Author Archives: ipgocorp

EXCLUSIVE: Report Says Loudoun Facing Major Housing Shortage

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(RECAP: Loudoun County is facing a shortfall of more than 18,000 housing units needed to sustain its economic growth, according to a new housing needs assessment prepared by George Mason University’s Center for Regional Analysis and housing needs analysis firm Lisa Sturtevant & Associates. The report projects Loudoun will have a demand for 66,600 new housing units between now and 2040, but is prepared to add only 48,910 in that time frame. Loudoun County is facing a shortfall of more than 18,000 housing units needed to sustain its economic growth, according to a new housing needs assessment prepared by George Mason University’s Center for Regional Analysis and housing needs analysis firm Lisa Sturtevant & Associates. Over time, the housing affordability challenges are not expected to improve for many households in Loudoun County, and for many at the lowest income levels, the challenges will be exacerbated not only in Loudoun County, but throughout the region. The report said Loudoun County can do its part to accommodate lower-income working households and seniors and others on fixed incomes by helping to promote or incentive the development of housing affordable to these households.)

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2016 in Review: Williamsburg tackles tourism, housing issues

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(RECAP: City addresses housing: The city lacks affordable housing, and housing for senior citizens, according to officials who started researching the issues in the past year. Williamsburg doesn’t have enough market-rate senior housing. Mayor Paul Freiling mentioned in the city’s Goals, Initiatives and Outcomes that the city will actively look for solutions to the issue over the next two years at the very least. Affordable housing can be hard to obtain for some of the area’s underemployed residents, many of whom have jobs with restaurants, hotels and tourism attractions. Rita Smith, the executive director at Williamsburg Area Faith in Action, said nearly every senior housing facility has too high a price tag for poor families, or a long waiting list. Finding available land and enticing developers into the area is one of many steps the city would need to take, and by placing the initiative into its goals for the next two years, the city has shown the issue is and will continue to be on its radar.)

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NexPoint Residential Acquires 924-Unit Opportunistic Apartment Portfolio in Houston for $108 Million

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HOUSTON, TX – NexPoint Residential Trust announced the completion of the acquisition of a 924-unit apartment portfolio in Houston, Texas. NexPoint Residential Trust, through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P., bought a two-property portfolio in Houston, Texas for approximately $108 million.

The properties, Ancient Farm Apartment Homes, a 734-unit apartment property built in 1998, and Stone Creek at Ancient Farm Apartments, a 190-unit apartment property built in 1999 (the “H2 Portfolio”), are situated on 35.1 acres of contiguous land surrounded by some of Houston’s most affluent single family neighborhoods and three major regional employment centers (Uptown, Westchase and Medical City).

The H2 Portfolio acquisition was structured as a reverse 1031 exchange to facilitate the Company’s continued plot to recycle capital from dispositions of assets from non-core markets into well-located, “covered-land” assets in longer-term target markets.

The Company funded the buy price with borrowings of approximately $108 million under its credit facilities with KeyBank National Association and Freddie Mac. In connection with the acquisition, the Company expanded its credit facility with Freddie Mac to $300.0 million under the previously told terms of the credit agreement.

Following the completion of the reverse 1031 exchanges, management expects the H2 Portfolio’s loan-to-value ratio to stabilize at approximately 55%.

This is the Company’s first acquisition in Houston since its lone buy in Houston in November 2014 and opportunistically expands NXRT’s footprint in the market to 1,164 units, bringing NXRT’s total portfolio to 39 properties consisting of 12,965 units in 10 markets as of January 3, 2017.

Management has published more information on the merits of the acquisition in an investor presentation at the Investor Relations section of the NXRT website at www.nexpointliving.com.

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