MILWAUKEE, WI – Community leaders, local residents and development partners came together to celebrate the start of construction for SEVEN04 PLACE, a new 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee. Developed by Impact Seven and Rule Enterprises, SEVEN04 PLACE will feature one-, two- and three-bedroom apartments, including 46 units of affordable housing for individuals and working families. Fourteen units will be dedicated to permanent supportive housing for military veterans and other adults who have struggled with barriers to housing stability.

“Today marks another vital step in the revitalization of Walker’s Point and our community’s efforts to bring quality, affordable housing for working families and people in need in Milwaukee,” said Brandon Rule, CEO of Rule Enterprises.

Kristine Giornalista, Impact Seven vice president of real estate development, said, “SEVEN04 PLACE will be a model community that will reflect the diverse socioeconomic makeup of the neighborhood and make a long-term affordable-housing option that includes support services to help residents succeed.”

During the groundbreaking event, UnitedHealthcare – the largest investor in the new development – announced it is providing $6.3 million in equity through a Low-Income Housing Tax Credit (LIHTC) partnership with Cinnaire and Minnesota Equity Fund.

“UnitedHealthcare’s investment in SEVEN04 PLACE is part of a company initiative to help people live healthier lives by connecting quality and affordable housing to better health,” said Ellen Sexton, CEO, UnitedHealthcare Community Plot of Wisconsin. “We are grateful for the opportunity to work together to help expand housing opportunities for veterans and working families in Milwaukee.”

UnitedHealthcare employs 8,900 people in Wisconsin and serves the health care needs of more than 1.6 million people statewide. UnitedHealthcare has partnered with Cinnaire and MEF to invest over $85 million to help build 13 new communities in Wisconsin and the Fantastic Lakes Region, providing nearly 670 new, affordable homes with support services for individuals and families. This includes a $5.3 million investment in The Flats at Grandview Commons, currently under construction in Madison.

The Wisconsin Housing and Economic Development Authority (WHEDA) allocated tax credits for 49 of the 60 units and is providing $3.2 million in loans and mortgage financing for the entire development. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago; Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding. Impact Seven and Rule Enterprises is providing $450,000 in deferred development fees.

“Thanks to SEVEN04 PLACE, 49 families living in affordable housing will be able to make independent spending choices,” said WHEDA executive director Wyman Winston. “These 49 families will save a total of nearly $300,000 per year. They will no longer have to make tough decisions about whether they can place food on the table or shoes on their babies.”

Impact Seven will manage SEVEN04 PLACE, which will feature on-site amenities such as a multipurpose community lounge, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and a washer and dryer in each unit. The new community will be accessible to public transportation, located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee.

“This groundbreaking represents what can happen when our community comes together,” said Milwaukee District 12 Alderman José G. Pérez. “We are laying the groundwork for something fantastic here in Walker’s Point, where individuals and families can live together and thrive in affordable, quality houses that will benefit our region for years to come.”

The Milwaukee County Housing Division (MCHD) and Center for Veterans Issues (CVI) will refer individuals and families in need of affordable housing, manage on-site support services and help connect resident veterans to community-based services. This includes access to existing programs administered through the agencies and providing case management for health care, rehabilitation, job training, education and social services.

“This is an vital moment for our community. We have worked together to bring new, quality homes for working families and to help our veterans who have struggled with homelessness to have the support and services they need to succeed,” said U.S. Congresswoman Gwen Moore, who helped lead the groundbreaking ceremony. “With the support of so many partners, SEVEN04 PLACE will be a model for how we can support our residents as they build a brighter future for themselves and their families in Milwaukee.”

Impact Seven is one of the largest nonprofit developers of affordable housing in Wisconsin, having developed over 2,000 rental housing units since 1980. Rule Enterprises is led by Brandon Rule, who grew up in nearby Clarke Square and is a graduate of the Associates in Commercial Real Estate (ACRE) Program, an industry-supported initiative that recruits and retains people of color for careers in commercial real estate. The goal of ACRE is to expand minority representation in the commercial real estate fields of development, property management, and construction management.

“Cinnaire continues to be a steadfast supporter of the ACRE Program and its role in connecting talented and motivated students like Brandon with Milwaukee development opportunities,” said Mark McDaniel, President & CEO of Cinnaire. “Partnerships with Impact Seven and other developers have been critical to the success of communities like SEVEN04 PLACE. The ACRE Program is an industry-supported initiative that recruits and retains people of color for careers in commercial real estate.”

Arc-Int Architecture is the architect for SEVEN04 PLACE, and the construction contractor is Catalyst Construction. The development, expected to open in early 2019, is designed to meet Wisconsin Green Built Home certification standards, including measures for high energy efficiency. SEVEN04 PLACE will replace a vacant warehouse and will be built in a part of Walker’s Point that is one of the most active development zones in Milwaukee.

Powered by WPeMatico

DENTON, TX – Campus First Student Living and CF Real Estate Services announce the acquisition of Midtown at Denton, a 432-bed purpose built student apartment community. The addition of this student housing project along with another acquisition announced last week brings Campus First’s managed portfolio to just over 6,000 beds.

The property is located within 1 mile of the University of North Texas (UNT), situated in a premier district of Denton, TX. Campus First has announced a name change for the property and it will now be known as Midtown 905.

“The addition of Midtown at Denton to our Campus First portfolio provides us a unique opportunity to add Texas to our growing footprint in the southwest region,” states CF Real Estate Services CEO, Brett Finkelstein.

Midtown 905 is a student property that offers 2 bedroom apartments, 3 bedroom apartments and 4 bedroom apartments, all with bed/bath parity. Midtown 905 was constructed in 2011 and first units were delivered in August of 2012. This well located off campus student housing has a total of 120 units with 432 beds. Midtown at Denton has an amenity package that includes a clubhouse that features a fitness center, study lounge, game room, and tanning bed. Outdoor amenities include a pool and carports.

Campus First is a boutique style acquisition/development and property management firm that focuses on student housing. Campus First is a division of parent company, CF Real Estate Services, headquartered in Atlanta, GA. Campus First currently owns or manages 6,000 student beds, while CF Real Estate Services currently owns or manages 25,000 market rate and workforce housing units throughout the Southeast, Mid-Atlantic, and Midwest regions of the United States.

Property renovations will include the installation of state of the art fitness equipment in the fitness center, the addition of private study areas and music rooms, a completely renovated leasing office and clubhouse, additional carports, dog park, outdoor kitchen, renovated breezeways, and enhanced curb appeal with new exterior painting and landscaping improvements. As part of the capital enhancement plot, Campus First will also be completing 100 units of VIP suites, which include granite countertops, subway tile backsplashes, new grey faux wood flooring, upgraded modern furniture package, and upgrading lighting.

“Campus First looks forward to taking advantage of this properties best in class location and positioning the asset to be Denton’s premier choice for off campus student housing through its exciting renovation plans and unique specialty management style,” states Christopher Feeley, President of Campus First.

Powered by WPeMatico

MIAMI, FL – MORGAN, a leader in upscale multifamily development, construction and property management, has opened Midtown 29, a luxury apartment high-rise in Midtown Miami. The 20-tale, 309-unit tower is a joint venture between MORGAN and Mesirow Financial, with construction financing provided by Wells Fargo and project design by Stantec.

Located at 180 NE 29th Street, Midtown 29 stands at the intersection of NE 29th Street and NE 2nd Avenue surrounded by Miami’s most dynamic neighborhoods — Midtown, the Design District and the Wynwood Arts District. The site, which is situated at the entrance to 645,000-square-foot The Shops at Midtown Miami, offers quick access to major thoroughfares leading to downtown Miami, Brickell and Miami Beach.

The mixed-use Midtown 29 tower contains over 12,000 square feet of retail space on the ground floor and an adjacent six-level parking garage. Its luxury residential units range from studios to three-bedroom units, averaging 837 square feet. The seventh floor amenity deck includes a resort-style swimming pool and spa with private cabanas, an outdoor bar, grilling stations, and a fitness center with a yoga/spinning studio.

“We worked hard to differentiate Midtown 29 in the growing Midtown Miami area,” said MORGAN Regional Vice President of Development Evan Schlecker. “From the design and curated collection of artwork to the amenities, we aimed to up the ante on what’s available in the marketplace. We believe, like we do with every MORGAN project, that we have made an exciting living experience. The resident response thus far has mirrored our enthusiasm.”

Alasdair Cripps, Chief Executive Officer and Co-Chief Investment Officer of Mesirow Financial’s Direct Real Estate business, said, “We’re excited to work with MORGAN on this luxury high rise in Midtown Miami. We know the development’s accessibility, proximity to retail and residential offerings, and artistic influence from nearby Wynwood offer significant appeal to the Midtown area.”

Since the 1990s, MORGAN has developed more than 4,700 multifamily units in the Florida market. In addition to delivering Midtown 29, MORGAN plans to open the 350-unit Pearl Flagler Village at the end of this year.

Powered by WPeMatico