Posts filed under ‘PTAA Members in the News’

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

Saying Yes to the Dress – and the Tutu – for a Good Cause

I want to take this opportunity to thank two of our member companies for allowing me and our Food Drive Committee Chair, Dale Holder of Apartment Finder, to embarrass ourselves in exchange for significant donations to Second Harvest Food Bank of NWNC.

Today Dale and I will be at the main entrance to Robinhood Court Apartments and Villas at 4 p.m. wearing “prom dresses” in exchange for a $550 donation to Second Harvest, plus $5 for everyone who stops in to visit while we’re there. In my case the only dress that would fit is something that a typical high school girl’s grandmother might wear to church on Sunday so we’ll call it a prom-ish dress, but Dale is sure to be bedazzling.

And I’d be remiss if I didn’t thank Blue Ridge Companies and their Burke Ridge Crossing community for donating $250 to Second Harvest last month in exchange for me wearing a tutu, a tiara and high heels, having their corporate slogan painted on my back and then jumping into the Burke Ridge Crossing pool.

Jon Cold Water Challenge

Many of our member companies are very active in our food drive and do an amazing job raising funds, food and awareness for Second Harvest, but I just wanted to take a quick second to thank these companies for so enthusiastically throwing me and Dale under the proverbial bus for a great cause:)

If you’d like to get involved in our food drive, or would like to make a donation online, you can find out everything you need to know at our food drive website at www.helpsecondharvest.com.

July 10, 2014 at 2:30 pm Leave a comment

Blue Ridge Companies’ Couch Talks Retail

PTAA member Blue Ridge Companies’ CEO David Couch had a quick Q&A with the Triad Business Journal about some of its development activities:

Blue Ridge has historically been among the largest property management firms in the Triad. Does your recent work with several retail projects signal a shift in your overall vision for the company? We’ve always had a retail presence, but over the years it seemed like our energy was directed about 80 percent multifamily and 20 percent retail. Right now, I would say that might be 60/40. The Palladium in High Point is one of our retail developments; we developed Oak Ridge Commons and several others in the Triad and surrounding areas. We look at where the opportunity is.

Read the whole thing here.

June 25, 2014 at 7:23 pm Leave a comment

Ginkgo Purchases Salem Crest in Winston-Salem

From Ginkgo’s press release:

Ginkgo Residential today announced the acquisition of Salem Crest Apartments located in Winston-Salem, North Carolina, for a contract price of $4,250,000. The approximately 17 acre property contains 144 one, two, and three bedroom apartment homes. The property also includes a swimming pool, playground, and ample walking areas.

Philip Payne, CEO of Ginkgo Residential stated, “Salem Crest represents the latest addition to Ginkgo Residential’s rapidly growing portfolio of high quality, modestly priced apartment properties. With the acquisition of Salem Crest, Ginkgo now operates four properties housing over 500 families in the Winston-Salem market. Ginkgo is committed to, and intends to continue to expand its operations in, the Winston-Salem area.”

 

May 29, 2014 at 1:15 pm Leave a comment

Coy Willard Sells Swathmore Court Apartments

An investment firm managed by Greensboro attorney Marc Isaacson has purchased Swathmore Court Apartments (High Point) from long-time High Point apartment developer/manager Coy Willard’s company. From the Triad Business Journal:

A New York-based real estate investor bought the 104-unit Swathmore Court Apartments in High Point for $5.9 million, according to public record…

The apartments and 6.5-acre property was sold by High Point Holdings III LLC, an entity managed by High Point businessmanCoy Williard Jr. of Williard-Stewart Inc.,according to the deed.

The complex is at least 10 years old and is 95 percent occupied, said Swathmore Courts Apartments representative Susan Cobb.

Swathmore Investors LLC will take on the $4.6 million balance due on the mortgage to Prudential Huntoon Paige Associates LLC, the deed shows. The $5.9 million sale closed on May 1.

May 13, 2014 at 4:07 pm Leave a comment

How Hawthorne Grew

The latest issue of Triad Business Journal has an interview with Hawthorne Residential Partners’ chief investment officer, and PTAA board member, Phil Payonk about how Hawthorne has grown to manage 17,555 units in 76 properties since its founding in 2009. From the interview:

What is the appeal of apartments?

The short-term and long-term fundamentals for apartments look good — there’s some construction coming online, and demographic trends in the U.S. show a tendency to rent for longer as you come out of school. You even see an older generation beginning to downsize and look to renting rather than owning a home…

What is Hawthorne’s core business?

Finding stabilized apartment properties that aren’t performing to their fullest potential. We handle the overall development of a site and the property, but we utilize a general contractor to handle the construction. We’ve partnered with several different builders; we like to utilize the small, local guys to kind of help keep costs down. Now, of our 17,555 units, Hawthorne and its partners have an ownership stake in about 45 percent of those. The balance is owned by a third party but managed by Hawthorne…

The Triad has seen a lot of apartments come online very quickly. Do you think it’s approaching over-built status?

We’re seeing in North Carolina markets in particular that a lot of the supply is being absorbed. As long as we see that at a measured pace, we’re going to hopefully not see too many problems. Even though there’s been a lot of product coming online, it’s been pretty hard to get a loan. The banks have the appetite, but there’s just a lot that has to go into it, from documentation and planning and identifying the site and getting everything together to getting a commitment and a building.

April 16, 2014 at 3:24 pm Leave a comment

Blue Ridge’s Poo Policy Makes the News

Although many communities have been doing the “doggie doo DNA” thing for a while, it’s still news to the general populace. That helps explain the interest in Blue Ridge’s adoption of the practice at one if its Wilmington communities:

A Wilmington apartment complex will soon be running DNA tests on dog poop to identify owners who don’t clean up after their pooches do their business.

The StarNews of Wilmington reports The Reserve at Forest Hills will ask the complex’s 100 dog owners to have their pets swabbed for a DNA sample.

Then, if poop found in the complex matches a pet, the owner will be fined and also will have to pay for the DNA testing which can cost up to $50.

February 20, 2014 at 3:33 pm Leave a comment

Up Close with Chris Parr

In every issue of the Triad Business Journal there’s a Q&A with a local business executive and a couple of weeks ago they featured PTAA member Chris Parr:

You have two apartment projects planned in Kernersville right across the street from one another. Why the proximity? Because somebody else would buy it. They would see what I saw in it, and just know that it was a great location and has the lowest vacancy rate in the Triad. So I outsmarted them; I bought both of them. That way I didn’t have anybody messing with me…

Why not contract with another company for property management? I don’t think I’d be able to deal with an apartment management company managing my stuff, never knowing who’s going to be in the office or in control of expenses. After I built my first complex, I threw myself into apartment management quickly, which was definitely a learning curve. Property management, for the most part, is a good, stable business, and that was one of the key reasons I got into it. I wanted residual income.

What kind of lessons were there on that learning curve? There have been times when I shook my head thinking, ‘this is crazy.’ When the fire alarm rings in the middle of night, those calls will come to me. I just love it because it’s chaotic, and it’s unique; you meet so many different people. It’s really been enlightening for me, and it’s opened my eyes to a lot of different types of people and how people live and act…

Do you think the Triad’s apartment market is approaching being overbuilt? We’re possibly getting near the peak. But each submarket is different. Kernersville needs apartments; Clemmons is a prime location. The apartment market is always going to be there. We’re actually seeing a lot of older people coming to rent now; we’re seeing this huge shift in people who are preferring to rent rather than own.

February 5, 2014 at 4:30 pm Leave a comment

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