Archive for August, 2015

Economic Factors Boosting Triad Apartment Market

A couple of stories in the local press explore the burgeoning local apartment market. Here’s an excerpt from one of those stories in the Winston-Salem Journal:

During the past five years, thousands of new apartments have opened in the Piedmont Triad, and the number of people moving into them is growing.

Changes in the way people live and improvements in the economy are driving a steady, slow growth, local apartment experts say, but soft spots could stall that progress in the next couple of years.

One thing has worked in favor of the industry so far: slow home sales.

Although the real estate market is slowly picking up, banks are still tight with credit and families are reluctant to commit to mortgages until they feel confident that jobs are here to stay.

Apartment developers are taking more chances this year and will continue if they see good signs, said Carrie Langley, the Piedmont Triad Apartment Association’s director of education and membership…

At the moment, things are looking good for the local apartment business.

Ultimately, job growth could be the single most important unknown that could help — or hurt — even more.

The Piedmont Triad Apartment Association’s Langley tempers her optimism with a little superstition.

“There’s been economic and employment growth and it seems to be continuing,” she said. “I’m going to knock on wood.”

The Greensboro News & Record had a similar article focused on the Greensboro market.

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August 20, 2015 at 7:50 pm Leave a comment

Miami Using EB-5 Visa Program to Finance Affordable Housing Development

The city of Miam, FL is taking a creative approach to addressing its shortage of affordable housing. They are tapping the EB-5 visa program to attract foreign development dollars:

The city will arrange for selected developments to be partially funded by a federal visa program known as EB-5, which grants green cards to foreigners who invest at least $500,000 in businesses or construction projects that create American jobs. The overwhelming majority of EB-5 investors are individuals from China eager to obtain U.S. residency…

Businesses seeking EB-5 funds typically contact middlemen—often lawyers—who run what are known as regional centers, which work with brokers in China and other countries to recruit investors, pool their investing dollars and funnel the money, often in the form of low-cost financing, to the businesses. The regional centers are paid a fee based on the amount of money they raise.

In the past year, Miami and a few other governments decided to create their own EB-5 regional centers, which allows them to select projects to help finance what would benefit the local community, charge a lower fee to the businesses and, in some cases, use the fees to supplement services such as police and firefighters…

Miami officials said they decided to start a regional center mainly to tackle its lack of affordable housing. According to an analysis prepared for The Wall Street Journal by the University of Florida’s Shimberg Center for Housing Studies, Miami-Dade County lost nearly 21,000 affordable apartments—or those that low- or medium-income people can rent without spending more than 40% of their income each month—from 2000 to 2012. In most cases, the buildings were torn down or converted to attract residents with higher incomes.

The city’s first development is actually an 83-story luxury tower, but they stated that it helped finance the creation of the regional center and that they expect many future projects to target affordable housing. In fact after getting wind of the program a veterans group and some members of the business community came out with a plan to build mixed use facility for veterans near the University of Miami hospital.

August 7, 2015 at 2:42 pm Leave a comment

How to Survive Turn Season (Hint: A Happy Parent Is a Happy Life)

It’s turn season in student housing and NAA’s just in time with a nice “how-to” for surviving it. Here’s a taste:

1. Turn Season.

You can’t have a student housing move-in without the hectic season of turn first! Prepare, prepare, prepare and do your best to make it fun so your team can thrive during these crucial weeks before residents move in.

Isn’t this getting little-to-no sleep thing fun?!

2. Move-In Logistics.

Since move-in day is often one big day for student housing, everything must be just right to keep the check-in process smooth and organized. Create a game plan and lay out your logistics well in advance to ensure the day goes smoothly for everyone involved.

Because a happy parent is a happy life.

Take from a parent of three(!) college kids, that last sentence is spot on.

– See more at: http://www.naahq.org/read/aptly-spoken-blog/down-and-dirty-turn-season#sthash.KZy9CvUJ.dpuf

August 3, 2015 at 5:28 pm Leave a comment

Proposed Apartment Development Targeted at Wake Forest Students

Developer Mike Kelley is proposing to build an 88-unit student housing community he’s calling Deacon Place on 11 acres within walking distance of the Wake Forest University campus:

Plans filed with the City-County Planning Board indicate the development would include 88 total units, with 76 four-bedroom units and 12 two-bedroom units, along with a 6,000-square-foot clubhouse and 1,800-square-foot pool.

“The intent is to provide students with a housing choice that offers ample green space and amenities such as a clubhouse and pool for recreational use while offering a campus-like feeling to the property,” according to the purpose statement included with the plans.

Other potential amenities include sand volleyball courts, an outdoor putting green, cafe seating at the pool, outdoor grilling areas with fire pits and a “hammock hangout area and a study great room,” the plans indicate.

The plans will require the rezoning of three parcels and the case is scheduled to be heard at the August 13, 2015 meeting of the planning board.

August 3, 2015 at 1:04 pm Leave a comment


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