10C — October 21 - November 17, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Coldwell Banker Comm'l. Elite brokers sale for $11.5M
AGERSTOWN, MD — A completion cel- ebration was held for JT Repair in Hagerstown, MD is celebrates opening Morgan-Keller Construction completes design/build proj. H
JT Repair in Hagerstown, MD on Friday, September 16th. This design/build project included the construction of a 15,000 s/f pre-engineered metal building for an auto re- pair facility with a break room, offices, and employee lounge. Project team members in- cluded design-build contractor - Morgan-Keller Construc- tion , architect- SGS , civil engineer- Frederick, Seibert and Associates, Inc. , and sitework contractor- Huntz- berry Bros . MAREJ NEW YORK, NY — Enter- prise Community Partners announces that its affiliate Enterprise Community In- vestment (Enterprise) has launched the Renter Wealth Creation Fund, a first-of-its- kind innovation designed to provide renters the wealth building opportunities tradi- tionally limited to homeown- ers while preserving up to $1 billion in affordable and workforce homes. Backed by Enterprise’s national afford- able housing platform, the fund, which has set a goal to raise $250 million from investors, offers a return for investors and upward mobil- ity for renters, who earn both immediate cash back for on- time rent payments and the opportunity to share in the appreciation of the property over the long term. Enterprise expects the fund to preserve 7,000 homes. “The Renter Wealth Cre- ation Fund is a direct response to what renters have told us they want: more cash in hand
10 Center St.
solely as monetary endeavors. That being said, when develop- ers build in a community, the project has a tangible effect on the existing community dynamic and, at Reynolds, we make it our priority to ensure that the effect is a positive one. To be trusted with a develop- ment project is to be trusted with the community’s better- ment, a responsibility we feel lucky to take on. While build - ing new townhomes or office spaces, why not build up the community through economic development or charitable initiatives? The success of a project is inextricably linked to the health of the commu- nity, and by contributing to the well-being of both, we can set a trajectory destined for economic vitality. Lou Reynolds has de- cades of real estate devel- opment and investment experience throughout the east coast. He is the found- er and CEO of Reynolds Asset Management. MAREJ A private investor group pur- chased the building, construct- ed in 2017, for $14.6 million on September 22, 2022. The sale was completed by Clay Taylor, CCIM of Cushman & Wakefield | Thalhimer’s Capital Markets Group. MAREJ ment community with ground floor commercial space located at 206 Williamson Road SE in downtown Roanoke. leges Real Estate Foundation will lease the buildings to the college, which will use them to house its College of Nurs - ing, Allied Health and IT programs. 10 Center St. is a two-story, 38,000 s/f building that was constructed in 2003. 25 Center St. is a two-story, 37,000 s/f building that was built in 2001. MAREJ
to find out where assistance is needed past the building process. A check donation to a local nonprofit, a partnership with a community organiza- tion or a special dedication to the history of the property are all ways in which we’ve seen our colleagues exemplify their dedication to the local commu- nity. In the long term, innovate ways to have an annual impact. If the local food pantry often runs low, consider hosting a yearly food drive. If the prop- erty is near a local hospital, fundraise for charity events like Relay for Life or walks for specific illnesses. If you’re passionate about fueling the success of future generations, an annual scholarship given to a high school student in a specific subject area could go a long way in encouraging future professional development. Why: Much of being a de- veloper is about making smart investments—and it can be easy to see these investments ROANOKE, VA — Cush- man & Wakefield | Thal - himer’s Capital Markets Group , in conjunction with Cushman & Wakefield’s Mid-Atlantic Multifam- ily Advisory Group , rep- resented the seller, Taze- well Development, LLC, in the marketing and sale of Gramercy Row Apartment Residences, an 82-unit apart- STAFFORD, VA — Cold- well Banker Commercial Elite represented German- na Community College’s Real Estate Foundation in the organization’s purchase of two properties located at 10 and 25 Center St. in Staf- ford. The sale price was $11.5 million. Germanna Community Col-
Shown from left: Daniel Pirrone, Morgan-Keller Construction; Troy King, Morgan-Keller Construction; Miguel Fortuno-Pompa, Morgan-Keller Construction; Hollie Testerman, Owner - JT Repair; Justin Testerman, Owner - JT Repair; Lexi Testerman; Taylor Davis, Morgan-Keller Construction; and Brendan Wharton, Morgan-Keller Construction
Enterprise launches $250M fund to turn rent payments into long-term wealth
Cushman & Wakefield | Thalhimer inks $14.6M sale of Gramercy Row Apts.
today, and the opportunity to achieve upward mobility over the long term,” said Lori Chatman , president of Enter- prise’s Capital division. “With their feedback, we created a financial innovation that offers returns to investors, loyalty and stability to prop- erty owners and—for the first time—real wealth-building potential for renters.” (Chat- man will assume the role of interim co-CEO of Enterprise beginning in November.) Informed by residents, the Renter Wealth Creation Fund provides critical benefits to residents of affordable rental housing developments in which it invests: 1. Cash Back: Every month, residents who make on-time rent payments receive cash back through Stake, a mobile app that allows the seamless transfer and use of these reim- bursements. 2. Resident Services: Each property will offer services tailored to the needs of the residents.
3. Shared Appreciation: Like homeowners cashing out from a sale, long-term residents— current and former—can re- ceive a share of the profits if the property is refinanced or sold for a profit. When this occurs, investors receive a tar- geted financial return of 4%, and residents who lived in the building for at least four years are expected to receive 80% of the financial upside thereafter as an additional cash-back reward. Homeownership has his - torically been the gateway to upward mobility for most Americans, and the average homeowner today has 40 times the wealth of a renter. But systemic inequities have kept homeownership out of reach for many low-income families, and particularly for people of color impacted by discrimina- tory housing policies. More than half of Black and Latino households are renters. The Renter Wealth Creation Fund rebalances the dynamic with a commonsense solution. MAREJ
continued from page 6C New to the Neighborhood: A Developer’s Guide to Elevating Community Needs
FirstService Residential welcomes Mapleview Homeowners Association to its Collegeville, Pennsylvania portfolio
perience and commitment to providing local management services will ensure a suc- cessful partnership with this impressive property for years to come.” Built in 2020, this tranquil community currently sits at 75 townhomes; at full build-out, it will consist of 154 townhomes. Located just under an hour from Philadelphia, residents enjoy numerous dining and shopping options in charming
Downingtown, and easy access to Philadelphia. “Our level of experience, depth of resources and local presence were all very impor- tant to the board of Maplev- iew,” said Donna Fiore, senior vice president, New Jersey, FirstService Residential. These key factors and our reputation in the industry are a few reasons why the board selected FirstService Residential.” MAREJ
COLLEGEVILLE, PA — FirstService Residential , the leading residential com- munity management com- pany, started providing full- service property manage- ment services for Mapleview Homeowners Association in Downingtown. “We’re thrilled to announce our partnership with Maplev- iew HOA,” said Michael Men- dillo , president, FirstService Residential. “Our team’s ex-
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