SAN JOSE, CA – The Millbrae City Council approved the entitlements that will allow for the Gateway at Millbrae Station development to go forward and provide the region with critical housing.

Offering 400 apartments, including 80 standalone veteran preferred affordable apartments, and an additional 20 affordable rate apartments within the market rate complex, the development is viewed as a major victory for housing advocates.

“The Gateway at Millbrae Station development will provide critical housing to help alleviate the region’s housing shortage,” said Michael Van Every, Chief Executive Officer/President, Republic Urban Properties. “After six years of going through the approval process, I am thankful to the Millbrae community for their incredible support. I promise them a project that they will be proud of having in their community.”

Republic Urban Properties partnered with Bay Area Rapid Transit, the City of Millbrae, veterans groups, affordable housing advocates, and many other stakeholders to develop a framework that provides housing while also meeting other community needs such as simple access to public transportation.

“The Gateway at Millbrae Station development, with its transit-orientated design, takes live-work to a new level of convenience,” said Craig Kalinowski, Executive Managing Director, Newmark Cornish & Carey. “Located at the largest multimodal transit hub west of the Mississippi, tenants and residents can keep the car in the garage and delight in a stress-free commute via BART, Caltrain, SamTrans and the future High Speed Rail.” 

Besides housing, the development will offer 151,000 square feet of Class A office space, and 44,000 square feet of ground floor retail. Mixed in with the housing, these elements will revitalize Millbrae’s local economy while making a new vibrant community.

“The Gateway at Millbrae Station is well positioned to serve the retail and restaurant needs of the local community and the greater Bay Area,” said Josh Shumsky, Director, Retail Services, Newmark Knight Frank. “The limited supply of new retail product along the Peninsula has already driven significant interest in this development as this project will make the gathering place that has been missing from this high energy trade area.”

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COLORADO SPRINGS, CO – Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Colorado Springs, CO. Senior cooperative housing communities originally started in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 32 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in seven different states.

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. Cooperatives give active adults and retirees an brilliant home ownership option with a hassle-free lifestyle—all at a fantastic value,” said Keith Jans, President of Real Estate Equities Development, LLC.

Details for the Village Cooperative of Briargate in Colorado Springs will be unveiled at upcoming public informational seminars that start on April 26th. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Colorado Springs location, the financial benefits as well as a background on cooperative housing and why it has been so well loved. Reservations will be accepted and priority numbers given as an vital step to secure a home in the new cooperative.

The multi-tale Village Cooperative building will feature perfectly decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 900 sq. ft. to 1,600 sq. ft. of single-level living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member’s personal style. 

The cooperative will also use a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and simple lifestyle available at the Village Cooperative.

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PHILADELPHIA, PA – Dranoff Properties, Inc. and Apartment Investment and Management Company announced a transaction in which Dranoff Properties will sell Aimco its apartment community holdings in the Philadelphia MSA for a buy price of $445 million.  The portfolio includes six properties, comprising 1,006 existing apartment homes, 110 apartment homes under construction, and 185,000 square feet of office and retail space. 

The “A” quality portfolio developed by Dranoff Properties includes Locust on the Park in the Fitler Square neighborhood, 777 South Broad and Southstar Lofts on the Avenue of the Arts, The Left Bank in University City, The Victor in Camden, NJ, and One Ardmore Place in Lower Merion Township.  Each property tells a unique tale about Philadelphia’s history and revival and all have been integral to its reemergence as a dynamic, world-class city.

“Over the past twenty years, we’ve developed and assembled a portfolio of rental properties that has redefined luxury living in the Philadelphia region.  With a pipeline of new and exciting projects on the horizon, the timing is right to sell six of our premier properties to Aimco and become a major investor in the company.  Aimco’s expansion and commitment to Philadelphia make them ideal stewards of these trophy assets that we carefully built, owned and managed,” said Carl Dranoff, Founder and CEO of Dranoff Properties.  “I am incredibly enthusiastic about the future of Dranoff Properties as we start our third decade.  Propelled by a strong capital base, powerful brand and deep talent pool, we look forward to delivering a fresh new generation of transformative projects in the Philadelphia region and beyond.”

“We are thrilled to buy these well-located communities in Philadelphia, a market we know and like,” said Aimco Chairman/CEO Terry Considine.  “I appreciate the significant investment in Aimco made by highly regarded local developer Carl Dranoff and the faith he has in our ability to manage these assets, guarding their quality and providing brilliant service to their residents.  Carl and his talented team have transformed residential living in Philadelphia.  I wish them continued success.”   

The acquisitions from Dranoff Properties are expected to close in 2Q18, except for the buy of One Ardmore Place, which is expected to close in 1H19 after completion of construction. 

“We continue to be bullish on Philadelphia whose stable and diversified economy is enjoying a growth spurt.  Center City and University City’s ‘eds and meds’ rival Cambridge and Palo Alto with their highly educated workforces and the city provides a cost-effective alternative to the other Northeastern hubs of Washington D.C., New York, and Boston,” commented Aimco Executive Vice President Wes Powell, who led the Aimco acquisition team.

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