Archive for May, 2016

Southeastern Building Wins Historical Rehabilitation Award

BSC Holdings’ extensive work to bring the Southeastern Building in Greensboro back to life has been recognized with a state-wide award:

The historic Southeastern Building in downtown Greensboro described as the city’s first skyscraper has won the Great Historic Rehabilitation Award from the N.C. Chapter of the American Planning Association.

The property, which was nominated for the award by the city’s planning department, earned more public votes for the title than the six other entries from across the state. The online contest ran May 2-13.

If you’d like to see a slideshow of the project you can find it at the Southeastern Building’s website.

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May 31, 2016 at 2:25 pm Leave a comment

Last Year’s Largest Triad Apartment Construction Projects

Commercial Property Executive produced a nice little listicle of the largest apartment construction projects delivered last year. Who’s number 1?

Images from Stafford Place’s Website

Stafford Place, 360 units
Parr Investments targeted Winston-Salem for its 360-unit development with spacious floor plans and high-end finishes. The complex features extras such as a 21-seat movie theater, a coffee bar where residents can socialize and relax, a business center and a swimming pool. Nowadays, tenants want more than living space. A sense of community helps them to feel connected, and we increasingly see amenities that encourage socializing between tenants.

You can find the rest of the list here.

May 31, 2016 at 2:09 pm 1 comment

Buying High

The recent sale of a 28-unit property in Archdale caught everyone’s attention because of the per-door price it fetched. From the Triad Business Journal:

Terrace Trace, a 28-unit apartment property in Archdale, has sold for $1.5 million.

The price amounted to about $53,500 per unit, according to a Monday news release from commercial real estate investment services firm Marcus & Millichap(NYSE: MMI).

The property has three buildings consisting entirely of two-bedroom, two-bathroom units.

“The price per door sets a new precedent for this asset class in the smaller submarkets of the Triad region,” said Patrick Foster, the Marcus & Millichap investment specialist who exclusively listed and marketed the property.

May 31, 2016 at 1:50 pm 1 comment

Double Your Money to Fight Hunger!

FoodDriveLogo
As you may know, PTAA’s Summer Food Drive kicked off on May 1st and we’ve been delivering food collecton boxes to apartment communities throughout the Triad so that they can participate. Details on how you can participate are below, but before we get to that we need to point out an important piece of information: Any money you raise for Second Harvest between now and June 30 will be matched by a donor. So every dollar you give magically turns into $2!

Of course we want you to participate in any way you can, and Second Harvest definitely needs food and cash donations, but if you are going to make a financial donation then you might try to make it in June so that the money is doubled and has a maximum effect!

You can make a financial donation here

Our full Summer Food Drive webpage is here.


New This Year – Community Level Competition!
We’ve always had a competition between management companies to see which can raise the most food/money, but this year we’ve added two new levels of competition:

The community with over 200 units that donates the most will win Breakfast on the Go for its residents.

The community with under 200 units that donates the most will win Breakfast on the Go for its residents.

Want to sign up your community to participate? Use this form.


fillthestands

Come on out to the ballgames!
Once again we are partnering with the Winston-Salem Dash, the Greensboro Grasshoppers and WXII12 to promote the food drive to the general public. We will be collecting food at the Dash game on July 15 and the Grasshoppers game on July 22. Keep an eye out for the ads when they run on WXII12 in July, and if you’d like to bring your families out for a great time you can purchase tickets from PTAA to attend.
Buy Winston-Salem Dash tickets here.
Buy Greensboro Grasshoppers tickets here.

May 17, 2016 at 4:09 pm 1 comment

What If All Leases In a City Expired the Same Day?

Ever wonder what it would be like if all the leases in town expired on the same day? Well, for over a century that’s what happened every year in New York City:

It’s hard to believe, but for more than a century, all New York City leases expired and started on the same day of the year, May 1. This meant thousands of families loading up the entirety of their belongings onto carts and maneuvering them through the cramped city streets to new apartments.

The origins of this unfortunate practice are hazy — some say it began with English celebrations of May Day. But by 1820, the New York State legislature signed a law stating that unless you worked something out with your landlord or renewed your lease, all leases were up on the first of May.

Landlords would inform their tenants of any rent increases for the coming year on February 1, giving tenants three months to find a new place or decide to stay. With the new rent due on May 1, most families elected to remain in their old abodes until the very last moment, moving en masse using horses and carts.

And you thought doing turns in August on student properties was wild.

May 13, 2016 at 2:40 pm 1 comment

NAA Whitepaper on Criminal Conviction Screening Policies

The National Apartment Association has just released a white paper titled Criminal Conviction Screening Policies: Best Practices to Avoid Disparate Impact Liability and it is a valuable resource for management companies evaluating their screening processes in the wake of HUD’s guidance last month. The white paper is divided into two parts: Part I deals with how to design criminal conviction policies so they are not susceptible to disparate impact claims of discrimination, and Part II explains how the concept of disparate impact liability emerged under the FHA and why HUD’s guidance has made screening policies a subject of increased interest for housing providers and advocacy groups.

This is truly a good resource, but as they write in the conclusion, the thinking on this issue is sure to evolve over time:

The analysis is admittedly an early assessment of the intersection between criminal screening policies and the HUD disparate impact rule approach. The way both HUD and the courts treat these types of disparate impact claims may (and, indeed, is likely to) evolve over the coming years as courts provide precedent for interpretation of the HUD Guidance and as HUD or Congress enacts further clarifying guidance, regulations, rules or statutes.

In the meantime, here’s a handy table of Do’s and Don’ts they provided in their introduction:

DosDontsGraphic

Here’s a link to the full PDF version of the paper.

May 4, 2016 at 8:27 pm 1 comment

Winston-Salem Council Denies Rezoning Request for Affordable Development

At its May 2 meeting the Winston-Salem City Council voted 5-2 to deny a rezoning request for a 54-unit apartment development in the city’s northwest ward. From the Winston-Salem Journal:

Siding with neighbors who came out in opposition, the Winston-Salem City Council on Monday rejected a developer’s plan to put a low-income, two-story 54-unit apartment building at the entrance to the Town and Country neighborhood at the corner of Briarcliffe and Reynolda roads…

Developer Bill Scantland described the apartment building as one that would serve people who are 55 years old or older, who make between 30 and 60 percent of the area median income of $58,500. Scantland said the building would look just like one built for market-rate tenants.

Opponents said the apartment building would be too tall for the neighborhood, especially since the corner lot drops off about 20 feet in elevation from Reynolda Road to Briarcliffe…

When the proposed rezoning went to the City-County Planning Board on April 14, it had no opposition and sailed through on a unanimous vote — although it was noted that emails were coming in from people who said that they didn’t know about the case and hadn’t had enough time to think about it.

One problem, it turns out, is that the neighborhood meeting to discuss the plan with Town and Country residents was held on April 13, only one day before the planning vote…

The developer’s financing imposed a time frame that didn’t allow for postponing the decision, MacIntosh said.

May 3, 2016 at 1:24 pm 1 comment

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