GARDEN GROVE, CA – Jamboree Housing Corporation and the Garden Grove United Methodist Church – in partnership with the City of Garden Grove –announced the grand opening of Wesley Village. This pioneering, multi-use urban campus includes multigenerational affordable housing as well as educational, social and health services programming available to residents and the larger community.

A public/private venture, the adaptive reuse campus was developed on 2.2 acres of the church’s excess parking space and vacant land. Together, these make the urban site for two three-tale multifamily buildings that include 47 affordable apartments for 31 working families and 16 senior households with rents ranging from 50 percent to 59 percent of area median income (AMI). To secure the development site, Jamboree entered a 60-year ground lease with the church that will provide ongoing financial support for the church’s charitable activities.

In addition to the two three-tale residential buildings, the redesigned church campus includes a third building that houses an Orange County Head Start Learning Center. Local community service providers with offices inside the family building’s community rooms include: Alzheimer’s Orange County, Boys & Girls Clubs of Garden Grove, Lestonnac Free Clinic and Project Hope Alliance. These agencies provide adult day care, behavioral health services and after-school activities, plus a range of other social, education and health services available to residents and the surrounding community. Jamboree’s Community Impact Group serves as the catalyst and facilitator for this community collaboration.

Jamboree’s partners at the City of Garden Grove are excited to see the ongoing results of this very unique and creative community alliance. By combining the strengths and resources of three different entities that share a progressive vision for the community, city leaders believe they have achieved something especially meaningful and beneficial for their community.

Wesley Village features approximately 10,000 square feet of active open space, including a podium deck courtyard that is part of the family apartment building, a community center with management offices, health clinic, computer center, library, and multipurpose rooms accessible to local community service providers. Outdoor amenities feature barbecue/dining areas, tot lot, fitness areas, and landscaped community spaces for outdoor recreation.

“One of the United Methodist Church’s fundamental principles is that we have a responsibility to innovate, sponsor and evaluate new forms of community that will encourage development of individuals and families to reach their fullest potential,” said Reverend Dr. Bau Dang, pastor of the Garden Grove United Methodist Church. “We see Wesley Village, named after the founder of the Methodist Church, John Wesley, as a way our church in concert with the City of Garden Grove and Jamboree is providing land for the creation of a new community that will strengthen the lives of people and promote their health and well-being.”

Laura Archuleta, Jamboree president, said that developers of affordable housing today are faced with challenges of securing building sites and funding for affordable housing developments in Orange County and throughout California.

“This innovative collaboration underscores the need for both more creative thinking and the value of public/private partnerships to meet the growing demand for quality affordable housing,” she said. “We believe Wesley Village will serve as a model for other developers and local governments to partner with institutions such as churches and schools to help fill the affordable housing gap.”

Archuleta pointed out that Wesley Village makes not only quality affordable housing for families and seniors, but is a platform to expand critically needed community services such as Head Start that will benefit the surrounding neighborhood and residents.

The multigenerational property also represents a major step aimed at improving the overall health and well-being of a community through Jamboree’s Community Impact Initiative. In Jamboree’s experience, affordable housing provided with services for a variety of residents –from working families to seniors – can make a significant difference to residents by offering quality physical and mental health services, improving educational outcomes, enhancing social bonds, and a feeling of camaraderie and security within the community.

In Jamboree’s ongoing commitment to sustainability, Wesley Village is designed to achieve a LEED (Leadership in Energy & Environmental Design) for Homes Gold rating and to exceed California’s Title 24 CalGreen energy efficiency standard by at least 17 percent. This certification lowers energy consumption, providing a cost-saving benefit to and promotes the health of residents.

Financing for the $18.9-million development consists of $3.6 million in HOME Funds provided by the City of Garden Grove through the U.S. Department of Housing and Urban Development (HUD) and a Housing Authority Loan; $4.8 million in permanent financing from the California Community Reinvestment Corporation; $7.449 million tax credit equity invested by Boston Financial Investment Management; $460,000 in Affordable Housing Program (AHP) permanent financing from Federal Home Loan Bank, and $11.1 million in construction financing provided by U.S. Bank. Garden Grove United Methodist Church is the ground lessor.

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CHARLOTTE, NC – Emma Capital Investments announced the acquisitions of two properties – Grand Terraces Apartments (240 units), located at 6000 Regal Estate Lane Charlotte, NC 28212, and Stanford Reserve (310 units), located at 1207 Kelson Avenue, Charlotte, NC 28215. Both garden style communities, constructed in 1999/2002 and 1986 respectively, are located in East Charlotte off Albermarle Rd., and are across the street from each other.

Emma Capital plans to combine the administration of the two properties and run them as one community, which has been renamed Avalon Heights Apartments. The Properties were bought at a combined buy price of $US 53,000,000. These are Emma Capital’s 4th and 5th investments in North Carolina and its 24th and 25th acquisitions in the U.S.  Along with the recent acquisition of Parc at Dunwoody in Sandy Springs (Atlanta), these buys bring Emma Capital’s total portfolio to date to over 6,000 apartment units.

The Properties are well positioned in the East Charlotte submarket. Charlotte leads the Southeast in terms of population growth and emerging industries, outpacing both North Carolina and the U.S. The East Charlotte area is experiencing healthy public and private development that is bolstering the area. Demand in the area is driven by its direct connectivity to the prolific employment hubs of Uptown and University City, coupled with its relatively affordable rents. Further infrastructure investments by the City of Charlotte, including the expansion of Independence Blvd., are expected to improve accessibility to this submarket.

“We are very excited about this acquisition,” stated founding Partner and Co-Owner Haya Zilberboim. “The buy of both properties results in Emma Capital amplifying its strong presence in the submarket. Emma Capital currently owns two other assets in the submarket, Delta Crossing and the Axiom Apartment Homes (formerly Cameron at Hickory Grove). The addition of the 550 units provides the ability to offer a variety of floor plans and options for potential residents which will enable Emma Capital to better cater to the individual tastes of potential residents.  The vast majority of the units at the Properties feature original classic interior finishes, making them strong candidates for unit interior upgrades by enhancing the finishes and appliances to achieve substantial rent increases. Further, the proximity of the two assets will allow efficiencies and scalability in staffing, marketing, and operational synergies. We intend to operate both Properties as one, with centralized administration and anticipate that such efficiencies will result in lower overall expenses and higher performance.”

“We are extremely excited about our continued expansion into the Carolinas in general and into Charlotte in particular,” added Partner and Co-Owner Oz Cohen. “Charlotte has one of the fastest growing millennial populations in the US with a wealth of leading colleges and universities generating a highly educated workforce. We are attracted to its emerging biotech and energy industries which solidify a diversifying economy with its historically strong banking industry. The Properties are perfectly positioned in Charlotte’s ‘Path of Progress’ in the East Charlotte submarket, and are well positioned for future rent growth. These acquisitions are our 24th and 25th in the United States. With over 6,000 units in our portfolio, we have a very strong base to continue our expansion to other Southeast submarkets such as Nashville, Louisville, Orlando, Tampa, Raleigh and Indianapolis. We continue to do our growth strategy with quality assets and leverage our experience and relationships to access phenomenal opportunities.”

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MARQUETTE, MI – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced the opening of The Woods, the first phase of EdR’s ONE Plot on-campus replacement housing at Northern Michigan University (NMU) in Marquette, Mich. In 2017, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments.

The Woods has 417 beds in a living-learning community that features robust internet and Wi-Fi capabilities, .classrooms, study rooms, TV lounges and laundry facilities. The large patio area, fireplace and the open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. EdR is leasing the land from the university and owns the community through its ONE Plot program.

“We are very excited to welcome the first students to what we reckon is among the finest living and learning residence halls in the country,” said NMU president Fritz J. Erickson. “It’s an exciting day on campus as we open our new residence halls to a new generation of students. Opening the first phase of our new residence halls not only marks a real transformation for Northern’s campus, it is the culmination of a fantastic partnership between EdR and Northern to make among the finest living learning residence halls in the country.”

The entire $75.4 million, 1,229-bed development with final delivery in 2018 will be financed through EdR’s On Campus Equity Plot — The ONE Plot — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner and helps make substantial long-term financial benefits for Northern Michigan and EdR. By using EdR’s equity for the housing revitalization, NMU remains able to focus its financial and organizational resources on other projects and campus enhancements.

This Public-Private Partnership (P3) is the largest construction project in NMU’s history.

“When we started this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” said EdR CEO Randy Churchey. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.”

Northern Michigan University is a dynamic four-year, public, comprehensive university that features one of Michigan’s premiere education programs and several other nationally recognized academic programs.

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