DENTON, TX – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, and Texas Woman’s University, the nation’s largest university primarily for women, announced that they have reached financial close on a mixed-use student housing project on TWU’s main campus in Denton. The Public-Private Partnership project, valued at $75.5M, will deliver additional student housing and amenities targeted at the University’s sophomore class.

The Residential Village development will be comprised of three four- and five-tale Georgian-style buildings that will include 872 student beds configured in pod-style living quarters with spa-like communal baths offering private bathroom and shower stalls. In addition, three separate apartment units will be available on-site for resident directors. The community will also feature a fitness center, lounge and study areas, multipurpose space, offices for the University’s Housing & Residence Life department and a variety of community gathering spaces to enhance the on-campus living experience for TWU sophomores.

Texas-based Hill & Wilkinson is the project’s construction contractor and Stantec is the lead architect. Collegiate Housing Foundation, a national non-profit entity, is the project’s residential facility owner through an issuance of project-based, tax-exempt debt financing.

“TWU is delighted to work with Balfour Beatty Campus Solutions to reinforce TWU’s strategic plot to accommodate more students on our campus and to provide high quality residences with more social space and amenities,” said Monica Mendez-Grant, Ed.D., vice president of student life for TWU. “This project will allow TWU to increase opportunities for students to live in a residential setting and enable the university to increase access to the student experience while maintaining the high standards for institutional quality.”

The community is scheduled to be delivered in time to accommodate student occupancy for the start of the 2019-2020 academic year in August 2019.

“Texas Woman’s University has set forth an exciting vision to develop a community that will deliver a transformative on-campus living/learning experience for students,” said Josh Smith, senior vice president for Balfour Beatty Campus Solutions. “We are thrilled to work with TWU—and our partners—to leverage the Public-Private Partnership model and bring this vital new infrastructure to their Denton campus.”

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CHICAGO, IL – A new senior housing complex in the City of Northlake was among the stars of the Illinois Housing Development Authority (IHDA) annual awards at the Illinois Governor’s Conference on Affordable Housing last month. 

Wisdom Village of Northlake was recognized with the Gale Cincotta Award for Innovation and Excellence in Affordable Housing in metropolitan Chicago.

The development is a six-tale elevator building with 71 mixed-income units, designed for the 55 and older demographic. The $20 million project was the result of a partnership between the City of Northlake and developer Turnstone Development, a not-for-profit organization focused on increasing affordable housing opportunities.  

Turnstone Development executive director Bill Schneider said a fantastic deal of gratitude for completion of the project should be extended to Lightengale Group, a financial consultant that worked on the tax credit application; Piekarz & Associates, the architecture firm; Burling Builders, the general contractor; Carlton Management Company, the property management team; and Turnstone’s Board of Directors, for their guidance and support.  

Wisdom Village of Northlake offers an abundance of communal areas including a community room with a kitchen and television, management office, laundry room on each floor, lounge, library and an outdoor area that includes picnic tables and grills. Each unit has new appliances, including a dishwasher, and is hard wired for internet and cable service installation. 

Turnstone Development chief operating officer Sue Wiemer said that while under construction, the complex drew an overwhelming response from prospective residents. “There was a clear need for it in that location,” Wiemer said. “We had over 250 applicants on the waiting list. There was such a huge demand.” Wiemer said the wait list is growing and will be utilized when phase two of Wisdom Village of Northlake is completed. 

City of Northlake Mayor Jeffrey Sherwin was among the project’s strongest advocates. “We have seniors in Northlakewho have lived here for forty and even fifty years, but can no longer afford the cost of their home,” Sherwin said. “Some seniors have to get by on only their monthly social security check. They need affordable housing options that allow them to stay with the same church, friends and senior groups.”

The property was previously zoned commercial but was re-zoned to make way for senior housing. Three buildings were razed onsite prior to groundbreaking for Wisdom Village. 

Mayor Sherwin said the plotting of the project led to the creation of a new zoning classification for senior housing, which reduced the number of parking spaces mandated by the city. The relaxed parking regulations allowed the development to fit within site. Sherwin said without this change the development could not have gone forward.

Wiemer said it was that kind of advocacy from the city’s leadership that made Wisdom Village successful. “What sets this project apart is that the Mayor was fantastic about being involved every step of the way,” Wiemer said. “He went to bat for this and advocated to IHDA for the tax credits, and to the Housing Authority of Cook County for rent subsidies. He helped market the property and was instrumental in getting the word out.”

There were approximately 60 applicants that year for housing tax credits through IHDA. Only a handful is awarded the credits, which benefit residents in the form of lower rents.

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LOS ANGELES, CA – MWest Holdings, a Los Angeles-based real estate and investment firm with over 2 million square feet of residential and commercial property across the U.S., announced the acquisition and plotted rehabilitation of the 132-unit Santa Fe Lofts, in partnership with GreenOak Real Estate. Santa Fe Lofts is a historic Beaux Arts-style building located at 121 East 6th Street in the vibrant, culturally abundant Gallery Row District of Downtown Los Angeles. MWest specializes in restoring classic properties that showcase historic architecture to build a sense of neighborhood, and revitalize community aesthetics and culture. 

“The Santa Fe Lofts are a strong addition to our growing portfolio of properties with historical architectural details and community significance,” said Karl Slovin, President of MWest Holdings. “We look forward to providing the modern amenities and welcoming feel that renters value while restoring and showcasing the unique qualities that make the Santa Fe Lofts a standout property.”

MWest plans to invest over $6 million to rehabilitate and upgrade the 132-unit building into a boutique residential community, constructing a state-of-the-art fitness center, refreshing the roof deck, upgrading elevator access, and exterior renovations. MWest will integrate the building’s ornate, classical design with modern amenities and hip communal spaces.

Commissioned by notable industrialist William G. Kerckhoff and designed by prominent L.A. architecture firm Morgan and Walls, the Santa Fe Lofts feature neoclassical details including authentic hexagonal plaster columns, mosaic tile, oversized windows, and light wells as well as 1910s-era lobbies, staircases, and corridors. Constructed in 1908, with an annex added in 1916, the building was bought in 1933 by the Santa Fe Railroad which occupied seven floors for over 50 years. In 2005, the interior of the annex was renovated and converted to housing.

Located in the Gallery Row District of Downtown Los Angeles, the Santa Fe Lofts are situated in a walkable, Metro-accessible neighborhood that is brimming with art galleries, yoga studios, coffeehouses, restaurants, bars, and the monthly Downtown Art Walk. The building itself includes nine commercial spaces occupied by prominent retail tenants including Las Perlas, the nation’s first Mezcal bar, Pussy and Pooch, a modern pet boutique and groomer, and Redline Food and Bar, as well as two beauty salons. With their close proximity to the Financial District and Civic Center, the Santa Fe Lofts are ideally located for residents who want to work, live, and recreate in Downtown Los Angeles. City officials are plotting major upgrades to intersections and bike lanes in the area and recently approved the development of 1.2 million square feet of new office, increased housing, retail and public open space in the Civic Center which borders the Historic Core of Downtown Los Angeles. 

Santa Fe Lofts is one of the largest multifamily adaptive reuse deals to sell since 2012, and is the fifth largest adaptive reuse multifamily project in all of Downtown Los Angeles. With the addition of Santa Fe Lofts, MWest Holdings totals three adaptive reuse projects in Downton Los Angeles. Over the past eight years, MWest has bought and invested in rehabilitating nine historic buildings across Los Angeles including the San Fernando Building, Wilshire Royale, Hollywood Tower, and Park Wilshire.

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