Posts filed under ‘Members in the News’

Chapel Hill Investment Group Buys Two Triad Properties

Prudent Growth Partners, based in Chapel Hill, has purchased two apartment communities in the Triad in the last month, one in Greensboro and one in Reidsville. From the Triad Business Journal:

Prudent Growth Partners has bought the Cambridge on Elm apartment complex in Greensboro for $1.26 million…

The property, which consists of 24 two-bedroom units and 12 one-bedroom units, is 95 percent occupied…

The acquisition is the second in two weeks in the Triad for Prudent, who purchased the Oakmont Apartments in Reidsville for $2.32 million on June 15.

 

July 6, 2016 at 10:04 pm Leave a comment

HAWS to Request City Funds for Acquisition of Property

Triad City Beat has an article about the Housing Authority of Winston-Salem’s (HAWS) efforts to buy a property near its Cleveland Avenue Homes community:

The Housing Authority of Winston-Salem plans to request financial assistance from the city to pay for the acquisition of a blighted complex known as New Hope Manor Apartments that is wedged between Cleveland Avenue Homes and Fairview Park — potentially a key aspect of an ambitious plan to transform the neighborhood.

The anticipated request comes on the heels of a unanimous vote by city council on June 20 to the join the housing authority as a co-applicant for a federal Choice Neighborhoods grant as part of an ambitious plan to transform the area surrounding the Cleveland Avenue Homes public-housing community.

The city’s participation includes a pledge of $4.5 million to pay for business façade improvements, neighborhood broadband, a revolving loan for businesses, streetscaping and land for new parks and other public spaces in the area.

HAWS representatives have talked to the lender on the property and learned that the lender is willing to dispose of the property at a significant loss. They are concerned that it will attract a low-ball investor who will put minimal effort into revitalizing the community.

Ritchie Brooks, Winston-Salem’s director of community and business development, wrote in a memo that “HAWS believes this could provide an appealing opportunity for an absentee investor to purchase the property, do some minimal rehab, and then continue to operate the property as untenable multifamily housing, perpetuating the blight and inhibiting the development of the surrounding area.” As a result HAWS is asking the city for $1.7 million to help “acquire, demolish, abate, rehab and operate the property in a sustainable manner.”

July 6, 2016 at 6:41 pm Leave a comment

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.

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

Jon Bell Steps Up to CEO Role for Bell Partners

The Triad Business Journal has a nice article on Jon Bell’s ascension to the CEO role for the company his father founded 40 years ago.

After seven years as president of the apartment investment and management company his father founded in 1976, Jon Bell has moved up a rung and will begin serving as CEO on Feb. 1.

In that new role, Bell said he’s going to be more focused on the “big picture” and long-term growth of the company, while new President Lili Dunn will be more involved in the day-to-day operation of Greensboro-based Bell Partners.

“The CEO role is more strategic, more big picture, involved with guiding the organization,” Bell told me Wednesday. “We’ve had a lot of evolution at Bell Partners over the past five or 10 years. But we’re just getting started.”

That evolution has included shifting its focus exclusively to high-end multi-family residential complexes in growing markets, a change Bell Partners announced five years ago this month that included rebranding its communities with the Bell name.

You can read the full story here.

January 25, 2016 at 4:26 pm 1 comment

Signature Ready to Get Going in Burlington and Mebane

Signature Property Group, a longtime presence in the Greensboro apartment market, is ready to expand into other Triad markets:

Work should begin next month on a $32 million, 288-unit complex in Burlington around the same time work starts on a $30.2 million, 264-unit complex in Mebane.

Signature CEO Frank Auman said he’s excited to begin building in both cities, and the locations of each fit into a model he says has proved successful — within walking distance of amenities, and close to interstate access.

“We want to expand our presence outside the market,” Auman said. “My strategy is to first move toward the greater Raleigh area, so we’re kind of marching in that direction.”

As part of his explanation for why he sees potential in this sector of the apartment market, Auman was quoted as follows:

“Our rental demographic keeps expanding, especially in this rental class,” he said. “You’re as likely to get recently graduated college kids on their first job as you are to get retirees who are tired of mowing the grass and want to be more mobile.”

You can read the full story here.

January 22, 2016 at 4:14 pm 1 comment

Foreign Investor Part of Hawthorne at Bridford Purchase

A January 7, 2016 press release provides details about the recent sale of Hawthorne at Bridford:

Lowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired Hawthorne at Bridford, a 264‐unit Class A gated apartment community located at 598 Eagle Road in Greensboro, North Carolina.

“Hawthorne at Bridford is centrally located near the primary Greensboro employment corridor. Greensboro is a strong market that benefits from a diverse and expanding employment base. The property presents an opportunity to acquire a top quality asset in a strong and growing market,” said Bleecker P. Seaman, co-CEO of LEI.

The phased development of Hawthorne at Bridford began in 2012. The first two phases, containing 216 units, are currently 97 percent occupied. The final 48-unit phase was completed in December and is now actively leasing. The property is designed with 11 three-story residential buildings set on a 19.8 acre property…

John Gaghan led the investment team for Lowe Enterprises Investors. Greystar has been retained to manage Hawthorne at Bridford.

January 8, 2016 at 1:42 pm 1 comment

Blue Ridge Companies’ Approach to Health Insurance

Blue Ridge Companies decision to go its own way for employee health insurance coverage was profiled in the December, 2015 issue of Units Magazine. It’s a complex issue, but as Executive Vice President Susan Passmore explains in the article, it’s an increasingly important consideration for all management companies. Here are a few excerpts from the article:

Blue Ridge began its plan in May 2014 and currently 200 employees and 60 dependents are participating.

“You can convert fairly easily,” Passmore says. “In general, if you stick with the plan, over a five-year period, you will begin to see a trend that defines where your medical insurance dollars are being spent.”

Self-insured plans, she says, simply are not subject to all of the same regulations and fees as fully-insured programs. The result for us is approximately 3.5 percent less fees paid to the government.

Although self-funded plans have certain requirements, Passmore says her company is able to tailor a variety of services within each plan, based on her associates’ needs.

“No more are we at the mercy of fully-insured off-the-shelf design offerings,” she says. “By us reviewing and recognizing common claims usage, it allows us the flexibility to tweak the plan to fit the needs of our employees and reduce costs for our company.”

Blue Ridge uses a third-party administrator (TPA). And Passmore says large insurance company Cigna, which formerly administered her company’s plan, is still involved.

Blue Ridge outsources its TPA, who functions as a benefits manager and provides basically the same services as a traditional carrier…

Passmore says that most carriers, including Cigna, partner with the third-party administrators (TPA) to share their discounts.

“This allows health-care providers to file claims through the traditional carrier networks, and it allows us to benefit from the carriers’ negotiated pricing. The claims pass through the carriers’ pricing network and are then captured by the TPA and forwarded to us to pay.”…

“We need healthy associates to be successful so we certainly want them to seek care when they need care,” Passmore says. “Moving to a self-funded insurance plan really fits our company’s culture. One of our company’s tenets is ‘teamwork; appreciating self and others, having a balanced way of life and having fun together.’ Since our shift to this plan, our associates have become engaged in taking both individual and collective responsibility in the overall cost of health care.

“We know there will be accidents or conditions that result in really expensive claims. It’s inevitable. We have stop-loss coverage, which reimburses us for single-claim events that cost more than $50,000. Protection of stop-loss coverage is a must, and adding a separate organ transplant rider strengthens the protection against loss.”

You should definitely check out the full article here.

 

January 6, 2016 at 3:48 pm 1 comment

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