DENVER, CO – Waterton, a U.S. real estate investor and operator, announced it has bought Greenwood Plaza, a 266-unit rental community located in the Denver suburb of Centennial, Colorado, approximately 15 miles southeast of downtown Denver.

Built in 1996, Greenwood Plaza includes a mix of one-, two- and three-bedroom apartments in a highly accessible location, near Interstate 25 and approximately 2½ miles southwest of the Denver Tech Center, home to nearly 1,000 companies and 35,000 employees.

Adjacent to the community is Fiddler’s Green Amphitheater, the largest outdoor amphitheater in the Denver metropolitan area, hosting over 200,000 visitors annually. In addition, Arapahoe at Village Center station, which serves RTD’s E, F and R lines, is less than 1 mile east of Greenwood Plaza, offering light rail service to downtown.

“Greenwood Plaza is in a prime location near major employers, public transit and within walking distance to several strong retail centers including Greenwood Retail Plaza, Heritage Place Shopping Center and Arapahoe Marketplace,” said Mark Stern, senior vice president of acquisitions at Waterton. “The Centennial community offers a fantastic deal to its residents, including the expansive Cherry Creek State Park, golf courses, a state-of-the-art recreation center and the K-12 Cherry Creek School District, one of the highest-achieving districts in Colorado.”

Apartments at Greenwood Plaza feature 9-foot ceilings, gas fireplaces, private balconies and direct-access garages. Previous ownership partially renovated 100 units, which include new kitchens with stainless steel appliances. As part of a phased capital improvement program, Waterton plans to update the remaining 166 units with a modern end package that includes new flooring in kitchens and living areas, as well as carpeting in bedrooms. Kitchens will also be reconfigured to make a more modern, open layout and enhanced with new cabinetry and countertops, tile backsplashes and stainless steel appliances.

Residents of Greenwood Plaza also have access to a variety of on-site amenities including a fully equipped fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.

“Waterton’s interior renovations will generate revenue growth through updating unit finishes to the high standards demanded by residents today,” said Stern.

Greenwood Plaza marks Waterton’s second multifamily acquisition in 2017. The firm owns and manages two other rental communities in the Denver area comprising nearly 700 units.

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OAK PARK, MI – UnitedHealthcare is investing $18.3 million to help build two new affordable-housing communities in Hart and Oak Park, Michigan.

The announcement was made at a groundbreaking ceremony for Jefferson Oaks in Oak Park, where community leaders and investment partners celebrated the start of construction for the 60-unit mixed-income community. UnitedHealthcare is investing $14.6 million in the Oak Park development. Cinnaire is providing a $2.3 million permanent loan to the project.

Jefferson Oaks, developed by Community Housing Network Inc. (CHN), is being built on the site of a vacant school building and campus, which will be transformed into 20 apartments and eight new townhome-style buildings with an additional 40 homes. Twenty-one of the apartments are set aside for supportive housing. When completed in 2018, the new community will include on-site support services and amenities such as a community room with a library, computer lab and meeting space, and a playground.

“We are very excited to start the construction of this new community in Oak Park and appreciate the work of UnitedHealthcare, Cinnaire and our other partners in helping make this groundbreaking possible,” said Marc Craig, president of Community Housing Network. “When completed next year, Jefferson Oaks will be a model community that brings quality homes with on-site amenities for individuals and families who want a wonderful place to live and play.”

UnitedHealthcare also announced a $3.7 million investment in Woodland Place Apartments in Hart. The new 24-unit apartment community, developed by Gryphon Group LLC and Oceana County Housing Commission, will include 12 units for people living with special needs and struggling with homelessness. The development is being built to U.S. Green Building Council LEED environmental standards. West Michigan Community Mental Health will provide supportive services and case management for residents. Woodland Place Apartments will open in 2018.

“UnitedHealthcare’s investments to support affordable housing in Michigan are part of our initiative to help people live healthier lives by connecting them to housing, health care and other vital services,” said Dennis Mouras, CEO, UnitedHealthcare Community Plot of Michigan, which employs 1,100 people in Michigan and serves the health care needs of more than 800,000 people in the state. “We are grateful for the opportunity to work with these partners to expand affordable housing in Michigan.”

The Michigan State Housing Development Authority (MSHDA) approved the use of Low Income Housing Tax Credits for the new developments, with Minnesota Equity Fund (MEF) and Cinnaire securing the equity funding from UnitedHealthcare. MEF and Cinnaire support community stabilization and economic development through partnerships with investors and mission-focused organizations through the use of federal tax credits and by providing creative loans, investments and best-in-class services to partners.

“Today marks an vital milestone in helping make new models for quality, affordable housing in Michigan,” said Earl Poleski, executive director, MSHDA. “Jefferson Oaks will provide new hope and opportunity for the families and individuals who get to call it home.”

“Cinnaire partners with socially motivated companies like UnitedHealthcare to make economic investments in well-designed, high-quality affordable-housing developments,” said Mark McDaniel, president and CEO of Cinnaire. “These investments will help meet a critical need in Michigan to provide low-income individuals with quality, permanent housing with supportive services. We appreciate the commitment UnitedHealthcare has made to investing in affordable housing and making healthy, vibrant communities.”

Last year, UnitedHealthcare invested $16.5 million in two new affordable-housing communities in Ypsilanti and Holt. A ribbon-cutting celebration was held today for one of those developments – Prestwick Village in Holt, a new 66-unit affordable-housing community with support services that provides new housing opportunities for individuals and families, including veterans struggling with homelessness and people with disabilities. UnitedHealthcare invested $8.5 million in Prestwick Village, which was developed by Gryphon Group and constructed by T.R. Hovey Construction LLC.

UnitedHealthcare has provided more than $350 million in financing since 2011 for 56 housing development projects in 14 states, making more than 2,700 affordable-housing units. This includes $34.8 million in four new affordable housing communities in Michigan.

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for April 2017 shows that home prices continued their rise across the country over the last 12 months. 

YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month. The 10-City Composite annual increase came in at 4.9%, down from 5.2% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March.

Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. In April, Seattle led the way with a 12.9% year-over-year price increase, followed by Portland with 9.3%, and Dallas with an 8.4% increase.  Seven cities reported greater price increases in the year ending April 2017 versus the year ending March 2017. 

MONTH-OVER-MONTH

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.9% in April. The 10-City Composite posted a 0.8% increase and the 20-City Composite reported a 0.9% increase in April. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase. The 10-City Composite posted a 0.2% month-over-month increase. The 20-City Composite posted a 0.3% month-over-month increase. Eighteen of 20 cities reported increases in April before seasonal adjustment; after seasonal adjustment, 13 cities saw prices rise.

ANALYSIS

“As home prices continue rising quicker than inflation, two questions are being questioned: why? And, could this be a bubble?” says David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up. The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising. At the same time, the supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four- month supply. Adding to price pressures, mortgage rates remain close to 4% and affordability is not a significant issue.

“The question is not if home prices can climb without any limit; they can’t. Rather, will home price gains gently slow or will they crash and take the economy down with them? For the moment, conditions appear favorable for avoiding a crash. Housing starts are trending higher and rising prices may encourage some homeowners to sell. Moreover, mortgage default rates are low and household debt levels are manageable. Total mortgage debt outstanding is $14.4 trillion, about $400 billion below the record set in 2008. Any increase in mortgage interest rates would dampen demand. Household finances should be able to weather a honestly large price drop.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

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