Posts filed under ‘PTAA Members in the News’

Fox 8 Story on vacancy rates in the Triad

Jon Lowder:

PTAA member The Greenway at Fisher Park is featured in this Fox8 story on the new vacancy and rent report from Real Data.

Originally posted on myfox8.com:

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GREENSBORO, N.C. — The apartment vacancy rate in the Triad is the lowest it has been in a decade, according to a report released by a Charlotte research firm. In fact, the report shows demand for rental properties is so high that more than 93 percent of apartment units in the Triad are currently occupied.

The Greenway at Fisher Park apartments in downtown Greensboro has been particularly successful.

“Right now we’re 100 percent occupied, so we actually have a waitlist for the next year. We’re also in preparations for our second phase right now,” said Hannah Boyd, property manager at Greenway at Fisher Park.
Kerri Person, with Rent-A-Home of the Triad, says the same is true for all types of rental properties, like duplexes and houses.

“Our rent values have trickled up some. The key though I think to renting the property quickly is having it priced…

View original 153 more words

October 23, 2014 at 3:21 pm Leave a comment

Phillips Buys Chandler Concrete Site in Greensboro

Kevin Phillips, managing partner of Phillips Management Company, has purchased the Chandler Concrete site on Mill St. between Battleground Ave and Westover Terrace in Greensboro (see map below). While plans for the site itself weren’t detailed there was an interesting twist that will benefit the Greensboro community at large. From the Triad Business Journal:

Prior to the sale, Thomas Chandler Jr., president of Chandler Concrete Co., signed the restrictive covenant which agrees to cease use of the rail line running behind the Mill Street property.

That agreement sets the stage for further development of both the Atlantic & Yadkin Greenway along Battleground Avenue and the 1-mile western leg of the Downtown Greenway, said Dabney Sanders, the Downtown Greenway project manager with Action Greensboro…

“We are now in the process of determining potential uses and development of this property,” Mill Street Commons LLC said in an emailed statement. “We are supportive of Greensboro’s continued economic growth and the expansion of its nationally renowned greenways and trail systems, and look forward to working with a wide range of city, county and community leaders as we explore ideas for this property.”

October 14, 2014 at 7:56 pm Leave a comment

Bell Sells

Bell Partners announced today that they, along with DRA Advisors LLC, have sold a portfolio of 20,439 apartments to Lone Star Advisors. From the Triad Business Journal story:

Bell Partners Inc. of Greensboro and DRA Advisors LLC together have sold a portfolio of 20,439 apartments to a global private equity firm for $1.8 billion, the firms announced today.

The portfolio comprises 64 properties across eight states and was acquired by Lone Star Funds, which has U.S. offices in Dallas, New York City and Washington, D.C. Bell will continue to manage the properties…

The deal includes 24 North Carolina properties located in Charlotte, Raleigh, Wilmington, New Bern and Goldsboro. The total portfolio was originally part of a joint venture purchase made by Bell and DRA in 2008, which then included 25,684 apartments spanning 86 properties.

This is one of the largest apartment deals in the country this year, and is likely to be the “biggest” story involving a Triad apartment company in years.

October 2, 2014 at 3:07 pm Leave a comment

Phillips Foundation Backs Housing First Initiative With $1 Million Grant

The Phillips Foundation, which was established by Phillips Management founder Kermit Phillips and is today administered by his family, made a $1 million grant in 2013 to the Partners Ending Homelessness to launch the Housing First Initiative, which is an effort to end chronic homelessness in Greensboro and is based on a program that has proved effective in other parts of the country. From the announcement:

Phillips Foundation provided a $1 million grant in 2013 to launch this initiative.Those resources allowed Partners Ending Homelessness to hire an international consultant, build out their staff and program, and systematically identify vulnerable individuals who had the most urgent needs.Salvation Army of Greensboro manages the housing portion of the program, and Psychotherapeutic Services, Inc. has developed an Assertive Community Treatment Team (ACTT) for long-term housing support and case management. ACTT is the highest level of mental health service available short of hospitalization. With these teams now in place and working together, the program is ready to scale.

An article in the Greensboro News & Record highlights the early success they are seeing with the program:

The effort in Greensboro is already paying dividends:

The early results reflect the experiences of the first five participants in the year before joining the program and in the six months after joining program.

In addition to paying for a consultant who has worked with other communities, the money has been used to develop an Assertive Community Treatment Team for long-term housing support and case management, the highest level of mental health service available short of hospitalization.

“Although $1 million seems like we are spending a lot of money, the statistics are showing we are saving a lot of money,” said the Rev. Mike Aiken of Greensboro Urban Ministry, one of the partners in Ending Homelessness.

“People are being housed and supported. We were absolutely sold on it.”

The number of emergency room visits also dropped, from eight to none. The cost of housing these people dropped from $30,650 in shelters to $8,927 in rent for their new homes. And the number of nights spent in jail dropped from 28 to none.

This is consistent with the results other states are seeing with the Housing First program. From an article in The New Yorker:

n 2005, Utah set out to fix a problem that’s often thought of as unfixable: chronic homelessness. The state had almost two thousand chronically homeless people. Most of them had mental-health or substance-abuse issues, or both. At the time, the standard approach was to try to make homeless people “housing ready”: first, you got people into shelters or halfway houses and put them into treatment; only when they made progress could they get a chance at permanent housing. Utah, though, embraced a different strategy, called Housing First: it started by just giving the homeless homes…

…Housing First has saved the government money. Homeless people are not cheap to take care of. The cost of shelters, emergency-room visits, ambulances, police, and so on quickly piles up. Lloyd Pendleton, the director of Utah’s Homeless Task Force, told me of one individual whose care one year cost nearly a million dollars, and said that, with the traditional approach, the average chronically homeless person used to cost Salt Lake City more than twenty thousand dollars a year. Putting someone into permanent housing costs the state just eight thousand dollars, and that’s after you include the cost of the case managers who work with the formerly homeless to help them adjust. The same is true elsewhere. A Colorado study found that the average homeless person cost the state forty-three thousand dollars a year, while housing that person would cost just seventeen thousand dollars.

Here at PTAA we’re in early discussions with Partners Ending Homelessness and The Salvation Army to see how our members might be able to participate in the program and as those discussions progress we will let you know how you might be able to participate and help.

September 19, 2014 at 2:51 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

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