SANTA FE, NM – A $500,000 Affordable Housing Program (AHP) grant from New Mexico Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund a $15 million renovation project at Pasa Tiempo, a 121-unit apartment community in Santa Fe, New Mexico, for senior citizens.

Pasa Tiempo (Spanish for “pass the time”) will receive significant upgrades, thanks in part to the grant. The renovation project will include new energy-efficient heating and cooling systems, kitchens and bathrooms. Additional upgrades will include new fixtures, trim and doors.

The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a community-based organization that is spearheading the project. This grant is one of three AHP grants awarded to SFCHA. Last year, the organization was awarded a $500,000 AHP grant for Villa Hermosa, another apartment community for seniors, as well as Village in the Bosque in nearby Bernalillo, New Mexico.

“The upgrades will allow the senior residents to age in place more comfortably,” said SFCHA Executive Director Ed Romero. “Without the AHP grant, this project would not have been possible.”

Pasa Tiempo is comprised of six courtyard buildings containing 115 one-bedroom and six two-bedroom units. The project will be constructed in accordance with Leadership in Energy and Environmental Design (LEED) green building standards and will also feature a rooftop photovoltaic system, which will use the sun to generate some of the building’s energy.

Rehabilitation will start in May 2017 and will be completed in early 2019.

“New Mexico Bank & Trust is proud to facilitate projects that help the senior community,” said New Mexico Bank & Trust Regional President Max Myers. “Through our partnership with FHLB Dallas, we are able to make Santa Fe a better place to live for seniors.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like New Mexico Bank & Trust. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost help for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

“The AHP provides valuable gap funding so projects such as Pasa Tiempo can be completed,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Thanks to our partnership with New Mexico Bank & Trust, the residents of Pasa Tiempo will delight in a higher quality of life.”

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AUBURN, AL – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced it bought 319 Bragg, serving Auburn University in Auburn, Alabama.

Built in 2014, 319 Bragg includes 305 beds pedestrian to the Auburn campus in a mix of two, three, four, and five-bedroom floor plans. This highly amenitized community features a study lounge with individual study rooms, access gates, covered parking, 24 hour fitness center with locker rooms, resort style pool with cabanas and dog park.

“This community ranks among the finest in the Auburn market and strengthens our presence in the Southeast,” said EdR president Tom Trubiana. “We are excited to have this community as a part of our portfolio.”

Established in 1856, Auburn University has an enrollment of 28,290 which is up 11.4 percent since 2010. It has earned land-grant, sea-grant and space-grant research designations. It is regularly among the top 50 in U.S. News and World Report’s annual public university rankings. Its programs in architecture, pharmacy, veterinary science, engineering, forestry and business are recognized as some of the best in the country.

EdR is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 88 communities with more than 45,800 beds serving 55 universities in 25 states.

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NEW YORK, NY – Investcorp, a leading provider and manager of alternative investment products, announced that its U.S.-based real estate arm has invested in three multifamily housing properties in New York, California, and Nevada for a total buy price of nearly $400 million. All three properties are located in markets which benefit from robust fundamentals in the multifamily space.

Mohammed Alardhi, Executive Chairman of Investcorp stated, “As we look to the next phase of growth for Investcorp, we have fantastic confidence that the U.S. is a place where our investments will continue to serve our global client base well, as we believe the U.S. economy is poised for significant growth. We have a long history of investments in the U.S., and our $1.2 billion investment in residential properties in the past 18 months demonstrates our belief that the U.S. real estate market provides high-quality investments that will generate steady returns in the years to come.”

“During the past 18 months we have continued to invest actively in the residential space, having bought a diverse portfolio of well-leased multifamily and student housing assets”, said Herb Myers a Managing Director in Real Estate Investment at Investcorp.  “We believe that the outlook for the multifamily and student housing sectors remains strong and these investments generate attractive annual yields in a low-yielding global environment.

Atlantic Point is a 795 unit, Class A, 115 acre multifamily housing property located in Bellport, New York, which is located within the Nassau County-Suffolk County Metro Division. Suffolk County is one of the tightest multifamily housing markets in the U.S. with a vacancy rate of 2.9%. Given the high cost of land and strict zoning regulations which makes it hard to build, the area has seen minimal new development since the 1990s. This has led to a favorable supply / demand imbalance in the overall market. The region is home to Brookhaven National Lab, Stony Brook University, Brookhaven Memorial Hospital and Stony Brook University Hospital.

The Highlands is a 556 unit, Class B, garden-style multifamily housing unit in Grand Terrace, California, in the Riverside-San Bernardino MSA. In this area, the multifamily market leads the nation in rent growth, having logged 5.1% in rent growth in 2016.  Market-wide vacancy is projected to average 2.4% over the next five years.

Villas at Green Valley is a 609 unit, Class B, garden-style multifamily housing property located in Henderson, Nevada, in the Las Vegas MSA. The metro Las Vegas economy has rebounded strongly since the 2008/2009 downturn. As a result of factors like no state income tax, a low cost of living, and a favorable climate, population growth has exceeded 50% since 2000. Further, over the next five years, the metro area is projected to lead the nation in population, employment and real Yucky Metropolitan Product (GMP) growth, all of which are expected to be solid drivers for multifamily demand.

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