Posts filed under ‘PTAA Members in the News’
At the end of 2015 Ken Szymanski will step back from his role as Executive Director of the Apartment Association of North Carolina (AANC), after serving as the chief executive of both the AANC and the Greater Charlotte Apartment Association (GCAA) concurrently for the last 28 years. He will continue as the Executive Director of GCAA after 2015, but AANC needed to find a new chief executive as of January 1, 2016.
So it was with great excitement last night at the PTAA trade show that Jody Longwill, President of the AANC, announced that Will Brownlee – who is familiar to so many apartment professionals in North Carolina through his legal work on behalf of the industry – will be the organization’s Executive Director starting January 1.
Here’s a video of the announcement last night. Unfortunately due to my fat thumbs I missed the early part of the announcement during which Jody lauded Ken’s incredible work on behalf of AANC for the last 28 years, but please take my word that it was a worthy tribute for a great guy. Here’s the announcement.
Here’s a press release from AANC:
For Immediate Release October 28, 2015
Apartment Association of N.C. names new Executive Director
The Apartment Association of North Carolina (“AANC”) is a trade association of multi-family rental housing developers, owners, managers, and suppliers. It is affiliated with both the National Apartment Association and seven (7) local Apartment Associations throughout North Carolina. AANC is pleased to announce its selection of Will Brownlee as its new Executive Director and General Counsel effective January 1, 2016. “We are extremely pleased that Will will become AANC’s executive leader”, said its Board President Jody Longwill, of Greensboro-based Burkely Communities. “The Board, in making this selection, has expanded the Association’s commitment to its work, as the Executive Director position becomes full-time. For the past 29 years, Ken Szymanski has served the AANC with distinction as its part-time Executive Director. Ken will continue to serve in his role as Executive Director of the Greater Charlotte Apartment Association”.
“Will brings a wealth of experience, energy, and commitment to the AANC’s work. We look forward to Will’s joining and working with AANC and its associates to advocate for legislation that encourages affordable housing, quality construction and professional management.”
Will Brownlee is an attorney licensed in North Carolina and South Carolina and is the founder of Brownlee Law Firm, PLLC and co-founder of Loebsack & Brownlee, PLLC. He has served the apartment industry for the last 18 years, including serving on the AANC Board of Directors and as author of the AANC Lease and Legal Handbook. He holds degrees from The Citadel and the N.C. Central University School of Law.
“AANC and its affiliate members have a rich and accomplished history of advocacy for the N.C. apartment industry, particularly through the tireless efforts of its Board of Directors, its volunteer members, and the consistent leadership of Ken Szymanski over the past 30 years,” said Mr. Brownlee. “I am proud to be part of such an organization and look forward to the opportunity to work with the AANC Board of Directors and the diverse affiliate and volunteer members of AANC in continuing their advocacy for the apartment industry and finding new ways to serve the AANC membership.”
For further information: Ken Szymanski, (704) 334-9511 x- 108
Bell Partners recently sold Lincoln Green for $44.1 million but will continue managing the property. From an article in the Triad Business Journal:
A Texas-based firm has purchased one of Greensboro’s largest apartment complexes for $44.1 million.
Lincoln Green, a 616-unit complex located at 2205 New Garden Road, was purchased Thursday by Elite Street Capital, a real estate investment firm located in Houston and Tel Aviv, Israel…
“This disposition is another example of how Bell is rotating out of older assets in smaller markets and targeting newer assets in larger markets,” said Bell Partners spokeswoman Laurenn Wolpoff.
Last month, Bell purchased a 164-unit complex in Marlborough, a suburb of Boston, for an undisclosed price, bringing the total number of units it owns and manages in the Greater Boston suburbs to 844.
The Edge Flats, a luxury apartment development in Winston-Salem targeted towards medical students at the Wake Forest Baptist Medical Center, was sold for over $207,000 per unit. To put that number in perspective, CityView Apartments in Greensboro sold earlier this year for a little over $94,000 per unit.
Construction began in fall 2013 for 171 luxury flats among two buildings off West First Street. The $20 million development by Pennsylvania-based Vision Development Inc. is known as The Edge and was aimed at medical students.
S2S Meadow Edge LLC/The Edge Associates LLC and S2S Arbors Edge LLC purchased the two-building community and the 6.3 acres it sits on for $35.4 million. Those entities are affiliated with Shore to Shore Properties, a real estate investment firm based in Sausalito, Calif., that specializes in multifamily housing investment.
The seller, West Highland Acquisitions LP, is an entity managed by Vision Development owner Rick Shaffer.
Earlier this year PTAA was approached by Partners Ending Homelessness (PEH) to see if we could help them in their efforts to end veterans homelessness in 2015 and all chronic homelessness by the end of 2016. Our role is to make our members aware of the program and to help explain to them how they can get involved. Three of our member companies (that we know of) are already working with PEH – Blue Ridge Property Management, Phillips Management Group and Alliance Management – but we’re hoping to get many more.
The members who have heard about the program have all asked some basic questions about the program, and without getting into all of the nitty-gritty what we can tell you is that:
- PEH is not looking for handouts. They are looking for property owners/managers who will work with them by being flexible with regards to credit histories and some aspects of criminal background checks.
- The program will pay up to fair market rent. The organization is sponsoring the client resident so there is not a risk of default by the individual resident.
- Caseworkers actively manage each resident. That means your onsite manager will NOT have to actively manage the resident’s situation and WILL have a resource in case any situation does arise.
If you have vacant units that you think could be a fit for the program please let us know. The easiest thing to do for now is to email PTAA Executive Director Jon Lowder and he will put you in contact with PEH. We would welcome any help you can provide in housing any of the 32 homeless veterans in Greensboro before the end of 2015, and in ending all chronic homelessness in 2016.
FYI, here’s a link to a story that News Channel 14 (Time Warner news) ran yesterday about the program and below is a video of the interview.
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.
The Carroll Cos. has once again expanded its local apartment portfolio with the purchase of Signature Property Group’s NorthPoint Apartments in north High Point:
Developer Roy Carroll announced today that his company has purchased NorthPoint Apartments, located at 4375 Regency Drive in north High Point, for nearly $26.5 million, or $91,965 per unit.
The 288-unit upscale community was completed this summer and sits on 16.74 acres near I-40 and the Piedmont Triad International Airport along N.C. 68. Guilford County tax records indicate that it has a total assessed value of nearly $16.9 million.
The Hedges Apartments, a 92-unit community in Greensboro, has been sold for $2.6 million. From an article in the Triad Business Journal:
The Hedges Apartments complex in Greensboro was bought by The Hedges at Greensboro LLC, an entity managed by Dawn Properties Inc., which focuses on the acquisition and development of multifamily properties.
The 92-unit complex previously was owned by The Hedges Apartments LLC, an entity managed by Greensboro-based Brantley Properties, which purchased the property in January 1997 for $5.2 million.
Built in 1983, the apartment community sits on 16.75 acres at 4901 Lawndale Drive, near Cotswald and Battleground avenues. It has a total assessed value of $2,604,300, according to Guilford County tax records.