Author Archives: ipgocorp

Virginia to get nearly $7 million in funds for affordable housing

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(RECAP: U.S. Sens. Mark R. Warner and Tim Kaine (both Democrats from Virginia,) have announced that 18 initiatives led by Virginia financial institutions and nonprofits will receive $6.6 million from the Federal Home Loan Bank of Atlanta’s Affordable Housing Program (AHP) to support affordable housing development in Virginia. “Affordable housing is one of the bedrocks of economic security and financial stability for American families,” Warner said in a statement. “These funds will provide valuable resources for existing housing networks in Virginia, which are already on the ground working to provide individuals with a place to live that is within their reach. This support will help revitalize local neighborhoods, make jobs, and encourage economic development within the Commonwealth.”)

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Habitat briefs Albemarle on progress of Southwood redevelopment

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(RECAP: The head of an area housing nonprofit says he is confident the redevelopment of the Southwood Mobile Home Park in Albemarle County will provide opportunities to improve the lives of the people who currently live there. “We believe that Southwood is going to be a model for how to redo aging urban areas in this county and do so without gentrification and without displacement,” saidDan Rosensweig, president and CEO of Habitat for Humanity of Greater Charlottesville. Rosensweig briefed the Board of Supervisors recently on Habitat’s efforts at Southwood, which he called the largest concentration of affordable housing in the county. Southwood marks the second time Habitat has bought a trailer park in the area with the intent of redeveloping it into a mixed-income community.)

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Bascom Group Completes Acquisition of 152-Unit Apartment Community in Southern California

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REDLANDS, CA – The Bascom Group has bought Del Flora Apartments, a 152-unit garden style apartment community located at 30598 Independence Avenue, Redlands, CA 92374.  The $22.15 million sale closed on July 28, 2016 and marks Bascom’s 37th apartment acquisition in the past twelve months. 

Tyler Martin with ARA Newmark was the broker for the sale.  Brian Eisendrath and Annie Rice with CBRE arranged the $16.94 million loan with CIT Bank, N.A.

The community was built in 1989 and consists of 23 buildings, situated on 7.4 acres. Rental offerings include a range of one-bedroom and two-bedroom floor plans accounting for 37% and 63% of the units respectively. Common area amenities include a pool, fitness center, clubhouse, and tennis court. The property is well located, proximate to highly ranked schools, major employers, retail, and transportation corridors.

Chad Sanderson, Senior Principal of Bascom, states “Del Flora is an attractive choice for Inland Empire renters. Located in one of the top Inland Empire sub-markets, the property offers tenants access to some of the best schools in the area as well as proximity to the University and other major employers. Del Flora has fantastic potential as jobs and economic fundamentals in the region continue to strengthen.”

Julie Schoenbachler, Senior Vice President of Operations at Bascom, comments “Del Flora has a excellent unit mix with very open and inviting floor plans. We feel that the fantastic schools on either end of the property and the low density feel make this an attractive property for families.”

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