AMES, IA – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced it has started construction on a community pedestrian to Iowa State University in a joint venture with developer, River Caddis Development. Opus Design Build, L.L.C. is the design-builder and Opus AE Group, L.L.C. is the architect and structural engineer of record for the 320,000-square-foot mixed-use development.

The community will add 537 pedestrian-to-campus beds in a mix of studio, one, two, three and four-bedroom floor plans to the EdR portfolio. EdR will be 70 percent owner and manager of the $51.9 million development which is targeting a summer 2018 delivery.

“Iowa State is a top-tier university that is experiencing steady growth,” said EdR chief executive officer Randy Churchey. “With a pedestrian-to-campus location and outstanding amenity offering, this community will be another vital asset in the EdR portfolio.”

Located on the corner of 2700 Lincoln Way, the 6-tale project is designed to enhance the vitality of the site and the vision of the Campustown Revitalization by enriching the Lincoln Way, Sheldon Avenue and Hyland Avenue pedestrian experience and providing a gateway into Campustown.

“This location is directly across the street from Iowa State University in the heart of downtown Ames, Iowa,” said River Caddis president Kevin McGraw. “We have gone to fantastic lengths to collaborate with the City of Ames to design an aesthetically pleasing, long-term sustainable development, and believe we have accomplished that goal. Teaming up with an industry leader, such as EdR, makes this project that much better and partnering with Opus has proven to be an brilliant choice for us as they are very excellent at working together in a team effort.”

The project will feature 157 apartment units and 7,500 square feet of ground level retail space. The apartments will also feature luxury amenities including two outdoor resident amenity decks, an outdoor hot tub, club room, fitness center, study rooms, leasing lounge and residential parking. Additionally, residents will delight in in-unit washers and dryers and WiFi throughout the community.

“We’re excited to design and build another best in class student housing option for the Iowa State area and to continue building off the success we’ve seen with other recent student housing project in the area,” said Jeff Smith, vice president, Opus Design Build, L.L.C. “Student housing continues to be in high demand in Ames, and we’re pleased to be working with River Caddis and EdR to continue filling that need and add value to the surrounding community where this project will be a fantastic fit.”

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HOUSTON, TX – Portico Property Management, a property management firm headquartered in Houston, and Crossbeam Capital, a multifamily real estate investment firm with offices in Houston, Denver and Dallas, have launched a joint venture that will house more than 6,200 multifamily units across six states.

Additionally, the companies will merge back-end operations and support services that will make ease of use for investors and clients. The property management part of the joint venture will operate under the Portico brand in the company’s Dallas and Houston offices. 

The units are located in Texas, Colorado, Illinois, North Carolina, Pennsylvania and Washington D.C.

With 173 employees and combined operations led by Portico’s President, Darren Williams, the two firms now provide an extraordinary portfolio of multifamily communities with support services tailored specifically for investors and clients.

“Portico and Crossbeam share a mutual commitment to customer service and at the community level, we have the best teams in the country,” said Williams. “We are confident our joint venture will add value to our clients and associates and ultimately make us an even stronger company.”

“This venture with Portico allows us to expand our platform and services among our clients and strengthen our overall service level,” said Ted Kerr, managing partner of Crossbeam Capital. “We have a strong track record of delivering exceptional results to our investors and this partnership allows us to provide an even better strategy for performance.”

Portico offers expertise in management services, construction management, renovation, due diligence, acquisition and disposition services.

Crossbeam offers a vertically-integrated multifamily investment firm specializing in value add investment and development strategies. Its expertise includes investment management, acquisitions and dispositions, and asset management services.

“We’re excited about this joint venture. Crossbeam’s culture meshes very well with Portico’s and we share a common vision: a focus on exceptional customer service,” Williams added.

Founded in 2011 by Darren Williams, Portico Property Management started with the simple premise to build a fantastic and enduring management company. Portico hires only the best talent and values integrity, friendliness, accountability and results above all else. At Portico, today’s client is more vital than tomorrow’s. In addition to property management, Portico offers asset management, due diligence, pre-acquisition analysis, renovation analysis and management, and disposition services.

Crossbeam Capital is a leading multifamily real estate firm focused on identifying strategic investment opportunities and successfully building value through a unique vertically-integrated management platform. With offices in Houston, Denver and Dallas, the firm serves multiple metro markets nationwide in the role of investment advisor, asset manager, developer and property operator. The firm manages multiple investment vehicles for top-tier institutional clients that have included many large insurance, pension, sovereign wealth funds, and family offices. Led by a senior management team with deep experience in the real estate industry, Crossbeam has completed over $1.5 billion in multifamily transaction activity in the last five years.

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SALT LAKE CITY, UT – Since its inception in 2012, Restore Utah and Goldman Sachs Urban Investment Group have revitalized low and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families. 

On February 17, 2017, Goldman Sachs increased its equity commitment to Restore Utah’s Multifamily Acquisition Fund to $24 million, enabling Restore Utah to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front. 

Restore Utah has also recently bought The 500, a 109-unit apartment community in South Salt Lake.

Over the past five years, Restore Utah and Goldman Sachs have invested over $140 million to buy and renovate over 500 single-family homes and six multifamily properties totaling over 370 units while also making jobs in a sector that has suffered significant job loss.  Over 84% of the homes are focused on serving low and moderate-income communities and residents.   

The 500 is a 109-unit community that offers large two bedroom apartment and townhome units conveniently proximate to downtown in South Salt Lake. Amenities at The 500 include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion.

“We are pleased with this further investment from Goldman Sachs and the acquisition of The 500. We are optimistic regarding the Salt Lake market with the fastest growing state population in the nation, strong job growth and low unemployment. Salt Lake City is ranked 7th nationally for the best place for Business and Careers,” said Jim Schulte, President at Restore Utah. “Goldman Sachs’s investments over the past two years have enabled us to buy six multifamily communities in the past 18 months consisting of over 370 units focused along the Wasatch Front.  Restore Utah seeks to buy 200 to 300 more units in 2017 to help revitalize existing apartment buildings and neighborhoods.”

“Deepening this partnership with Restore Utah is part of Goldman Sachs’s commitment to making meaningful investments in the cities where we live and work,” says Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group.  “This partnership exemplifies an innovative solution to addressing the affordable housing need in the local market.”

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