CAMDEN, NJ – ​​​​​​​With the snip of a red ribbon, the City of Camden celebrated the latest milestone in the revitalization of the vital and historic neighborhood of Centerville, at a grand opening ceremony for The Branches at Centerville. The new development brings 50 modern, energy efficient, high-quality affordable rental apartment homes to a site formerly occupied by obsolete public housing.

The ceremony was hosted by The Housing Authority of the City of Camden (HACC) and its private-sector partner, The Michaels Development Company, and attended by city officials, state, and federal officials as well as residents and other community stakeholders.

“This is truly a fantastic day for the City of Camden and the Centerville neighborhood, and I’m proud to say it’s just the first of many fantastic days to come,” said HACC Executive Director Victor D. Figueroa.

The $16 million three-tale low-rise building is the first phase of a comprehensive redevelopment plotted for the former site of Clement T. Branch Village.

Featuring 44 one-bedrooms and six two-bedroom apartments affordable to households earning less than 60 percent of the area’s median income, The Branches at Centerville will accept Housing Choice Vouchers and provide project-based rental help to eligible residents through HUD’s Rental Help Demonstration program, a critical federal resource designed to help public housing agencies across the country improve and preserve affordable housing.

“The Branches at Centerville is a prime example of HUD programs at work,” said Lynne Patton, HUD Regional Administrator for New York and New Jersey.

“In this budget constrained environment, HUD’s Rental Help Demonstration allows Public Housing Authorities to leverage private resources to preserve affordable housing at the rate of 19 to 1,” Patton said. “The Promise Zone designation, coupled with a $13.2 million Mt. Ephraim Choice Neighborhood Implementation Grant provides support that will continue to improve the quality of life of this community and of Camden residents.”

Amenities at The Branches of Centerville include approximately 5,000 square feet of community space for resident services, wellness and recreation as well as silent areas, juliet balconies, flex lounges on each floor, new flooring, common veranda spaces, and laundry rooms. The environmentally conscious design includes Energy Star-certified appliances and fixtures. A newly constructed on-site rain garden will help manage stormwater runoff at the community.

“We are privileged to once again be the HACC’s development partner, working with them to transform this neighborhood and lift the lives of its residents,” said Gary Buechler, president of The Michaels Development Company.

Financing for the development included $6.6 million in private equity raised from the sale of federal low income housing tax credits allocated by the New Jersey Housing and Mortgage Finance Agency as well as $3.8 million in private equity raised from state tax credits allocated by the NJ Economic Development Authority through its Economic Redevelopment and Growth program. The Housing Authority provided $2.3 million in Replacement Housing Factor Funds and Capital funding. TD Bank invested in both the federal and state tax credits, which were syndicated by Riverside Capital. TD Bank also provided a $9.6 million tax-exempt construction loan. Cinnaire Investment Corporation provided a permanent mortgage loan of $1.65 million.

Philadelphia-based WRT served as the master Architect and Marlton, NJ-based Prestige Building Company was the general contractor. Interstate Realty Management provides property management services, ensuring that The Branches at Centerville remains a long-term asset to the community. Branch Village is already 100 percent occupied. 

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LAWRENCEVILLE, GA – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Madison at River Sound, a 586-unit multifamily community located in the suburban city of Lawrenceville, Georgia, just outside Atlanta. The firm bought the asset from Investors Management Group, Inc. of Los Angeles. Berkadia arranged the financing.

This is American Landmark’s third multifamily acquisition in suburban Atlanta in the past year. Belle Vista, in Lithonia, and Marbella Place, in Lawrenceville, are also newly bought American Landmark properties. The company owns and operates over 60 multifamily communities across the Southeastern United States.  

The company plans to renovate apartment interiors and add more modern, luxurious details including plank flooring, new kitchen backsplashes, more modern cabinet hardware and sleek appliances, new countertops, and upgraded plumbing and lighting fixtures. Each apartment will also have its own washer and dryer unit.

 “This was a fantastic opportunity to buy a well-located property in need of full renovation in an area where we have experience and depth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The property is in one of the fastest growing suburbs of Atlanta, close to major employers including Cisco and Georgia Gwinnett College.”

Built in 1996, Madison at River Sound is located at 980 Walther Boulevard and offers one-, two-, and three-bedroom units. Community amenities include a clubhouse with a fitness center, resort-style swimming pool, dog park, tennis courts, and playground.

The asset is situated only about five minutes away from Lawrenceville Market Shopping Center, Georgia Gwinnet College and University Parkway, offering convenience and access to employers and educational institutions. The community was 94 percent occupied at the time of acquisition.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, and Texas. The company is committed to delivering fantastic service and outstanding living environments to residents; delivering attractive risk-adjusted returns to investors and partners; and providing opportunities for growth, advancement and diversity to its team members.

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LOS ANGELES, CA – The Michaels Organization announced that groundbreaking new affordable housing it is developing in partnership with the Housing Authority of the City of Los Angeles (HACLA) as part of a comprehensive revitalization of the Jordan Downs public housing community will benefit from more than $13 million in grant funding.

The grant, part of $35 million in funds received by HACLA from California’s Cap-and-Trade program, will provide funding for 81 new apartment homes, affordable to families earning up to 50 percent of the area median Income. Michaels will also receive $50,000 in additional grant funds to support neighborhood bicycle safety programs and $1.3 million for a new neighborhood park that is being made on the site in the vital and historic neighborhood of Watts.

“Michaels Development Company is privileged to be HACLA’s private-sector partner on this critical redevelopment effort, and we are grateful for the support of so many community partners who have worked so hard to bring this substantial investment to the Watts neighborhood,” said Michaels Development Company Vice President Kecia Boulware, who is the lead developer for the second and third phases of new housing being developed on the Jordan Downs site.

“We are committed to transforming the vision of the Watts Community into reality by making new job opportunities as well as high-quality, sustainable, affordable housing and additional public spaces that will benefit the entire neighborhood,” Boulware said.

California’s Cap-and-Trade Program includes an initiative known as the Transformative Climate Communities Grant, which provides funding for community-led development and infrastructure projects that achieve major environmental, health and economic benefits in California’s most disadvantaged communities. The program empowers communities most impacted by pollution to choose their own goals, strategies and projects to enact transformational change – all with data-driven milestones and measurable outcomes.

As a strong partner to the Housing Authority and a key player in the application process, Michaels’ developments are slated to receive the largest part of the grant’s funding. Michaels spearheaded much of the application process, which involved collaboration with a wide variety of community stakeholders, local nonprofits and Los Angeles businesses working in the area. The group, known as the Watts Rising Collaborative, has been working to modernize Jordan Downs and bring significant jobs and investment to the Watts community. The Watts application was the highest-scoring of all six applications submitted for the Transformative Climate Communities grant and was selected over two other applications from the City of Los Angeles.

Michaels plans to break ground later this year on the first of the next two phases of housing slated for Jordan Downs. The first will bring 135 apartments in a mix of one, two, three, four, and five-bedroom layouts, in a combination of townhomes and flats. The architecture style of the three-tale buildings will be in the Mediterranean tradition, with landscaping that is drought-resistant throughout. The buildings, which will be south of a new Century Boulevard extension, will be designed to a LEED Silver environmental standard. Apartment amenities will include in-unit washers and dryers, air conditioning and energy- and water-saving appliances and fixtures. Approximately 50 percent of the new apartments will be reserved for existing Jordan Downs residents.

The first phase of the Jordan Downs Revitalization is already underway with construction of 115 affordable apartments developed by BRIDGE Housing, which will be followed by the 135 new apartments Michaels is developing. Along with the new housing, the revitalization will bring more than 120,000 square feet of new retail space being developed by Primestor, as well as parks, public spaces and new streets designed to connect the Jordan Downs housing community to the wider Watts neighborhood.

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