SAN JOSE, CA – ROEM Corporation announced the opening of its Oak Grove Apartments, a $34 million development in San Jose providing 134 units of permanently affordable housing to low-income families earning at or below 60 percent of the Santa Clara County area median income. 

Located at 5568 Lexington Avenue on what was formerly the Hitachi Global Storage Technologies campus, Oak Grove Apartments is part of a 295-acre master-plotted community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field.  

“San Jose has one of the most expensive rental markets in the country,” said ROEM Corporation Executive Vice President Alex Sanchez. “As our city planners continue to address affordability issues at a policy level, ROEM remains focused on financing and building critically needed affordable housing that is transit-oriented and close to jobs. Oak Grove encapsulates what developers can do best for areas struggling with the rising costs of rent: provide amenity-rich, sustainable homes for San Jose’s families and individuals.”

Oak Grove Apartments consists of a five-tale apartment building wrapped around a multi-tale 149-space parking garage. Amenities include a community room with kitchen, computer room, children’s outdoor play area, gym, laundry facility, and outdoor courtyard.

ROEM is dedicated to building sustainable housing and is currently pursuing LEED Gold certification for Oak Grove Apartments. In addition to being constructed with sustainable building methods and materials, Oak Grove Apartments includes a number of ‘green’ features to ensure the development’s long-term energy-efficiency and sustainability. These include: water-efficient fixtures; efficient landscape design using native species and zero turf; Energy Star appliances; high efficiency windows; solar PV system; and exceeding Title-24 building energy efficiency standards by 19 percent.

“We are thrilled that Oak Grove Apartments will be home to families who may not otherwise be able to find suitable housing in San Jose,” said Jay Abeywardena, Director, Citi Community Capital. “As the issue of affordable housing reaches critical levels, Citi continues to be committed to financing properties like this one.”

Oak Grove Apartments development is being financed through four percent Low Income Housing Tax Credits and tax-exempt bond financing. Citi Community Capital provided a permanent loan of approximately $17.8 million. Funding was also provided by Alliant Capital, Ltd. Pacific Housing is a partner on the project. The architect is Architects Orange and the general contractor is ROEM Builders, Inc.

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TALLAHASSEE, FL – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, has announced plans for a complete redevelopment of one of its off-campus communities, Players Club, at Florida State University (FSU) in Tallahassee, Fla.

“The location of Players Club is still ideal and it gives us an opportunity to redevelop the community to achieve favorable investment returns,” said EdR president Tom Trubiana. “Our market research shows strong demand at FSU for a highly-amenitized community at this prime location.”

The Players Club first opened in 1993 as a 336-bed community near the FSU campus. When the redevelopment is complete in summer 2018, the community will provide 596 beds that include state-of-the-art features and amenities.

Redevelopment and construction costs are expected to be $37.5 million.  Construction will start in May 2017 following the 2016-17 academic year. The new Player’s Club will open in summer 2018 in time for the 2018-19 school year.

The new community will be a mix of two- and four-bedroom apartments as well as four-bedroom townhomes. Each apartment will have bed-bath parity. Amenities will include a new pool, aqua lounge, dog washing station, in-room washer/dryer, granite countertops and robust internet and Wi-Fi throughout the community.

Florida State University’s total enrollment in 2015 was 41,473 and has been steadily expanding over the last five years. FSU comprises 16 colleges and more than 360 programs of study and was rated in the top 50 of public universities in U.S. News and World Report‘s 2016 rankings.

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PHOENIX, AZ – Madison Realty Companies, a private real estate firm sponsoring alternative investment offerings, bought two senior care facilities in Arizona’s metro Phoenix area for $14.8 million on behalf of Delaware Statutory Trust investors last month.

“Our niche is buying properties smaller than the REITs have historically bought,” said Madison Realty’s principal and co-manager, Gary Langendoen. “We aim to provide higher than REIT returns while offering potential upside through operating efficiency, expansion, conversion, or a combination of the three.”

Madison’s business model is to increase the levels of care to add value to the properties over time. Built in 2013 and 2011, the Mesa and Apache Junction properties are in brilliant condition with room for growth in ancillary services and staff training. Co-manager Matthew Arnold, who works alongside Mr. Langendoen spearheading management and operational improvements at the newly bought properties, comments on the local market, “Phoenix is a large retirement area and our target constituents are retirees who are now in their 80’s and need help with their everyday activities.”

The properties, which together serve as the company’s second DST offering this year, have a loan-to-value ratio of 41.9% with 25-year amortization and a fixed rate of 4.75% for a 7-year, no interest-only term.

Madison Realty Companies is a full service real estate investment management company founded more than 20 years ago. It currently owns and manages 24 senior living properties, six of which have been bought in the last eight months alone.

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