Raleigh Investment Company Bullish on Triad Apartment Market, Winston-Salem’s Downtown

The Triangle Business Journal has an interview with Chaucer Creek Capital’s Billy McClatchey after the firm made $43 million in apartment acquisitions in the last few months. Some highlights:

Chaucer Creek bought Gallery Lofts at a rate of $176,341 per unit. Why was the investment worth it? The Winston-Salem acquisition was very different. It’s a very definite bet on the downtown growth, and the investment that they’re making there. (Bell Brassfield) is a very suburban location, but what we consider to be a very, very good location.

Why make that bet on downtown Winston-Salem? It’s just so rare to be able to have the amount of land that they’ve been able to set aside to really start from scratch, and remodel the downtown, both for living, for retail, and for jobs, and to be able to thoughtfully approach that. Not many cities have been able to do that, or have that opportunity. I think it’s a brilliant strategy on the part of the city. There are countless cities across the Southeast who would not have had the forethought or energy to do what they’re doing downtown. The only town we’ve seen it work in as well is Durham in the past 10 to 15 years. Durham has done a great job, and I think Winston-Salem is next.

 

August 21, 2014 at 6:11 pm Leave a comment

New Management Rights the Ship at Greensboro Student Property

PTAA member Burkely Communities received some positive press for the work it’s doing at The District:

A private student housing complex serving UNC-Greensboro, Greensboro College and other area schools that was cited for more than 100 code violations at the end of last year has been cleaned up under its new management team, Burkely Communities, according to company and city officials…

Burkely CEO Sterling Kelly said the building owners had already made a significant investment in repairs prior to his company’s involvement, including an overhaul of the heating and air conditioning system. But a long list of deferred maintenance items had grown overwhelming, so his team has been tackling it systematically during the past several months.

“The work required to fix those items just hadn’t been getting done, though they were relatively inexpensive things like electrical receptacles pulled out of the wall or plumbing leaks or exit doors not closing so the building wasn’t secure,” Kelly said. “Rome wasn’t built in a day and there are still some more things the owner may choose to do, but the first order of business has been doing what was necessary to make the building what I would consider habitable.”

Kelly goes on to say that their work at The District is far from done and they’re concentrating on marketing the property in a similar fashion to their other student properties – moving away from promoting amenities like pools and game rooms and focusing instead on promoting an environment geared towards the more serious students. (You can read more about Burkely’s approach here.)

 

 

August 21, 2014 at 4:58 pm Leave a comment

Winston-Salem Council Approves Financing for Affordable Housing Project

From the Winston-Salem Journal:

The Winston-Salem City Council approved a land sale and financing arrangements with Goler Community Development Corporation on Monday as a way to give support to the constructions of affordable housing close to downtown…

Goler has a deal with Laurel Street Residential, based in Charlotte, to develop 135 apartments on the property, representing a $12 million investment that will have a taxable value of $9 million…

Under the agreement between the city and Goler, for 15 years at least half of the apartment units must have rents that people making 80 percent of the area’s median income can afford.

Officials said the apartments would be studio, one- and two-bedroom units, with most units having a monthly rent of $600 to $900.

After 15 years, Goler would have to designate at least 15 percent of the apartment units for affordable incomes over the following 15-year period, making 30 years in all…

In a separate matter, the council also approved a loan to the Housing Authority of Winston-Salem that will help the authority convert the old Brown Elementary School site on Highland Avenue to low-income rental housing for the elderly…

The city’s loan of about $320,000 to the Housing Authority of Winston-Salem will be helping the authority acquire the Brown Elementary School site at 1125 Highland Avenue and begin converting the property into 120 units of rental housing for the elderly.

 

August 20, 2014 at 2:03 pm Leave a comment

Not Every Student Wants a Party Zone

PTAA member Burkely Communities is carving out a niche in student housing by focusing on the studious set. From their press release:

Burkely Student Communities near Appalachian State University, University of North Carolina at Greensboro (UNCG), North Carolina A&T University, and other campuses are designed to offer an off-campus living experience conducive to academic success.

Burkely Student Communities offer perks like rental discounts of $100 or more per semester for high grades, exam quiet hours, decompression zones, designated study areas and lounges, and healthy snacks. Residences include quiet courtyard apartments at The Park East and The District’s private high-rise studios close to UNCG.

“While there’s certainly a social dimension in our communities, our primary focus is supporting students’ efforts to succeed in school,” commented Kelly. “We believe it helps pave the way for a lifetime of success.”

Backed by the pledge that every Burkely Communities’ employee will do whatever it takes to ensure each resident is given every opportunity to fulfill their academic potential, the appeal is clear: “The unconditional 24/7 help from the Burkely staff is impeccable,” said Guilford College senior Lily Wotkyns. “Burkely does a thorough job making sure I have all the resources to finish my homework or anything I need for school. The community is respectful, quiet and a place where I can be successful and thrive.”

August 15, 2014 at 4:33 pm Leave a comment

Jody Longwill Named President of AANC Beginning September 1, 2014

PTAA is very proud to share this exciting news from AANC about our very own Jody Longwill:

A 28-Year Industry Veteran Longwill Foresees Continued Appeal for Apartment Living

GREENSBORO, N.C., June 12, 2014 –Jody Longwill, who serves as the Burkley Communities Director of Apartment Management and Staff Development, has been elected President of the Apartment Association of North Carolina (AANC).  A 28-year veteran of the multi-family rental housing industry, Longwill has worked with Burkely Communities for 17 years, and served on the AANC board for 12 years, including the last two years as an officer of the board.  In addition, she is a past president of the Piedmont Triad Apartment Association, and has achieved the Certified Apartment Portfolio designation from the National Apartment Association.

“We are thrilled with Jody’s new executive role with AANC,” said Sterling Kelly, CEO and Co-Founder of Burkely Communities.  “Her industry expertise, strategic vision, and keen understanding of what diverse populations –from college students to older populations – desire from apartment community living makes her ideally suited to lead our state’s eminent trade association.”

“Under Jody’s leadership, the AANC is poised for growth, and will continue to provide an inclusive, cohesive voice for our industry,” commented Ken Szymanski, AANC Executive Director.

“For affordability, flexibility and other lifestyle reasons, apartment style living continues to evolve and thrive in North Carolina,” concluded Longwill, “It’s an especially exciting time to take on such an important leadership role with the AANC.”

August 14, 2014 at 5:24 pm Leave a comment

Apartment Industry Compensation in the Piedmont Triad

We’ve just finished compiling all the data from PTAA’s 2014 Salary Survey and guess what? If you participated in the survey you’ll be getting the report in the very near future. If you didn’t participate you’ll be able to buy it in a couple of weeks, just in time for budget season.

While digging through the data we noticed a couple of significant trends since our last survey in 2012. First of all we can see that there’s definitely been more turnover across all job titles in the last couple of years, with the notable exception of service supervisors. Here’s the average years-on-the-job by title, and the change from 2012:

  • Regional Managers – 8.3 years (down 8% from 9 years in 2012)
  • Site Managers – 4.2 years (down 5% from 4.4 years in 2012)
  • Assistant Managers – 2.5 years (down 22% from 3.2 years in 2012)
  • Leasing professionals – 1.1 years (down 15% from 1.3 years in 2012)
  • Service Supervisors – 3.9 years (up 11% from 3.5 years in 2012)
  • Service techs – 2 years (down 13% from 2.3 years in 2012)

Another trend that isn’t so surprising is that health care costs are up across the board for employers and employees. In just two years employer contributions to their employee healthcare coverage are up 73% and employee contributions are up 127%. Employers are still covering the larger share of the cost, but employees are feeling the pinch too.

If you’d like to get a copy of the full salary survey results please contact the PTAA office at 336-294-4428 or you can visit our website or email us.

August 4, 2014 at 10:15 pm Leave a comment

How to Help Heritage House’s Displaced Residents in Greensboro

For our members in Greensboro – You’ve likely heard about what’s been going on with the Heritage House condos and some of you might be wondering how you can help. One need they have is finding affordable housing for some of the displaced residents. We’ve been asked to share the information below on the basic housing needs they have and the contact information for the folks coordinating the effort to help:

Residents still need to find houses or apartments — studios or one- to three-bedroom units — with a monthly rent of $600 or less.

Property owners can contact:
Beth McKee Huger, Greensboro Housing Coalition, beth@greensborohousingcoalition.com
or
Lisa Taylor, New Jerusalem Cathedral, lisa@newjc.org.

Owners should include their criteria for accepting tenants in their emails.

Here’s the full press release from the City of Greensboro:

City, Partners Solicit Assistance for Heritage House Residents

GREENSBORO, NC (July 23, 2014) – The City of Greensboro and several partner agencies are seeking help from Greensboro residents and property owners as part of the ongoing effort to transition residents from the Heritage House condominiums, 310 W. Meadowview Rd. The list of assistance needed includes furniture donations, affordable housing options, and volunteer assistance to help move residents.

Alternative Housing Options

The City and its partners are seeking affordable rentals that are ready for occupancy.  Property owners are encouraged to contact Beth McKee Huger at Greensboro Housing Coalition beth@greensborohousingcoalition.com and Lisa Taylor at New Jerusalem Cathedral lisa@newjc.org about studio, one, two, and three bedroom houses or apartments, with monthly rent at or below $600 per month. Owners are asked to include selection criteria to facilitate referrals. Greensboro Housing Coalition may inspect rental units before tenants move in. And, as needed, case managers – including Goodwill Industries of Central North Carolina representatives – will assist tenants to succeed in their new homes.

Furniture Donations

The Barnabas Network is accepting furniture and houseware donations, including:

Most needed donations:

Dressers/Chests of drawers

Dining tables & chairs

Mattresses and box springs

Small tables/nightstand

Working washers/dryers

Working stoves

Working refrigerators

 

Housewares:

Pots and pans

Clean, unstained bedding and linens (pillows, sheets, blankets)

Dishes, silverware & glassware

Basic kitchen utensils

Working lamps

Small appliances (working microwaves, toasters)

Towels (bath, hand & wash)

 

Barnabas does not accept:

TVs

Clothing

Desks or office furniture

Entertainment Centers or large hutches

The Barnabas Network accepts donations anytime between 8 am and 12:30 pm, Monday through Friday. Residents who would like to donate outside of those times can call Barnabas at 336-370-4002 to schedule a drop off time. Barnabas may also be able to schedule large furniture donations for pick up. The Barnabas Network is located at 2024 Sixteenth St., behind the Walmart on Cone Boulevard.

Move Action Day

Volunteers are needed to support New Jerusalem Cathedral’s “Move Action Day.” The two-day event takes place from 9 am to 4 pm, July 24-25 with a focus on providing housing counseling, workplace preparation and life skills training, along with housing resources and medical screenings. The event is open to Heritage House residents and to the community at large who are in need of services. For more information, or to assist, residents can contact Lisa Taylor at lisa@newjc.org.

 

Volunteer Services

Volunteers are needed to support the transport and pick up of furniture and to assist with residents who are moving out of the Heritage House. Residents or groups interested in volunteering can contact Gloria Gray at the City of Greensboro at gloria.gray@greensboro-nc.gov.

 

Financial Donations

Monetary donations may be made to the Emergency Relocation Fund at The Community Foundation of Greensboro. Donations may be made by mail to: 330 S. Greene St., Suite 100, Greensboro, NC 27401, or online at www.cfgg.org. Proceeds will be used to support relocation expenses for residents of the Heritage House and other low income households.

 

 

 

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July 31, 2014 at 4:58 pm Leave a comment

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