LAS VEGAS, NV – In an off-market transaction, Henley Tower 16, the joint venture between Henley USA and Tower 16 Capital Partners, continues its expansion in the Las Vegas market.

The property is located in one of Las Vegas’ top submarkets, Spring Valley, close to I-15 and the Las Vegas Strip, allowing quick access to Summerlin, Henderson and McCarran International Airport. It is comprised of 512 oversized one-, two- and three-bedroom townhomes, which are a rarity in the area, with central air conditioning and individual electric metering.

The community currently features three swimming pools, two Jacuzzis, two basketball courts, four laundry facilities, a business center, large playground, dog runs and more, which will be renovated along with the individual homes. Henley Tower 16 has already begun improvements at this location and will continue until the entire property has been upgraded.

Ian Rickwood, Chief Executive Officer of Henley, said, “This acquisition cements our presence in Las Vegas, building on Henley USA’s strong track record and our partnership with the experienced principals at Tower 16. The off-market buy provides an opportunity to implement a large-scale cap ex program and fits into our strategy of identifying and repositioning investment opportunities in high-demand areas through asset renovation, as well as the option to immediately bring rents to market.”

The community will be managed by Pinnacle, a leading property management firm with a 37-year history that specializes in multifamily and office properties throughout the United States. The company manages over 53 assets and 14,178 units in Las Vegas and offers an established foundation of accomplishment.

Garrett Solomon, President of Henley USA, added, “Given the recent labor market and population growth in Las Vegas, this community will be ideally positioned to meet the area’s increasing demand for quality rentals proximate to employers, conveniences and entertainment. We’re pleased to provide more attractive housing options to the wide variety of households that call this neighborhood home.”

Powered by WPeMatico

LOS ANGELES, CA – The Michaels Organization announced a financial closing for Phase 1B of the redevelopment of Jordan Downs, a public housing community in South Los Angeles first built in the 1940s, which is now in the midst of a comprehensive revitalization led by the Housing Authority of the City of Los Angeles (HACLA) and its private sector partners.

“The Michaels Organization is committed to bringing comprehensive solutions to the Watts community that offer high-quality, sustainable affordable housing and that also jump-start jobs, education and community prosperity,” said John J. O’Donnell, president of The Michaels Organization. “We are grateful to the Housing Authority and the entire Watts neighborhood for their support in transforming their vision for Jordan Downs into reality.”

Phase 1B involves the construction of 135 new apartment homes in a combination of three-tale flats and walk-up town homes. The buildings will be designed with stucco exteriors reflecting a “Modern Mediterranean” style.

Apartments will be available in layouts ranging from one bedroom to five bedrooms, with 10 percent of the units fully accessible to persons with disabilities and an additional four percent accessible to people with visual and hearing impairments.

Of the 135 new apartment homes in Phase 1B, 85 are designated as replacement units for families who currently live in the Jordan Downs community. All apartment homes in this phase will serve residents earning up to 50 percent of the area’s median income.

Each apartment will offer central air, blinds, carpeting, abundant closet space, energy-efficient appliances, including washers and dryers, and either a patio or balcony. The development will be designed to receive LEED green building certification. Site amenities will include landscaped outdoor gathering spaces, surface parking courts, security cameras and an on-site management office.

Jordan Downs Phase 1B is part of the initial phase of the redevelopment of the existing 700-unit Jordan Downs public housing community, which will ultimately result in the complete demolition and replacement of the public housing units within a redesigned mixed-income, mixed-use urban village. The master plot currently calls for approximately 1,400 affordable and market-rate rental apartments as well as home ownership units. There will also be a new neighborhood retail center anchored by a grocery store, nine acres of public open space and a 50,000-square-foot community center.

Residents will also have access to a wide variety of services focused on educational success, economic stability, health and wellness and community empowerment.

In addition, the street network is being reconfigured for better connections to the surrounding community, including an extension through the site of Century Boulevard, which currently terminates at the western edge of Jordan Downs.

The demolition and rebuilding of Jordan Downs is being accomplished in phases to eliminate the need for off-site relocation and to minimize inconvenience to existing residents. Phase 1A, developed by Bridge Housing, broke ground last June, and features 115 apartment homes. Construction is now set to start on Phase 1B, which is being built on vacant land on East Century Boulevard.

Financing for the $73 million Phase 1B development includes more than $25 million in private equity raised through the sale of federal low-income housing tax credits and $32 million in construction financing provided through the sale of tax-exempt bonds.

The tax credits were syndicated by Riverside Capital. Bank of America bought the tax credits and provided additional construction financing. Berkadia is providing a permanent mortgage through the Fannie Mae M.TEB program. The State of California provided $9.9 million in permanent funds through its Affordable Housing & Sustainable Communities program. The Housing Authority of the City of Los Angeles provided both a long-term ground lease and permanent debt financing, and the U.S. Department of Housing and Urban Development provided the project-based housing vouchers.

A ceremonial groundbreaking is being plotted for later this summer.

Powered by WPeMatico

PHOENIX, AZ – Alliance Residential Company, in collaboration with Dwelo, Google and Nest, announces the launch of its “Alliance SmartHome” technology package across more than 25,000 luxury apartments nationwide. Utilizing thermostat and lighting control, digital home access and voice-enabled control, the smart tech will deliver convenience, connectivity and conservation capabilities, as well as provide management operational efficiencies. 

The Alliance SmartHome package features the Nest Learning Thermostat and Google Home Mini with Google Assistant built-in, as well as smart locks, light switches and wall outlets. Control of all devices is centralized through Dwelo, an open platform compatible with a wide range of consumer and commercial iOT devices, with convenient access for residents via the Alliance SmartHome app for smart phones. 

“After two years in development, we are pleased to launch Alliance SmartHome,” says Jay Hiemenz, President of Alliance. “Home automation in single-family homes has been trending for years now — and our residents desire that same high-tech home system in an apartment. We made Alliance SmartHome to deliver the features our customers want while addressing the unique challenges of multifamily integration to provide a fantastic customer experience and establish a platform for future enhancements in technology.” 

Alliance, one of the largest multifamily developers, builders and managers in the U.S., is leveraging its scale for the development and rollout of the platform. 

“With Alliance SmartHome, we have invested in bringing a platform and product package together that offers a truly fantastic experience for our residents,” says Brad Cribbins, President of Alliance’s management division. “During the early exploration phases of this initiative, we realized there wasn’t an existing platform and tech package that really delivered on the customer experience we were looking for. So our technology department, led by Senior Vice President of Technology Scott Pechersky, sought out companies who shared our vision for continued advancement in multifamily technology to be part of this collaboration. Dwelo’s support and ability to scale were vital factors in Alliance’s choice to partner with them — the company recognizes that smart device rollouts are not purely about technology but also require a human solution for implementation and ongoing support.”

To that end, residents will be able to reach a support team of Dwelo employees 24/7 and, thanks to Dwelo’s cloud-based platform, will always be on the latest and greatest version of the company’s technology. Cribbins also notes that from a product standpoint, Google and Nest bring extensive ongoing development resources to the table, and that Alliance residents already trust in the quality of their technology and hardware. 

“Dwelo is thrilled to be partnering with a group as respected and innovative as Alliance,” says Mike Rovito, Dwelo CEO. “We are honored by the trust that Alliance is placing in us by selecting us for this rollout. Moreover, our customers have always been our greatest source of new thoughts, and at Alliance we are partnering with a group of forward-thinking people who share our vision for multifamily technology. We’ve already seen what the clarity of their vision can do: forging a collaboration between us and the folks at Nest and Google to make the world’s best smart devices available seamlessly to those who live at multifamily properties.”

Powered by WPeMatico