The 2014 MHN Excellence Awards Winners
A highlight of our editorial calendar is this annual awards issue where we have the pleasure of announcing a new crop of MHN Excellence Award winners.
A highlight of our editorial calendar is this annual awards issue where we have the pleasure of announcing a new crop of MHN Excellence Award winners. Serving this year as judges were: Jeffrey Resetco, vice president of development and construction services, EdR; Doris Pearlman, MIRM, IIDA, president of Possibilities for Design, Inc.; Robert C. Landis, SVP and director of asset management, Raymond James Tax Credit Funds; and Nancy J. Ruddy, founding principal, CetraRuddy. We thank them for their service and insights. Our judges reviewed the entries with a number of criteria in mind such as financial performance, customer service, resident satisfaction, architectural excellence and interior design innovation. Several interesting trends emerged as the entries were judged. The affordable housing sector has elevated its design to the point where it’s sometimes hard to tell the difference from market rate without looking at rental terms. Student housing continues to become more amenitized than ever before. And in every sector of multifamily housing, customer service has never been more important in driving occupancy. Watch our interviews with the MHN judges on MHN TV.
—Diana Mosher, Editorial Director
Clyde Holland, CEO and Chairman
Holland Partner Group
Headquarters: Vancouver, Wash.
No. of Years at Company: 14
No. of Employees: 785
No. of Units in Portfolio: 22,000
Value of Portfolio: $7.5 billion
Active Regions: Washington, Oregon, California, Colorado
and Arizona
Types of Multifamily Product in Company’s Portfolio: Garden, High-Rise and Mid-Rise
Clyde Holland is responsible for the strategic direction of Holland Partner Group, which is active in developing, redeveloping, acquiring and managing multifamily communities in some of the Western U.S.’s most demanding markets. He has directed the development or rehabilitation of over 35,000+ units and is approaching $7.5 billion in total transaction volume. Since 2010, the Holland Partner Group has initiated over 10,000 units of core new development located in 35 communities centered in rapidly expanding Gen Y Job centers and transit locations serving these job centers.
Within the multifamily industry, Holland has taken a significant lead in the development of new multifamily product concepts that address high-density, urban infill opportunities in locations that are positioned to leverage public transportation. He has led his team to be instrumental in new development, and Holland Partner Group is recognized as one of the top developers in the Western U.S. and is ranked within the top 20 nationally by the National Multifamily Housing Council (NMHC). Holland serves as an executive board member for the NMHC and Multi-Family Council Leadership (Bronze Flight) with the Urban Land Institute (ULI). He also serves as ULI’s District Council vice chair for Oregon and Southwest Washington. His commitment to building a culture where every employee is recognized for the difference that they are making in the lives of those around them, is realized at Holland Partner Group through the profit sharing for the entire organization. Holland’s continued philanthropic commitment has become a pillar for Holland Partner Group, highlighted by HopeLift, a nonprofit organization providing transitional housing to working families that are homeless, which was founded and is continuously supported by Holland Partner Group associates giving of time and PTO.
SILVER
Property Manager of the Year
Meagan Hannon
Apartment Community: Desert Oasis Communities,
Yuma Proving Grounds
Location: Yuma, Ariz.
Name of Parent Company: Michaels Management Services
Headquarters: New Jersey
Number of on-site staff: 8
No. of Units: 205
No. of Years at Community: 1.5
Year-Over-Year Change in Occupancy 2012-2013:
90 percent
Year-Over-Year Change in Rent per Sq. Ft. 2012-2013:
2 percent
Occupancy as of March 31, 2014: 93 percent
Percentage of Lease Renewals in 2013: 62 percent
Type of multifamily product: Military
Jennifer Hill
Apartment Community: Gables Villa Rosa
Location: Dallas
Name of Parent Company: Gables Residential
Headquarters: Atlanta
Number of on-site staff: 15
No. of Units: 300
No. of Years at Community: 2.5 years
Year-Over-Year Change in Occupancy 2012-2013:
N/A—New units added
Year-Over-Year Change in Rent per Sq. Ft. 2012-2013:
5.8 percent compared to Dallas average of 3.5 percent
Occupancy as of March 31, 2014: 83.8 percent
Percentage of Lease Renewals in 2013: 50.4 percent
Type of multifamily product: Mixed-use
Jennifer Hill is currently overseeing the conversion of 40,988 square feet of office space to 34 residential units while operating and maintaining set objectives for the remaining community. This conversion is located on the top levels of the mid‐rise and due to the location of this construction, Hill was challenged with relocating several residents from their current apartments unexpectedly. She was able to take care of each resident individually and minimize the negative impact this could have caused. Her efforts are the primary reason that the property performance and office conversion have been a success.
Hill was recently selected to be a part of the inaugural class of the Gables Leadership Institute. This elite group is made up of 10 top-performing individuals within Gables from all departments. She is one of only two managers honored with this opportunity for advanced leadership development. Currently Hill effectively manages a staff of 17 office and maintenance associates. Her onsite team achieved nine Top Shops in 2013. Under Hill’s leadership, Kingsley index scores were met or exceeded every quarter in 2013, and the property maintained its occupancy target throughout the year even though the community was surrounded by new construction which directly impacted 103 apartments for the entire year.
SILVER
Best Leasing Agent
Heather Pyka, Leasing Professional
Gables Park Tower
Company: Gables Residential
Location: Austin, Texas
No. of Years at Community: One
No. of Units: 223
Current Occupancy: 28.7 Percent
Multifamily Product Type: High-Rise
NOI at Community for 2012: New Construction
Leasing Terms offered in 2013: 12 to 18 Months
Bennie Swist
Gables Grandview
Company: Gables Residential
Location: Austin, Texas
No. of Years at Community: Two
No. of Units: 458
Current Occupancy: 93.4 Percent
Multifamily Product Type: Garden/Low-Rise
NOI at Community for 2012: $4,355,001
Year-Over-Year Change in Occupancy: 1 percent increase
Year-Over-Year Change in Rent per Sq. Ft. from 2012-2013: $0.03 per sq. ft.
Leasing Terms Offered in 2013: Three to 12 months
Gables Grandview is a large, 458-unit community located in Austin, Texas. In the year and a half that Bennie Swist has been an associate, he has come to know almost all of the community’s residents by name—as well as something personal about each of them. This talent has helped him to create a unique rapport with nearly every resident.
In 2013 Swist showed 359 prospects and secured 109 leases, with a closing ratio of 30.4 percent. In the first five months of 2014 he has shown 129 prospects and secured 40 leases, a closing ratio of 31 percent.
Gables Residential participates in the Ellis Mystery Shop and associates are evaluated against their peers in the apartment industry. In 2013 Swist was shopped four times and he received Top Shops on all four. To date, in 2014, he has been shopped twice and received Top Shops on both. Gables Residential has Spotlight Awards every February. This past February, Swist won the Leasing Professional of the Year Award for his region.
SILVER
Best Development Company
Gables Residential
Headquarters: Atlanta
Key Executives: Susan Ansel, President/CEO; Dawn Severt, CFO; Benjamin Pisklak, Executive Vice President/CIO; Chris Sullivan, Executive Vice President Operations.
No. of Employees: 1,206
No. of Units Developed in Company’s History: 46,000
No. of Units Delivered Jan. 1, 2013-March 31, 2014: 1,340
No. of Units Renovated Jan. 1, 2013-March 31, 2014: 2,415
Types of Multifamily Products Developed:
High-Rise, Mid-Rise, Mixed-Use
Active Regions: Northeast, Southeast, Midwest, West
The DSF Group
Headquarters: Offices in Boston & Washington, D.C.
Key Executives: Arthur Solomon, Chairman and CEO; Joshua Solomon, President and CIO;
Thomas Mazza, COO.
No. of Employees: 20
No. of Units Developed in Company’s History: 5,000
No. of Units Delivered Jan. 1, 2013-March 31, 2014: 500
No. of Units Renovated Jan. 1, 2013-March 31, 2014: 1,860
Active Regions: Northeast, Mid-Atlantic, Europe
Types of Multifamily Product Developed:
Market Rate, Luxury
As a private real estate investment firm, The DSF Group has acquired or developed over $2.5 billion dollars in assets and over 5,000 units. The company is focused on making significant, value-added residential real estate investments, primarily in the vibrant and attractive transit-oriented markets of the Northeast Corridor, between Washington D.C. and the Boston metropolitan area. From site selection and design—to permitting, financial engineering and construction—it uses diverse experience and a broad range of skills to capitalize on every facet of an investment.
DSF’s apartments can be found in the nation’s most prestigious and desirable markets, from Washington D.C. to Massachusetts, to the metro New York City area. The company has also developed a global perspective, with properties in England and Italy, and 5,000 units in Paris. It has more than $2.5 billion in real estate assets.
As DSF expands its presence in the Mid-Atlantic and Northeast, the award-winning successes of its initial projects—Halstead at the Metro, Halstead Tower, The Alexander, Halstead Arlington, Halstead Square and Halstead Slatersville Mill—represent significant milestones in the organization’s continuing growth. Today, DSF continues to push the envelope in the East Coast region with exciting and innovative projects such as the technology-forward Halstead Square at Dunn Loring Metro. The company will deliver the final phase of this award-winning mixed-use community in late spring 2015, adding another 199 units. Since June 2013, DSF has acquired over $500,000,000 in multifamily metro accessible properties in the Northeast (metro N.Y. and Boston) adding another 1,849 units to its existing portfolio.
SILVER
Property Management
Company of the Year
Blanton Turner
Headquarters: Seattle
Principals: Barry Blanton, CPM; Heidi Turner, CPM; Chasten Fulbright, CPM; Alan Byars;
Krista Janes-Blackburn
No. of Employees: 120
No. of Multifamily Properties in Portfolio: 29
No. of Units in Management Portfolio: 2,747
Percentage of Units that Company Owns: None
Active Regions: Seattle, Tacoma, Wash.
Asset Types: 67 percent Class A; 29 percent Class B;
4 percent Class C
Types of Multifamily Product: Garden, Low-Rise,
Mid-Rise, Mixed-use, Student Housing, Workforce
Gables Residential
Headquarters: Atlanta
Regional Offices: Mclean, Va.; Houston; Dallas; Austin,Texas; Boca Raton, Fla.; San Diego
Key Executives: Susan Ansel, President/CEO; Dawn Severt, CFO; Benjamin Pisklak, Exc. Vice President/CIO; Cris Sullivan, Exc. Vice President Operations
No. of Employees: 1,206
No. of Multifamily Properties in Portfolio: 132
No. of Units in Management Portfolio: 35,364
Percentage of Units that Company Owns: 44 percent
Active Regions: Northeast; Southeast; Midwest; West
Asset Types: 85 percent Class A; 15 percent Class B
(of REIT & JV)
Types of Multifamily Product: Garden, Low-Rise, High-Rise, Mid-Rise, Mixed-use.
Gables Residential is a privately owned REIT, specializing in the development, construction, ownership, acquisition, financing, and management of multifamily communities and mixed-use developments. Gables owns, develops and manages communities in high-growth markets throughout the United States including Atlanta, Austin, Dallas, Houston, South Florida, Southern California, and metropolitan Washington, D.C. Gables also runs third-party management operations in the Boston, New Jersey, New York, Central Florida, North Carolina, North Florida, Phoenix, San Antonio, and Seattle markets, managing over 34,000 apartment homes and 500,000 square feet of retail space.
Gables Residential currently has 10 lease-ups under way across the country (owned, joint-venture, and third-party) and inked nine new third-party contracts in 2013, with 11 already signed in 2014. Additionally, the company has 26 communities under way with renovations/super-punch, five communities currently under renovation and 13 mixed-use communities under management that include residential, retail and restaurants.
SILVER
Best Transaction
Veritas Investments
$685 Million Financing
Name of Property, Location: Portfolio of properties
in San Francisco
No. of Units: About 2,300
Name of Lender/Originator/Correspondent:
Veritas Investments
Amount of Financing: $685 million
Total No. of Buildings: 77—more than 1.6 million
square feet
Type of Financing: Preferred Equity, Permanent,
Type of Loan Source: Bank, CMBS, Private Fund,
Public REIT
Time from Application to Closing: 6 Months
Transaction Closing Date: October 2013
90 Million Financing
Name of Property, Location:
777 Main Street, Hartford, Conn.
No. of Units: 286
Name of Lender/Originator/Correspondent:
Todd Trehubenko, Senior VP, Walker & Dunlop
Amount of Financing: $37.2 million
Total No. of Buildings: Two (26-story tower,
six-story garage with retail)
Year Property was Built: 1967
Occupancy Rate: 93 percent pro forma,
vacant at closing
Unit Mix and Rent Range: 65 Studios ($1,135); 198 one-bedroom ($1,345); 22 two-bedroom ($1,730)
Type of Financing: Construction, Permanent, Acquisition
Type of Loan Source: FHA; 221(d)(4)
Interest Rate: 4.5 percent
Term of Loan: 18-month construction
plus 40-year permanent
Debt Service Coverage (DSC) Ratio: 1.15
Total Acquisition Cost: $8.1 million
Total Rehab Cost: $57 million
Time from Application to Closing: 13 months
Transaction Closing Date: March 2014
This $90 million acquisition and conversion of a vacant office tower to housing was financed through FHA Section 221(d)(4), HTC, and multiple additional sources. The property was constructed in 1967 as the headquarters of Hartford National Bank and was designed by renowned architect Welton Becket. The office tower was most recently occupied by Bank of America, but BofA’s relocation in 2011 left this important site in the heart of the city’s Central Business District a vacant, dark and “problem” property.
Bruce Becker, an architect and housing developer, secured an option on the property with the idea of converting it to Class A apartments which are in demand in the CBD. Becker engaged Walker & Dunlop Senior Vice President Todd Trehubenko to identify potential financing sources for the project, given his highly successful track record of structuring creative financing solutions for complex properties. After evaluating a number of options, Trehubenko recommended FHA Section 221(d)(4) financing as the best fit, though Becker had never completed a Department of Housing and Urban Development (HUD) transaction, and the program’s extended time frames could potentially threaten the seller’s disposition timetable.
Multiple stakeholders included HUD Hartford, HUD Headquarters, Connecticut’s Department of Housing (DOH) and the Capital Region Development Authority (CRDA), whose mission is to stimulate new investment in Hartford’s downtown. Changes were continually made to balance competing needs and secure the best terms for the project. Two examples include a negotiated set aside for affordable housing units and the use of a condo regime to separate ownership of the office/apartment tower from the associated parking garage and retail building.
Walker & Dunlop’s FHA loan will finance $37.2 million of nearly $90 million in expected total development costs. Becker assembled numerous supplemental debt and equity sources to fund the balance, including state funding (CRDA and DOH ultimately invested more than $21 million), a City of Hartford tax abatement, and federal and state historic tax credits worth nearly $18 million. The project’s green features, including a LEED Platinum design and hydrogen fuel cell, also led to substantial outside investment. The fuel cell qualified the property for Low Emissions Renewable Energy Credits (LRECs), which were incorporated into Walker & Dunlop’s financing, a first for HUD under its FHA programs.
The deal team successfully overcame many obstacles to close the project, including complexity stemming from federal, state and locally sourced funding; rising interest rates during extended FHA processing periods; and delays associated with the Historic Boardwalk decision. Construction is now under way, with Walker & Dunlop managing all loan draws regardless of funding source or use, to ensure FHA’s interests are protected through conversion to permanent financing. Initial occupancy is expected by year-end, and 777 Main Street will soon be the largest apartment community in downtown Hartford.
SILVER
Best Brokerage Firm
Massey Knakal Realty Services
Headquarters: New York
Regions of Operation:
New York Metro area—Five Boroughs of New York City, Westchester, Long Island, New Jersey
Number of Multifamily Transactions 2013: 135
Volume of Multifamily Transactions 2013: $1.1 billion
Most Impressive Transactions of 2013: Bowery Portfolio, 11 buildings, $62 million; 200 East 11th Street, 12-story, 58-units, $57 million; Boulevard Heights, 4 buildings,
$45 million.
ARA Houston Office
Corporate Headquarters: Atlanta
Regions of Operation: Houston
Number of Multifamily Transactions 2013: 80
Volume of Multifamily Transactions 2013: More than $10.2 billion
Most Impressive Transactions of 2013: Portfolio sale on behalf of Inland America, $460 million.
The Houston market was hot in 2013—over 18,000 units were under construction with an additional 20,000 units proposed at the end of the year. All types of investors/buyers (REIT’s, pension funds, foreign capital as well as syndicators and private investors) have been playing in the multifamily market since Houston matured into a tier-one city. Investors have flocked to Houston due to the city’s demand generators: strong job growth in the petrochemical/refinery, medical and construction industries. ARA Houston has played a major role in facilitating multiple sales transactions. ARA Houston brokered more Houston Class A Infill transactions since 2010 than any other firm and continued to lead Houston transactions. ARA Principals Matt Rotan, David Oelfke, David Wylie, and David Mitchell closed over $1.3 billion in 32 Class A deals for the Houston office in 2013.
Metropolitan Apartments
Location: San Mateo, Calif.
Owner, Management: Prometheus Real Estate Group Inc.
Total Units: 218
Occupancy: 96 percent
Rent Range/Unit Mix:
$3,475-$4,550/one-bedroom,
one-baths (52 percent); two-bedroom, two-baths (42 percent); three-bedroom, two-baths (6 percent)
NOI: $5.9 million per year and 10.9 percent increase over prior year.
Year Built: 2003
No. of Buildings: Two
Site Size: 3.56 acres
Concessions/Discounts: None
Type of Community: Garden/Low-Rise
Spanning two city blocks in downtown San Mateo, the Metropolitan is an urban infill “smart-growth” development that is walkable to San Mateo’s Caltrain station and retail shops. Prometheus has invested $1.3 million in the renovation of the common areas. This work included revitalizing the leasing center by turning it into a desk-less workspace which doubles as a welcoming gathering spot. The re-designed gym is now much more inviting and the club room has become a popular choice for meetings, parties or working. Residents also have access to a newly designed “think tank” (conference room), 25-seat cinema and pool area. The warm and cohesive interior design of this financially successful apartment community features extensive oak wood on the walls which contrasts with the white epoxy flooring throughout. Rental rates and occupancy have increased since the new look was rolled out.
Birch Hills Apartment Homes
Location: Brea, Calif.
Owner: Jamboree Housing Corp.
Management: The John Stewart Company
Architect: KTGY Group, Inc.
No. of Units: 115
Occupancy: 100 percent
Rent Range/Unit Mix: About $475/month for one-bedrooms at 30 percent AMI, and up to $1,058/month for three-bedrooms at 50 percent AMI based on income level and family size
Year Built: 2013
No. of Buildings: Eight
Concessions/Discounts: None
Type of Community: Garden/Low-Rise
Birch Hills Apartment Homes provides high-quality workforce housing to working families who earn between 30 percent and 50 percent of the area median income (AMI) in a community with excellent job and educational opportunities. A family of four earning $34,800 (30 percent AMI) will pay about $641/month in rent for their three-bedroom apartment home.
This infill residential development consists of 115 garden-style apartments in eight three-story buildings. A recreation building is arranged around central courtyards linked by tree-lined, pedestrian-friendly walkways. Apartment units feature large balconies to promote indoor-outdoor living and enjoyment of amenities such as a pool, spa, barbecue areas, tot lots and a robust vegetable and community garden where residents can grow their own fresh produce. All these features encourage interaction among community residents, as well as participation in onsite recreational, social and learning activities. The 4,400-square-foot community recreation center offers conference, activity and media rooms, a community kitchen, computer lab and tutoring space.
SILVER
Most Tech Savvy Community
AVA 55 Ninth
Location: San Francisco
No. of Units: 273
Owner, Management Company: AvalonBay Communities
Current Occupancy: 48 percent
Type of multifamily product: High-Rise
Noteworthy Features: Social media trending wall; utility center to manage resident electronics; sliding partition walls allow flexibility between bedrooms and living spaces
Madera Apartments
Location: Mountain View, Calif.
No. of Units: 203
Owner/Management Company: Prometheus Real
Estate Group
NOI at Community for 2013: $4,474,503
Projected NOI for 2014: $7,030,257
Current Occupancy: 96 percent
Year-Over-Year Change in Rent/Sq. Ft. from 2012-2013: $3.26/sq. ft.-$4.43/sq. ft.
Type of Multifamily Product: Garden/Low-Rise
Madera achieves the highest rents in Silicon Valley, ending the year 2013 at $4.43/sq. ft.—and it leased up at a rate of 50 units per month. Labor efficiencies associated with tech investments at the property allow the field teams to focus more on sales and service. Energy-efficient features have resulted in water costs per unit 41 percent less than the competition, and electricity consumption per unit is 25 percent less than the market.
Madera offers residents free Wi-Fi in common areas, the ability to connect/disconnect utilities, order newspapers, and order home services online (through White Fence at no costs to Prometheus or the renter—the property receives $4-8 per service signed up by the renter). Automated systems at Madera control audio, video, HVAC and lighting, which significantly saves time for the property staff while also conserving energy. An onsite package locker system e-mails or texts residents when packages arrive along with a unique access code allowing retrieval of packages 24/7.
Gables Residential
Company that Conceived Marketing Program: Gables Residential
(Internal Concept)
Program Implementation: September 2013
Current Occupancy as of March 31, 2014: 95.8 percent
Change in Rent Per Sq. Ft. Jan. 1-Dec. 31, 2013: $1.53 to $1.62
Change in Leasing/Sales Traffic Jan. 1-Dec. 31, 2013: Average weekly traffic changed from 918 to 1,032
Leasing Rate: 28.15% national average
Platforms: Email-based drip marketing to prospects and current residents.
The Residents Touchpoints hospitality program enables the company to reach out to its residents on a 12-month basis via a planned timeline above and beyond the typical “your rent is delayed” or “you’re up for renewal” emails. The program’s goal is to be timely in customized email communications to residents, ultimately increasing resident-retention lease and renewal rates. This is accomplished through reminders via Gables Gateway, referral bonuses, Gables Great Rewards and requests for online reviews.
The program maximizes marketing dollars that have been paid for prospect generation. Gables is able to reach out to prospects even after they may have leased elsewhere. Customized Touchpoints offer prospects a $250 American Express gift card for signing a lease with the community after showing initial interest. Not all prospects are eligible for this offer. Only prospects that have not signed a lease or completed an application after 45 days of their initial contact will be eligible. They will receive this special offer three times via email; 45 days, nine months and 11 months after the initial guest card was created. Touchpoints will cease if they become a resident during the Touchpoints emails campaign.
SILVER
Best Value-Add Renovation:
Market Rate
Shadowbrook Apartments
Location: Sunnyvale, Calif.
Developer, Owner/Investor: Prometheus Real Estate
Group Inc.
Financier: Freddie Mac
Architect: Studio T-Sq (in association with Don Sandy,
founder of SB Architects)
Interior Designer: M Design
Photographer: Christopher Shaw, Melissa Kaseman
Type of Property: Garden/low-rise
Project type: Rental
Total Units: 12
Date of Original Construction: 1969
Date Renovation Started/Completed: 2012/2013
Occupancy Before Renovation: 92 percent
Occupancy After Renovation: 96 percent
Rent Range Before Renovation: $1,905 – $3,599
Rent Range After Renovation: $2,225 – $3,999
Total Cost of Renovation: $10 million
No. of Floors: Two
Units per Floor: Six
Westerly on Lincoln
Location: Marina del Rey, Calif.
Developer: Peak West Development
Owner/Investor, Financier: UDR Inc.
Total Units: 583
Date of Original Construction: 1992
Date Renovation Started/Completed:
February 2011/October 2012
Occupancy Before Renovation: 89 percent
Occupancy After Renovation: 97 percent
Rent Range Before Renovation: $1,160 – $2,550
Rent Range After Renovation: $1,730 – $3,475
Total Cost of Renovation: $33.7 million
Hard Construction Cost per Sq. Ft.: $36.38
Units per Floor: 146
Architect: KEPHART
Interior Designer: Faulkner Design Group
Photographer: Ed LaCasse
Built in 1992, this was the first multifamily property in the area and it served as a catalyst for more commercial and residential development in the neighborhood. The exterior was updated with a rich color palette contrasted with zinc shingle siding, new windows, aluminum-wrapped spandrel panels and steel awnings and railings. The clubhouse/leasing center and apartment interiors were strategically updated to add value in meaningful ways. Instead of reconfiguring an entire apartment, kitchens were opened to living spaces and washer/dryers were added making the homes more conducive to today’s lifestyle.
In the clubhouse/leasing center, unused amenity areas were transformed into useable spaces that residents now value and enjoy. By relocating the restrooms, the fitness center was able to more than double in size from 782 sq. ft. to 2,005 sq. ft. Residents also now have access to an expanded pool deck with an outdoor kitchen and fire-pit. By opening up the previously closed-off conference space, adding a kitchen and retractable glass doors between the courtyard and lobby, what was once a static area is now an active resident lounge and coffee bar.
The Capitol on 28th
Location: Oklahoma City, Okla.
Developer, Owner/Investor: Haley Real Estate Group
Financier: Haley Communities Limited Partnership
Architect: Butzer Gardner Architects
Interior Designer: HPA Design Group
Units Per Floor: 14
No. of Floors: Four
Date of Original Construction: 1967
Date Renovation Started/Completed: January 2012/June 2014
Occupancy Before Renovation: 85 percent at acquisition
Occupancy After Renovation: 178 occupied units (79.82 percent), 189 leased (84.75 percent)
Rent Range Before Renovation: $325-$565
Rent Range After Renovation: $675-$1,025
Total Cost of Renovation: $8,222,133.00
Hard Construction Cost per Sq. Ft.: $40.40
Total Units in Building: Three with 56 units, one with 55 units
Unit Styles/sizes: Micro unit (studio); One-bedroom, one-bathroom; two-bedroom, one-bathroom; two-bedroom, two-bathroom.
Capitol on 28th, formerly Park Place, a 40-year old, 223-unit, four-story low-rise community, had been untouched for nearly 20 years. As a Section 8 and Low Income Housing Tax Credit property, it unfortunately fit the misconception of what Section 8/LIHTC housing is. It was dilapidated, pest infested and riddled with criminal activity. The property was in such poor condition, it was hardly an apartment community let alone any place someone would want to call home.
Haley Real Estate Group viewed it as an opportunity for a complete interior and exterior renovation as well as an opportunity to renovate the property’s reputation within the downtown corridor. Through this massive repositioning project, Haley Real Estate Group helped initiate the revitalization of Oklahoma City’s downtown medical government corridor by delivering highly sought after modern apartments for the area’s more than 20,000 employees. Now residents enjoy a range of amenities including: green spaces, a saltwater pool, multimedia clubhouse, advanced technology laundry rooms, dog park with bathing stations, and gated controlled access entry with mobile capabilities.
SILVER
Best New Development:
High-Rise
K2
Location: Chicago
Owner/Investor, Developers: Fifield Companies, Wood Partners
Type of Property: For-sale
No. of Units: 496
No. of Floors: 34
Financiers: GE Capital and CB Global Investors
Architect/Interior Designer: PappaGeorge Haymes/
Adrian Smith + Gordon Gill
Builder: McHugh Construction
Photographer: Fotosphere Photography & Jim Tschetter
Stadium Place—The Nolo and The Wave
Location: Seattle
Owner/Investor, Developer:
Pillar Properties, Daniels Real Estate
Type of Property: Rental
No. of Floors: 11/26
No. of Units: 163/333
Financier: R.D. Merrill Co.
Architect/Interior Designer: ZGF Architects LLP/Ankrom Moisan
Builder: JTM Construction
Landscaping: ZGF Architects LLP
Photographer: Michael Walmsley
The Stadium Place development features two unique but complementary mixed-use buildings positioned at the nexus of three Seattle neighborhoods: the historic Pioneer Square District, the International District and South Downtown. With a prime location next to the regional transit hub with connections to light and heavy rail, buses, a streetcar (and easy access to ferries), the project is ideally located to support smart growth density. The mixed-use buildings feature distinct aesthetic qualities that take cues from the surrounding buildings in the historic neighborhood and the more contemporary sports stadiums. The Nolo is an 11-story, 163 unit loft-style apartment complex with high ceilings, elegant finishes, and open floor plans, and The Wave is a modern, upscale 26-story apartment tower with unparalleled views that features 333 residential units. Both buildings are above a retail and parking podium and offer indoor-outdoor open space amenities for residents, including a fifth-floor terrace where The Nolo and The Wave meet, and roof terraces on both buildings that offer views toward the nearby stadiums, historic Pioneer Square, downtown Seattle and the Puget Sound.
SILVER
Best New Development:
Mid-Rise
The Huxley
Location: West Hollywood, Calif.
Developer: Essex/Monarch Group
Type of Property: Rental
No. of Units: 187
No. of Floors: Six
Owner/Investor: Essex/Monarch Group
Financier: Citibank
Architect/Interior Designer: Newman Garrison + Partners Inc./Zauner Manhattan Designs
Builder: White Residential
Landscaping: SWA (LA Office)
Photographer: Juan Tallo
Public Art: Ball-Nogues
SILVER
Best New Development:
Mid-Rise
38 Dolores
Location: San Francisco
Developer: Prado Group Inc.
Type of Property: Rental
No. of Units: 81
No. of Floors: Eight
Owner/Investor: Prado Group Inc., Sarofim Realty Advisors, Felson Companies
Financier: Wells Fargo Bank
Architect/Interior Designer: BAR Architects, collaborating architect: William McDonough & Partners/Bar Architects.
Builder: Webcor
Landscaping: April Philips Design Works
Photographer: BAR Architect, Doug Doug / Mitch Shenker Studio, Mitch Skenker
Union Wharf
Location: Baltimore
Owner/Investor, Developer: The Bozzuto Group
Type of Property: Rental
No. of Units: 281
No. of Floors: 5
Financiers: Bozzuto, CIGNA and Pritzker Realty Group, and a construction loan from PNC
Real Estate
Architect: Hord Coplan Macht Inc.
Interior Designer: RD Jones & Associates
Builder: Bozzuto Construction
Landscape Architect: Mahan Rykiel Associates
Photographer: Patrick Ross
Located on the waterfront of Baltimore’s iconic Fells Point neighborhood, the development rests on a unique, formerly industrial site that was once home to a cement factory tucked into a busy seaport with a rich history of ship building. Details within the building take inspiration from the neighborhood. For instance, the “Bozzuto Shelf,” which appears at the doorway of many Bozzuto apartment residences, was reinterpreted for Union Wharf. This version contains an industrial light fixture, bent steel arm, and a laser-cut unit number, fabricated by Baltimore’s own Gutierrez Studios. Cold rolled steel from the same metalworker wraps walls throughout the lobby and lounges, serving as a backdrop to selectively placed artwork procured from local artists.
Polished concrete floors in the lobby and common spaces, along with reclaimed wood from stables at nearby Rosecroft Raceway carry the post-industrial loft theme throughout the building. Juxtaposed with the comfortable, eclectic interior design of the hotel-like amenity spaces, these elements give Union Wharf the feel of a reused warehouse furnished with items collected over time, rather than a newly constructed structure.
With sail halyards supporting the resident mailboxes, a massive fireplace reminiscent of industrial furnaces, and wall panels illustrative of the city’s steel mills, Union Wharf’s setting clearly established its design direction and connection to Baltimore history. Union Wharf is beautiful behind its walls, too—the community is on track to achieve LEED Silver Certification for New Construction. The LEED design credits have already been approved and the team is currently in the process of submitting construction credits for review. It has reinvigorated a previously contaminated brownfield industrial waterfront site.
SILVER
Best New Development:
Garden/Low-Rise
1000 S. Broadway
Location: Denver, Colo.
Owner: Fore Broadway LLC
Developer: Fore Property Company
Financier: Guardian Life Insurance Company
Type of Property: Rental
No. of Floors: 4
No. of Units: 267
Architect: SA+R Shears Adkins Rockmore
Engineer: Harris Kocher Engineering Group
Builder: Fore Construction
Skylar at Playa Vista
Location: Playa Vista, Calif.
Developer, Owner/Investor: KB Home
Type of Property: For-sale
No. of Floors: Four
No. of Units: Three
Architect/Interior Designer:
KTGY Group Inc./Triomphe Design
Builder: KB Home
Landscaping: Weiland & Associates Inc.
Photographer: Applied Photography
Yesterday’s three-story traditional townhome design has been redesigned to meet today’s market by turning it on its side to appeal to the ever-increasing Boomer market and multi-generational families. With a bold, contemporary design in the amenity-rich, walkable community of Playa Vista in Los Angeles, Skylar at Playa Vista contains primarily single-level living with a larger “Plan 3” offering ground-floor entry plus bonus room or guest suite for extended family or boomerang kids. Skylar is within walking distance to shops, restaurants, employers, schools, parks, beach and a private community center with a pool. Plans offer expansive master suite, high ceilings, gourmet kitchen, large dining island, plus generous living areas with large glass windows and optional accordion doors to decks for seamless indoor/outdoor living and entertaining to create the ultimate Southern California living experience with LEED Platinum Certification (95 points) and Universal Design incorporated.
SILVER
Best New Development: Low Income
John C. Anderson Apartments
Location: Philadelphia, Pa.
Developer: Pennrose + DMH Fund
Project type: Rental
No. of Units: 56
No. of Floors: Six
Owner/Investor: Spruce Street Senior Residences
Financier: Phila. HOME Funds, RACP, Wells Fargo
Architect: Wallace Roberts and Todd
Builder, Interior Designer: Domus Inc.
Landscaping: Brickman
Photographer: Hugh Loomis
SILVER
Best New Development: Low Income
The Cottages at Arbor Pointe
Location: Columbus, Ga.
Developer: Columbia Residential
Project type: Rental
No. of Units: 120
Owner/Investor: Housing Authority of Columbus
Financiers: Wells Fargo (loan), Housing Authority of Columbus permanent (loan), CAHEC & Sugar Creek (tax credit investment)
Architect: JHP Architecture / Urban Design (Architect and Master Planner)
Interior Designer: Holt Interiors
Builder: IBG Construction Services
Landscaping: Studio Outside
Photographer: Rion Rizzo/Creative Sources Photography
Cedar Gateway Apartments
Location: San Diego
Developer: ROEM Development Corp. and
Squier Properties
Owner/Investor: Cedar Gateway LP
Project Type: Rental
No. of Floors: Seven
No. of Units: 65
Financier: CCDC/RDA Construction & Permanent Loan, CCDC/RDA Capital Improvement Funding, CalHFA/Mental Health Services Act (MHSA), California Department of Housing and Community Development (HCD – HCD funds were replaced by ARRA TCAP gap financing), Tax Credit Assistance Program (TCAP), and CALReUSE.
Architect: Silber Architects
Interior Designer: Jimyko
Builder: ROEM Builders Inc.
Landscaping: Park West
Photographer: Jim Doyle, Applied Photography
Cedar Gateway Apartments is a unique community that brought together new partners and sources of funding to address one of the most pressing issues in San Diego: housing for formerly homeless and those facing mental health issues. By involving these varied stakeholders in the project, Cedar Gateway became the first affordable housing project in the state of California to receive funding from the American Recovery and Reinvestment (ARRA) program. Cedar Gateway consists of 65 environmentally friendly, multifamily apartments on seven floors above more than 4,300 square feet of ground level retail space, including the 23 units designated as permanent supportive housing for adults and seniors with mental disabilities. The contemporary design is consistent with many other new downtown buildings, and complements the adjacent 84-year-old Bradley-Woolman St. Cecilia’s chapel next door.
In addition, Cedar Gateway achieved USGBC LEED-H Platinum certification. It also represents the last contribution to the affordable housing community made by Gary Squier, one of the two developers on this project and an industry leader in California.
SILVER
Best New Development: Workforce
1st and Rosemary Family and Senior Apartments
Location: San Jose, Calif.
Developer: ROEM Corp.
Type of Property: Rental
No. of Floors: Four
No. of Units: 290
Owner/Investor: 1st and Rosemary Family Housing LP;
1st and Rosemary Senior Housing LP.
Financier: Alliant Capital/JP Morgan, Citi Community Capital, Prop 1C Funds, City of San Jose
Architect: Architects Orange
Interior Designer: Parisi Design
Builder: ROEM Builders Inc.
Photographer: Keith Baker Photography
Elgin Artspace Lofts
Location: Elgin, Ill.
Developer, Owner/Investor: Artspace
Type of Property: Rental
No. of Floors: Three
No. of Units: 55
Financier: Bank of America, Merrill Lynch, City of Elgin, Fallbrook Credit Finance, Federal Home Loan Bank – AHP, Kane County, Ill., Housing Development Authority
Architect/Interior Designer: BKV Group
Builder: Shales McNutt Construction
Landscaping: BKV Group
Photographer: Kate Joyce Photography
Elgin Artspace Lofts provides a unique model for affordable housing, bringing together an important reuse of one of the City’s storied historic buildings with a modern counterpart addition to create a community of artists and restore vitality to this neighborhood. Elgin, Ill. is located 38 miles northwest of downtown Chicago, and has recently invested more than $300 Million to improve its public infrastructure. Through this investment, Elgin has created a unique urban environment, transforming its downtown into an eclectic gathering of businesses, civic, cultural and recreational amenities, while also striving to provide a diverse housing mix. City leaders believed permanent affordable artist’s housing would strengthen their emerging downtown arts culture while serving as a catalyst for continued development bringing vibrancy to their downtown. Elgin Artspace Lofts is helping the city re-brand its downtown as an entertainment and arts center. The project was designed to meet the needs of the local community and has far exceeded these goals, as evidenced by the fact it was 100 percent leased a month after opening.
Mountain Vista Communities,
Fort Huachuca
Location: Sierra Vista, Ariz.
Developer: Michaels Military Housing
No. of Floors: One
Owner/Investor: Michaels Military Housing
Financier: Raymond James
Architect: Psomas Engineering with Bruce Call (community center design)
Builder: RL Workman Homes/
Castle & Cooke Arizona
Landscaping: Psomas Engineering
Photographer: David Huff
SILVER
Best New Development:
Student Housing
The Hub On Campus
Location: Tempe, Ariz.
Developer: Core Campus
Type of Property: Rental
No. of Units: 266
No. of Floors: 19
Owner/Investor: Core Campus
(now sold to American Communities Group)
Architect/Interior Designer: HPA Architects
Builder: Beal | Derkenne Construction
Pitzer College Residential Life Phase 2
Location: Claremont, Calif.
Developer: Pitzer College
Type of Property: Rental
No. of Units: 80
Owner/Investor: Pitzer College
Architect/Interior Designer:
Carrier Johnson + CULTURE
Builder: PCL Construction
Landscape Architect:
Mia Lehrer + Associates
Photographer: Costea Photography
The project is the second of three phases of Pitzer College’s housing master plan—“the Residential Life Project”—its green blueprint for environmentally responsible development. When Phase I was constructed in 2007, the residential complex became the first higher education student housing project in the country to receive the USGBC’s LEED Gold designation. Now, on Phase Two, the development and design team set the sustainable bar a notch higher to achieve LEED NC Platinum certification. The newest addition to the student village was designed with more than 40 sustainable features and best design practices, ranging from green roofs and drought-tolerant living walls to a high-capacity greywater system that recycles enough water to provide irrigation for all Phase II landscaping year-round.
With the completion of the mixed-use residential halls that house over 300 students, Pitzer College is not only one step closer to becoming the first college to have all Gold-or-higher LEED-certified residence halls but also achieving its goal of housing 93 percent of its student population. With a wide selection of amenities, the village-like atmosphere encourages students to live all four years on campus, reducing their carbon footprint through less driving and fuel consumption.
SILVER
Best New Development: 55+
Solterra
Location: El Cajon, Calif.
Developer: Affirmed Housing Group
Type of Property: Rental
No. of Units: 49
No. of Floors: Two
Owner/Investor: Affirmed Housing Group
Financier: City of El Cajon RDA, Chase Bank, LIHC, Boston
Architect/Interior Designer: Studio E Architects
Builder: Affirmed Housing Group
Landscaping: Ivy Landscape
Photographer: Applied Photography, Jim Doyle
Fountain Grove Lodge
Location: Santa Rosa, Calif.
Developer, Architect, Builder, Interior Designer: Oakmont Senior Living
Type of Property: Rental
No. of Units: 70
No. of Floors: Three
Owner/Investor: William P. Gallaher
Financier: East West Bank
Landscaping: Landesign
Photographer: Ethan Kaminsky
Fountaingrove Lodge is the nation’s first lesbian, gay, bisexual, and transgendered (LGBT) independent senior community with the option of continuing care services. It was developed by William and Cindy Gallaher, founders of Santa Rosa-based Oakmont Senior Living (OSL), a recognized leader in the retirement industry that has developed more than 30 upscale senior communities throughout the western U.S. In 2005, the Gallahers purchased a 10-acre parcel zoned for high-density residential development. Soon after the acquisition, two companies interested in developing LGBT-oriented projects on the property approached them. The prospect of working with a partner didn’t appeal to the Gallahers, but the idea of building for the LGBT community did because they felt it would fill an important social need. To ensure the project would meet the needs and preferences of its target audience—affluent, educated individuals and couples who identify as LGBT and are age 65 and older—the Gallahers sought the input of LGBT friends and established a formal LGBT advisory group. The couple also tapped their own talents in design, construction and project management. For example, in choosing an architectural theme, the Gallahers weighed several factors: the engineering requirements of the site; the advisory board’s suggestions for clean lines and a sophisticated feel; and the Gallaher’s’ desire to preserve natural features on the site. They selected a Craftsman design aesthetic that has won high praise.
Micro Lofts at
The Arcade Providence
Location: Providence, R.I.
Developer, Owner/Investor:
130 Westminster St. Associates
Project Type: Rental
No. of Floors: Three
No of Units: 48
Financier: BANKRI
Architect/Interior Designer:
Northeast Collaborative Architects
Builder: 130 Westminster St. Associates
Photographer: Ben Jacobsen
When the Arcade was built in Providence, R.I. in 1828, architects Russell Warren and James Bucklin designed a commercial venture that united many shops under one glass atrium and served as a protected walkway between two main streets. Together they created one of Providence’s first Greek Revival buildings that the Metropolitan Museum of Art named one of the finest commercial buildings in the history of American architecture. In 2012, 130 Westminster Street Associates announced plans to transform the historic Arcade’s offices and shops into micro lofts and micro retail units. The response was immediately positive, and a tenant waiting list grew significantly before the project was completed in 2013. Northeast Collaborative Architects, which specializes in finding new uses for old buildings, created 48 micro lofts on the Arcade’s second and third floors and 17 micro retail spaces on the main level. The $7 million adaptive reuse project respects the Arcade’s historic design, and the building’s Old World features make each unit unique. Furnished one-bedroom units range in size from 225 to 450 sq. ft. The Arcade’s sustainable design elements include new double-hung windows, a new insulated roof that reduces the building’s cooling requirements and minimizes the urban heat island effect, and a central skylight that provides extensive daylighting. All appliances meet the Energy Star rating. Plumbing fixtures include a dual-flush/low consumption toilet, low-flow faucets, and EPA Water sense approved showerheads. And the carpet tile is 100 percent recyclable.
SILVER
Best New Development: Unbuilt
St. Matthew’s Redevelopment
Location: Washington, D.C.
Type of Property: Rental
Project Type: Transit-oriented
No. of Floors: 11
No. of Units: 231
Developer: Trammell Crow Company
Communications Hill 2
Location: San Jose, Calif.
Type of Property: For-sale
Developer, Builder: KB Home
Owner/Investor: MTA Properties/
Rob Bettencourt
Project Type: Garden/low-rise; mid-rise
No. of Units: 2,200
Size of Site: 328.5 acres
No. of Floors: From two-story single-family to nine-story condos
Architect: KTGY Group Inc.
Land Planner: Dahlin Group
Landscape Architect: The Guzzardo Partnership Inc.
Communications Hill 2 is one of the most transformative developments in the region. Located on a 400-foot-tall, 500-acre hill approximately four miles south of downtown San Jose, Calif., Communications Hill 2 encompasses the proposed development of up to 2,200 residential units of varying densities and types, up to 67,500 square feet of commercial/retail uses, industrial park uses, parks, open space, trails, streets, storm water facilities, and other supporting infrastructure. A school site is also envisioned.
