DALLAS, TX – Lincoln Military Housing announced that it has expanded its portfolio by 16 percent with the acquisition of over 5,000 units at Joint Base Lewis-McChord.   Lincoln Military Housing now oversees more than 36,000 military family homes at 35 installations in 11 states and the District of Columbia. 

Joint Base Lewis-McChord is located in the Pacific Northwest’s Puget Sound region, neighboring Tacoma, Olympia, and Seattle, WA and is home to more than 40,000 active, Guard and Reserve Service members and 15,000 civilian workers.

“For nearly 15 years, our mission has been to provide military families with exemplary service in a quality home environment,” said Jarl Bliss, President of Lincoln Military Housing.  “Lewis-McChord Communities is an outstanding operation and we are confident that the addition of this team will help us continue to pursue our mission and continue to lead in the success of Military Housing Privatization Initiative (MHPI).”

“Lincoln Military Housing has a long history of taking care of soldiers and their families. As a company, they know that readiness of our Families and homes is one of our top priorities. We look forward to them continuing their sustained performance at Joint Base Lewis-McChord,” said Ivan G. Bolden, Chief of Army Partnerships.

Lincoln Military Housing’s parent company, Lincoln Property Company, was founded in 1965 as an innovator in real estate development and management including residential, retail, commercial, office, industrial, student housing and mixed-use developments with a presence in more than 200 markets worldwide.

Lincoln Military Housing is the proud recipient of the SatisFacts Research Exceptional Resident Satisfaction Company Award and National Company Resident Satisfaction Award, ranked first in military property management and second in all multifamily housing for customer satisfaction.  “Many of our employees are either veterans, former service members, or spouses of a current or former service member, helping us to relate to our resident’s unique situations and provide support in ways other companies cannot,” said Bliss.   

The team of over 100 Lewis-McChord Communities employees joins over 1,100 employees across the country who work passionately each day to serve the men and women sacrificing for our collective freedoms. Lewis-McChord Communities preceding accomplishments have made it one of the most successful RCI projects for the Army.

“We are dedicated to developing our employees personally and professionally by providing a dynamic work environment, ongoing training, and opportunities for advancement. We are confident that through the additional operational support and network Lincoln Military Housing provides, we will be able to build on Lewis-McChord Communities’ previous accomplishments.” said Tom Brown, Regional Vice President of Lincoln Military Housing.

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PHOENIX, AZ – Wood Partners, a national leader in multifamily real estate development, management and acquisition, announced that leasing has begun at its Alta Paradise Ridge community in Phoenix, Arizona.

The new 278-unit luxury community is ideally located between Phoenix and Scottsdale and offers impressive scenic desert and mountain views. The rental homes provide a prime setting to support the active lifestyles of the community’s renter. Residents are able to take advantage of the small walking distance to Whole Foods, Harkins, and many dining and entertainment options. The Mayo Clinic, Scottsdale Quarter and Desert Ridge are also nearby. The community’s convenient freeway access allows residents to easily connect to greater Phoenix.

“When making Alta Paradise Ridge, it was vital to us that we offer residents an unparalleled living experience,” said Todd Taylor, development director for Wood Partners in Arizona and Nevada. “Our internal design process has continued to make gorgeous multifamily units with fully-equipped, elegant amenities attractive to young professionals, families and empty nesters.”

Each unit includes a large quartz kitchen island, stainless steel appliances and wood style flooring, making a functionally dynamic environment for cooking and entertaining. USB outlets, gigabit internet speeds and Bluetooth speakers seamlessly connect residents and their technological devices directly to their home.

Exclusive community amenities have also been incorporated to match the lifestyles of the Alta Paradise Ridge’s targeted audiences including a 24-hour fitness center, personal training, and yoga and spin rooms. Residents are also able to delight in a wide range of opportunities for collaboration and relaxation in inviting spaces that include a clubhouse with an 11-foot television, a beach entry pool overlooking a private reserve, private dining room, and a rooftop terrace.

“More than just a place to live, Alta Paradise Ridge connects residents to the vibrancy of Phoenix and their community,” added Taylor. “We are proud to offer a top-tier living experience with a unique sense of place and culture to our targeted renter.”

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CARROLLTON, TX – Demand for U.S. apartments stumbled in the first quarter of 2016. The occupied apartment count across the nation’s 100 largest metros climbed at a modest pace of 20,077 units in the first quarter, according to MPF Research, the rental market intelligence division of RealPage, Inc. That figure is less than half the typical demand for 40,000 to 50,000 units seen during the first quarter of the previous few years. Furthermore, quarterly demand in early 2016 fell well small of completions that totaled 65,258 units during the year’s initial three months.

According to RealPage chief economist Greg Willett, “Uncertainty about the nation’s near-term economic outlook appears to be constraining new household formation and demand for all forms of housing. Both rental demand and home sales are coming in at levels below the volumes typically seen when job production is honestly solid. There’s surprisingly small mobility, with many households hunkered down in their current living arrangements.”

Illustrating that limited mobility, the share of apartment renters opting to remain in place when their leases expire is at record levels. Analysis of individual lease transactions shows that 55.1 percent of the apartment leases reaching their expiration point in February were renewed.

Occupancy is Strong but Trending Downward

Demand under early 2016’s completion tally pushed national apartment occupancy down 20 basis points to 95.7 percent during the first quarter.

“Today’s occupancy rate is very tight, but the slight backtracking seen in the first quarter is significant because it runs counter to the normal pattern of seasonality in performance statistics,” Willett said. “Occupancy tends to lose a small momentum at the end of every year and then hold steady or climb a bit at the start of the next year.”

Mild downturns in occupancy occurred during the first quarter across nearly all individual metros and across all property asset classes and price points. Thus, the loss of occupancy seen at the beginning of the year wasn’t simply due to the introduction of new properties still in the initial leasing stages.

Rent Growth Remains Robust

Disappointing demand and cooling occupancy in early 2016 didn’t stall the upward trajectory of rents. Pricing for new-resident leases climbed another 0.9 percent during the first quarter, with rent growth proving a small stronger than the rent increases posted in the initial quarters of each of the previous three years.

New-resident rents are up an even 5 percent on an annual basis, with the typical apartment rent across the country’s 100 largest metros reaching $1,260 per month.

Among individual large metros, Portland is again the country’s rent growth leader, with pricing up 11.8 percent annually. The West region continues to account for many of the markets where rent growth is particularly sharp, though rental rates are climbing quite a bit in select other locales like Tampa, Atlanta, Fort Worth, West Palm Beach and Nashville.

Rent growth at the levels seen currently could prove hard to sustain, given that demand is no longer where it was a bit earlier and that occupancy appears to have already went past its peak for the cycle. “Our expectation is that rent growth will register near 4 percent during the near term,” according to Willett. “That outlook is a healthy performance relative to the long-term norm, but at the same time well under the increases posted of late.”

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