The Habitat Company and The Resurrection Project Celebrate Grand Re-opening of Casa Heritage in Melrose Park, IL

  

Casa Heritage Ribbon Cutting: Residents join Cook County President Preckwinkle (far left) and Senator Dick Durbin (far right), and the redevelopment team at the ribbon cutting ceremony, marking the official re-opening of Casa Heritage Apartments in Melrose Park, Ill.

 

Matthew Fiascone

CHICAGO -– Chicago-based The Habitat Company, a leading multifamily property developer and manager in the U.S., in partnership with The Resurrection Project, a non-profit development organization, celebrated the official re-opening of Casa Heritage with a ribbon cutting ceremony on September 29.

Located at 10315 W. Palmer in Melrose Park, Ill., the recently renovated 142-unit community is the only affordable housing option for families in a nine-municipality area.

“We are proud to partner with The Resurrection Project to preserve Casa Heritage and ensure that it remains an affordable housing option for residents in the area,” said Matt Fiascone, president of The Habitat Company.

“As Habitat celebrates its 45th year in business, it’s important to us to remember our roots in affordable housing. Habitat was founded on the premise that no project is only an investment in real estate – it is an investment in the future of the community and in the lives of the people who will live and work there. That sentiment couldn’t be more true at Casa Heritage.”

On hand for the ribbon cutting ceremony were Illinois Senator Dick Durbin, Cook County Board President Toni Preckwinkle, along with many long-time Casa Heritage residents.

“The rehabilitation of Casa Heritage is going to provide a lot of hard working people with a place to be proud to live in,” said Durbin. “The re-opening of the Casa Heritage Apartments will provide 142 units of affordable housing right here.

Toni Preckwinkle

“This complex was made possible by leveraging private and public sector funds and is an example of how we can meet our affordable housing needs. The residents here will have access to important services like credit and housing counseling, financial management, education, and social services, which will help them and help the community.”

“I want to applaud the work of The Resurrection Project and Habitat that have done such an excellent job of preserving 142 units of affordable housing right here in Melrose Park,” said Preckwinkle.

“Currently we have a great need for affordable housing in Cook County and I’m proud to support projects like this one. In an area of diminishing federal resources for affordable housing, having partners like the Illinois Housing Development Authority and the Village of Melrose Park, elected leaders and community organizations are vital to our success.”

For a complete copy of the company’s news release, please contact:

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.habitat.com.

Lincoln Harris Secures Two Leases Totaling Nearly 42,000 Square Feet at Piedmont Town Center in Charlotte, NC

Campbell Walker

CHARLOTTE, NC — Lincoln Harris has secured two leases totaling 41,988 square feet at Piedmont Town Center, located in Charlotte, North Carolina. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transactions.

•         Shurtape Technologies LLC signed a 1,265-square-foot lease renewal at Two Piedmont Town Center. Caldwell Rose of NAI Southern Real Estate represented the tenant in the transaction.

•         PNC Bank signed a 30,983-square-foot lease renewal and a 9,740-square-foot lease expansion at One Piedmont Town Center. Jubal Early of Lincoln Harris represented the tenant in the transaction.

“Piedmont Town Center remains a top choice for tenants seeking high quality office space, which is evident by these lease renewals and expansion,” Walker said. “It’s prime location on Fairview Road and ‘live, work, play’ environment offer exactly what today’s tenants are seeking.”

Piedmont Town Center is a Class A mixed-use development project in the

heart of the SouthPark community featuring two office buildings totaling a combined 420,000 square feet, 87,500 square feet of prime retail space and 180 luxury residential units.

For a complete copy of the company’s news release, please contact:

Savannah Durban

The Wilbert Group

404-343-0870 (O) 404-901-4433 (C)

sdurban@thewilbertgroup.com

ATTOM Data Solutions Reports Single Family Rental Returns Drop to Nine-Year Low in 2016 as Institutional Investor Purchases Rise in 68 Percent of Markets

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q3 2016 Single Family Rental Market Report, which found that average single family rental returns dropped to a nine-year low for homes purchased so far in 2016 among 473 U.S. counties analyzed for the report.

The average annual gross rental yield — monthly rent, annualized, divided by median home price — among the 473 counties was 8.7 percent for properties purchased in the first seven months of 2016, down from an average of 8.8 percent for the same time period in 2015 to the lowest level since 2007, when the average gross rental yield across the 473 counties was 7.3 percent.

 “While average rental returns on properties purchased so far in 2016 are at a nine-year low, these returns are still attractive compared to alternative investing opportunities,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“After a drop-off in single family purchases by both individual and institutional investors over the past two years, we’re starting to see investor acquisition activity pick up again.

“Given shifting attitudes toward homeownership that are showing up in stubbornly low homeownership rates and our data showing more than 18 million non-owner occupied single family homes — one in every four single family homes — these single family rental investors will be an important and likely growing force in the real estate market for years to come.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

Marcus & Millichap Arranges $875,000 Sale of 13-Unit Bayview Apartments in St. Petersburg, FL

                    

Bayview Apartments,  442 30th Avenue North, St. Petersburg, FL

Joshua Teplitzky

ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bayview Apartments, a 13-unit apartment property with a single family home located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $875,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Bayview Apartments is a 13-unit apartment community with one, two-bedroom/one-bathroom single family home. The property is located just north of the heart of the rapidly developing downtown St. Petersburg at 442 30th Avenue North.

The offering consists of five buildings, which are comprised of five studio units with 150 to 450 rentable square feet; four, one-bedroom/one-bathroom units with 450 to 540 rentable square feet; four, one-bedroom/one-and-one-half-bathroom units with 535 rentable square feet; and one, two-bedroom/one-bathroom house with 1,180 rentable square feet.

“Bayview Apartments is in a prime location just north of downtown St. Petersburg and adjacent to the Fresh Market off 4th Street,” says Teplitzky. “The property piqued the interest of several multifamily buyer types ranging from local, out-of-area and even developers.

“Through creating an auction environment and generating multiple offers we were able to sell the property at list price, which equated to over $130 per square foot.”

For a complete copy of the company’s news release, please contact:

Ari Ravi

Regional Manager

 Tampa, FL

(813) 387-4700