COLORADO, CO – Development is now underway at West Edge, a new, state-of-the-art student housing community located directly across the street from UCCS’ academic campus. Upon completion, West Edge will be the only fully amenitized community within walking distance to UCCS. Future residents can look forward to August 2017 occupancy.

Located at 1121 Austin Bluffs Parkway, West Edge will be located 500 yards from the Kraemer Library and UCCS academic core. West Edge will offer 8 different floor plans including studio, one, two, three, four, and six-bedroom apartments all with in-unit washer/dryer, walk-in closets, stainless steel appliances, granite countertops, and flat screen TVs. Each resident will have a private bedroom with an adjoining private bathroom.

West Edge will provide its residents with a best in class amenity package including a spectacular rooftop sky lounge with unparalleled views of the Pikes Peak mountain range, a clubhouse, study rooms, tech center with high powered computers and free printing, a heated-salt water pool; landscaped courtyard with sundecks; an outdoor kitchen with grilling stations and multiple outdoor lounges with community fire pits.

Residents will also have access to West Edge’s state-of-the-art fitness lodge which will include tanning beds, free weights, cardio equipment, yoga studio, bouldering wall and full sized basketball court.

High-speed internet, Wi-Fi, cable, and furniture are all included as part of Gilbane’s trademarked Next Level of Student Housing® program. West Edge will be professionally managed by Asset Campus Housing, and will feature a robust community life program with resident events, roommate matching services, and individual, by-the-bed leases. Parking is available for residents and bike storage is provided.

“West Edge will offer students at UCCS an unrivaled amenity package in an unbeatable location which will foster student’s academic pursuits and enhance the UCCS community,” notes Robert V. Gilbane, Chairman and CEO of Gilbane Development Company. “We look forward to bringing our ‘Next Level of Student Housing’ program to Colorado Springs and directly across from the UCCS campus.”

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HOFFMAN ESTATES, IL – With Illinois’s senior population soaring, a local senior living community has invested nearly $1 million to meet the growing need. Brookdale Hoffman Estates Golf Road, managed by Brookdale, will expand its dementia care services through the project. This project is part of a capital and investment and community management joint venture between Brookdale and Health Care Properties (HCP), further solidifying the long term relationship between the two companies. Brookdale Hoffman Estates Golf Road is located at 2150 West Golf Road.

The project consists of converting existing space into new apartments to add a service at the community called Clare Bridge Crossings. Clare Bridge Crossings is designed for those who are in the early stages of dementia. Brookdale, the nation’s largest dementia care and senior living provider, developed Clare Bridge Crossings based on the newest findings about the disease.

“Studies are showing it’s possible for people in the early phase to maintain abilities and even slow the disease’s advancement by participating in activities that build up brain synapses and resilience,” said Juliet Holt Klinger, Brookdale’s senior director of dementia care program development. “This is the focus of Clare Bridge Crossings’ programming, which also provides residents the wonderful benefit of daily joy and purpose.”

Those residing in Clare Bridge Crossings take part daily in activities that engage mentally, socially and physically. On a given day, they might visit a museum to learn its exhibits, learn square dancing as a way to practice processing information and moving the body, write their life tales in a journal or expand their horizons through technology.

This renovation allows Brookdale Hoffman Estates Golf Road to add 19 apartments that are dedicated to Clare Bridge Crossings as well as additional common areas for this unit. While the community has had the capabilities to care for those with Alzheimer’s or other dementias, this addition will allow the treatment of those at earlier stages in the disease.

“This expansion of our Clare Bridge Alzheimer’s and dementia care program gives us more capacity to meet needs as they change and evolve,” said Brookdale Hoffman Estates Golf Road executive director Cheryl Black.

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LOS ANGELES, CA – Despite a substantial increase in multifamily construction, the 2016 USC Casden Multifamily Forecast finds that higher demand for apartments across Southern California will keep vacancies low and drive significant rent increases over the next two years.

The forecast, which is produced annually by the University of Southern California Lusk Center for Real Estate and prepared this year by Beacon Economics, offers detailed analysis of the 52 submarkets that comprise four regional markets and two-year projections for each market’s average rent and vacancy rate.

Despite construction permits being issued for more than 38,000 new units across the four regional markets in 2015 – the highest since before the recession – vacancy rates are projected to continue their gradual decline through 2018. As a result, average rents are expected to increase over their 2015 levels by $109 in Los Angeles County, $149 in Orange County, $84 in the Inland Empire and a whopping $155 in San Diego County by 2018.

“Though multifamily construction permits are back to pre-recession levels and have provided some relief, population and employment growth are driving up demand quicker than new inventory can hit the market. For renters, new construction has simply kept a terrible situation from getting drastically worse,” said Raphael Bostic, interim director of the USC Lusk Center for Real Estate.

While the forecast suggests that the national rental housing bull market is beginning to wane as improving employment and thawing credit markets drive up homeownership, it details a very different situation in California.

The state’s home prices are twice the national average and regulatory controls – notably the California Environmental Quality Act (CEQA) and Proposition 13 – have combined with quicker-than-average population growth to constrict the housing supply. As a result, California is home to 13 percent of the nation’s population, but only 8 percent of residential building permits.

“At a national level, it is clear that the fantastic apartment bull market that started at the end of the fantastic recession is coming to an end,” said Christopher Thornberg, Beacon Economics founding partner. “Local supply constraints combined with solid economic growth implies that the softening will not be experienced locally.”

In addition, Bostic notes that most multifamily construction in Southern California – particularly in Los Angeles and Orange counties – currently targets higher income renters and does small to control rent.

“While new inventory tends to favor higher incomes and more affluent neighborhoods, there is hope for other classes of renters,” Bostic said. “High-end renters are the first to become homebuyers. As the demand for high-end dwellings slows, savvy developers will seek more projects built for people of more modest means.”

The forecast provides the following outlook for each region:

LOS ANGELES COUNTY

In 2015, LA County had an average rent of $1307, a $59 increase over 2014, and a relatively flat vacancy rate of 4.2 percent. At the same time, construction permits were issued for 17,869 rental units, an 18 percent increase from 2014 and well above pre-recession levels. The county saw significant population growth and was home to one-fifth of the state’s new jobs, which pushed more Millennials into the rental market. While new inventory will combine with increased demand to keep vacancy rates near their current levels, rents will continue to soar.
2018 Forecast: 4.1 percent and $1,416 average rent.

ORANGE COUNTY

With the region’s top-performing economy, Orange County remained the most expensive rental market in 2015 with an average rent of $1,587, an $81 increase over 2014, and a 4.4 percent vacancy rate. Though multifamily construction permits increased 16 percent to 8,581 new units in 2015, job gains and population increases – combined with the high price of homeownership – will continue to produce higher rents and low vacancy rates over the next two years.
2018 Forecast: 3.8 percent vacancy rate and $1,736 average rent.

INLAND EMPIRE

With its lowest unemployment rate in eight years, the Inland Empire (Riverside and San Bernardino counties) saw average rents increase 5.2 percent to $1,155 in 2015, while vacancies continued a gradual decline to 7.5 percent. The strength of transportation and logistics, the region’s signature industry, will continue to propel both job and population growth over the next two years. The only market to experience a decrease in construction – 2,680 units permitted in 2015 versus 2,907 in 2014, rents will gradually increase while vacancies continue to fall through 2018.
2018 Forecast: 7 percent vacancy rate and $1,239 average rent.

SAN DIEGO COUNTY

Driven by sound economic fundamentals, including its lowest unemployment rate since 2007, the San Diego County housing market will continue to heat up over the next two years. While rents increased 5.9 percent to an average of $1,422 in 2015, a recent sharp increase in construction caused the vacancy rate to increase from 4.6 percent in 2014 to 4.9 percent last year. Though construction permits were issued for 6,273 units in 2015, the most since 2005, population growth and continued economic strength will produce the region’s highest rent increases over the next two years.
2018 Forecast: 4.8 percent vacancy rate and $1,577 average rent.

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