Shkury at Ariel Property Advisors represented the seller as the investment sales advisors on the transaction.

Laurie Grasso, Anthony Bonan and Douglas Hoffmann of Hunton & Williams LLP represented the seller. The purchaser was represented by: Joelle Halperin, Jonathan L. Mechanic, Patrick Greeley, Andrew Ebersbach, Lee Parks, Larissa Kravanja, Melissa Brown of Fried, Frank, Harris, Shriver & Jacobson LLP; and Russel Kivler and Gill Benedek of Hirschen Singer & Epstein; and Danielle Epstein-Day and Mitchell Taras of Sadis & Goldberg LLP; and John Engel of Ballard Spahr.

Fairstead Capital is a real estate investor and manager specializing in New York City multifamily property. Fairstead owns approximately $2.5 billion worth of real estate, comprised of over 6,000 market-rate, work-force and affordable rental units on behalf of its principals and investors.

PLANO, TX – ResMan, LLC, the fastest growing property management software, has appointed Dave McKenna as Chief Executive Officer effective June 27, 2016. McKenna assumes leadership of ResMan, LLC, formed as the successor to Ensoware, LLC, the original developer of the SaaS cloud-based platform which serves multiple multifamily housing market verticals including conventional, affordable, and student housing.

McKenna joined Ensoware, LLC in February 2015 as Executive Vice President and led the capital search resulting in a major investment from the Wasatch Venture Group and the formation of ResMan, LLC. Prior to joining ResMan, LLC, McKenna was the Senior Vice President of Syncadd Systems, a defense contractor based in Honolulu, HI specializing in geospatial technologies and cloud-based real-property asset management systems.

McKenna served for thirteen years as a leader within RealPage, Inc., responsible for software, business development and operations. McKenna was responsible for multiple product lines within RealPage, including its move into Military Housing as well as Student Housing and others. McKenna has lead teams in the telecommunications and financial services industries. He is a veteran of the U.S. Army where he served in Military Intelligence.

“ResMan represents something authentically new in the online property management software arena,” states McKenna. “The market is ready for a new approach to software and a stronger, service-centric business model. I am thrilled to be a part of the next generation of software serving the multifamily housing industry.”

ResMan provides the core operating system automating the essential functions of multifamily housing portfolios. ResMan maintains an open architecture and an expansive network of integrated solution providers to deliver best-of-breed solutions to owners and operators.

ALPHARETTA, GA – Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, announced the acquisition of the Nesbit Palisades apartment community in Alpharetta, Georgia.

The property was acquired as part of a joint venture with Harbert United States Real Estate Fund VI, an investment fund sponsored Harbert Management Corporation.

Balfour Beatty Communities will self-perform property management services through its Multifamily Division and will continue an in-unit renovation program and develop an exterior enhancement plan that will reposition the property within the thriving Alpharetta rental market.

“With the strength of the Alpharetta market and the proven value-add upside on this property, Nesbit Palisades is an ideal fit with our multifamily investment strategy,” said Chris Williams, president of Balfour Beatty Communities. “We look forward to welcoming this community into our portfolio and delivering our signature customer service as we look to improve the resident experience and overall asset value.”

Balfour Beatty Communities is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion.

(RECAP: By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the annual congressional appropriations process rather than through transfers from the Federal Reserve as currently provided by Dodd-Frank and change the CFPB’s leadership structure from a single Director to a five-member Board of Directors appointed by the President.)

(RECAP: The chairman of the House Financial Services Committee has denounced major policy changes that HUD is making to the sale of government-insured nonperforming loans. Last month, HUD announced more than 10 changes to the program, including a requirement that buyers of FHA-insured nonperforming loans evaluate borrowers for principal reductions. But Rep. Hensarling (R-Texas) said the policy changes would help special interests at the expense of taxpayers. A press release from the House Financial Services Committee posits that HUD Secretary Julian Castro pushed the changes “to appease liberal critics and bolster his chances of being selected as Hillary Clinton’s running mate. Hardworking taxpayers deserve to know why Secretary Castro suddenly decided to expose them to greater losses and worsen the nation’s already unsustainable national debt,” Hensarling said Thursday.)

LOS ANGELES, CA – Greystar Real Estate Partners, a global leader in the investment, development, and management of rental housing properties, announced that Greystar Equity Partners IX (GEP IX) acquired, through separate unrelated transactions, two Los Angeles multifamily properties comprising 374 units for an aggregate purchase price of $178 million. GEP IX is part of Greystar’s flagship, value-add fund series.

In the first transaction, Greystar acquired Gardens at Wilshire Center, a 195-unit multifamily community located at 3675 Wilshire Blvd in Koreatown. In the second transaction, Greystar acquired Villas at Rancho Palos Verdes, a 215-unit multifamily community located at 6600 Beachview Drive in Ranchos Palos Verdes.

“We like the growth prospects in both Rancho Palos Verdes and Koreatown as well as the overall fundamentals of the Los Angeles market,” said Kevin Kaberna, Senior Managing Director and leader of Greystar’s US Investment platform. “These transactions represent a continuation of Greystar’s strategy to acquire well-located assets in high-barrier markets where we can leverage our platform to create value.”

Greystar’s local operational experience in Koreatown helped the company identify the opportunity to add substantial value to the Gardens at Wilshire Center through interior and common area upgrades and improvements. With a walk score in the upper 90’s, the property offers convenient access to Downtown LA, Hollywood, Silver Lake and all of the major transportation networks throughout the region. Within just 4 miles of the property, there are over 5,000 companies compromising more than 250,000 jobs and over 7 million square feet of office space.

“Greystar is able to add value through capital renovations while still maintaining attainable rents that are priced at a discount to new developments,” said Kaberna.

The Villas at Rancho Palos Verdes is located adjacent to the world class Terranea Resort and 200-foot bluffs that overlook the Pacific. The apartment community is one of the only sizable oceanfront multifamily assets on the Palos Verdes Peninsula. The area is very desirable not only for its views, but for its top-ranked schools, which are some of the best on the West Coast.

“With no new rental supply in this submarket since the 1970s and a growing demand for coastal luxury living, we saw a tremendous opportunity to reposition the asset through extensive capital and operational enhancements,” said Kaberna.