Posts filed under ‘PTAA Members in the News’
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.
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.
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.
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.”
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 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.
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.
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.
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.
The headline says it all – Year in Review: Triad apartment market burned bright in 2013 - and it would be impossible to dispute reporter Catherine Carlock’s assertion that 2013 was a very good year for the Triad apartment market. What you might find most interesting is the list of over 20 articles the TBJ ran in 2013 about the apartment projects being proposed and built in the Triad.
Let’s hope 2014 is even better.
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.