SAN DIEGO, CA – Affirmed Housing and its development partners broke ground on The LINK, designated primarily for people who have experienced homelessness.  The project is located in the downtown San Diego community of East Village at 707 17th Street.  The LINK is one of numerous developments by Affirmed Housing, which are designed to provide solutions for the homeless population in Southern California.  

Located on an 11,318-square-foot site, The LINK will provide 72 permanent supportive housing units to people who have experienced homelessness, and 14 affordable studios for households earning 50 percent or less of the area median income (86 total resident units). Each apartment will be approximately 250-300 square feet, with a living space, kitchen, and bath.  The five-tale, 50,000-square-foot project will feature a glass-encased lobby, a community room, supportive services by Father Joe’s Villages, laundry facilities, and large terraces. 

Last year alone, The LINK investment partner, Bank of America, financed a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions nationwide for new affordable housing.    

“Lifting people out of poverty and onto the path to economic stability is one of the most vital things we can do as a bank, so we are particularly proud to finance over $48 million for The LINK. Working closely with Affirmed Housing and Civic San Diego, this public-private partnership has made a truly transformative community for our most vulnerable San Diegans,” said Rick Bregman, San Diego market president, Bank of America.  “Bank of America’s approach to addressing homelessness is twofold – financing quality permanently affordable housing units, combined with supportive services that enable people to have sustainable success. The LINK brings all of this together to help set people up to make meaningful change in their lives.”  

Designed by Carrier Johnson + CULTURE with a dramatically sharp angle, The LINK will be a striking presence downtown.  Because the site belongs in the Makers Quarter/Thought District, the design pays homage to the area’s tradition in creative fabrication.  The building will have a metal façade, reminiscent of the raw steel materials of Makers Quarter.  Communal spaces will have exposed concrete to highlight its beauty.

James Silverwood, President of Affirmed Housing, states, “The LINK will provide quality housing and on-site supportive services, designed to enrich the lives of our residents.  This comprehensive approach will offer this vulnerable population a high level of support, which we have seen lead to success in addressing homelessness.  It’s our responsibility as a community leader to raise the standard of living for those who truly need it most.” 

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AUSTIN, TX – Capstone Development Partners announced that the New Residence and Dining Hall at the University of Massachusetts Boston, was awarded the Best Public-Private Partnership Development at the Student Housing Business Ninth Annual Innovator Awards ceremony held in Austin, TX. 

The project was selected among 115 student housing development nominees encompassing a total of 23 award categories. The project was judged on multiple criteria including: how it solved a unique need for the university; served as a win-win-win for the school, its residents in the project and the developer; building architecture; design into the campus fabric; and the project’s performance relative to budget and schedule.

The new residence hall is the first on-campus housing at the University and houses more than 1,000 first year and transfer students and includes a 500-seat dining hall that serves the entire campus. 

The UMass Boston New Residence and Dining Hall, was developed by Capstone in collaboration with the University of Massachusetts Boston and University of Massachusetts Building Authority in a public-private partnership.

“This is a wonderful recognition of the vision, plotting, direction and oversight of the project by the ‘public’ partners, the University of Massachusetts President’s Office, the UMass Building Authority, and UMass Boston, and the creative transaction and development execution by the ‘private’ partners, Provident Commonwealth Educational Resources, Capstone Development Partners, Elkus Manfredi Architects, Shawmut Design and Construction, and COCM,” said Jeff Jones, Capstone Principal.

The Project was designed by Elkus Manfredi Architects; constructed by Shawmut Design and Construction; and the project is operated by COCM. The engineering team included Haley Aldrich, Nitsch Engineering, WSP, McNamara Salvia and AHA Engineering. Copley Wolff Design Group was the Project’s landscape architect. The Project was financed with tax-exempt bonds and is owned by Provident Commonwealth Educational Resources, a 501(c)3 non-profit owner. 

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FORT COLLINS, CO – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, bought Argyle at Willow Springs, a 280-unit Class B multifamily apartment community approximately 65 miles north of Denver, through an affiliated entity. The property was bought with a third-party partner. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for tenants in the area.

Argyle at Willow Springs will be rebranded as Alvista Harmony under PRG’s proprietary brand, Alvista Communities®. The property, built in 1999, comprises 16 three-tale buildings on an 18.7-acre site. The attractive community offers amenities including a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with a separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking. Units include one-, two-, and three-bedroom floorplans with a washer and dryer and a fully-equipped kitchen. Top-floor units also include vaulted ceilings.

Recent renovations by the previous owner to common areas are generally attractive and will allow PRG primarily to continue the proven in-unit renovation plot and operational and rent management improvements. PRG also plans several capital improvements to expand the amenity offerings.

“After owning a number of properties in the Denver metro area, we are excited to expand to other markets in the state,” said Alex Saunders, managing director of acquisitions for PRG’s western United States region. “Colorado has been an area of focus for us in the past few years and we’re not surprised that in November 2018, Yahoo! ranked Fort Collins as a top 10 city with the highest economic confidence. Given the strength of the local economy and robust job opportunities, Fort Collins is a compelling city for renters of all ages.”

Fort Collins is a strong growth market and Colorado’s fourth-largest city, which is expected to double in population by 2050, according to 2017 estimates by the Colorado State Demography Office. The area is proximate to many multi-generational employers, including Colorado State University, Intel, Hewlett Packard Enterprise, Broadcom Inc., UCHealth, and Banner Fort Collins Medical Center.

“Fort Collins has several well-known employers, a large university with over 30,000 students, and is highly attractive and livable,” said PRG President Keith Rosenthal. “Residents are close to the mountains, hiking and biking, and delight in a vibrant food and beverage culture with several microbreweries. This fits right in with PRG’s focus on growth cities in places where millennials and baby boomers alike want to live.”

As a result of the acquisition, PRG owns three properties totaling more than 1,000 units in Colorado. The firm previously sold two properties totaling nearly 700 units in the Denver area.

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