BALTIMORE, MD – In a go to expand and enhance its holdings, Baltimore based Sage Management has bought two communities, which will be owner managed; Midtown at Camp Springs Apartments and Falcon Crest Apartments. 

Midtown at Camp Springs Apartments, built in 2008, is located near the Branch Avenue Metro and includes 1400 square feet of retail space. This property is the first community owned and managed by Sage Management in Prince Georges County.

“We are proud to be able to play a part in and support the ongoing redevelopment of this area in Prince Georges County,” said Gil Horwitz, President, Sage Management. “This is an exciting development for our firm and we look forward to being an active member of the community.”

Midtown at Camp Spring was bought earlier this year and Sage Management has already increased occupancy and lowered turnover by developing close communication with residents. This communication has resulted in the development of practices and policies in response to resident concerns including the addition of recycling services, re purposing an under-used basketball court into a dog park and initiating a professional and responsive service schedule. “By maintaining an open line of communication, we hope to build a right sense of community in which all residents feel valued and appreciated,” said Horwitz. 

Additionally, greater value is being added to the property by actively investigating tenants for the long vacant retail space. There are plans to announce new tenants for the space in the near future.

This same commitment to residents and the opportunity to make a community asset were two of things that made the buy of Falcon Crest Apartments enticing for Sage Management. Built in 1968, Falcon Crest is located in Owings Mills, Maryland and after years of neglect and deferred maintenance, many of the residents had lost faith in management and ownership. Upon buy of the community, Sage Management started an extensive renovation, including updated kitchens, finishes, lighting and improved landscaping. Plans are already underway to renovate the leasing center space to include an amenity space available to the residents. 

The property joined the portfolio this summer. “As a company, we are committed to providing quality living for residents by enhancing their living experience with improved apartments and management,” said Horwitz. He noted that residents are already responding to this new experience positively. “Residents stop by the office to express their appreciation, which is a tremendous testament to the hard work and dedication of our on site team.” 

Sage Management LLC was founded in 2004. One of the cornerstones of the company’s success is a continued emphasis on the importance of the resident experience as well as a dedication to enhancing the value of assets through solid management practices and decisions. 

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JACKSONVILLE, FL – New York-based Atlas Real Estate Partners has bought Pier 5350, a 400-unit garden-style apartment community located in Jacksonville, FL. The Property is located on the St. John’s River with sweeping views of Downtown Jacksonville.

Atlas intends to implement a significant value-add renovation program. “We’re very excited about unlocking what we reckon is some incredible potential in the property. Pier 5350 perfectly fits our investment strategy of acquiring class B apartment communities at a significant discount to replacement cost that can be repositioned to make additional value” said Arvind Chary, Managing Partner at Atlas.

“We’ve engaged a fantastic team and we’re excited to do our value-add strategy,” said Bill McConaghy, Atlas’s Florida VP. “We believe there are numerous opportunities to make value and improve operations. Our business plot is to take care of all deferred maintenance, upgrade the amenities, renovate unit interiors, and make cosmetic enhancements, with the goal of offering residents a newly renovated property, with incredible access to Downtown, at a value price point.”

“Downtown Jacksonville is going through a revitalization and beginning to attract young professionals seeking a live/work/play environment,” said Alex Foster Managing Partner at Atlas. “The location, community focus, high-quality amenities, and newly renovated interiors will make Pier 5350 attractive to lifestyle focused residents seeking a fantastic value.”

This is Atlas’ first multifamily acquisition in Jacksonville, and fifth in Florida, where they now own over 1,500 units. Atlas is looking to grow its Florida platform significantly over the next few years.

The acquisition was financed with a 12-year fixed-rate Freddie Mac loan originated by Mitch Sinberg and Matt Robbins of Berkadia Commercial Mortgage.

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ATLANTA, GA – Effective immediately, Atlanta Housing (AH) has retooled its neighborhood site and vicinity standards, a choice that will make room for more units on its Housing Choice Voucher Program (HCVP). 

Previous inspection standards, which considered 20 neighboring properties – five each to the left, right, front and back – resulted in failed inspections by more than 100 properties since 2015. The updated standards, but, focus on properties in the subject property’s adjacent area, defined as “the lots that touch the subject property, which would most commonly be the lots to the left, right and rear of the subject property.”  

While some Atlanta neighborhoods that are in the early stages of revitalization still suffer from pockets of blight, AH does not wish to exclude from its programs homes that, aside from their neighboring properties, are otherwise acceptable. Additionally, the agency sees the participant benefit in encouraging investment in promising areas that offer robust public transportation and proximity to jobs, education and training.  

“We identified the need for key modifications and made changes accordingly,” says Brandon Riddick-Seals, interim president and CEO of Atlanta Housing. “Our goal is to add more units to the affordable housing market and to make and revitalize communities that offer a better way of life to our residents. Standards are necessary, and our inspections team ensures that all AH residents are housed in quality living environments. But our participants and landlords spoke, and we listened to what they had to say,” Riddick-Seals adds. “These changes make it simpler for property owners to do business with Atlanta Housing while continuing to ensure the health, safety and welfare of our residents.”

A recent evaluation by AH inspectors indicates that 84 percent of homes that failed inspection under the previous standard would pass using the new site and vicinity standard. 

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