2012 MHN Excellence Awards Winners
Congratulations to all the 2012 Gold and Silver winners!
By Diana Mosher, Editorial Director
Congratulations to all the 2012 Gold and Silver winners! You’re truly at the top of your game, as the MHN Excellence Awards recognize the apartment industry’s most outstanding people, companies and properties. The competition was intense in all 18 categories, which range from ‘Executive of the Year’ to ‘Best Marketing Program’ to ‘Most Tech Savvy Apartment Community.’ We thank all our 2012 judges, who spent two days at MHN’s office in New York evaluating the submissions and their respective achievements. This year’s panel of judges comprised: Manny Gonzalez, AIA, LEED AP, principal, KTGY; David B. Woodward, president, CompassRock Real Estate LLC; Doris Pearlman, MIRM, IIDA, president, Possibilities for Design Inc.; and Eric S. Silverman, co-founder and managing partner, Eastham Capital.
Throughout the process, the judges discussed a number of trends shaping the industry today, such as the challenges of designing apartment communities with smaller units; whether the tried-and-true amenities trump new luxury amenities; and the role of technology in the leasing process. They also discussed the financial challenges currently facing owners, property managers and developers. Watch our interviews with the Excellence Awards judges on MHN TV. This year saw a dramatic increase in the number of entries to the ‘Best Renovation’ category. There were also many more adaptive reuse projects, and the judges commented on the complexity of this type of work; frequently, working with an existing shell is more difficult than with new construction.
GOLD | Executive of the Year
Richard K. Barnhart, Chairman & CEOPennroseHeadquarters: PhiladelphiaNo. of Employees: 420No. of Years at Company:27No. of Units in Portfolio:9,109Active Regions:Pennsylvania, New Jersey, Maryland, Ohio, Tennessee, AlabamaAfter accomplishing his original goal, with Pennrose perennially being among the top five affordable housing developers in the country, Richard Barnhart has led a company transformation into other market niches—including market-rate multifamily and student housing. Under his leadership, Pennrose has helped municipalities utilize mixed-income, mixed-use multifamily housing as an economic development tool. With its expanded footprint, Pennrose is now developing and managing communities that are attracting capital and new residents to neighborhoods in the process of transforming themselves from stabilizing areas to neighborhoods of choice.
GOLD | Property Manager of the Year
Tami Luna
GHP Management
Apartment Community: The Summit at Warner Center
Location: Woodland Hills, Calif.
Number of on-site staff: 22
No. of Units: 760
No. of Years at Community: 2
NOI at Community for 2011: $14,217,000
Year-over-year Change in Occupancy 2010-2011: +7 percent
Year-over-year Change in Rent per Sq. Ft. 2010-2011: $0.12
Occupancy as of 3/31/2012: 95 percent
Percentage of Lease Renewals in 2011: 25.93 percent
Tami Luna has been in the multifamily industry for 15 years and during that time has gained recognition as a leader in her field. She joined GHP Management in 2010 as the property manager for a 186-unit apartment community in Upland, Calif. Luna overcame many challenges at this property which led to her promotion a few months later to a 760-unit property in Woodland Hills, Calif. In fact, she paved the way for her colleagues, as this was the first promotion within GHP Management. Since taking over her current property, she has turned it around financially and increased customer satisfaction. Luna increased revenue 9 percent year-over-year (2010-2011); reduced expenses during that same timeframe by 8.8 percent; reduced bad debt/delinquent rent by 39 percent; and reduced the property’s reliance on concessions. Luna also reduced the annual turnover rate by 9 percent through resident retention and customer initiatives. As a result, she increased The Summit at Warner Center’s customer service satisfaction score at Apartmentratings.com from 29 to 83 percent. Luna is a recipient of GHP’s “Company Die Hard Award” for dedication and never saying something could not be accomplished.
SILVER | Property Manager of the Year
$69,228Year-over-year Change in Occupancy per Sq. Ft.
2010-2011:0 percentYear-over-year Change in Rent per Sq. Ft. 2010-2011:3 percentOccupancy as of 3/31/2012:
99 percentPercentage of Lease Renewals in 2011:74 percentSILVER | Development Company of the YearTF CornerstoneHeadquarters:New York, N.Y.Key Executives: Tom Elghanayan, Chairman and CEO;
Fred Elghanayan, President and COO; Sofia Estevez,
Executive Vice President–Leasing; Kevin Singleton,
Executive Vice President–Management
No. of Employees: 470
No. of Units Developed in Company’s History: 10,000+
No. of Units Delivered Jan. 1, 2011–March 31, 2012: 710
Active Regions: New York City, Washington D.C.
Claire Michael
Company: Fairfield Residential
Apartment Community: North Pointe Commons
Location: Durham, N.C.
No. of Units: 320
No. of Years at Community: 3
NOI at Community for 2011: $1,922,002
Year-over-year Change in Occupancy per Sq. Ft. 2010-2011: 0.4 percent
Year-over-year Change in Rent per Sq. Ft. 2010-2011: 4.75 percent
Occupancy as of 3/31/12:
95.7 percent
Percentage of Lease Renewals in 2011: 55 percent
GOLD | Development Company of the Year
Village Green
Headquarters: Farmington Hills, Mich.
Key Executives: Jonathan Holtzman, CEO (pictured);
Diane Batayeh, COO; John Woods, CFO; Jason Koehn, CIO
No. of Employees: 1,200
No. of Units Developed in Company’s History: Over 25,000
No. of Units Delivered Jan. 1, 2011-March,31, 2012: 238
No. of Units Renovated Jan. 1, 2011-March 31, 2012: 351
Active Regions: Detroit, Chicago, Minneapolis, St. Louis, Cincinnati, Texas, New Jersey
Even in a tough economic environment, Village Green has been able to accomplish extraordinary things. In 2011, the company entered into a partnership with Compatriot Capital—a subsidiary of Sammons Enterprises Inc.—which will invest $50 million of equity to develop and acquire approximately $250 million in apartment assets over the next two-and-a-half years. Minneapolis’ Mill District City Apartments, a $32 million, 175-unit complex, was completed in March 2011 and received NAHB’s Green Building Certification. Construction began in 2009, when the project was the only market-rate property to obtain financing in Minneapolis. Since then, Village Green broke ground on Ann Arbor City Apartments—a $31 million, 155-unit urban apartment building located in downtown Ann Arbor, Mich. Village Green was ranked the nation’s top company in customer satisfaction for the third year in a row (2009, 2010 and 2011) by CEL & Associates.
GOLD | Best Property Management Company
Prometheus Real Estate Group, Inc.Headquarters: San Mateo, Calif.Key Executives:
Jackie Safier, President (pictured);
Clay Parker, CFO, EVP and Partner; John Millham, Acquisitions EVP and Partner; John Moss, Development EVP and Partner.No. of Employees: 700No. of Multifamily Properties in Portfolio: 73No. of Units in Management Portfolio: 17,685Percentage of Units that Company Owns: 65 percentActive Regions: San Francisco Bay Area, Los Angeles Metro, Portland Metro, Seattle MetroAsset Types: 80 percent Class A; 20 percent Class BIn 2008 Prometheus Real Estate Group Inc. set out to revolutionize the apartment industry by “creating distinction in a field where homogeneity is so prevalent.” The goals of this ongoing initiative are: 1) a memorable and distinctive experience; 2) economic efficiencies associated with the consistencies of the brand; 3) employee loyalty; and 4) NOI that beats the REITS by over four percent over the past four years. To achieve these goals, Prometheus has implemented Core Distinct Elements designed to be game changing but also simple and efficient in both cost and effort. The Promethean Look—“modern meets timeless”—was rolled out in 2012 to replace uniforms, dress codes and conventional name tags. The idea that pets are family (40 percent of “neighbors” at Prometheus have pets) is reinforced in the I AM HOME, Too program rolled out in 2012.
GOLD | Best Brokerage Firm
Marcus & Millichap/Institutional Property Advisors
Headquarters: Calabasas, Calif.
Key Executive: Hessam Nadji, Managing Director, IPA (pictured)
Regions of Operation: Nationwide—Northeast, Mid-Atlantic, Southeast, Midwest, Southwest, West
Number of Multifamily Transactions 2011: 2,350
Volume of Multifamily Transactions 2011: $8,877,035,000
Most Impressive Transactions of 2011:
1.
The largest single-asset sale in Los Angeles since 2005—the $133 million Millennium Warner Center
2.
The Varsity at College Park in College Park, Md. traded for $121.5 million
3. State Creek at Johnson Ranch in Roseville, Calif. sold for $76.5 million
4. Cabrillo Springs in San Diego sold for nearly $71 million
With more than 70 offices nationwide, Marcus & Millichap/Institutional Property Advisors (IPA) is a leading multifamily investment services firm. IPA was created to support the needs of institutional and sophisticated private multifamily investors. IPA’s combination of real estate investment expertise, technology, support services and research offers customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.
SILVER | Transaction of the Year
Beech Street Capital
Headquarters: Bethesda, Md.
Facilitator: Brian Sykes, VP Originations
Property: Christiana Meadows in Bear, Del.
Owner: School House Trust
Transaction Type: Refinance
Existing Debt: $26 million
Refinance Vehicle: Fannie Mae ARM, 10 years (four years interest-only)
Initial Pay Rate: 2.36 percent
SILVER | Best Marketing Program
Aptsandlofts.com for 111 Kent
Location: Brooklyn, N.Y.
Program Implemented: August 2011
Change in Occupancy as a Result of the Program: 100 percent of units leased in five months (new development)
Occupancy as of 3/31/2012: 100 percent
Platforms Program Comprised: Website, print brochures, newspapers/print media, signage/billboards, staging, public relations and e-mail blasts
The Palace Group/Beber Silverstein Group for The Palace in Coral Gables
Location: Coral Gables, Fla.
Program Implemented: October 2011
Change in Occupancy as a Result of the Program: N/A
Occupancy as of 3/31/2012: prelease—37 percent
Platforms Program Comprised: Newspapers/print media, direct mail
GOLD | Transaction of the Year
LCOR/CalSTRS (California State Teachers’ Retirement System)
On May 23, 2012 the California State Teachers’ Retirement System (CalSTRS) acquired a majority interest in LCOR, a leading real estate investment, management and development company, in combination with extensive real estate holdings owned by LCOR’s former partner, Lehman Brothers. The resulting joint venture between LCOR and CalSTRS (the “Company”) owns 14 apartment properties representing nearly 5,000 units and a development pipeline that includes over 8 million square feet of future development potential. Under a previous joint venture with CalSTRS, LCOR also owns 2,000 operating units in seven assets and 600 under construction units in two assets.
CalSTRS was attracted to the transaction given its ongoing successful relationship with LCOR (joint venture partners since 2003) and their interest in sourcing build to core development opportunities. The transaction, completed in partnership with LCOR management, values the Company and the related real estate at greater than $800 million. LCOR is expanding their CalSTRS relationship from one that was strictly centered on residential assets to one that now includes every aspect of LCOR’s business including build to suite office space and public/private ventures, a hallmark of LCOR. Morgan Stanley acted as exclusive financial advisor to LCOR and Lehman Brothers in the transaction. CalSTRS was advised by Principal Real Estate Investors and GI Partners. GI Partners will act as ongoing advisor for CalSTRS’ interests in the platform.
The Company acquired ownership stakes in 14 multifamily assets comprising nearly 5,000 apartment units in New York, Connecticut, Georgia, Florida, Nevada, Virginia, Illinois, Indiana, California, Arizona and Ohio. Among the key assets included in the transaction are 308 apartment units at the historically landmarked 25 Broad Street in Lower Manhattan and 462 condo quality units in Greenwich, CT, as well as assets in Aventura, Fla. and Tysons Corner, VA with significant redevelopment opportunities. Key development pipeline opportunities include transit oriented, high-growth locations in Tysons Corner, VA; Montgomery County, MD; Hoboken, NJ; and Lower Manhattan.
GOLD | Best Marketing Program
Cardinal Group for WestMar Student Lofts
Program Implemented: August 2010
Occupancy as of 3/31/2011: 44.3 percent
Change in Rent per Square Ft. from Jan. 1 to Dec. 31, 2011: +$0.33 (from $1.35 to $1.68)
Platforms Program Comprised: Website, print collateral, social networking, guerilla marketing
Denver-based Cardinal Group purchased MetroPointe Lofts in August 2010 and implemented a full-scale marketing and rebranding campaign that included renaming the property to WestMar Student Lofts and a $2.5 million renovation program. The property had a tarnished reputation, but substantial capital improvements and extensive rebranding were successful in attracting students back, and within 12 months the management team had 98 percent of the property leased, this from a 30 percent occupancy rate at acquisition. The student housing leasing cycle is unique, with pre-lease season starting around November each year. WestMar was at 44.3 percent at the end of March 2011 because students already had signed leases and were living in their current communities. But it only took one student housing cycle to turn the project around. The lease-up was a proactive “create your own market demand and go find your residents” campaign. This was full-scale marketing warfare that required a collective effort between operations, leasing and marketing.
GOLD | Most Tech-Savvy Community
Heatherstone ApartmentsLocation: Mountain View, Calif.Owner/Management Company:
Prometheus Real Estate Group Inc.No. of Units: 104NOI at Community in 2011: $1,500,472Projected NOI for 2012: $1,621,771Year-over-year Occupancy Change from 2010-2011:
95-96 percentCurrent Occupancy March 31, 2012: 97 percentYear-over-year Change in Rent per Sq. Ft. from 2010-2011: $2.26-$2.47Heatherstone Apartments is located in the heart of Silicon Valley. Many of the residents work for Google and some of the most admired creative campuses in America. As such, being effortless and environmentally responsible is critical for this demographic. Also, the labor efficiencies associated with the technology investment at Heatherstone Apartments enables the field teams to focus more on sales and service rather than administrative tasks. The community offers free Wi-Fi in common areas, revenue management, full online marketing and the ability to connect/disconnect utilities, order newspapers, order home services, pay rent and make service requests online. Prometheus completed 100 percent of leasing transactions online in 2011 and through the first quarter of 2012. Operations employ an automated system to process on-site purchases and payables electronically. In addition, 72 percent of all rent payment transactions in 2011 at Heatherstone were completed online, and 23 percent of residents purchased online discounted renters insurance.
SILVER | Best Renovation
Northwest Gardens I
Location: Fort Lauderdale, Fla.
Date of Original Construction: 1950
Total Cost of Renovation: $28,100,690
No. of Units: 143
Owner/Investor: Northwest Properties
Developer: Carlisle Development Group & Housing Authority of the City of
Fort Lauderdale
Financier: Florida Housing Finance Corporation (TCEP), First Housing Development Corporation of Florida
Builder: BJ&K Construction Inc.
Architect: Gustavo J. Carbonell
Landscaping: Witkin Hults Design Group
The Pomeroy Apartments
Location: Chicago
Date of Original Construction: 1923
Total Cost of Renovation: $20,400,000
No. of Units: 104
Owner/Investor, Developer, Financier: The Chicago Housing Authority
Builder: McHugh Construction
Architect, Photographer: Pappageorge Haymes Partners
Associate Architect: Architrave Ltd.
Martin Luther King/Marcus Garvey Cooperative Apartments
Location: San Francisco
Date of Original Construction: 1975
Total Cost of Renovation: N/A
No. of Units: 211
Owner/Investor: Marcus Garvey/Martin Luther King Cooperative
Developer: Related California
Financier: Citibank, Freddie Mac, SFRA
Builder: Portrait Homes Inc.
Architect: Gelfand Partners Architects
Interior Designer: Chameleon Design
Landscaping: Stevens & Associates
Photographer: Treve Johnson Photography
GOLD | Best Renovation
Woodlawn Village
Location: Fort Belvoir, Va.
Date of Original Construction: 1980
Rents before Renovation: $1,800 per month
Rents after Renovation: $2,400 per month
Total Cost of Renovation: $40,000,000
Hard Construction Cost per Sq. Ft.: $45
No. of Units: 338
Owner/Developer: Clark Realty Capital LLC
Builder: Clark Builders Group LLC
Financier: Duxbury Financial
Architect: Torti Gallas & Partners Inc.
Landscaping: Parker Rodriguez Inc.
Woodlawn Village previously consisted of 444 apartment homes in disrepair and distanced from the rest of the Belvoir community, which houses basic services and offices.
The project team was challenged to transform this Class C, amenity-lacking, gated community into a neighborhood of homes with luxury unparalleled on military installations. Clark held focus groups and pilot renovations to garner feedback from residents, resulting in an innovative and eco-friendly design that transformed the previously avoided community into one of the most desirable—evidenced by a boost in occupancy from 60 to 99 percent. The transformation converted 200 existing two-bedroom units into 100 five-bedroom duplexes complete with new finishes, energy-efficient HVAC, windows, exteriors, roofing and landscaping. The work consisted of combining two separate units stacked one above the other with an exterior stairwell into one single unit with an interior staircase, an innovative approach to improve the floorplan without enlarging the overall footprint or impacting the major structural components of the building. All homes are either Energy Star- or EarthCraft-certified and equipped with the latest smart meter technology with real-time monitoring of utility consumption. Woodlawn Village now also boasts an 8,000-sq.-ft. LEED Gold community center. The extensive renovations have enhanced Woodlawn Village’s appeal to the military family market and have positioned it competitively in the surrounding rental market.
SILVER | Multi-Housing Community of the Year
Courier Place Apartment Homes
Location: Claremont, Calif.
Year Built: 2011
Owner: Jamboree Housing Corporation
Management: The John Stewart Company
No. of Units: 75
Occupancy: 100 percent
NOI: $265,053/$20,417,766
Designed to LEED for Homes Platinum guidelines, Jamboree’s first multigenerational property offers special programs to enhance interaction between generations.
The Davis Building
Location: Dallas
Year Built: 1926
Owner: The Bascom Group
Management: Entrada Partners
No. of Units: 183
Occupancy: 98 percent
NOI: $190,300
Constructed in 1926 for the Republic National Bank, this historic landmark now serves as a luxury Class A asset. Since acquiring it in 2010, The Bascom Group has increased revenue significantly.
GOLD | Multi-Housing Community of the Year
Charlottetown Terrace Location: Charlotte, N.C.Year Property was Built: 1977Owner/Management: Charlotte Housing AuthorityNo. of Units:161Occupancy: 100 percentRent Range: One-third of income or $75Unit Mix: Efficiency and one-bedroomSq. Footage of Buildings: 125,439Site Size: 5.5 AcresType of Community: Public Housing
Charlottetown Terrace was built by the Charlotte Housing Authority (CHA) to provide affordable housing to seniors and the disabled. It originally had 180 apartments. This 11-story development has now been designated as housing for low-income disabled residents. A $12.86 million rehabilitation of this aging tower reduced the number of rental units to 161 to provide the disabled population a service-rich environment in a LEED-certified building. The renovation received a $1,000,000 grant from Charlotte’s Housing Trust Fund and was awarded a $6.2 million grant in HUD’s 2009 Green Communities stimulus grant competition. CHA used $5.66 million of its own funds as well. These grants allowed CHA to renovate this building while allowing it to remain 100 percent public housing in Charlotte’s asset-rich midtown. The design team creatively solved the problem of introducing a new high-efficiency HVAC system into an existing concrete structure by creating vertical architectural elements on the exterior façade to house the new refrigerant line sets in lieu of the more difficult and costly solution of cutting the existing concrete floor slabs at each level. These “mechanical columns” were able to serve the dual purpose of disguising the refrigerant lines, as well as helping to update the exterior façade of the building. The building is pursuing LEED Gold Certification. Sustainable elements include occupancy sensor/remote control lighting; building products with high-recycled content; roofing material that reduces the heat island effect by having a Solar Reflectance Index of 101; and 80 percent recycled construction waste.
SILVER | Best New Development: High-Rise
TEN23Location:New York CityNo. of Units:111Owner/Investor, Developer, Financier,
Marketing, Broker/Sales/Leasing:Equity ResidentialBuilder:Ryder Construction Inc.Architect, Interior Designer: Gerner Kronick + Valcarcel Architects PCSustainability Consultant & Green Verifier:
Performance Path SolutionsHighland TowerLocation: HoustonNo. of Units: 99
Owner/Investor: Highland High-Rise LP
Developer: Pelican Builders Inc.
Financier: Whitney Bank, Amegy Bank, Private Investors
Builder: G.T. Leach Builders LLC
Architect: Ziegler Cooper Architects
Interior Designer: Kathy Andrews Interiors, KJM Design, Chandos Interiors
Landscaping: Kudela & Weinheimer
Marketing, Broker/Sales/Leasing:
Sudhoff Properties
Photographers: Paul Hester, George Craig
Landscaping: Donna Gutkin, Landscape Architect, PC
GOLD | Best New Development: High-Rise
AireLocation:New York, NYCompleted:2010Occupancy:2010Project Cost:$200,000,000Hard Construction Cost per Sq. Ft.:$465Percentage of Building Rented:99 percentNo. of Floors:43No. of Units: 310
Unit Sizes/Mix: From studios and alcove studios to
three-bedroom, 3.5 baths
Unit Cost: $3,300-$8,100
Owner/Investor, Developer: A+R Kaliman LLC
Builder: LendLease
Architect/Interior Designer: Handel Architects
Landscaping: The Sullivan Group Design LLC
Marketing: Citi Habitats Inc.
Broker/Sales/Leasing: Rose Associates
Photographer: Bruce Damonte, Taylor Photo,
Sean Hemmerle
Located on the Upper West Side of Manhattan at the northwest corner of West 66th Street and Amsterdam Avenue, Aire is comprised of two structures—a concrete high-rise tower and a steel low-rise portion—sitting above a common cellar and sub-cellar. The 42-story building contains 310 rental apartments above a dramatic three-story lobby. The entry court and drop-off includes a fountain and landscaped area with a reflecting pool that provides residents with outdoor space. The low-rise portion contains the residential amenity spaces and 25,000 sq. ft. of retail space. Parking and residential storage is below grade. Aire was designed to appear as two separate, slender towers rising out of a sculptural box along Amsterdam Avenue. The lower, eastern tower points straight down the Avenue, while the taller tower angles east—converging at the southernmost point and jutting forward. A large amenity deck offers residents function and gathering space. Apartments feature mahogany floors, gourmet kitchens with sculpted wood cabinetry, quartz countertops, stainless steel appliances and Dornbracht bath fixtures.
GOLD | Best New Development: High-Rise
Gables Park 17Location:DallasCompleted:Dec. 2010Occupancy:April 2010No. of Floors:19No. of Units:292Unit Sizes/Mix: 1From one-bedroom, one-bath to three-bedroom, 3.5 bathsUnit Rent Cost:From $1,550-$7,515 (penthouses)Owner/Investor/Developer/Builder: Gables Residential
Financier: Wells Fargo Bank and BBVA Compass
Architect: Good, Fulton and Ferrell
Interior Designer: Marly + Company
Landscaping: TBG
Marketing, Broker/Sales/Leasing: Gables Residential
Photographer: Bruce Glass
The project bridges the few blocks between Dallas’ Uptown and Victory Park neighborhoods in an infill location that still has not been fully built out. The first level addresses the surrounding community by offering increased walkability and retail options. Given the site’s infill location and the need to build two towers with a shared-parking podium, the design of the building presented a unique architectural opportunity. Improving on the site’s previous use as paved parking, the LEED-registered project introduces luxury, sustainable development to Dallas’ urban core, adding pedestrian friendly green space and native landscaping to the area. This elegant 25-story all-glass tower reflects the surrounding skyline in a sweeping contemporary facade. The seventh floor features an amenity deck with access to the one-acre green space, pool and entertainment suites. The most popular two-bedroom plan features excellent views from all rooms, a large kitchen for entertaining and private master-suite balcony.
SILVER | Best New Development: Mid-Rise
1800 Lake on CalhounLocation:MinneapolisNo. of Units:57Owner/Investor:Lake & Knox LLCDeveloper: CPM Development/
The Shelard GroupFinancier:HUD FinancingBuilder:Weis BuildersArchitect, Interior Designer, Landscaping: BKV Group
Broker/Sales/Leasing: The Shelard Group
Photographer: Saari & Forrai Photography
Fusion 1560
Location: St. Petersburg, Fla.
No. of Units: 325
Owner/Investor, Developer, Builder: Zaremba Residential
Architects: Humphreys & Partners Architects LP, CSJM Architects
Interior Designer: Focus Design Interiors
Landscaping: The Haygood Group
Marketing, Broker/Sales/Leasing: Zaremba Group
Photographer: Taylor Architectural Photography
AVA Queen Anne
Location: Seattle
No. of Units: 203
Owner/Investor, Developer, Financier, Builder, Marketing, Broker/Sales/Leasing: AvalonBay Communities Inc.
Architect, Landscaping: GGLO LLC
Interior Design: Two9Design
Photographer: Steve Whittaker
GOLD | Best New Development: Mid-Rise
Gables West AvenueLocation:HoustonCompleted:Sept. 2010Occupancy:94 percentNo. of Floors: 7No. of Units:397Unit Sizes/Mix: from one-bedroom, one-bath to two-bedroom, two-baths, plus two penthousesHard construction cost/sq/ft: $394
Unit Rent: Average $2,521
Owner/Investor/Developer/Builder: Gables Residential
Architect: Looney, Ricks, Kiss
Interior Designer: Marly + Company
Landscaping: Kudela & Weinheimer
Marketing/Broker/Sales/Leasing: Gables Residential
Photographer: Paul Hester (Hester & Hardaway Photographers)
With architecture that pays homage to the best of Art Deco style, Gables West Avenue exhibits 1930s elegant stone work and intricate details. Designed to appeal to the affluent renter-by-choice seeking the convenience of mixed-use living, this community’s features include spectacular panoramic views of downtown and the River Oaks area, a seventh floor infinity edge swimming pool, a dining/conference room for private use with gourmet demonstration kitchen, climate-controlled wine cellar, pet salon with shower facilities for pet grooming, theater/media/gaming lounge and sky bridge connecting all residential space to nearly 220,000 square feet of high-end boutiques, restaurants and offices. Units incorporate 10- and 11-foot ceilings; high-end finishes such as wood, ceramic tile or natural stone floors; granite counter tops; custom-stained wood cabinetry; and sleek stainless steel appliances.
SILVER | Best New Development: Low-Rise
Arcadia’s EdgeLocation:Columbia, S.C.No. of Units:28Owner/Investor, Developer:Roper Pond LLCFinancier:Wells FargoBuilder:McCrory ConstructionArchitect:Steinberg Design CollaborativeInterior Designers: The Boudreaux Group, Ann Temple & Co.
Landscaping: Design Resource Group
Marketing: The BOOM Group
Broker/Sales/Leasing: Estates Management Co.
Photographer: Belinda Hall
Hebron 121 Station
Location: Lewisville, Tex.
No. of Units: 234
Owner/Investor, Developer, Marketing: Huffines Communities
Financier: HUD
Builder: C.F. Jordan Construction
Architect: Humphreys & Partners Architects LP
Interior Designer: HPA Design Group
Landscaping: TBG Partners
Broker/Sales/Leasing: Pinnacle Management
Photographer: Richard L. Muniz Photography
GOLD | Best New Development: Low-Rise
Chelsea SquareLocation: Columbus, OHCompleted:May 2012Occupancy:June 2012Project Cost:$18,458,032Hard Construction Cost per Sq. Ft.:$59Percentage of Building Rented: 50 percentNo. of Floors: 3
No. of Units: 186
Unit Sizes/Mix: From one-bedroom, one-bath to
two-bedrooms, two baths
Unit Cost: $902-$1,137
Owner/Investor, Developer, Builder: Preferred Living
Financier: Wesbanco
Architect: David Betz
Interior Designer: Crimson Design Co.
Landscaping: Meyers Landscaping
Marketing, Broker/Sales/Leasing: Preferred Living
Photographer: Erica Pitcock
Preferred Living recognized that there was a strong demand for innovative luxury housing in the affluent suburban New Albany neighborhood. Within five weeks of opening, Chelsea Square had preleased 55 percent of the community. Located just minutes from top Ohio employers and near retail centers, Chelsea Square provides renters with a modern, sleek design that appeals to the broader part of the marketplace. The landscape package includes extra dense plantings, overhead lighting and custom signage. Ledge stone on the exterior of the buildings, which is rare in this market, makes Chelsea Square stand out among competitors. Unit design incorporates dark-stained contemporary cabinetry, pendant lighting and glass tile backsplashes. The walk-in laundry room includes a washer and dryer and is spacious enough to double as a pantry. Other amenities include a fully equipped gym, tanning beds and business center. The clubhouse resembles a five star hotel lobby rather than a traditional community center.
SILVER | Best New Development: Affordable
East VillageLocation:Davie, Fla.No. of Units: 155Owner/Investor: Ehlinger Apartments Ltd.Developers: Carlisle Development Group LLC, Broward County Housing AuthorityFinancier:Broward County Housing AuthorityBuilder: BJ&K Construction Inc.
Architect: Corwil Architects Inc.
Landscaping: Witkin Hults Design Group
The Beacon
Location: Miami
No. of Units: 90
Owner/Investor: Ark Development/Overtown I LLC
Developer: Carlisle Development
Group LLC
Financier: Public Financing (city, county, state), Florida Housing Finance Corporation
Builder: BJ&K Construction Inc.
Architect, Landscaping: Corwill Architects Inc.
Photographer: Fernando Lezcano
Riverwalk
Location: San Diego
No. of Units: 51
Owner/Investor, Developer, Interior Designer, Marketing: Affirmed
Housing Group
Financiers: LIHTC, Wells Fargo, US Bank, San Diego Housing Commission,
ARRA funds
Builder: Allgire General Contractors
Architect: Studio E Architects
Landscaping: Darsono Design Associates
Broker/Sales/Leasing: Solari Management
Photographer: Jim Doyle, APS Photography
GOLD | Best New Development: Affordable/Workforce
Via VerdeLocation:Bronx, NYCompleted:2012Occupancy:2012Project Cost:$99,000,000Hard Construction Cost per Sq. Ft.: $236Percentage of Building Rented: 40 percent;
(90 percent sold)
No. of Floors: 20
No. of Units: 222
Unit Sizes/Cost: 151 low income rental units (40 to 60 percent of AMI: $461-$1,087) and 71 middle income
co-ops (70-100 percent of AMI: $79,000-$193,000 purchase price)
Owner/Investor, Developer: Phipps Houses and Jonathan Rose Companies
Builder: Lettire Construction
Architect/Interior Designer: Dattner Architects, Grimshaw
Landscaping: Lee Weintraub Landscape Architect
Photographer: David Sundberg/Esto & Vanni Archive
Via Verde means “the green way” and at the heart of the development are a series of green spaces beginning with a lower lawn and an upper courtyard with children’s play equipment. It then spirals up the roofs, starting with a two-story ampitheater, evergreen trees on the third floor roof, dwarf fruit trees on the fourth floor roof, resident gardening beds on the fifth floor and an extensive green roof. The building makes the most of a narrow, triangular site by stepping up from three stories at the south to a 20-story tower at the north. Via Verde is innovative in its approach to a mixed-income, mixed-tenure program and it has served as an example for regulatory reforms such as the New York City Green Zoning. In addition to the expected LEED Gold designation, Via Verde has adhered to NYC Active Design Guidelines, Enterprise Green Communities and the NYSERDA Multifamily Performance Program.
GOLD | Best New Development: Low-Income Housing
Archer StudiosLocation: San Jose, Calif.Completed:Feb. 2012Occupancy:March 2012Percentage of Building Rented:100 percentProject Cost: $7.1 Million
Hard Construction Cost per Sq. Ft.: $22
No. of Floors: 3
No. of Units: 42
Unit Cost: From $250 (15 percent AMI) to $790
(45 percent AMI)
Owner/Investor/Developer: Charities Housing
Financier: Tax Credit Equity Fund, City of San Jose, County of Santa Clara
Builder: Johnstone Moyer Inc.
Architect/Interior Designer: Studio E Architects
Landscaping: Ivy Landscape Architects
Photographer: Jeff Peters
Archer Studios is a 42-unit single-room-occupancy (SRO) development located two miles from Downtown San Jose and within one-quarter mile of light-rail transit. Targeted to house hourly wage service workers, the building’s design reaches beyond basic affordable shelter by providing a place that fosters dignity, security and community among its residents. The units were required to be less than 300 sq. ft., prompting the design team to study cruise ship cabins and European pied-a-terre as models. “Rethinking small” resulted in light-filled, high-ceiling studios with well-appointed kitchens and private balconies. Common areas are designed to coax residents out of their units to engage with their neighbors. A generous bike garage was included to encourage alternative transportation. San Jose requires all new multifamily projects to achieve a minimum score of 50 points under the Build-It-Green program. With 120 points, Archer Studios went above and beyond and it is among the greenest residential projects in the city. It has been mistaken for a chic boutique hotel—a nice compliment for tax-credit financed affordable housing.
SILVER | Best New Development: Adaptive Reuse
Blue Plate Artist LoftsLocation: New OrleansNo. of Units:72Owner/Investor:Blue Plate Lofts LLCDeveloper:JCH Development/HRI PropertiesFinanciers: Public Financing (federal, state, local),
JP Morgan Chase Bank, AEGON USA Realty Advisors, Stonehenge Capital, State of Louisiana’s Office of Community Development, City of New Orleans Office of Community Development
Builder: Woodward Design + Build
Architect: HCI Architecture
Interior Designer: Eclectic Home
Landscaping: Louisiana Landscaping
Marketing: Developers’ Internal Team, Pelican Pictures
Photographer: Bethanie Dardant, Jeff Johnston
GOLD | Best New Development: Adaptive Reuse
Metro 67 Madison ApartmentsLocation: Memphis, Tenn.Completed:Nov. 2009Occupancy:100 percentRent:$1,375Total Cost of Renovation: $25 million
Hard Construction Cost per Sq. Ft.: $99.28
No. of Floors: 12 plus penthouse
No. of Units: 157
Unit Styles/Sizes: One-bedroom, one-bath
Owner, Investor, Developer: EFO Residential Partners
Financier: Key Bank
Builder: Standard Builders Inc.
Architect/Interior Designer: Hnedak Bobo Group
Photographer: Rick Bostick, nVision Inc.
The transformation of this historic former bank building (first designed by famed McKim, Meade and White) provides the downtown Memphis rental market with modern, energy-efficient, condominium-style apartments. The client’s goal for the adaptive reuse project was to go a step above other rental properties in the city with a truly unique luxury historic apartment building just footsteps from dining and entertainment and only a block from the Mississippi River. Listed on the National Register of Historic Places, the 1924-built building sat vacant for 10 years before the Metro 67 project began. Designers were challenged to integrate and capitalize on the building’s unique historical interior features as they navigated through the widely different structural systems of each building era. The 1950s-style wood paneling that remained at the elevator lobbies on a few floors was replicated at lobbies on all levels. This provided a polished sense of arrival and set the tone for the mix of historic and contemporary features throughout. Apartment units maintain the building’s deep window bays while incorporating contemporary amenities. Energy-efficient components were infused into the design as well, such as unobtrusive interior storm windows, added perimeter insulation and sustainable bamboo flooring. Basement level bank vaults were reinvented as entertainment amenities, including a club room, a theater, gallery space and a security deposit vault turned ambient wine bar.
GOLD | Best New Development: Adaptive Reuse
220 WaterLocation:Brooklyn, N.Y.Completed:Dec. 2011Occupancy: Jan. 2012 No. of Units: 134
Total Building Sq. Ft.: 196,000
Density: 132.7 units per acre
Owner, Developer: GDC Properties LLC
Architect: Perkins Eastman, PC
General Contractor: The Rinaldi Group, LLC
Interior Designer: Peggy Leung Design, Inc.
The historic rehabilitation of 220 Water Street is comprised of 134 luxury loft rental apartment homes and residential amenities within a creatively restored 19th-century manufacturing building. Once the Hanan & Son Shoe factory, 220 Water has become one of the quintessential adaptive reuse buildings that Brooklyn’s DUMBO neighborhood is famous for. Natural light illuminates restored accents, including exterior brick walls and concrete or wood plank ceilings with original timber beams that preserve the building’s industrial past. All 18 spacious floor plans feature 10-foot windows with custom sun shades,14-foot ceilings and premium finishes. The building’s 30-foot-high, sky-lit lobby offers residents a coffee bar, gracious lounge areas and a water feature. Here tenants have access to concierge services, where they can request anything from apartment cleaning and nanny services to premium tickets for theater or sporting events.
SILVER | Best New Development:
Student Housing
U.C. Davis–West VillageLocation: Davis, Calif.No. of Units:123Owner/Investor,
Developer:West Village Community PartnershipFinancier: Wells Fargo
Builder: Carmel Builders
Architect: Studio E Architects
Interior Design: Sixth River Architects
Landscaping: SWA
Marketing, Broker/Sales/Leasing: Carmel Partners
Photographer: Frederic Larson, Carmel Partners
GOLD | Best New Development: Student Housing
The Foundry Lofts & Apartments at Eddy Street CommonsLocation: South Bend, Ind.Completed:May 2011Occupancy: Sept. 2010Hard Construction Cost per Sq. Ft.: Approximately $160
No. of Floors: 4
No. of Units: 266
From one-bedroom, one-bath to three-bedroom,
three bath apartments and lofts
Unit Cost: From $1,085 to $2,500
Owner/Investor, Master Developer, Builder:
Kite Realty Group
Developer, Builder, Broker/Sales/Leasing:
Buckingham Companies
Architect, Interior Designer: Looney Ricks Kiss
Landscaping: The Troyer Group
Photographer: Jack Gardner Photography
Located within walking distance of the University of Notre Dame and a mile from downtown South Bend, Eddy Street Commons is the product of a unique and creative deal structure involving the City of South Bend, the University of Notre Dame and the developer. With the university being the second largest tourist attraction in the state of Indiana, the development of an adjacent mixed-use community was an ideal way to attract visitors and encourage them to stay in the area longer. Designed to appeal to professors, students, professionals and tourists, the community offers 90,000 square feet of retail, 82,000 square feet of offices, 266 apartments, 100 for-sale condominiums, 63 city home residences, a 150-unit hotel and an extended-stay lodge. With a Midwestern palette subtly varying between traditional vernacular and contemporary, the community achieves an authentic eclectic flavor and appears to have developed over time. A five-story parking garage is also successfully incorporated into the streetscape; it is artfully disguised by one of the buildings.
SILVER | Best New Development:
Seniors Housing
Waterstone at WellesleyLocation:Wellesley, Mass.No. of Units:138Owner/Investor: Venture of National Development and EPOCH Senior LivingDeveloper: National Development
Financier: Charles River Realty Investors
Builder: Cranshaw Construction
Architect: Elkus Manfredi Architects
Interior Designer: Wellesley Design Associates
Landscaping: Stantec
Marketing: Sage Age Strategies
Photographer: Peter Vanderwarker
GOLD | Best New Development: Seniors Housing
The Plaza at SierraLocation:Fontana, CACompleted:Jan. 2010Occupancy:Jan. 2010Percentage of Building Rented: 100 percent
No. of Floors: 3
No. of Units: 90
Unit Cost: Income/Rent Restricted: One-bedroom: $374-$624; Two-bedroom: $448-$748
Owner/Investor: Fontana IV, L.P.
Developer: Related California
Financier: John Hancock, Wells Fargo, CCRC, Fontana Housing AuthorityBuilder
Builder: Portrait Homes, Inc.
Architect: Wraight Architects (Planning and Conceptual Design); Gary R. Collins, AIA (Schematic Design); BSB (Architect of Record)
Interior Designer: Chameleon Design
Landscaping: Site Design Studio
Photographer: Eric Figge Photography
The Plaza at Sierra is Related California’s fourth affordable senior apartment community completed for the City of Fontana. Across the street from a major transit center, the project comprises two three-story buildings linked by a trellised pedestrian promenade with a California Mission aesthetic. The recreational amenity package consists of 5,200 square feet of community space, including an exercise room and computer center. A separate library, multi-purpose room and media room offer additional opportunities for residents. Outside amenities include a pool, two spas, barbecue areas, exterior fireplaces and a putting green. On-site secured and covered parking has also been provided to all residents. The Plaza at Sierra senior community has helped to address the significant shortage of affordable housing units for seniors in Fontana. In addition, this project has redeveloped a blighted commercial area that was identified as an important step toward the economic and social revitalization of the city’s historic downtown district.
GOLD | Best New Development: Seniors
Saint Luke’s ManorLocation: Cleveland, OHCompleted: Jan. 2012Occupancy: Jan. 2012
Project Cost: $21,214,365
Hard Construction Cost per Sq. Ft.: $112
Percentage of Building Rented: 67 percent
No. of Floors: 7
No. of Units: 72
Unit Sizes/Mix: 62 one-bedroom and 10 two-bedroom
Unit Cost: From $418-$861
Owner/Investor, Developer: Pennrose Properties LLC
Financier: Enterprise Community Investment
Builder, Interior Design: Mistick Construction Company
Architect: Wallace, Roberts and Todd
Landscaping: McKnight Associates
Marketing: Pennrose Management Company
Photographer: Lauren Picini
Built in 1927 and later adapted to offices, Saint Luke’s Hospital sat vacant for 12 years before its transformation to a multifamily asset. Historic properties typically have a hard time combining historic and LEED requirements, but the design team has already received an historic preservation certification on Phase 1 work by the State Historic Preservation Office and is built to the Ohio Green Community Standard, the Cleveland Green Building Standard and expects to receive a LEED Silver designation by the USGBC. Saint Luke’s is also the LEED building within an approved LEED for Neighborhood Design plan. The result is a beautifully preserved historic building operating at a high level of energy efficiency that saves both residents and owners long term operating expenses. The historic main lobby, once obscured by partitions carving it into offices, was uncovered and now serves as an elegant community room. Adjacent corridors contain a handsome marble floor that was also restored, and some residences feature ornate original fireplace mantels.
