SAN LUIS OBISPO, CA – The City of San Luis Obispo recently celebrated the grand opening of South Hills Crossing, a new affordable apartment community by ROEM Corporation in partnership with the Housing Authority of the San Luis Obispo (HASLO). The grand opening celebration was held at 309 South Street, San Luis Obispo, CA 93401.

“South Hills Crossing represents the coming together of the private sector, HASLO, the City and financial markets to really address one of our community’s top challenges – lack of affordable rental housing. I am excited to see this project come to fruition,” said Mayor Jan Howell Marx, City of San Luis Obispo.

South Hills Crossing stands out as a bright example of how the community benefits when partners come together in the housing industry. Due in large part to the successful collaboration of the Housing Authority of San Luis Obispo (HASLO), City of San Luis Obispo, County of San Luis Obispo, San Luis Obispo County Housing Trust Fund, and ROEM Corporation, 43 families have went into their new South Hills Crossing affordable apartments. In close proximity to restaurants, services, and entertainment downtown, South Hills Crossing brings permanent affordable housing to this gorgeous California Central Coast community.

“South Hills Crossing is an brilliant example of what can be accomplished by the community working collaboratively. Together we have made a permanent affordable housing resource for San Luis Obispo close to jobs, services and transportation,” said Scott Smith, Executive Director of HASLO.

South Hills Crossing is affordable to families with annual incomes at or below 60 percent of the San Luis Obispo County area median income. Designed by international award-winning KTGY Architecture + Plotting, the $14.1 million development consists of three buildings in a contemporary mix of urban-industrial and craftsman style architectures with 43 one-, two- and three-bedroom units. In step with the community’s like of outdoor recreation and care for the environment, the development boasts a bike storage structure for 44 bicycle spaces (one per unit) in addition to providing 66 surface parking spaces and four motorcycle spaces.

“South Hills Crossing shows what can be done when a public sector collaborative and a for-profit developer work in partnership to start solving a local problem such as housing affordability,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “While we’re still feeling the effects of the demise of our state’s redevelopment funding sources, and with so many other economic variables working against the goal of providing affordable housing, I applaud the City and County of San Luis Obispo for making policies that encourage affordable housing developers to build here.”

Currently pursuing USGBC LEED Platinum certification, ROEM incorporated a number of “green” features designed to ensure long-term energy efficiency and sustainability, including both solar thermal and common area photovoltaic systems; energy efficient windows; and natural ventilation with low volatile organic compound (VOC) paints and sealants. Carpet and Rug Institute (CRI) Green Mark Plus low VOC carpeting, pads and adhesives, and Energy Star appliances and water-efficient fixtures were also installed.

South Hills Crossing is financed with 9 percent Low Income Housing Tax Credits and Solar Tax Credits, with additional financial support from the City and County of San Luis Obispo, HASLO, San Luis Obispo County Housing Trust Fund, Citi Community Capital and AEGON Group. The architect is KTGY Architecture + Plotting and the general contractor is ROEM Builders, Inc.

“AEGON is excited to play a part in providing 43 critically needed new housing units to the residents of San Luis Obispo,” said Gary Howe, Director, AEGON USA Realty Advisors, LLC. “We want to congratulate all of the partners involved in this development for their efforts in making this project a reality, including ROEM Development Corporation and the Housing Authority of San Luis Obispo, as well as the County of San Luis Obispo, the City of San Luis Obispo, the San Luis Obispo Housing Trust Fund, and Citi Community Capital. This marks AEGON’s eighth investment with ROEM Development and we are confident South Street Family Apartments will be as tremendously successful as the previous seven. San Luis Obispo is already a desirable community for residents and visitors; South Hills Crossing Apartments will help to keep it accessible to those struggling to find housing in an extremely competitive market.”

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NEW YORK, NY – The U.S. real estate market has become a favorite destination for Chinese outbound capital in recent years, reaching an estimated $10 billion, with approximately $4.37 billion being invested in commercial properties in 2015, according to KPMG’s China Inbound Investing in U.S. Real Estate – 2016 Semi-Annual Update report.  The report also highlights the dynamics of the six most active real estate markets in the U.S.: New York, Los Angeles, San Francisco, Washington, DC, Chicago, and Dallas.

“The U.S. market is very attractive to Chinese investors as they look to expand their global operations, diversify their portfolios by adding U.S. assets, and establish information exchanges with U.S. developers,” said Phil Marra, U.S. Real Estate Funds leader, KPMG LLP. “While much of the investment has been focused in U.S. coastal “gateway” cities, where assets are considered most liquid, Chinese investors are starting to expand into other markets as they seek higher yields and diversification.”

According to the KPMG report, the overall U.S. real estate market is expected to reach record-setting growth in the next two years, based on a solid domestic economy, low interest rates worldwide, and increasing demand from both U.S. and global investors seeking yield.

“Chinese investors continue to show a strong appetite for U.S. development assets in gateway and increasingly in other markets with strong real estate fundamentals such as Dallas and Seattle,” said Roger Power, leader for KPMG’s U.S.-China Real Estate Initiative. “Finding a strong local development partner or establishing a local presence with an experienced local real estate team are critical to achieving desired returns.”

The Chinese Insurance Regulatory Commission encouraged Chinese insurance companies to increase overseas investments by permitting investment of up to 15 percent of their assets overseas. In addition, the Qualified Domestic Individual Investor program (QDII2) further offers an unprecedented channel for China’s middle-class and high-net-worth individuals to invest overseas.

“As Chinese investors continue to make significant investments in U.S. real estate, their understanding of the U.S. tax law and the benefits of proper tax structuring becomes increasingly more vital,” said Jennifer Anderson, Tax partner, KPMG LLP. “Pursuant to the income tax treaty between the U.S. and China, Chinese investors may protect the return in their investments by seeking the full benefits under the treaty.”

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LAKEWOOD, CO – Inland Real Estate Acquisitions, announced that it facilitated the acquisition of WestLink at Oak Station, a 244-unit multifamily property located in Lakewood, Colorado, approximately nine miles west of downtown Denver.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 1665 Pierson Street in Lakewood, WestLink at Oak Station consists of seven three-tale buildings containing 130 one-bedroom, 99 two-bedroom and 15 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets and a patio or balcony. Community amenities at the property include a resort-style swimming pool and spa, fitness center with a yoga studio, sundeck with cabanas and a business center.

“We’re pleased to have closed on this high quality multifamily property that is newly constructed and located just across the street from the Oak Station RTD Light Rail, providing residents with simple access to downtown Denver,” said Cosenza. “WestLink at Oak Station is surrounded by strong demographics and benefits from its close proximity to the Denver Federal Center, St. Anthony Hospital and nearby office markets.”

As of the acquisition date, the property was 97 percent leased.

To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $43 billion of buys including retail centers, apartments and single-tenant properties.

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