DALLAS, TX – JMJ Development, one of the largest builders of luxury real-estate properties in the United States, is announced its newest project, Overlook at Allensville Square ll apartments in Sevierville, Tennessee. The projected to be $21.9 million dollar HUD project started construction in January 2018.

The 144 -units, gated garden style 6 building 3 tale community composed of 1, 2, and 3 bedrooms apartment, is located between the silent foothills of the Smoky Mountains and an interior neighborhood street. Surrounded with stunning views, just minutes from downtown residents will be within 5 miles of schools, shopping, dining and entertainment. 

Timothy Barton, CEO of JMJ Development, said, “We are extremely excited to be working in Tennessee and building the second phase of what has been a very successful project in Sevierville. JMJ adds this project to several other multi-family projects it currently has under construction.”

Construction on Overlook at Allensville Square is scheduled to be completed by July 2019. The complex features an attractive exterior design with modern amenities as well as high-quality interior features, such as 42″ upper cabinets, kitchen islands, and W/D connections. Other features include luxurious clubhouse, resort style pool with deck, children’s playground, business center, car wash, and dog-park.

JMJ Development is a privately held real estate firm devoted to making premium branded luxury residences and commercial developments in the U.S. and internationally.  The company’s broad-ranging roles include managing the disposition of upscale assets to master-plotting communities. The common thread among all JMJ’s projects is a commitment to world-class excellence. 

Powered by WPeMatico

FORT WORTH, TX – Olympus announces the launch of their eighth fund with the closing of three properties today adding 869 units to their portfolio in Chandler, Arizona, Midland, Texas and Odessa, Texas.

Olympus Steelyard, formerly Alta Steelyard, is located in the city of Chandler, a growing sub-market of Phoenix. The property is centrally located within a 5-10 minute drive of Uptown Chandler, the Price Corridor, West Chandler, and the Chandler Airpark. A number of shops, restaurants, and nightlife are walkable from the property, making the location particularly attractive to young working professionals. 

Community amenities at Steelyard include an ultra luxe pool with cabanas, 24-hr fitness center featuring a spin room and yoga room, a roof top lounge, cyber cafe, and clubhouse with a 165″ LED media wall and demonstration kitchen. Unit features include granite countertops and stainless steel kitchen appliances, designer 42″ cabinets, designer lighting package, garden tubs, tile bathrooms, hi-tech entertainment packages, wood plank vinyl flooring, 9 to 14-foot ceilings, porcelain backsplash in kitchens, and spacious walk-in closets with built in shelving.

“Olympus Steelyard is one of the premier properties in my adopted hometown of Chandler, Arizona,” joked Chandler Wonderly, Principal of Olympus Property. 

The two Texas assets, Sundance Creek and Sedona Ranch are located in the quick growing Midland/Odessa metroplex where the majority of US-based oil companies continue to increase operations and employment. A few major employers include Chevron, Exxon Mobile, Pioneer, Apache, American Legion, ConocoPhillips, and Blue Cross Blue Shield.

Luxury amenities include a resort-style swimming pool with cabanas, outdoor kitchen and grills, resident entertainment room with billiards and gourmet kitchen, state-of-the-art fitness center, business center, conference room, gated community, tanning center, detached/attached garages and covered parking. Each of the layouts include granite countertops, stainless steel appliances, designer cabinets and fixtures, tile backsplashes, framed mirrors, full-size washers and dryers, garden tubs, faux hardwood floors, and balconies or patios. Select units have walk-in showers, double vanities, and island kitchens.

“The Permian basin is the epicenter of the oil revolution in the US. We are proud to be a part of that dynamic growth with the top two properties in the area,” said Anthony Wonderly, Principal of Olympus Property. 

Powered by WPeMatico

WASHINGTON, DC – Rent control policies are laws that cap rents and are usually implemented with the stated purpose of improving housing affordability. In fact, they may do just the opposite, according to an in-depth review of academic research on the issue conducted by Dr. Lisa Sturtevant.

Among the conclusions Dr. Sturtevant’s review found are that: Rent control and rent stabilization laws lead to a reduction in the available supply of rental housing in a community; Rent control policies generally lead to higher rents in the uncontrolled market; Rent control and rent stabilization policies do a poor job at targeting benefits; Rent control can cause renters to continue to live in units that are too small, too large or not in the right locations to best meet their housing needs; There are significant fiscal costs associated with implementing a rent control program; Rent-controlled buildings can potentially suffer from deterioration or lack of investment; and, Rent control policies can hold rents of controlled units at lower levels but not under all circumstances.

Dr. Sturtevant’s literature review examined research published from 1972 to 2017 and includes case studies of programs in single markets, such as New York, Boston, Los Angeles, San Francisco, Santa Monica and Washington, D.C., as well as studies that take a cross-sectional approach across markets. It synthesizes the empirical research on the effects of rent control and rent stabilization on individual renters and communities, building on prior evaluations of the rent control literature.

“We know the desire of communities dealing directly with the nation’s shortage of affordable housing to find a ‘quick fix’ like rent control, but unfortunately what looks like a ‘free’ and simple solution comes with a lot of negative, unintended consequences that really make the situation worse,” said NMHC President Doug Bibby.

“Ultimately rent control discourages new housing production, which limits supply and raises rents for everyone else not lucky enough to secure a rent-controlled apartment. Instead of relying on a policy approach that has failed in communities across the country, lawmakers should consider options that provide more housing that is affordable to people at all price points,” he added.

NMHC stands ready to help solve the affordability crisis that communities across the nation are facing. But, an overly cumbersome regulatory system, rising land and construction costs, neighborhood opposition to new housing, often prevent us from building the housing the nation needs. Instead of looking to failed policies like rent control, public and private stakeholders need to come together to find ways to both build more housing and reduce housing costs.

The full report can be found here.

Powered by WPeMatico