MORGANTOWN, WV – Core Spaces, a Chicago-based real estate development and management firm known for its innovative student housing, has bought a three-year ancient, 420-bed community at Beechurst Avenue and Third Street, about a quarter mile northwest of the downtown campus of West Virginia University in Morgantown.

Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. The company will implement a significant capital improvement program, which will include adding a state-of-the- art fitness center replete with steam room and sauna and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Renovations are expected to start this summer and will be completed by late fall.

“This property is consistent with our strategy of acquiring well located assets with some degree of value-add,” notes Brian Thompson, Core Spaces’ Director of Acquisitions. “Beech View was well built. We are simply infusing our own DNA to reposition, strengthen the management and make long-term value. It will be a fantastic asset for us once the dust settles.”

According to Ben Modleski, Chief Operating Officer of the company, “Our goal with the Morgantown community and with all of our Hub on Campus communities is to find a fantastic location in the heart of the city where students are just minutes from campus and also can have convenient access to shops, restaurants and local attractions. Then we develop or remodel a unique student housing property with unparalleled amenities that fit into students’ current lifestyles and meet all of their needs.”

Mr. Modleski noted that the Morgantown community is Core Spaces’ second acquisition after recently acquiring a student housing community near Colorado State University in Fort Collins.

For State On Campus Morgantown, Core Spaces is developing a Hub On Campus-style, world-class fitness center and Spa with extensive cardio equipment, free weights, Crossfit, stand-up tanning facilities, a steam room and a sauna. In the common areas, the firm is adding a wide variety of luxuries with all of the touches of home, including a hot tub, fire pits, barbecue grills, and inviting outdoor gaming and lounging areas.

In addition, a new computer lab will be made with new computers, printers, multiple group study areas and individual study spaces. Finally, the leasing offices, lobby and reception area will be redesigned and repositioned to provide better “flow” and a more welcoming environment for students and visitors.

Mr. Modleski noted that when the renovations are complete, State On Campus Morgantown will be well positioned to be the premier student housing destination in the market.

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LOS ANGELES, CA – The Federal Home Loan Bank of San Francisco held a seminar at LA’s Southwest College to explore best practices for making quality jobs and small business expansion in underserved West Coast communities. The session was an integral part of the Bank’s Quality Job Growth and Business Expansion Financing initiative that will direct $40 million to support programs that use innovative strategies to enhance the income- and wealth-building potential of working families.

FHLBank San Francisco hopes the initiative will ultimately increase the pool of future homebuyers in the Bank’s three-state district of Arizona, California, and Nevada.

“One of the largest challenges for our nation is making jobs that offer wages high enough to allow working families to raise their children and buy homes in safe, nurturing communities,” said D. Tad Lowrey, Chairman of the FHLBank San Francisco’s Board of Directors. “We are exploring best practices for programs and initiatives that train local residents for excellent jobs or support their efforts to expand small businesses. These are the kinds of programs that the Bank wants to foster with this initiative.”

Rep. Maxine Waters (D-CA), who was the keynote speaker at the seminar, said, “I was very pleased to participate in today’s discussion as a part of my ongoing efforts in Congress to address the racial wealth gap, lift people out of poverty, and make economic opportunities for our nation’s toughest hit communities, including parts of Los Angeles.”

Rep. Waters said that as Ranking Member of the House Financial Services Committee, “I am also committed to protecting consumers from terrible actors in the marketplace and ensuring that our financial system is strong, safe, and honest. These issues can have a crippling effect on our most underserved communities, which are struggling to keep pace. I welcome the Federal Home Loan Bank of San Francisco’s proactive efforts to provide support to programs designed to improve the quality of life for families seeking not just an increase in wages, but the opportunity to build wealth and shore up economic security.” 

To help structure the initiative, FHLBank San Francisco is holding a series of seminars with local, regional, and national leaders in job creation and small business financing to discuss best practices for growing quality jobs in the region. Today’s session at Southwest College follows a similar roundtable discussion in Las Vegas in March. Others will be held over the next six weeks in Phoenix, Sacramento, and the San Francisco Bay Area. The Aspen Institute, a partner in this effort, will help in developing a white paper on the discussions, which will help shape the next phase of the initiative.

Today’s session included two panel discussions, one on Quality Job Growth and the second on Business Expansion Financing.  Panelists included Nicholas Weiner, National Political and Policy Director for the Change to Win/International Brotherhood of Teamsters joint Clean and Safe Port Trucks Campaign; Patrick Kelleher, President of the Hudson County (NJ) Building & Constructions Trades; Ai-jen Poo, Director of the National Domestic Workers Alliance and Co-director of the Caring Across Generations campaign; Greg Gonzalez, Diversity and Workforce Plotting Staffing Manager for SoCal Gas, and Jonathon Rosenthal, , Co-Founder, and Chairman at Saybrook Capital LLC. Gregory L. Moore, former Editor of The Denver Post, served as moderator of the discussions.

Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, for FHLBank San Francisco, said, “It is critically vital to identify what is working in communities because there is so much that is not working. The Bank saw an opportunity to start a dialogue and support innovations that can help go lower-income families up the economic ladder and reduce income inequality in our region.”

Mr. Parks said that by helping to make better job opportunities in targeted areas, the initiative can also support families and individuals aspiring to buy homes in the future.

“I reckon the nation has, at least temporarily, lost sight of the many benefits of homeownership, especially for families whose current income can’t support purchasing a home; if a family’s income increases, homeownership is more likely,” Mr. Parks said, noting studies showing that homeownership is a factor in higher test scores for students, improved physical and psychological health outcomes, and a greater attachment to neighbors and neighborhoods.

Dean Schultz, president and CEO of FHLBank San Francisco, said that the Bank determined that one of the best ways to enable more families to afford to buy a home is to make more stable, middle-class jobs.

“We are pleased to be committing a substantial amount of funding to such a worthwhile cause, one that is excellent for our country,” Mr. Schultz said. “FHLBank San Francisco is demonstrating that individual organizations, institutions, and corporations can help make a difference in communities that are often forgotten by policymakers in both the public and private sectors. We hope that will change.”   

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SEATTLE, WA – More millennials age 24-34 live with their moms than at any time in the last decade, according to Zillow’s latest analysis. In the U.S., 21 percent of 24-34 year olds live with their moms, a number that’s been steadily increasing since 2005, when just 13 percent lived with their moms.

El Paso, TX has the largest percentage of millennials living with Mom, nearly 34 percent — a 12 percentage point increase since 2005. Other places with a large percentage of millennials crashing with their moms are Miami, Los Angeles, Philadelphia, and Ventura, Calif.

U.S. rents are on the rise and incomes have not kept up, especially for young adults, who have faced a sluggish job market over the last decade. Over the past year, rents have increased nearly 3 percent, while incomes have increased just 1.8 percent. The choice to stay with Mom could be driven by affordability or culture. In general, Hispanic families are more likely to live in multigenerational households, and many of the places with a large share of young adults living with Mom also have large Hispanic communities.

“With today’s high rents and lagging income growth, many young people are having distress setting aside enough money to buy their own home, delaying home ownership,” said Zillow Chief Economist Dr. Svenja Gudell. “Living with their parents may allow young people to continue to do things like continue their education, save enough money for first and last month’s rent, or save for a down payment.”

The median rent in the U.S. is $1,389 per month. Zillow forecasts rents to increase about 3 percent over the next 12 months to a Zillow Rent Index of $1,426.

Omaha, which made Zillow’s recent list of hot housing markets to watch in 2016, has the smallest percentage of millennials living with Mom, — 11 percent. Other markets with a small percentage of millennials living with Mom include Seattle, Denver, and Portland.

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