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365 Connect Continues to Prove Online Marketing is Changing with Receipt of Prestigious IAC Award

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NEW ORLEANS, LA – 365 Connect, the award-winning online technology platform provider for the multifamily housing industry, announced today that the company has received an Internet Advertising Competition Award (IAC Award) from the Web Marketing Association for its Marketing Syndication Platform. This prestigious international award further strengthens 365 Connect’s role as the leader in creating leading-edge, web-based technology platforms for the multifamily housing industry.

The Internet Advertising Competition is an annual awards program that honors organizations responsible for driving excellence in online advertising across a range of formats. First conducted in 1999, it is the first and only competition dedicated exclusively to online advertising. Winners of the IAC Awards were selected based on criteria such as creativity, innovation, impact, use of the medium and memorability. Awards are given only to organizations that set themselves apart in the highly competitive online advertising environment. Judges consist of industry leaders from an array of international firms, such as Deutsch, Morpheus Media and Warner Brothers, to name a few.

The Internet Advertising Competition Award recognizes 365 Connect for its revolutionary Marketing Syndication Platform. The 365 Connect Marketing Syndication Platform delivers automated real-time updates to high traffic housing search engines and classified websites. A fully integrated solution that eliminates redundant marketing efforts and seamlessly updates pricing and availability from a single platform. The platform is proven to reduce operating expenses for multifamily housing operators.

“Once again, the creativity and excellence in online advertising continues to rise,” said William Rice, president of the Web Marketing Association. “The Web Marketing Association is pleased to help set the standard for Internet excellence with the IAC Awards by highlighting the best in online advertising by medium and industry. We are proud to honor 365 Connect with an IAC Award; they are on the forefront of online marketing in the industry they serve.”

365 Connect Founder and CEO Kerry W. Kirby stated, “365 Connect is proud to have its marketing syndication platform recognized on an international level, and we are truly honored to receive this highly acclaimed award. The 365 Connect Marketing Syndication Platform is designed to place our clients’ communities in as many places across the Internet as possible. We remain on the forefront of migrating the apartment industry away from obsolete marketing strategies and towards more economical and effective marketing technology. This award demonstrates the capability of our exceptionally talented team to deliver innovative and creative solutions to meet the rapidly changing needs of the multifamily housing industry.”

To date, 365 Connect has received a total of 28 technology awards, including the Louisiana Governor’s Technology Award and an assortment of national and international awards. The 365 Connect Technology Platform is well recognized by its peers for its unique ability to market communities across the Internet on high traffic sites, automate social media postings and deliver desktop and mobile platforms for prospects to transact business. Today, 365 Connect’s innovative technology platforms are utilized across the nation by some of the most respected national, regional and local multifamily housing operators in the country.

The Web Marketing Association (WMA) was founded in Boston in 1997 to help set a high standard for Internet marketing and corporate web development on the World Wide Web. Staffed by volunteers, this organization is made up of Internet marketing, advertising, PR and design professionals who share an interest for improving the quality of advertising, marketing and promotion used to attract visitors to corporate Web sites.

Founded in 2003, award-winning 365 Connect is the industry leader in designing and delivering an array of online platforms that work in unison with each other to market, lease and retain residents in multifamily communities. The 365 Connect Platform interfaces with social media, management software, marketing platforms and a host of other third-party applications. It prides itself in being one of the most integration-friendly platforms in the industry and has proven to be so effective, that it has also gained acceptance with government programs in affordable housing. 365 Connect designs technology to enhance not only the user experience for property managers, but also prospects and residents that utilize its platforms to locate, lease and live in multifamily communities nationwide.

Militello Capital Buys 321-Unit Villages of Chapel Hill Apartments in North Carolina for $29 Million

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CARRBORO, NC – Militello Capital, a greater Washington, DC private equity investment firm, announces the acquisition of the Villages of Chapel Hill, a 321-unit multifamily apartment community in Carrboro, North Carolina for $29 million. The acquisition is Militello’s largest real estate investment to date, and adds to its portfolio of 7 multi-family real estate properties in the Southeast region.

“As our largest acquisition to date, The Villages of Chapel Hill is an exciting development for Militello Capital,” says Matt Brady, Co-Founder and Chief Operating Officer of Militello Capital. “The property satisfies our key requirements with built-in demand drivers while situated in a supply constrained market. It is a perfect addition to our real estate portfolio of income-producing properties.”

The property consists of one, two, and three-bedroom units in the sought-after Chapel Hill area. The property is located approximately two miles from the University of North Carolina’s Chapel Hill campus, which is home to over 41,000 students, faculty and staff. Additionally, the property is a mere 15 miles from Research Triangle Park, which is home to more than 190 global companies employing more than 50,000 workers. The property is also surrounded by retail shopping, historic neighborhoods and offers access to quality public schools.

Florida Housing Market Continues Upward Trend with More Closed Sales and Higher Prices

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ORLANDO, FL – Florida’s housing market reported more closed sales, higher median prices, increased pending sales and more new listings in April, according to the latest housing data released by Florida Realtors. Closed sales of existing single-family homes statewide totaled 25,206 last month, up 17.9 percent over April 2014.

“Florida’s home buyers and sellers are encouraged by solid job growth, still record-low interest rates and the easing of overly restrictive lending requirements,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “On the buyers’ side, new pending sales for existing single-family homes in April rose 8.6 percent year-over-year, while pending sales for townhouse-condo units increased slightly (0.6 percent). On the sellers’ side, new listings for single-family homes rose 4.3 percent year-over-year and new townhouse-condo listings rose 2.9 percent.”

In April, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 41st month in a row, he noted.

The statewide median sales price for single-family existing homes last month was $195,000, up 11.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $155,000, up 10.3 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in March 2015 was $213,500, up 8.7 percent from the previous year; the national median existing condo price was $201,400. In California, the statewide median sales price for single-family existing homes in March was $468,550; in Massachusetts, it was $320,000; in Maryland, it was $246,361; and in New York, it was $225,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 11,643 last month, up 8.1 percent compared to April 2014. The closed sales data reflected fewer short sales in April: Short sales for townhouse-condo properties declined 52.8 percent while short sales for single-family homes dropped 32.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

“The housing market continues to surge with all Florida’s metros showing some improvement,” said Florida Realtors Chief Economist Dr. John Tuccillo. “But the data details show some areas of concerns obscured in the aggregate number. First, inventory is critically short in the under $200,000 price range. This is an issue but it also causes the overall number to overstate inventory drops in higher price ranges where supply is more comfortable.

“Second, and similarly, time on the market (for inventory) is growing in the $300,000-$1 million range, though overall days on the market have dropped.”

Inventory was at a 4.9-months’ supply in April for single-family homes and at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.67 percent in April 2015, down from the 4.34 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

House Subcommmittee Considers Consolidating the Rural Housing Service

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(RECAP: Earlier this week, the House Financial Services Subcommittee on Housing and Insurance held a hearing examining the Rural Housing Service (RHS) and the role it plays in the single-family mortgage market. During the hearing, Subcommittee members debated the findings of a 2012 Government Accountability Office (GAO) report that suggested that RHS’s single-family lending programs be consolidated with similar programs administered by the FHA. Witnesses at the hearing were Tony Hernandez, the Administrator of RHS, and Mathew Scire, the Director for Financial Markets and Community Investment at GAO.)

Trumark Urban Breaks Ground Twice in One Day on New San Francisco Condominium Projects

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SAN FRANCISCO, CA – Trumark Urban celebrates the groundbreaking of two new residential developments in San Francisco – Rowan, located the city’s burgeoning Inner Mission, and Knox, in the ever-growing Dogpatch neighborhood. Breaking ground on the two mixed-use developments marks a significant moment in Trumark Urban’s growth trajectory. With projects in development in San Francisco, Los Angeles, and New York, the firm’s portfolio represents over one million square feet of real estate valued at over $1 billion.

Trumark Urban celebrates the commencement of construction on the two San Francisco residential projects with a one-of-a-kind double-groundbreaking tour that brings together city and neighborhood officials, local residents, and key stakeholders.

Beginning at Rowan, a 70-unit mixed-use condominium development in the city’s Inner Mission neighborhood, the tour will unveil the building plans and new project renderings. Rowan will offer one-, two-, and three-bedroom units, vibrant communal spaces, and an impressive 3,200 square foot roof terrace with gas barbeques, vertical gardens, and stunning views of the San Francisco skyline. The tour will continue at Knox, a 91-unit mixed-use project in the vibrant and eccentric Dogpatch neighborhood.  Knox will feature a variety of unit sizes, including several family-friendly three-bedroom units – a rare feature for the neighborhood.  Intimate communal spaces and locally-sourced artwork, including a water feature created from a reclaimed bridge, will decorate the development’s interior.

Together, the developments at Rowan and Knox represent an investment of over $100 million. PCCP, LLC is the construction lender on both projects, with Hillwood as the equity partner. Both projects are scheduled for completion by late 2016.

Bluerock Residential Growth REIT Acquires 204-Unit Whetstone Apartments in Durham, NC

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DURHAM, NC – Bluerock Residential Growth REIT announced that it has acquired, through a joint venture, a 204-unit Class AA new construction apartment community known as Whetstone Apartments in Durham, North Carolina. The property is located within walking distance of Durham’s top restaurants and is in close proximity to Research Triangle Park and the area’s many universities.

BRG made a convertible preferred equity investment of $12.2 million to acquire an indirect interest in the joint venture, which acquired Whetstone for a purchase price of $35.6 million. Under BRG’s current Invest-to-Own structure, the Company will be entitled to a current-pay preferred return on investment of 15% per year, and once the project is stabilized, will have the right to convert its preferred equity investment into a majority equity position in the property. BRG sourced this transaction through an existing operating partner who was able to negotiate a favorable purchase price in a direct off-market negotiation with the seller.

According to the Company’s underwriting, the per-unit purchase price of approximately $175,000 per unit, which represents a nominal stabilized cap rate of approximately 6%, compares very favorably to sales of comparable assets in the market exceeding $200,000 per unit and cap rates of 4.75% – 5.0%. The property is projected to reach stabilization in or about the fourth quarter of 2015.

BRG’s operating partner on the Whetstone investment is Atlanta-based TriBridge Residential. TriBridge is a full service, multifamily investment, management and development company and will, acting through one of its affiliates, also serve as property manager for Whetstone.

“We are very pleased with the Whetstone acquisition. We believe that this will be a productive asset from the outset and that it will add significant value to BRG’s portfolio,” said Ramin Kamfar, Chairman and CEO of Bluerock.

Whetstone is a new-construction, Class AA multifamily community featuring studio, one and two-bedroom unit layouts averaging 718 square feet with upscale amenities that include a resort style pool, a garden courtyard with grill and fireplace, state of the art fitness center and covered/controlled-access parking, as well as business and media centers. High-grade unit interiors include nine-foot ceilings, gourmet kitchens with stainless steel appliances, and upscale bathroom design and finishes.

The property is located in North Carolina’s Raleigh-Durham MSA, home to an estimated two million residents, spanning Raleigh, Durham, Cary and Chapel Hill. In the last year, the MSA’s Triangle region alone added more than 25,000 new jobs, while unemployment dropped to its pre-recession level of only 4.3%.

Preferred Apartment Communities Announces Acquisition of 237-Unit Multifamily Community

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SARASOTA, FL – Preferred Apartment Communities announced the acquisition of a newly constructed 237-unit Class A multifamily community in Sarasota, Florida for a purchase price of approximately $47.4 million, exclusive of acquisition-related and financing-related transaction costs. 

“We believe this acquisition adds another outstanding Class A community to our rapidly expanding portfolio,” said Daniel M. DuPree, the Company’s Chief Investment Officer and Vice Chairman. Leonard A. Silverstein, PAC’s President and Chief Operating Officer added, “This multifamily community is well located in a superb master planned community, which we believe offers an exceptional live-work-play environment reflective of the lifestyle we seek for our residents.”

PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from KeyBank National Association, which intends to assign the loan to Freddie Mac within 60 days.  The first mortgage loan is approximately $30.8 million and bears interest at a fixed rate of 3.55% per annum, matures December 1, 2022 and amortizes based on a 30-year schedule.

New Workforce Housing Apartment Community Celebrates Grand Opening in Mountain View, CA

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MOUNTAIN VIEW, CA – On Tuesday, May 19, 2015, the City of Mountain View celebrated the grand opening of Studio 819, a new affordable community by ROEM Corporation and Eden Housing in partnership with the City of Mountain View. The grand opening celebration was held at 819 North Rengstorff Avenue, Mountain View, CA 94043.

Studio 819 offers 49 studio workforce housing apartments, including one manager’s unit, for residents with annual incomes at or below 45% of the Santa Clara County Area Median Income. This new community provides an environmentally-responsible and amenity-rich community for its residents with quality onsite management and supportive services provided by Eden Housing. Studio 819’s contemporary architectural style pays homage to Mountain View’s modern and Craftsman heritage.

“We are proud to celebrate the grand opening of Studio 819 in Mountain View during Affordable Housing Week,” said Mayor John McAlister. “In partnering with ROEM and Eden, we have taken another big step toward our goal to improve the quantity, diversity and affordability of housing in our community.”

Studio 819 has transformed this location into a new, modern community of workforce housing. The development consists of a three-story building with 41 parking spaces on a surface parking lot and 49 bicycle parking spaces. Building amenities include a community room with a kitchen, a computer room, laundry facilities, free wireless Internet, a ground-floor courtyard with a BBQ, and a third-floor roof deck. Studio 819 also provides approximately 1,640 square feet of commercial space on the ground floor. ROEM and Eden are currently in negotiations with a popular local restaurant to lease the space.

“Studio 819 provides new homes for people who would otherwise not be able to afford to live in Mountain View,” said Linda Mandolini, President, Eden Housing. “We are happy to partner with the City and its commitment to making room in its community for new neighbors. Eden is pleased to be a partner in the development of Studio 819 and to contribute our experience in its onsite management and resident services.”

This exciting $18 million development was constructed using sustainable building methods and incorporates a number of green features designed to ensure its long-term energy-efficiency and sustainability. Studio 819 is pursuing USGBC’s LEED-H Platinum certification, which is generally accepted as the toughest industry standard for sustainable building design. The project will also comply with CALGreen Building Codes.

“Studio 819 is a transformational development, bringing much needed workforce housing to our area residents,” said Robert Emami, CEO & President of ROEM Development Corporation. “ROEM’s intent for Studio 819 was to develop a community that is forward thinking in its design, sustainable in its construction, and offers access to high-quality living for our working residents. By combining ROEM’s experience and a strong partnership with Eden and the City of Mountain View, Studio 819 achieves these goals.”

To develop Studio 819 as a sustainable community, high-energy efficiency features were integrated into the design of the project from the conceptual stages, according to Keith Labus, AIA, LEED AP and Principal with national architecture and planning firm KTGY Group, Inc. “To achieve this, Studio 819 is designed to exceed Title-24 standard by 22.2% by incorporating features that optimize the building’s energy performance including: efficient HVAC systems for common spaces and residential units; 100% fluorescent lighting; Energy Star appliances; insulated windows and Low-E coating; and an extensive solar photovoltaic system that offsets the building common area energy load.”

To ensure that Studio 819 uses water in the most thorough manner possible, it has implemented a water-efficient irrigation system that meets the City of Mountain View’s water conservation goals. Studio 819 also incorporates water-efficient landscaping with drought tolerant planting, has a naturally filtrating storm water runoff system and uses bio-swales for storm water treatment, quality and retention. On the interior, Studio 819 utilizes low-flow plumbing fixtures to allow for a more responsible use of household water.

Additionally, Studio 819 focuses on the integration of environmentally-preferable products by using locally-sourced materials as well as recycled materials, which include recycled content carpet and/or natural flooring/linoleum. Lastly, the project was built to divert at least 75% of construction waste from landfills by recycling used materials such as wood, metal, drywall, and concrete.

Studio 819 is financed with 9% Low-Income Housing Tax Credits with financial support from the City of Mountain View, Wells Fargo Community Lending & Investment, and the California Community Reinvestment Corporation. The architect is KTGY Group, Inc. and the general contractor ROEM Builders, Inc.

The grand opening speakers included: Hon. John Chiang, California State Treasurer; Hon. John McAlister, Mayor of the City of Mountain View; Jeff Bennett, Senior Vice President, Wells Fargo; Kevin Zwick, CEO Housing Trust Silicon Valley; Lisa Chung, Field Representative, Office of State Senator Jerry Hill, California’s 13th Senate District; Anna Ko, Principal Field Representative, Office of Assemblyman Rich Gordon, California’s 24th Assembly District; John Gaffney, Eden Housing Board of Directors; Linda Mandolini, President, Eden Housing; Robert Emami, President, ROEM Corporation; and Derek Allen, Vice President of Operations, ROEM Corporation.

Rents Grew Faster than Home Values in 20 of the 35 Largest Housing Markets According to Report

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SEATTLE, WA – Soaring rents outpaced home values in April for the first time in years, further deepening a “rental crisis” and signaling that home values are growing at a more normal pace, according to April Zillow Real Estate Market Reports.

Home values in April ticked slightly upward from March, to a national Zillow Home Value Index of $178,400 ­– a three percent increase over last April. The Zillow Rent Index rose four percent year-over-year, to $1,364.

The switch comes after years of rapid home-value increases sped along by the improving economy. U.S. home values peaked in 2007, and then crashed during the Great Recession between 2008 and 2010. Since then, they have risen rapidly, returning to their peak levels in many markets.

Home values have both risen and fallen over the past decade, but rents have been steadily rising. They are now higher than ever before.

Rental growth has been outpacing home value growth for several months in some of the nation’s hottest markets. In San Francisco, rents started rising faster than home values in July 2014, and have been growing faster ever since on an annual basis. In Boston, annual rental growth has outpaced home value appreciation since August 2014.

Low mortgage rates have helped make buying a home much more affordable than renting. On average, U.S. homebuyers can expect to spend about 15.3 percent of their income each month on a typical house payment. Renters can expect to spend about 30 percent on a monthly rent payment.

“There are tremendous incentives to get into homeownership these days: mortgage access is improving, interest rates are low, and home values remain below prior peaks,” said Zillow Chief Economist Dr. Stan Humphries. “But it will be increasingly difficult for many renters to realize these benefits as this country’s growing rental affordability crisis continues to worsen. More income going to rent means less going to savings for a down payment and other costs, keeping renters renting longer and feeding into the high demand that is contributing to rising rents in the first place. This cycle will be difficult to break, and is a symptom of the imbalances that still exist in the housing market as we struggle to get back to normal. New construction and rising wages will help, but neither is coming very quickly.”

Over the next year, home value growth is expected to slow even further, to 2 percent annually, according to the Zillow Home Value Forecast. In 2014, home values rose 4.9 percent.

Crown Bay Group Acquires 138-Unit Multifamily Community in Stone Mountain, Georgia

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ATLANTA, GA – Crown Bay Group LLC, along with its partners, announced the closing on their purchase of Wynview Apartments on Central Drive in Stone Mountain, a suburb of Atlanta. The property is well positioned near shopping and the recently opened Wal-Mart superstore and main travel arteries.

This is Crown Bay Group’s first Atlanta acquisition, with more deals in the pipeline. “We think the Atlanta market is one of the hottest places to be investing in right now, and are very bullish on Atlanta and the surrounding area if you can find the right deals,” says Steve Firestone, Managing Partner and CEO of Crown Bay Group.

The garden style apartments are situated on a quiet street with park-like mature grounds and a beautiful swimming pool.

The new owners and their management are implementing a repositioning and capital improvement plan to enhance the property’s image. This will include rebranding the community with a name change from Wynview Apartments to “Parc Central”.

The repositioning will include the upgrade of unit interiors, the addition of new amenities including a great playground for the kids, a picnic area near the pool, and rearranging the offices to provide tenants with a community room that will also hold a business center. The safety of tenants is also an important element. The group has a 0% crime tolerance policy and will be installing some CCTV cameras as well as already having two of Atlanta’s finest (police officers) residing there, who act as the community’s courtesy officers.

The Atlanta Market, including most of its suburbs, is experiencing a high growth period which should carry on for the foreseeable future with its employment opportunities and increase in population.

“Wynview Apartments is a well located value-add acquisition for our investors,” says Steve Firestone. “Our focus is on value-add opportunities in strong job market locations throughout the South East. We will go anywhere there are value-add opportunities in cash flow producing multifamily properties.”