The Case for Amenities in Workforce Housing

Today’s Wall Street Journal (4/15/15) has an interesting article about “luxury workforce housing” being built in Mount Vernon, NY:

…when completed early next year, 203 Gramatan Avenue, in Mount Vernon, N.Y., will include a host of amenities often found in luxury buildings, even though it will house families and individuals who qualify for affordable housing, which in this case is defined as households with incomes no more than 60% of the area’s median income.

Apartments in the $60 million, 159-unit development will have large floor plans, wraparound picture windows, oak floors, stone kitchen countertops and washers and dryers—features often missing from affordable housing. Shared amenities will include a gym, cinema room, children’s playroom and rooftop terrace…

There is a business reason for adding luxury amenities to workforce housing, Mr. Fine said. He said his firm owns an affordable apartment building in upper Westchester that has never had a vacancy in the 2 ½ years that it has been open because demand runs so high.

Still, the city had to provide incentives to Atlantic and Kenwood to consider the “luxury affordable” model. The inducements included a $3 million subsidized loan to pay for upgraded streetscapes and public improvements. The development also was awarded funds from state and federal low-income tax credits.

April 15, 2015 at 4:30 pm Leave a comment

Brentwood Crossing in High Point Sold for $5.5 Million

The Triad Business Journal is reporting that the Brentwood Crossing apartment community in High Point has been sold to a New York-based company for $5.5 million:

A New York-based real estate development company has purchased a High Point apartment complex for $5.5 million.

Brentwood Residences LP, an entity controlled by Omni New York LLC, bought the 138-unit complex at 306 Brentwood St. from Brentwood Crossing LLC last week.

The property, which has 130,256 square feet of living space in 18 buildings, sits on 10.781 acres and is valued at $2.4 million, according to tax records.

April 15, 2015 at 12:11 pm Leave a comment

Revolution Mill Primed for Apartment Development

Self-Help Ventures is just about ready to start building out apartments in its Revolution Mill mixed-used project:

Self-Help Ventures Fund has purchased a final piece of the Revolution Mill property in eastern Greensboro that expands the mixed-used campus the Durham-based nonprofit is developing.

In a multipart real estate deal that got underway late last year, Self-Help this month completed its purchase of the Revolution Mill House at 2004 Yanceyville St., a nearly 100-year-old portion of the former Cone Mills plant that’s operated as a storage unit business…

With this latest acquisition, Self-Help has created a campus that spans more than 45 contiguous acres. Self-Help purchased Revolution Mill at auction in 2012 for $8 million, and then in July 2014 bought the neighboring Olympic Mill for $2.4 million.

Overton said planning for the Olympic Mill property, which is on 17 acres on Yanceyville Street directly south of Revolution Mill, is still underway. Work is continuing on Revolution Mill, with shell work on the back portions of the main mill buildings now complete and the space ready to be built out into apartments.

“We’ve been doing some of what I would call early construction phases for that building and the old Nussbaum building — sand-blasting paint, putting in new flooring,” Overton said. “We’re starting the process of getting this ready for our next phase. We’ll be announcing that next phase soon.”

April 13, 2015 at 2:44 pm Leave a comment

Lofts at Little Creek Primed for Phase 2

BSC Holdings is getting ready to develop Phase 2 of its Lofts at Little Creek community off of Hanes Mall Blvd in Winston-Salem:

Image from Winston-Salem Journal April 9, 2015 Issue

The name of BSC Holding’s new $10 million project, which is expected to be ready for renters in spring 2016, is The Lofts Hillside at Little Creek. The initial 148,000-square-foot building will have 88 apartments, offering primarily two-bedroom units with two baths and office space. It will have several units with one bedroom and 1 ½ baths.

“It will be the same architecture and same finishes as the Lofts at Little Creek,” said Amanda Williams, the vice president for BSC Holdings, which is based in Greensboro.

The two-bedroom units will range from 1,200 to 1,400 square feet. The one-bedroom units will be 925 square feet.

Amenities will include nature trails and a large dog park, and an additional pool and fitness center. Monthly rent will run from $950 to $1,450.

April 9, 2015 at 2:50 pm Leave a comment

Marketing Agency Set to Rent Plant 64 Space in Winston-Salem

Plant 64, one of downtown Winston-Salem’s newest apartment developments, will have a new commercial tenant in a space that was originally set aside for retail. From the Triad Business Journal story:

During this period of growth, The Variable has seen its staff swell from 14 to 32, with five positions in areas such as creative, account management, data science and strategic planning. Within the next three to five years, Mullen expects the agency to reach 55 to 60 employees.

That’s what’s prompting the move, with the agency outgrowing its 5,000-square-foot space on Reynolda Road in West End and planning to move into 10,000 square feet within Plant 64 in August at the start of a 10-year lease.

Former R.J. Reynolds Tobacco Co. warehouses, Plant 64 has been redeveloped by Philadelphia-based Pennrose Properties largely as a residential complex. But The Variable will take a space at East Fourth Street and Research Parkway that had initially been set aside for retail use…

As a tenant of Plant 64, The Variable will also have access to the neighboring outdoor social space and pool that also serves residents of the complex, as well as other interior social space and the fitness center.

For four Variable staffers, the commute will involve walking from their Plant 64 loft across a small parking lot to the office.

April 8, 2015 at 2:35 pm Leave a comment

Applications for Larry Cranford Memorial Scholarship Now Being Accepted

The Apartment Association of North Carolina is now accepting applications for the Larry Cranford Scholarship, which can be used to pay for any one of NAA’s designations. Those include National Apartment Leasing Professional (NALP), Certified Apartment Manager (CAM), Certified Apartment Portfolio Supervisor (CAPS), Certificate for Apartment Maintenance Technicians (CAMT) and Certified Apartment Supplier (CAS).

Deadline for submissions is May 8, 2015 and you can apply by filling out and returning the application which you can find at this link: 2015 Larry Cranford Memorial Scholarship.

Here’s a little background about the scholarship:

The mission of the Scholarship is to foster the professional apartment industry education and career development potential of selected up-and-coming multi-family rental housing industry leaders in North Carolina.

It is named after long-time North Carolina apartment leader Larry Cranford. Larry was loved by many for his folksy ways, his absolute commitment to industry education, and his people skills. Larry taught apartment management and maintenance throughout North Carolina for some 25 years. Larry was the AANC President from 1996-1998.

April 7, 2015 at 7:46 pm Leave a comment

Apartments Part of Chatham Mill Mixed Use Redevelopment

After three years of planning the Chatham Mill redevelopment in Winston-Salem has started and apartments are part of the mix:

Chatham Mill Ventures acquired the site in 2012 and is now working to construct a mixed-use development there. The project will bring an apartment complex, offices, and commercial space.

“It kind of sits in this interesting area that can reach out and have a ton of impact, reaching out into established neighborhoods, but also reaching out to areas that maybe need a little bit more of a push,” said Kenneth Reiter, the project’s co-developer.

Construction will happen over two phases. The first, which has already started, is building a166-unit apartment complex, set to be completed by year’s end. The second phase is slated to be completed sometime during 2016…

Reiter said preserving the site’s historic value was a key reason he took the project on. He also hopes to have a positive economic impact on the surrounding community. For example, half of the units in the apartment complex will charge rents below market rate so that they can be more affordable.

“Our hope is that it really becomes a neighborhood anchor,” said Reiter.

April 2, 2015 at 4:34 pm Leave a comment

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