Posts filed under ‘PTAA Members in the News’
Greensboro-based Bell Partners has hired two operations executives:
Recent hire Gwyneth Coté, currently Bell’s senior vice president of property operations, in January will assume the role of chief operating officer. Current COORobert Slater will become chief administrative officer.
Janice Miner has been hired as senior vice president of operations, and she will also manage Bell Fund and Legacy assets. Current Senior Vice President of Operations Kristin Stanton will continue to manage Bell Joint Venture and Fee-Managed assets. Both will report to Coté.
The changes were prompted as Bell Partners moves into the second phase of its strategic plan, which is designed to shift the company’s focus solely on apartments and become “one of the country’s leading apartment companies,” said Jon Bell, president of Bell Partners.
PTAA member Chris Parr recently announced a new 312-unit development in Clemmons that will be part of the Village Point multi-use development off of Lewisville-Clemmons Road:
Chris Parr said Friday that grading will begin Monday on a 22-acre parcel of the Village Point site that borders Interstate 40, Lewisville-Clemmons Road and Clemmons Town Center.
Parr bought the property for $2.1 million in February. He plans to build 312 apartments at a total cost of $22.5 million. His goal is having the apartments available for rent within a year.
It would be the fourth developmental piece of the overall Village Point campus that includes Clemmons Medical Center, Morgan Elementary School and the first phase of Clemmons Town Center anchored by Panera Bread and a Capital Bank branch. There also are greenways and a lake on the campus…
Parr said the Clemmons apartments will range from 800 to 1,300 square feet, with monthly rents ranging from $769 to $1,150.
The Board of Directors of the Piedmont Triad Apartment Association is pleased to present the following members of its inaugural Leadership Lyceum Program class:
- Michelle Chesson, Community Manager – Hodgins Retreat & Marketing Director – Burkley Communities
- Nikol Edwards, VP Marketing & Promotions – Blue Ridge Companies
- Shana Golladay, Community Manager – Hawthorne Residential Partners, Stonesthrow Apartments
- Leigh Hayworth, Corporate Account Manager – Central Wholesalers
- Ben Kramer, Business Development Representative – Disaster One
- Andra Padgett, Market Sales Manager – Apartment Guide
- Linda Wendelken, Owner/President – Corporate Accommodations/Executive Furniture Leasing
The Leadership Lyceum Program is designed to groom future leaders of PTAA. The purpose of the program is to get people involved in, and to impart knowledge of, the PTAA and the multifamily industry. Requirements for Program participants include:
Attendance at three half-day courses including an Introduction to PTAA, a session dedicated to learning about PTAA’s education offerings and a session devoted to learning about PTAA’s government affairs initiatives. Class members are also required to attend AANC’s Legislative Days in Raleigh in 2014 and are encouraged to volunteer 12-15 hours with a community-based nonprofit organization such as Second Harvest Food Bank.
We at PTAA are very excited to kick off this program and look forward to welcoming a second Lyceum class in 2014.
The Triad Business Journal has a nice feature article about the growing number of historic redevelopment projects in the Triad, and the potential impact if North Carolina’s tax credit program sunsets:
Developers in the 12-county Triad have worked on a total of 235 projects using state historic tax credits since the program began in 1998. That represents $32,285,317 in eligible investment, according to a Triad Business Journal analysis of research from the N.C. State Historic Preservation Office.
With 165 projects representing $24,521,723 in eligible investment, Forsyth and Guilford counties combined represented more than half of those Triad projects…
None of those projects would have been possible without the use of state and federal historic tax credits, those developers say. But the state historic tax credits are due to sunset next year.
The state credits are on a cyclical schedule, with renewal required every couple of years. The credits have been renewed for a new cycle every time since their introduction in 1998…
Barry Siegal, co-developer of the Southeastern Building at 102 N. Elm St. in the heart of downtown Greensboro, said there’s no question the project would not happen without state and federal historic tax credits.
The building, which is nine stories tall and spans 100,000 square feet, has qualified for about $4 million in state and federal historic tax credits, said Siegal, who is developing the building with Willard Tucker. Demolition started earlier this spring, and construction is anticipated to take about a year to convert the building into retail, office and apartments.
From the Triad Business Journal:
Utah Holdings Group LLC has purchased the Hunters Glen Apartments in Greensboro for $7.1 million.
The 260-unit Class C apartments are located at 3128 Utah Place, northeast of the intersection of U.S. 29/North O’Henry Boulevard and East Cone Boulevard.
The Greensboro News & Record has a story about BSC Holdings’ new single-family rental home development in north High Point:
In High Point on the edge of Greensboro, these 33 houses will be in a category of one: a gated neighborhood of single-family homes that will never be for sale.
That’s right: never for sale.
Barry Siegal’s BSC Holdings is clearing land now to build rental-only houses for people who want to be in a suburban Triad neighborhood without the hassle and maintenance that comes with owning a home.
So BSC is building the houses in a lush, rolling complex off Piedmont Parkway not far from Wendover Avenue.
On April 25, 2013 PTAA held its annual Diamond Awards event at the Greensboro/High Point Airport Marriott. Below are all of the 2012 Diamond Award winners. Congratulations to them all!
On March 22-23 PTAA partnered with Housing Greensboro for its Labor of Love project. A couple of nice stories about the project ran on local TV news broadcasts. You can find WFMY’s here and WXII’s here.
Ginkgo Residential is planning a $250 million IPO and will use those funds to aggressively pursue acquisitions:
Ginkgo Residential Trust Inc., a real estate investment trust that owns and manages apartments in the southern U.S., disclosed a plan to raise about $250 million in an initial public offering…
The company, led by Chief Executive Officer Philip Payne and Chief Operating Officer D. Scott Wilkerson, will “pursue an aggressive acquisition program” to expand its portfolio of mid- market apartments in the South and has identified about $270 million of potential purchases, according to the filing with the U.S. Securities and Exchange Commission.
“We typically do not face significant competition from other institutional multifamily real estate buyers for acquisitions in our target markets, as these buyers tend to focus on luxury properties in select gateway or coastal markets outside the southern U.S.,” the company said in its filing.