RENO, NV – Affordable housing in Northern Nevada is about to see even more change in Northwest Reno. On Sept. 4, GreenStreet Companies and Vintage Housing will break ground on their next affordable housing project Sky Mountain by Vintage, a groundbreaking new 288-unit development. This infill location, near the intersection of South McCarran Boulevard and Interstate 80, will be available to residents who earn at or below 60 percent of the area median income.

“This is the second new large rental community in 15 years that is being built at a level that the average working family can afford,” said Jim Zaccheo, co-founder of GreenStreet Companies. “With the extreme rent increases we have seen in Northern Nevada, these 288 new apartments will give average working families an opportunity to live in a groundbreaking new, very high-quality apartment community.”

Expected to be complete during the fall of 2019, Sky Mountain by Vintage will consist of 288 one-, two- and three-bedroom apartments, as well as community amenities that include: a fitness center, community room, pool, tot lot, pet zones and barbeque and picnic areas. The new apartments will be generously sized and include EnergyStar appliances, LED lighting, energy-efficient heating and air conditioning, kitchens complete with full-size appliances, washer and dryers, and extensive cabinet and closet storage. Every unit will have an exterior patio or balcony to allow residents their own private outdoor space.

The development is located in what used to be the Fantastic Western Market Place 10.5-acre parking lot. (The adjacent Fantastic Western building has been repurposed as an indoor self-storage facility.) 

“This project would not have been possible without the strong support of the City of Reno and State of Nevada who have both worked to help us in the financing of this terribly needed new rental housing for Reno’s working families,” said Ryan Patterson of Vintage Housing.

“Without support from Mayor Schieve and the City Council, this project bringing affordable housing to Reno would not have been possible and 288 families would not have the opportunity to afford a fantastic place to live here next year,” said Dane Hillyard of GreenStreet.

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BERKELEY, CA – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced it has broken ground at Modera Acheson Commons, a mixed-use apartment community in the heart of Downtown Berkeley.

The community, which will add 205 apartment homes and 14,000 square feet of retail space to one of the nation’s most dynamic markets, will feature prime access to UC Berkeley. As part of the development community, Mill Creek Residential will restore the Acheson Physicans Building, originally built in 1908, into residential loft-style homes as part of historic preservation efforts. In addition, Modera Acheson Commons will contribute more than $4 million to the city’s affordable housing trust fund.

Situated in a rapidly expanding downtown sector that possesses an average Walk Score of 98, future residents will have the ability to accomplish most tasks by foot. First go-ins are anticipated for mid-2020. 

“The Berkeley market is among the most diverse and educated in the nation, and we’re thrilled to become a part of it,” said Dave Fiore, managing director of development, Northern California for Mill Creek Residential. “We believe Modera Acheson Commons will not only address the need for quality housing in a rapidly growing city, but also provide an unmatched living experience in the area.” 

Located along University Avenue and Shattuck Avenue, Modera Acheson Commons sits less than a block from the west entrance to UC Berkeley and immediately adjacent to the university’s Energy Biosciences Building. The site is also within walking distance of the Downtown Berkeley BART Station, which allows passengers to commute to Downtown Oaklandin 14 minutes and Downtown San Francisco in 26 minutes. AC Transit and Amtrak are also easily accessible from the community. 

Berkeley is one of the nation’s top intellectual and technology centers, which has made a robust job market for new businesses, innovative technologies, entrepreneurial activity and venture investment. In addition to UC Berkeley, local employment opportunities include Lawrence Berkeley National Laboratory, Alta Bates Medical, Berkeley Unified School District and Pixar. 

Modera Acheson Commons residents will also have quick connectivity to a wide variety of retail, entertainment, dining and cultural attractions in the surrounding area. That includes the Berkeley Arts District, Berkeley Repertory Theater, Aurora Theatre Company, Berkeley Museum and Pacific Film Archive and several additional museums, galleries and cinemas. 

Modera Acheson Commons will consist of studio, one-, two- and three-bedroom homes contained within four buildings with an average square footage of 716. Community amenities will be highlighted by two rooftop decks that include barbecues and fire pits. Residents will also have access to a 24-hour club-quality fitness studio, spacious clubhouse, Wi-Fi lounges, and controlled-access garage parking.   

Apartment interiors will be delivered with high-end touches, including custom cabinetry, Energy Star stainless-steel appliances, in-home washers and dryers, wood plank-style flooring, high ceilings and built-in shelving. Select homes will include separate dining and den areas, walk-in closets, loft layouts and private balconies or patios. 

Modera Acheson Commons is the sixth development community by Mill Creek in the Bay Area.

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ATLANTA, GA – San Francisco area based Praxis Capital announced that it has added to its Atlanta portfolio through the recent acquisition of the 132-unit Tara Hill Apartment Homes and the 200-unit Flint River Apartment Homes, both in Jonesboro, Georgia. Praxis plans to build a portfolio of approximately 2,000 units in the greater Atlanta market.

The Praxis executive team brings more than $6.3 billion of transactional experience in the multifamily sector, including ownership/management of more than 125,000 apartment units. Praxis seeks to build a large portfolio of Class B/C workforce housing, consistently unlocking embedded value in multifamily real estate. Praxis also looks to expand its relationships with Family Office and Institutional JV Equity sources.

Using the conservative underwriting and extensive due diligence for which Praxis is known, the firm performed an exhaustive search before seizing these high potential opportunities.

“We’ve had tremendous success employing similar strategies with properties in this and other states and this property holds promise for brilliant cash flow with upside potential,” says Brian Burke, President of Praxis Capital. “We foresee these as very desirable properties for both our residents and investors.”

The submarket’s annual rent growth rate of 6.8% was well above the market average of 3.0%. Out of the 20 submarkets in the market, the Clayton submarket ranked 1st for quarterly effective rent growth and 3rd for annual effective rent growth for 1Q18. Annual effective rent growth is forecast to be 5.3% in 2018, and average 3.8% through 2018 to 2020. Praxis plans to invest nearly $3 million to renovate and upgrade the properties.

The properties are being managed by Praxis’ wholly owned subsidiary, PM Residential Management LLC.

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