Author: ipgocorp

JACKSONVILLE, FL – Vestcor announced that Lofts at LaVilla has received final approval from the Downtown Development Review Board. A combination of funding from Florida Housing Finance Corporation tax-credits, the Downtown Investment Authority and Jacksonville Housing Finance Authority has enabled Vestcor to develop this affordable housing community in downtown Jacksonville.

This uniquely urban community will be located at the corner of West Bay and Lee Streets, across from the Prime Osborn Convention Center. The five story, 130-unit community will consist of 11 studios, 56 1-bedroom, 60 2-bedroom and 3 3-bedroom apartments. This affordable community is for those who make less than 60% of the area median income. Community features will include a fitness center, resident lounge, internet café and club room.

“We are excited for the opportunity to develop an apartment community in the LaVilla area of downtown Jacksonville”, said Vestcor Chairman John Rood. “This is a unique area of Jacksonville and we are proud to provide affordable housing for those who want to enjoy the urban experience of living downtown.”

Group 4 Design, Inc. and Summit Contracting Group, Inc., both Jacksonville-based are architect and general contractor respectively for the development. Construction is expected to begin in August and be completed in the Fall of 2017.

OAK BROOK, IL – Inland Real Estate Acquisitions announced that it facilitated the acquisition of The Preserve at the Meadows, a 220-unit multifamily property located in Fort Collins, Colorado. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 350 Riva Ridge in Fort Collins, The Preserve at the Meadows consists of 10 buildings containing 68 one-bedroom, 134 two-bedroom and 18 three-bedroom units. Each unit includes stainless steel appliances, a full size washer and dryer, storage areas, nine-foot ceilings and, in select units, a gas fireplace and walk-in closet.

The property also features a heated swimming pool, hot tub, playground, club house, business center, fitness center, a picnic area and mountain views. The Preserve at the Meadows is also within walking distance to the Spring Creek Bike Trail, a paved off-road route that travels more than seven miles across Fort Collins.

“We are pleased to have closed on this high quality multifamily property that’s located with great proximity to shopping and Colorado State University,” said Tice. “The Preserve at the Meadows is Inland’s third multifamily property in Fort Collins, we’re very happy with the market due to its strong occupancy rate, access to great schools and proximity to major employees.”

As of the acquisition date, the property was 96 percent leased.

To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $43 billion of purchases including retail centers, apartments and single-tenant properties.

SEATTLE, WA – The U.S. housing market accelerated to its fastest pace on record in May, according to Redfin, the next-generation real estate brokerage. The typical home went under contract in 42 days, a full week faster than a year earlier, and the lowest median days on market reported since Redfin began tracking this metric in 2009.

“After almost a decade of undersupplied housing stock, competition is fierce,” said Redfin chief economist Nela Richardson. “What’s new in 2016 is that we’re seeing the intensity of fast sales and bidding wars even in affordable markets like Grand Rapids and Omaha, where the typical home sold within two weeks last month.”

In May, home prices increased a moderate 4.3 percent year over year, down from the 4.8 percent growth rate posted in April. A shift in housing activity from expensive coastal markets toward affordable ones in the middle of the country helped keep a lid on price growth.

Sales surged 7 percent and inventory fell 6.6 percent in May from last year. The pickup in sales was widespread, as nearly a third of the markets Redfin tracks reported growth in the double digits. Affordable markets in the Midwest and the South led the surge in sales.

In Michigan, Detroit and Grand Rapids saw the number of homes sold surge by more than 50 percent from last year.

“We’re seeing an influx of buyers from places like San Francisco, Southern California, Seattle and Washington, D.C. Most new residents are lured by tech jobs and opportunities to work remotely,” said local Redfin agent Kent Selders. “Locals are watching prices rise, and many realize if they don’t buy soon, they’ll miss out while homes are still affordable. The result is incredible demand and rapid sales. Nothing like this has ever happened in Grand Rapids.”

Mortgage rates, which reached three-year lows this spring, are also making an impact on buyers.

“Move-up buyers have specifically noted they are buying now to take advantage of still-low mortgage rates,” said William Porterfield, a Redfin agent in Little Rock, Arkansas, where sales increased 33 percent from a year ago. “They’re focused on buying as much house as possible while interest rates are so low.”

To read the full report, complete with data and charts, visit Redfin.com 

LUBBOCK, TX – Haven Campus Communities is pleased to announce a 556-bed, 140-unit luxury student housing community at Texas Tech University in Lubbock, TX. This will be the second project in Lubbock for Haven, with the original project, 18NINETEEN, set to open in Fall 2016.

The project is located in the highly desirable Overton district directly adjacent to Texas Tech and is scheduled to open in Fall 2017. Students will have walkability to the most popular restaurants, bars, and shops in Lubbock. This proximity conveniently allows students immediate access to the TTU campus located just over half a mile away.

“We are pleased to expand our presence in the Texas Tech market,” said Jay Williams, Haven Campus Communities President and Co-founder. “Our plan aligns directly with Haven’s development commitment to quality and safety, walkability to campus, along with our focus on innovation and technology. I am confident that this community will be another great addition to Lubbock and will meet the needs of the growing number of students at Texas Tech University.”

The project will be the only student housing community in Lubbock to offer an exclusive rooftop deck with a city view. The property will also feature a full slate of amenities including a cyber-lounge with charging stations, coffee bar, fitness center with On-Demand classes, tanning rooms, game room, computer center with private study rooms featuring Smart TVs, and professional on-site management. The pool area will include a large pavilion area with TVs, sun deck, large tanning deck, cabanas and built-in grilling stations. The property will also feature multiple gathering areas with built-in seating, bocce and horseshoes, fire pits, and an open courtyard.

The community will offer fully furnished two-bedroom and four-bedroom plans. Each will include a fully-equipped kitchen, large flat screen TVs, full-size washers and dryers, trundle beds with pillow top mattresses, and private bathrooms for each bedroom. Residents will enjoy all-inclusive rental packages including electricity, water, cable and internet. Thanks to dynamic internet service through the project’s own on-site managed network, residents will experience blazing speeds via wired and wireless service covering the entire property.

 “We look forward to continuing a successful relationship with the students, the university, and the surrounding community,” said Jay Williams.

NEW YORK, NY – Mortgage rates fell further this week, with the benchmark 30-year fixed mortgage rate now at the lowest point since May 2013, 3.69 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.

The larger jumbo 30-year fixed tied a record low of 3.67 percent, and the average 15-year fixed mortgage rate fell back below the 3 percent mark to 2.94 percent. Adjustable mortgage rates moved noticeably lower as well, with the 5-year and 7-year ARMs sinking to 3-year lows of 3.05 percent and 3.23 percent, respectively.     

Mortgage rates pulled back for a third week in a row, falling to the lowest level in more than three years. Investors hate uncertainty and the looming will-they-stay-or-will-they-go vote about the United Kingdom remaining in the European Union – known as the Brexit – has produced heightened volatility in financial markets around the globe. Yields on long-term German government bonds dipped into negative territory and globally there is now more than $10 trillion in debt with a negative yield. This only increases the appeal of U.S. Treasuries, which in addition to being ultra-safe, also carry yields that seem high-yield by comparison with the 10-year note currently at 1.6 percent. As investors pour money into U.S. debt this keeps those long-term interest rates low, regardless of what the Fed may or may not do with short-term interest rates. Mortgage shoppers are the beneficiaries of this as mortgage rates are closely related to the yields on long-term government bonds.  

At the current average 30-year fixed mortgage rate of 3.69 percent, the monthly payment for a $200,000 loan is $919.44. 

SURVEY RESULTS

30-year fixed: 3.69% — down from 3.74% last week (avg. points: 0.19)

15-year fixed: 2.94% — down from 3.00% last week (avg. points: 0.17)

5/1 ARM: 3.05% — down from 3.13% last week (avg. points: 0.21)

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. There is division among the panelists, with 54 percent predicting further declines in mortgage rates and 46 percent expecting mortgage rates to remain more or less unchanged in the coming week. None of this week’s respondents forecasts an increase in mortgage rates over the next seven days.

(RECAP: Today, HUD is proposing a new method to recalculate rental subsidies in a manner that would expand neighborhood options for households living in these particularly restrictive housing markets. For the next 60 days, HUD is accepting public comment on a proposal to change the geography it uses to calculate so-called Fair Market Rents (FMRs). In these areas, HUD is proposing to transition from a metropolitan area-wide approach to setting FMRs down to the zip code level as a means to expand the options these families have to live in lower poverty neighborhoods. If instituted today, this ‘Small Area Fair Market Rent’ approach would impact 31 metropolitan areas, including Virginia Beach-Norfolk-Newport News (VA-NC) and Washington-Arlington-Alexandria (DC-VA-MD). These Metropolitan Areas currently meet the Proposed Rule’s threshold of voucher concentration and potential for SAFMRs to be effective, and thus would be required to institute this new approach.)

(RECAP: The Federal Reserve on Wednesday left interest rates unchanged and signaled it’s likely to take an even slower approach on raising the cost of borrowing against a backdrop of slower U.S. job creation and fresh worries about economic events abroad. Although investors expected the Fed to leave rates unchanged, the central bank’s more gingerly approach contrasted sharply with rosier comments of top officials just a few months ago.)

PHOENIX, AZ – Gardner Capital Development has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing to develop the El Caro Senior Residences, an $18 million affordable senior housing project consisting of 102 energy-efficient one- and two-bedroom apartments. The site is located one-half mile from the Metro Light Rail Station at the intersection of 19th and Northern avenues.

Construction of the development, named after the former golf course located at the site, is anticipated to begin in the first quarter of 2017, with completion expected 15 months after construction begins. All units will be leased to seniors earning generally between $18,000 and $34,000 in household income, with a mix of apartments set aside at 40-60 percent of Metro Phoenix median income. Twenty-five percent of the units will be reserved for seniors or family members with developmental disabilities. Gardner Capital Development will serve as the project lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed.

“We consider it our mission to build sustainable high-quality housing for seniors and, in the process, create and solidify long-term partnerships within the community,” said Michael Gardner, principal at Gardner Capital. “We are thrilled to be partnering with the United Cerebral Palsy Association, an organization that will help provide our residents with the utmost care and services.”

When completed, the 5-acre development will offer residents special amenities including a two-story clubhouse and community center in the middle of the complex, as well as open space, conference rooms and multipurpose rooms. The site will also offer an open courtyard, with gathering and barbecue areas. Each of the three, three-story buildings will have an elevator. UCP will be using the onsite clubhouse and community center to provide supportive services to the residents. 

(RECAP: A 13-story office building is set to be demolished beginning Wednesday to make way for a massive mixed-use project, according to media reports. The building, near the Greensboro Metro station, will make way for The Boro, a 4.2-million-square-foot urban-style development that will include five apartment buildings, three office towers, a hotel, a movie theater, a public library, seven parks and retail space.)

LOS ANGELES, CA – Berkshire Group announced the purchase of One Santa Fe in Los Angeles, California. The 438-unit Class A apartment community located in the Arts District of Los Angeles will be managed by Berkshire Communities, the property management division of Berkshire Group.

“The purchase of One Santa Fe reflects our focus on purchasing quality multifamily properties in select markets across the country,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “The Arts District of Los Angeles offers a rich quality of life for residents drawn to the bustling restaurant, retail and nightlife scene in the immediate neighborhood in close proximity to the heart of downtown Los Angeles. With over 80,000 square feet of ground floor commercial and retail space, One Santa Fe offers numerous conveniences such as an organic grocer and dining options for both the residents and the neighborhood.”

Designed by renowned architect, Michael Maltzan, One Santa Fe has been featured in the Museum of Contemporary Art (MOCA) and the Los Angeles Times as a significant recent achievement in residential architecture. The property spans approximately one quarter of a mile over four city blocks and consists of two buildings situated around the retail paseo.

One Santa Fe features a mezzanine level pool, a sixth-floor sundeck with a BBQ and dining area, a fitness center and private yoga/Pilates studio. The property also features three whirlpool spas, multiple BBQ and dining areas, a fully-equipped resident clubhouse, and an outdoor cinema equipped courtyard. Units feature stainless steel kitchen appliances, quartz countertops, European-style cabinets, central heat and air conditioning, and washer/dryers.