Evergreen Begins Pre-leasing at Fairhaven Crossing Apartments in Mundelein, IL

   

Fairhaven Crossing Apartments, Downtown Mundelein, IL

 CHICAGO, IL  – Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, announced the start of pre-leasing at Fairhaven Crossing, a 40-unit affordable rental community in downtown Mundelein, Ill.

 The transit-oriented development, the first affordable housing community to be developed in Mundelein in many years, will welcome its first residents later this month.

Located at 407 E. Hawley St., Fairhaven Crossing includes a mix of one-, two- and three-bedroom units, with affordable rents for households earning 60 percent or less of the area median income (AMI).

Part of a broader initiative to transform downtown Mundelein into a walkable mixed-use district, the $13.5 million project involved converting and expanding a vacant 1½- story brick building on the site – previously a light industrial building – into a three-story residential building.

 The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate Group.

“Fairhaven Crossing is a great addition to downtown Mundelein, taking an underutilized yet highly visible site and reimagining it as a vibrant residential community,” said Larry Pusateri, development partner for Evergreen Real Estate Group, which will also manage the community.

Larry Pusatari

“The Chicago area, like much of the country, is struggling with a shortage of affordable housing, making it extremely difficult to find apartments that are either ADA-accessible or large enough to house a family. 

Fairhaven Crossing was designed to fill this void in the market, providing quality housing tailored to the needs of these underserved groups.”

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Wyndham Lands in Nevis with Deluxe Multi-Million Dollar Resort

Paulo Pena

PARSIPPANY, NJ – Hospitality powerhouse Wyndham Hotel Group continues bolstering its robust Caribbean pipeline by bringing approachable luxury to the breathtaking shores of Nevis, one of the region’s most exclusive destinations, with the island’s first Wyndham Grand® resort.

The beachfront Wyndham Grand Nevis will be situated within Northern Pointe Resort, a new 30-acre luxury real estate development being built along Long Haul Bay in the Parish of Saint James.

When completed in 2019, the stunning resort will boast 170 sumptuous suites, condominiums and villas ranging from 900 to 5,100 square feet; a private beach club; five dining areas; infinity pools; more than 10,000 square feet of meeting space; a spa; and more. 

The property is owned by Northern Pointe Development LTD and will be managed by Wyndham Hotel Group.

“Nevis is known around the world as one of the most desirable yet exclusive vacation spots in the Caribbean, and as more travellers discover this tranquil paradise the demand for more upscale accommodations will grow,” said Paulo Pena, president and managing director, Latin America and the Caribbean for Wyndham Hotel Group.

“Wyndham Grand’s distinct experiences and understated approach to luxury will bring a unique accessibility to this elite island. Adding Nevis to an impressive growing list of amazing global destinations – including Shanghai, Istanbul, Chicago, Phuket and Barbados – not only positions us to raise the Wyndham Grand flag in even more top-tier locations, but it also expands our managed hotel portfolio here in the region and further solidifies our commitment to providing unparalleled guest experiences to all travellers.”

Located roughly 1,200 miles from Miami, the 36-square-mile Nevis is the smaller of two islands which make up the Federation of Saint Kitts and Nevis. Travel to the island is steadily blossoming with overnight visitors and cruise tourism increasing each year since 2013.

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

Kathryn Zambito

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

kathryn.zambito@wyn.com

www.npnevis.com.

ATTOM Data Solutions Reports Buying More Affordable Than Renting in 66 Percent of U.S. Housing Markets

Daren Blomquist

IRVINE, Calif. –— ATTOM Data Solutions, curator of the nation’s largest fused property database, released its 2017 Rental Affordability Report, which shows that buying a home is more affordable than renting in 66 percent of U.S. housing markets analyzed for the report.

The analysis incorporated recently released fair market rent data for 2017 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from RealtyTrac in 540 counties with at least 900 home sales in 2016 (see full methodology below).

“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” said Daren Blomquist, senior vice president with ATTOM Data Solutions, the new parent company of RealtyTrac.

“In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year. Additionally, renting may end up being the lesser of two housing affordability evils in a growing number of high-priced markets.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

Lifescapes International Creates Indoor Oasis at Robinsons Galleria in Cebu, Philippines

Julie Brinkerhoff -Jacobs

CEBU, Philippine -- Lifescapes International, the landscape architectural firm behind iconic retail centers such as The Grove in Los Angeles and Pacific City in Huntington Beach, has completed the landscape design of Robinsons Galleria, a multimillion dollar, multi-story shopping destination located within a 380,485 square-meter mixed-use development in Cebu, Philippines.

The design, which features unique elements such as a bubble wall with LED lighting and a 25-foot flower guitar (erected for the center’s Grand Opening, and due to its popularity, is still installed), captures the destination feel of an outdoor oasis, but brings it entirely indoors.

 

Al Amador

“Retail owners continue to seek new ways to deliver immersive experiences that attract repeat visitors,” says Julie Brinkerhoff-Jacobs, President of Lifescapes International.  “Our strategy was to deliver an environment that visitors can get ‘lost in’ and enjoy with friends and family time and time again.”

To achieve this, Lifescapes created a variety of lush gardens that will flourish year-round on each level of the center, including the underground parking structure.

  In addition, elements such as the aforementioned bubble wall and multi-purpose screens will create a constant stream of visual stimulation.

“This approach strategically differentiates Robinsons Galleria from its competitors, resulting in an all-encompassing, entertainment-driven destination where guests can shop, dine, and socialize, all in one enclosed environment,” says Brinkerhoff-Jacobs.

 “The challenge with this project was overcoming the high temperatures and humidity in the local market,” she continues.  “The project owners were visionary in their desire to transport guests to a paradise destination that is also fully enclosed and air conditioned.”

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

Katie Kea or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

www.lifescapesintl.com.

Marcus & Millichap Arranges $6 Million Sale of 78-Unit Parkside Apartments in West Palm Beach, FL

Evan P. Kristol

WEST PALM BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Parkside Apartments, a 78-unit apartment property located in West Palm Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $6,000,000.

Evan P. Kristol, Senior Vice President Investments, and Brandon J. Rex, Vice President Investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, who is the original developer that has owned the property for over 46 years. Kristol and Rex also represented the buyer, a limited liability company.

Parkside Apartments is a 78-unit apartment community constructed in 1968. The property is located at 1210 Palm Beach Lakes Boulevard in West Palm Beach, FL, just a few blocks from the newly constructed Palm Beach Fashion Outlets. 

“It is a rare opportunity to find a property that consists of all two-bedroom units with separate water meters,” says Rex, Vice President Investments.

 “The buyer will also benefit from the potential to increase revenue at the property since the current rents are approximately 30 percent lower than the current market,” says Kristol, Senior Vice President Investments.

Furthermore, two brand new luxury apartment communities, totaling close to 800 units are in the final stages of construction down the street that further demonstrate the desirability and strength of the location and rental market.

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

Ryan Nee

Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

Trion Properties Repositions and Sells Retail Asset in Rapidly Growing Santa Clarita Submarket of Los Angeles, CA

Valencia Town Center Plaza, Santa Clarita Submarket, Los Angeles, CA

VALENCIA, CA – Trion Properties, a Los Angeles-based private equity real estate firm, has repositioned and sold the Valencia Town Center Plaza, a 26,186 square-foot retail strip center located in the Santa Clarita submarket of Los Angeles, for $9.8 million.

“We recognized the potential of this asset early on, and successfully executed our value-add strategy to generate significant returns on our investment,” says Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

“When we acquired this property three years ago, the occupancy had fallen below 50 percent, presenting an opportunity for us to increase net operating income through aggressive leasing and cosmetic upgrades. 

"We brought the asset to nearly full occupancy and sold it at a premium price, achieving our targeted returns within a short-term hold period.”

Trion had purchased the property in October 2013 well-below replacement cost for $6.8 million, at a time when the Valencia retail market was still recovering from the economic crisis.

 During ownership, Trion more than doubled the asset’s occupancy and repositioned the retail storefront by attracting desirable tenants, implementing property-level renovations, and enhancing the overall curb appeal of the property.

The strength of the property’s tenant mix, coupled with its prime location in the heart of Valencia’s retail and business district, attracted strong investor interest and resulted in competitive pricing for this asset, according to Sharkansky.

“Retail in Santa Clarita is experiencing a tremendous amount of absorption relative to the amount of product being delivered to the market,” continues Sharkansky. “Annual net absorption for retail is approximately 110,000 square feet, while new deliveries to the market are at a low 10,000 square feet, resulting in a drop in vacancy to a historic low of 5.2 percent. Based on these strong fundamentals, we recognized that now was the most opportune time to sell this asset.”

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

Lauren Burgos/ Katie Kea

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

Edward R. James Companies Receives Seven Gold Key Awards from the Homebuilders Association of Greater Chicago

    

Jerry S. James

CHICAGO, IL – Glenview, Ill.-based homebuilder Edward R. James Companies announced it received seven Gold Key Awards from the Homebuilders Association of Greater Chicago (HBAGC) for two of its communities.

Brighton Mews, a 29-unit townhome community in Park Ridge, Ill., was awarded two Gold Key Awards in the Townhome and Duplex category for Excellence in Architectural Design and Excellence in New Construction, and one for Excellence in Community Design in the category of Landscape Design.

Westgate at The Glen, a 171-unit community in Glenview, Ill., earned three Gold Key Awards for Excellence in Architectural Design in the categories of Single Family, Rowhome and Townhome, as well as one for Excellence in Community Design in the category of Land Planning.

“We are honored that Brighton Mews and Westgate at The Glen have been recognized for the same thoughtful planning and meticulous attention to detail that we’ve brought to each of our communities during the past 60 years,” said Jerry S. James, president of Edward R. James Companies. “Receiving these awards from the HBAGC is further testament to our ability to deliver exceptional lifestyles in extraordinary North Shore locations.”

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

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