Author Archives: ipgocorp

Ginkgo Residential Acquires 148-Unit Arbor Trace Apartment Community in Virginia Beach, Virginia

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VIRGINIA BEACH, VA – Ginkgo Residential announced the acquisition, through its investment affiliate, of Arbor Trace Apartments located in Virginia Beach, Virginia, which transaction closed May 4, 2016. The approximately 7.75 acre property is comprised of 148 two bedroom, garden style apartments, and features a swimming pool, wellness and fitness center, a dog park and a grill and picnic area.

“Located in the Hilltop area of Virginia Beach, Arbor Trace is adjacent to an abundant and diverse mix of retail, restaurant, office, health care, and recreation opportunities. When combined with the fact that the property has simple access to I-264 and is only three miles from the ocean front, this makes Arbor Trace a convenient place to live with significant employment opportunities in the immediate area. Arbor Trace is a near perfect fit for our strategy of providing high quality workforce housing,” states Philip Payne, CEO of Ginkgo Residential.

Ginkgo Residential is an industry leader focused on combining our core business of providing reasonably priced, high quality workforce housing with energy efficient programs that are environmentally sensitive. Ginkgo Residential is a significant operator of apartment communities located primarily in the Southeast region of the United States.

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Independence Realty Trust Exits 360-Unit Multifamily Community in Phoenix, Arizona for $47.0 Million

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PHOENIX, AZ – Independence Realty Trust announced that on May 5, 2016 IRT sold a 360 unit apartment property located in Phoenix, Arizona for $47.0 million. IRT received net cash proceeds of approximately $18.4 million, after transaction costs and full repayment of the debt underlying the property.

The property, built in 1999 and renovated in 2006, generated $2.4 million of net operating income over the 12 months preceding the sale. IRT will utilize the net cash proceeds to reduce its outstanding indebtedness and for general corporate purposes.

The property sale is part of IRT’s previously announced strategy to sell properties that fall outside its geographic focus. IRT expects to recognize a gain of approximately $15.4 million associated with the sale in the quarter ending June 30, 2016.

Independence Realty Trust is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT is advised by a wholly-owned subsidiary of RAIT Financial Trust.

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CFPB wants to let consumers sue banks, credit-card companies

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(RECAP: The Consumer Financial Protection Bureau unveiled a proposed rule Thursday to restrict the use of arbitration clauses in consumer financial contracts, a step that would shift power to consumers and away from companies for a wide range of financial products from credit cards to bank accounts to private student loans. The CFPB aims to prohibit financial companies from using mandatory-arbitration clauses in contracts with consumers as a way to block class-action lawsuits and force customers into private negotiations to solve disputes. The clauses have become standard in recent years, aided by a string of court rulings that have limited consumers’ ability to file lawsuits.)

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