Archive for June, 2013

New Management, New Name and Upgrades for Cascades Grandview

From the Greensboro News & Record:

The former Cascades Grandview at 830 W. Market St. is receiving more than $1 million in repairs and upgrades. Leasing — to college students only — is under way for the upcoming academic year.

The 10-story building, which opened as a hotel in the 1960s, also has a new name:District at West Market

The high-rise is leasing 228 furnished one-bedroom units for $494 a month with basic utilities included.

The building is 26 percent leased for the fall semester. McElvee said the company wants 95 percent occupancy by mid-August.

“We have a lot of work to do,” she said.

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June 14, 2013 at 6:48 pm Leave a comment

Competing Interests for Housing Near Rail Lines

From a Wall Street Journal article that looks at the competing interests for housing near rail lines:

The trains have lived up to expectations. Property values have risen, stores have opened, and ridership in the area has nearly tripled since the year after the service began. But there also are signs that rising housing costs near rail stops are starting to push out lower-income residents.

Now, Seattle and other cities are trying to find ways to foster affordable housing near train stations. In the past couple of years, several have organized multimillion-dollar funds to provide low-interest loans to developers seeking to buy or build affordable housing near the stops. These cities, having spent billions to build light-rail systems, are loath to see those systems price out the residents who are most likely to use public transportation.

In cities with established rail systems, such as Washington, D.C., and San Francisco, developers mostly have used these new loans to buy apartment complexes near the stops. In other cities with newer, expanding rail systems, such as Seattle and Denver, loans are used more often by developers to buy land on which to build affordable housing. The loan programs typically define affordable housing as rents that can be paid by residents earning anywhere from 30% to 80% of the area’s median income.

If and when rail systems come to the Triad this is something to consider and for our neighbors in Charlotte it’s already becoming a reality.

June 11, 2013 at 7:46 pm Leave a comment

Discussing Proposed Apartments for Plant 64

WFDD has an interview with Triad Business Journal’s Catherine Carlock about the apartments proposed for the old Plant 64 buildings in Winston-Salem.

Here’s a link to the article in the Triad Business Journal about the project.

June 7, 2013 at 8:55 pm Leave a comment

Hunters Glen Sold for $7.1 Million

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.

June 5, 2013 at 9:18 pm Leave a comment

Does High Home Ownership Lead to Higher Unemployment?

An interesting hypothesis about high rates of home ownership:

We explore the hypothesis that high home-ownership damages the labor market. Our results are relevant to, and may be worrying for, a range of policy-makers and researchers.  We find that rises in the home-ownership rate in a U.S. state are a precursor to eventual sharp rises in unemployment in that state.  The elasticity exceeds unity: a doubling of the rate of home-ownership in a U.S. state is followed in the long-run by more than a doubling of the later unemployment rate.  What mechanism might explain this? We show that rises in home-ownership lead to three problems: (i) lower levels of labor mobility, (ii) greater commuting times, and (iii) fewer new businesses. Our argument is not that owners themselves are disproportionately unemployed. The evidence suggests, instead, that the housing market can produce negative ‘externalities’ upon the labor market. The time lags are long. That gradualness may explain why these important patterns are so little-known.

June 4, 2013 at 6:49 pm Leave a comment

Mid-America and Colonial Merge

From the Wall Street Journal:

Mid-America Apartment Communities Inc. (MAA) and Colonial Properties Trust (CLP) have agreed to merge, creating a Sunbelt-focused real estate investment trust with a total market capitalization of $8.6 billion.

The adjusted market capitalization is about $5.1 billion…

The transaction is expected to close during the third quarter.

The pair noted that their combination brings together two complementary multifamily portfolios with a combined asset base consisting of about 85,000 multifamily units in 285 properties. “The combined company will maintain strategic diversity across large and secondary markets within the high growth Sunbelt region of the U.S.,” said the pair in a statement.

The combined company’s ten largest markets will be Dallas/Ft. Worth, Atlanta, Austin, Raleigh, Charlotte, Nashville, Jacksonville, Tampa, Orlando and Houston.

June 4, 2013 at 1:28 pm Leave a comment

Granite Ridge Villas – 33 SFH Rentals in High Point

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.

June 3, 2013 at 2:33 pm Leave a comment


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