Author Archives: ipgocorp

Developer seeks more units for mixed-use project in Jackson Ward

Posted on by

(RECAP: As its first Richmond development wraps up in Northside, a Washington, D.C.-based developer is moving forward with plans for its next residential project – the second of its trio of projects with the Richmond Redevelopment and Housing Authority.
Community Preservation and Development Corp., which this week started moving residents into its Highland Park Senior Apartments, a rehab of the ancient Highland Park Public School, will go before the city plotting commission in January to request a revision to its plans for a mixed-use, mixed-income development in Jackson Ward.
The $32 million project is already approved for 182 apartments, 72 of which would be designated for replacement housing for residents of RRHA’s Frederick A. Fay Towers. While that number for replacement housing would not change, CPDC is seeking to increase the number of apartments to 194. The remaining 122 apartments would be a mix of affordable housing and market-rate rents. CPDC plans to end the Highland Park apartments by the end of January. Funding for that project, totaling $11.4 million and involving low-income housing tax credits and state and federal historic credits, came from several sources.)

Powered by WPeMatico

Fannie Mae to Launch New Foreclosure Prevention Program

Posted on by

(RECAP: Fannie Mae has announced its new Flex Modification foreclosure prevention program, designed to help families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie’s Home Affordable Modification Program (HAMP), set to expire at the end of 2016, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.The new program was developed in alignment with Freddie Mac at the direction of the FHFA. The Flex Modification incorporates input from a wide range of industry participants, as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.)

Powered by WPeMatico

Wood Partners Completes Sale of 296-Unit Alta Tempe Luxury Apartment Community for $67.9 Million

Posted on by

TEMPE, AZ – Wood Partners, a national real estate leader based out of Atlanta, Georgia, announced the sale of Alta Tempe, a 296-unit multifamily community in Tempe, Arizona. The community went on the market in August of this year and sold for $67.9 million.

Located 12 miles East of downtown Phoenix, Alta Tempe is situated in the growing Tempe community and offers simple access to the Phoenix airport and Central City. The complex is located at 1260 E University Drive at Dorsey Lane.

“The success of Alta Tempe is a testament to the continued strength of the real estate market in Arizona and the need for housing in easily accessible, transit-oriented locations,” said Todd Taylor, development director for Wood Partners in Arizona and Colorado. “Alta Tempe is an example of a unique and gorgeous asset that has been highly well loved due to its ideal location in the booming Phoenix suburbs and, at the time of sale, was nearly 96 percent leased.”

Wood Partners built the property in early 2015, with first go-ins in April 2015. The Class A complex features an 8,000 square-foot clubhouse with a vertical garden and observation deck, a resort-style pool with private cabanas, an outdoor fire pit, cyber café, and 24-hour fitness center. The units boast granite countertops, stainless steel appliances, high-tech NEST thermostats, and 10-foot ceilings in some homes.

Wood Partners is a national real estate company that buys, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a honest price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide.

Powered by WPeMatico