WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.
— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …
HOUSTON — Asset Living has been awarded management of two properties, HiLine Heights and District at Washington, in Houston. Situated within the city’s The Heights neighborhood, HiLine Heights offers studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, business center, clubhouse, coffee bar and lounge. According to Apartments.com, HiLine Heights comprises 256 units across four stories. District at Washington offers one- and two-bedroom units. Amenities include a pool, fitness center, business center, yoga/spin studio, clubhouse, cybercafe and a dog park. District at Washington is located near Houston’s …
NEW YORK CITY — The New York City Housing Partnership Development Corp. has elected Ron Moelis as chairman of the board of directors. Moelis is the chairman and co-founder of L+M Development Partners LLC, which is headquartered in Larchmont, New York. He is also a co-founder and vice chairman of the New York State Association for Affordable Housing, a nonprofit organization that advances a policy agenda for affordable housing. Moelis also serves on the Board of Trustees of the Tenement Museum on Manhattan’s Lower East Side and the Board of …
Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …
ARLINGTON, VA. — The National Apartment Association (NAA) has selected Rick Snyder, president and owner of San Diego-based R.A. Snyder Properties, as 2024 Chair of the Board. Snyder was formally installed at NAA’s Assembly of Delegates in San Diego last November. NAA’s headquarters are located in Arlington. Snyder has been involved with NAA for nearly 20 years, having previously served as a Regional Vice President, Membership Committee Chair and as a member of several committees. Snyder received his Bachelor of Science degree in Business Administration from San Diego State University …
BOSTON — WinnCos. has promoted three employees to vice president roles in its property management, sustainability and development functions. Michael Milko was promoted to the role of executive vice president at WinnResidential, a subsidiary of WinnCos. Milko joined the company in 1995. He now oversees the management operations of approximately 5,000 residential units across 40 properties in the Northeast and Mid-Atlantic. Christina McPike was promoted to Vice President of Energy & Sustainability. In this role, she will oversee new construction, historic adaptive reuse and deep energy retrofit projects. According to WinnCos., McPike …
NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Canadian owner-operator Tricon Residential (NYSE: TCN) for $3.5 billion. The deal is expected to close in the second quarter and will take Tricon Residential private. Blackstone will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 …
— By Adam Wolfson and Darryl Kasper of Wolfson Development Co. — Against a backdrop of recently proposed (though unlikely to pass) legislation aimed at forcing large build-to-rent (BTR) and single-family-rental investors to shed units and convert them to for-sale housing, BTR fundamentals — and the investment case for the sector — remain strong as ever. While debatably well-intentioned, the legislation mistakes correlation for causation. The BTR sector is indeed benefitting from problems in the housing market. However, these problems pre-dated the industry and are more likely caused by factors …
HOUSTON — Cushman & Wakefield has hired Nicholas Murphy as a senior director. Murphy will join the Equity, Debt & Structured Finance team at Cushman & Wakefield’s Houston office. In this role, he will advise clients in Texas on capital-stack strategies, with a focus on the multifamily sector. Murphy most recently worked as a director of acquisitions at Sync Residential. Prior to this, he was a director at Berkadia. Murphy graduated from the St. Edwards University and earned a master’s in real estate development at Arizona State University.
