Posts filed under ‘PTAA Members in the News’
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.
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.
RealSource, based in Salt Lake City, Utah, has purchased two apartment communities with a combined 448 units for a total of $27.7 million. The Triad Business Journal carried the story earlier this week:
Salt Lake City-based RealSource purchased Friendly Ridge Apartment Homes, a 216-unit complex on St. Croix Place, for $12.5 million and spent $15.2 million on The Park at Oak Ridge, a 232-unit complex on Old Oak Ridge Road…
RealSource plans to invest $3.25 million in upgrades and repairs at The Park at Oak Ridge, and to spend $2.5 million enhancing Friendly Ridge.
The bulk of that cost will be spent on upgrades, with a focus on interior improvements in the one-bedroom and two-bedroom units that make up each community, he said. Anderson said a contractor has not yet been selected for the work.
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.
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.
Ashley Oaks, which was recently purchased by Living Well Homes, is undergoing renovations according to this article in the Triad Business Journal:
Living Well already has work underway on the landscaping, including cutting down overgrowth and trimming trees for enhanced views, but the firm also is planning a major overhaul to other areas of the complex, including its exterior, which is expected to get a new color scheme and logo.
Each of the 252 apartments will be renovated with updated cabinets, bathrooms, flooring and finishes, according to Living Well spokeswoman Andee Shuster. Plans are also in place to update the leasing office and clubhouse with new flooring, furniture, a flatscreen TV, coffee bar and modernized business center.
Living Well also expects to expand the pool deck and repurpose an unused tennis court, as well as update the fitness center, relocate and expand a kids’ zone and add smart card technology to the laundry rooms…
One- and two-bedroom apartments, at 730 square feet and 1,000 square feet, rent for $650 to $750, respectively.
ROSS Management Services of Bethesda, MD has entered the Piedmont Triad apartment market for the first time as it takes over management of Twin City Apartments in Winston-Salem. From the press release announcing the move:
The 285-unit community will mark the first North Carolina-based property management project for ROSS Management Services, which was selected by multifamily operator Cedar Grove Capital to oversee the daily operations of the community. ROSS will aim to strengthen Twin City’s digital presence and online reputation while giving the community an advertising boost. ROSS also will implement community upgrades and improve on-site operational efficiency.
“Our plan is to develop a presence in North Carolina, and we believe Twin City is a fantastic place to start,” said Dave Miskovich, chief operating officer of ROSS Companies. “This community has substantial upside, and we believe the addition of our comprehensive, award-winning marketing program will reach new target demographics to drive occupancy and revenue growth.”…
Twin City consists of townhome and garden style apartments and features lofts, 1-, 2-and 3-bedroom homes with spacious floor plans and ample closet space. The community includes an in-ground pool, recreation room, laundry facilities and an abundance of off-street parking.
With the addition of Twin City Apartments, ROSS Management Services currently operates 30 apartment communities, representing more than 10,000 units, in the mid-Atlantic region.