MOUNTAIN VIEW, CA – City of Mountain View Mayor Ken Rosenberg, Santa Clara County Board Supervisor Joseph Simitian, State Housing and Community Development Director Ben Metcalf, California Department of Veterans Affairs and other local leaders celebrated the groundbreaking of Eagle Park Apartments, an affordable residential rental community being developed by Palo Alto Housing (PAH) in the center of Silicon Valley.

Eagle Park Apartments will be an architecturally innovative building comprised of 67 rental apartments which will house low-income veterans and households earning up to 60 percent of the Santa Clara County Area Median Income (AMI). The unit mix consists of 62 studios at approximately 400 square feet and five one-bedroom apartment homes at nearly 600 square feet.

Expected to be completed in the fall of 2018, this approximately half-acre property is centrally located in Mountain View at 1701 W. El Camino Real, within walking distance of groceries, pharmacies, restaurants and public transit. The residential apartment community building will be GreenPoint Rated through the inclusion of the following green design features: solar thermal system, energy-efficient HVAC, energy-efficient lighting and water-conserving fixtures. Onsite amenities will include roof decks for socializing, a community room with a computer lab, community kitchen and elevator access on every floor. Van Meter Williams Pollack is the Architect. Branagh Inc. is the General Contractor.

“Palo Alto Housing commends the City of Mountain View for making affordable housing a strategic priority,” said Candice Gonzalez, CEO of Palo Alto Housing. “We truly appreciate the collaboration between our public and private partners. In the middle of Silicon Valley, in one of the most expensive real estate markets in the country, we are proud to honor our veterans and workforce with high-quality, affordable housing in an amenities-rich neighborhood.”

Financing for the $33 million development is provided by the City of Mountain View, County of Santa Clara, U.S. Bancorp, State Department of Housing and Community Development, Veterans Housing and Homelessness Prevention Program, California Housing Finance Agency, California Department of Veterans Affairs and Google. “Google is honored to help support the incredible work that Palo Alto Housing is doing,” said Adrian Schurr, Bay Area Program Manager for Google.org. “PAH is an incredible leader in the community and we’re excited to see the success of their initiatives.”

“It was in June last year where we, as a city, stepped up and invested $8 million in development funds for this Palo Alto Housing Corporation project because it is bringing 67 new affordable homes with simple access to mass transit,” said Mountain View Mayor, Ken Rosenberg. “This project is a fantastic example of how both cooperation and smart development can make our city more accessible by increasing our overall supply of affordable housing and making a fantastic place for our veterans to come home to.”

Palo Alto Housing’s property management division will provide professional, onsite property management. PAH’s resident services division will partner with a network of service providers including the VA Palo Alto and Abode Services to provide robust supportive services to residents. Services will be designed to ensure housing stability, promote health and wellness, and encourage social integration. Palo Alto Housing’s mission is to make stronger, more diverse communities by providing and maintaining high-quality, affordable housing where individuals and families thrive.

In its more than 47 years of service, non-profit Palo Alto Housing (PAH) builds, develops, buys, and manages low- and moderate-income housing in the San Francisco Bay Area. With over 700 units located on the Peninsula, PAH provides high-quality, award-winning housing with subsidized rents, to the greatest degree possible, and supports its residents in reaching their goals through its Resident Services program. Palo Alto Housing continues to expand its portfolio and focuses its future housing efforts along transit corridors on the Peninsula.

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AUSTIN, TX – Aspen Heights Partners, developer and manager of a diverse portfolio of real estate across the U.S., announced its acquisition of Lincoln Property Company’s student housing division, Grand Campus Living (GCL). Aspen Heights Partners will take on property management of more than 3,000 beds across the U.S.

“This acquisition is a testament to Aspen Heights’ continued commitment to expanding our business platform,” said Sid Keswani, Chief Operating Officer for Aspen Heights Partners. “With this acquisition, we are excited to grow our third party property management footprint and expertise, and we will continue to provide best-in-class care to the students living in these properties.”

Since 2010, Grand Campus Living has been involved in the management and development of student housing. “We’re confident Aspen Heights will continue to show students and clients the highest level of service and dedication. Their reputation within the student-housing industry assures us GCL will continue to provide these students with a strong sense of community and convenient lifestyle,” said Scott Wilder, Executive Vice President of Residential Management for Lincoln Property Company.

The properties include both on and off campus assets across the U.S., including Pennsylvania, Ohio and Oklahoma with a majority of the properties in Texas and Florida. Demi Sterling-Kinney, Vice President of Operations for Aspen Heights Partners, will be overseeing the third-party property management division, effective June 8, 2017.

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BRADENTON, FL – Inland Private Capital Corporation announced the sale of Lost Creek Resorts at Lakewood Ranch Apartments located in Bradenton, Florida, for a yucky sale price of $50.5 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.

Situated on 23 acres with close proximity to the area beaches and Anna Maria Island, the property is located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, Florida, approximately 13 miles northwest of Sarasota.

Constructed in 2012, the approximately 300,000-square-foot apartment property includes nine buildings with 92 one-bedroom, 124 two-bedroom and 56 three-bedroom units.

“Bradenton Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We bought the property in 2012, and it provided consistent income and a substantial profit on sale, resulting in an 11.26% average annualized return to investors. Many have elected to reinvest their proceeds into other properties owned by IPC-sponsored programs.”

As of May 31, 2017, the property was 100 percent leased.

The sale resulted in a total return to the investors of 152.49 percent (calculated based on the aggregate amount of original capital invested in the property).

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