Author Archives: ipgocorp

Fourmidable Assumes Management of Over 900 Apartment Homes in Southeastern Michigan

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BINGHAM FARMS, MI – FOURMIDABLE, a national real estate management and brokerage company, has been designated as the managing agent at four multi-family apartments in Southeastern Michigan.  

Loop Investments, LLC, which bought three market rate communities in Southeastern Michigan, has awarded FOURMIDABLE the management contract for:

Country Meadows, a 267-unit apartment community in Ypsilanti
Providence Tower, a 241-unit mid-rise building in the city of Southfield; and
Water’s Edge Apartments, a 192-unit community in South Lyon, for which FOURMIDABLE Real Estate Services participated in the brokerage.

There are plans in place to improve the quality of product and services offered at these communities and their current and future residents. Plotted enhancements include upgrades to the apartment units and building common areas. Additional improvements will be directed toward community landscaping, parking areas and carports, as well as the efficiency of mechanical systems.

“We are now managing seven communities in Southeast Michigan for Loop Investments LLC and we could not be more pleased to continue our ongoing partnership with them,” said FOURMIDABLE President Michael Schocker. “Loop Investments, LLC is committed to the improvement of these properties and the residents it serves.”

FOURMIDABLE is pleased to announce that they have also been appointed as the management agent for Woodland Heights; their second contract with the Pontiac Housing Commission. Woodland Heights is a public housing community consisting of 187 high-rise units and 21 scattered homes in Pontiac, Michigan.

“We are honored to once again partner with the Pontiac Housing Commission,” said FOURMIDABLE Chief Executive Officer, Jeri Hays. “Our company brings over 41 years of property management experience and quality services to the table, which we believe will add value to the lives of the Woodland Heights residents. FOURMIDABLE is the largest private manager of Public Housing in Michigan. We currently manage 2,582 total units representing Detroit, Lincoln Park, New Haven, Niles, Pontiac, Romulus, Royal Oak Township and Sterling Heights Housing Commissions.”   

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Roger Chesley: Overdue homeless shelter breaks ground in Virginia Beach

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(RECAP: Municipal officials and community advocates turned out in a huge way for Thursday’s groundbreaking of the Housing Resource Center. The new structure signaled a serious commitment to finding shelter in Virginia Beach for the homeless people – often around 400 – counted annually in parks, along streets and in cars throughout the city. Tim McCarthy, chair of Bringing an End to All City Homelessness, relayed how folks journeyed to communities around the country to devise the best model for the $30 million, three-tale building. It will rise at 104 N. Witchduck Road, near Southern Boulevard, and is scheduled to open in spring 2018. The resource center will house more than 100 people, from single adults to families. Some 30 efficiency apartments are part of the mix.)

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Banks Pick Up Greater Share of Multifamily Lending Business

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(RECAP: Bank lenders are making a lot more permanent loans on apartment properties. These banks are lending to owners of stabilized apartment buildings even as they step away from funding new construction projects. New regulations and worries about overbuilding are driving many banks to make smaller construction loans, and to lend on fewer properties. Banks lenders originated more than a third—38 percent—of all permanent apartment loans in the first half of 2016. That’s not far behind the share of apartment loans made by agency lenders, including Fannie Mae and Freddie Mac, which have been the dominant source of lending on stabilized apartment properties since 2012. Agency lenders still originated more apartment loans than any other type of lender, but their lead is shrinking, with less than half—just 44 percent—of all permanent apartment loans in the first half of 2016.)

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