27 May 2019

Middleburg Closes First Workforce Housing Fund With Atlanta Portfolio

Chris Finlay

VIENNA, VA—Middleburg, a locally-based investment, development and management firm, has closed on its Middleburg Workforce Housing Fund with the $91 million acquisition of three apartment communities in Atlanta, GA.

The fund, announced in January 2019, was launched with the contribution of a previously acquired property, Vesta Derby Oaks, in Louisville, KY. Including debt, the fund deployed approximately $120 million across all four properties. For the Atlanta portfolio, Middleburg secured construction financing from KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and Capital Bank.

The Atlanta properties include:

The Grove (Vesta Red Oak) a 220-unit community, currently vacant, at 5100 Welcome All Rd. Park at Bouldercrest (Vesta Bouldercrest), a 438-unit community, currently vacant, at 26 Bouldercrest Ln, SE. Majestic Park (Vesta Adams Park), a 298-unit community, approximately 15% occupied, at 1991 Delowe Dr., SW.

These properties are reflective of the company’s decision to push in the direction of workforce housing, Managing Partner Chris Finlay tells GlobeSt.com.

“We will be identifying and investing in opportunities to renovate and preserve workforce housing, targeting the sector of the population earning 70% to 100% of median income in a given area,” he says. “The inventory of these assets is shrinking dramatically and we intend to position Middleburg to make a difference in the availability of these communities.”

Middleburg now plans to renovate the properties in its first fund with an emphasis on maximizing energy efficiency. In addition, Middleburg will provide community programs such as job fairs, after school programs, and continuing education for adults. “Our holistic approach will transform these properties and also the surrounding communities,” Finlay says.

At the same time Middleburg has initiated conversations with social impact focused institutions and accredited investors to participate in its next community impact fund, Middleburg Community Impact Fund II, which will also have a focus on workforce housing throughout the Southeast US.

Source Article

Share this
22 May 2019

Toll Brothers Acquires Sharp Residential, Sets Foot in Atlanta

Toll Brothers Inc. TOL announced the acquisition of Sharp Residential, one of the largest private home building companies in Atlanta, in a bid to expand its presence in Atlanta, GA market. However, the terms of the deal have been kept under wraps.

Founded in 1991, Sharp Residential has delivered more than 5,000 homes in the Atlanta market since its inception, primarily focusing on the northern suburbs with homes ranging from first-time to luxury. On the date of the acquisition, Sharp Residential had nearly $65 million of backlog, consisting of 125 homes, with an average price of $520,000.

The nation’s leading luxury homebuilding company acquired roughly 900 lots owned and controlled in the Atlanta MSA. This buyout is likely to boost its community count by nearly 10 communities as of the closing date.

The company generally faces limited competition as it mostly caters to luxury move-up buyers who already possess a residence, and are looking for a shift to larger and better homes. These homebuyers are less sensitive to price changes. The diversity of Sharp Residential’s product lines, great land positions, reputation for fine quality homes and long-established local relationships will place Toll Brothers suitably to meet the growing demand, thereby giving it a competitive edge over peers.

Shares of the company have gained 13.9% year to date, comparing unfavorably with its industry’s 30.9% rally. Softness in homebuying demand, owing to affordability challenges and general market uncertainty, is hurting bottom-line performance. Also, rising material and labor costs are growing concerns for the company’s margin.

Nonetheless, management believes that Toll Brothers remains well positioned to benefit from robust economy, improving demographics and financial health of its affluent customer base.

Zacks Rank & Stocks to Consider

Currently, Toll Brothers carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the same space are NVR, Inc. NVR, PulteGroup, Inc. PHM and Taylor Morrison Home Corporation TMHC, each sporting a Zacks Rank #1.

NVR, PulteGroup and Taylor Morrison surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with the average being 17.6%, 13.5% and 38.7%, respectively.

Will you retire a millionaire?

One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”

Click to get it free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

NVR, Inc. (NVR) : Free Stock Analysis Report

Toll Brothers Inc. (TOL) : Free Stock Analysis Report

Taylor Morrison Home Corporation (TMHC) : Free Stock Analysis Report

PulteGroup, Inc. (PHM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Source Article

Share this
17 May 2019

SWAT situation ends after fugitive barricades himself inside apartment

MARIETTA, Ga. (FOX 5 Atlanta) – Marietta SWAT cleared the scene of a standoff Thursday afternoon after police said the fugitive who they were searching for was not found inside of the apartments he had earlier barricaded himself in.

According to the Atlanta Police Department, they were assisting Marietta SWAT after the suspect refused to leave an apartment inside the complex. The suspect is believed to be armed.

The incident happened at the Park on Windy Hill apartments at 2121 Windy Hill Road. Authorities were attempting to arrest the suspect on an aggravated assault warrant.

Marietta Police tell FOX 5’s Natalie Fultz that the wanted fugitive, identified as Maliek Dandridge, crawled into an attic and broke into other apartments.

Source Article

Share this
12 May 2019

Former First Lady Michelle Obama visits Atlanta during book tour

00:00 00:00

spaceplay / pause

qunload | stop

ffullscreen

↑↓volume

mmute

←→seek

. seek to previous

12… 6 seek to 10%, 20% … 60%

ATLANTA, Ga. (CBS46) — Former First Lady Michelle took time out of her book tour to inspire students.

"I looked around at the people at the table and I thought you’re not smarter than me," said Mrs. Obama as she shared her personal experience of being told she didn’t belong and the feeling of finally making it to the table with the very people who denied access her access.

"I’ve been to the mountain top and I’m coming back down to tell you all you’re deserving and worthy. I’ve seen it. So you can believe me or you can believe what’s in your head" added Michelle.

The former First Lady worked to inspire the group of Spelman, Morehouse and Clark Altanta students, even comforting those who feel they don’t belong. But it wasn’t just her words that had people move, her mere presence at Spelman had students motivated.

"I think it’s really beautiful to have a black woman of her caliber and status of our campus. To see somebody with her stance as a black woman really inspires me and make me want to do more with my life,” said Spelman student Aalie Simms.

And fellow student Shawna Howard agreed, "Michelle Obama embodies everything that I would like to be one day."

But while the students were focused on her, Michelle Obama wasn’t thinking about herself but instead helping the students propel to their next level.

"There are haters out there in the world. There are people who want to win, and every time you give up they win, so you have to practice a different set of tools for yourself and instead of saying oh maybe they’re right.

Altanta is the 2nd to last stop on the Becoming book tour. It wraps Sunday in Nashville.

Source Article

Share this
07 May 2019

Brewery, food hall proposed for new development near Mall of Georgia

A new mixed-use development near the Mall of Georgia could add 500 more apartments, plus a food hall, movie theater and a brewery if Gwinnett County commissioners give the thumbs-up.

The board of commissioners approved plans for the Exchange at Gwinnett in November 2018, giving the go-ahead for the development on 64 acres of land between Coolray Field and the Mall of Georgia. The project, backed by Fuqua Development, already included 500 apartments, a 123-room hotel, restaurants, retail shops and a “golf entertainment complex” with a driving range and full bar.

New plans submitted to the county April 15 on behalf of Fuqua detail an additional 34.5 acres that would be connected to the Exchange. Fuqua, the firm that developed the Battery at SunTrust Park, wants to add 172,500 square feet of additional retail and restaurant space, a medical building and a variety of additional amenities on this new plot of land at the intersection of Buford and Laurel drives. The plan would also double the initially proposed number of apartments in the development.

• “Central promenade” connecting the new development to the Exchange property

• Town green and courtyard, which would host events including “cooking and kitchen equipment demonstrations, health and wellness seminars, fitness classes, yoga and other similar activities”

• Stage for music, plays and “sporting event and concert streaming”

• A “brewpub, mircrobrewery and/or microdistillery” with a rooftop patio

• Regular farmers markets, art fairs, festivals and other events

• Outdoor recreation including bocce ball, pickleball and cornhole

• Three-story medical office building including doctor’s offices, lab and testing facilities

Renderings show the new development would share the Exchange at Gwinnett branding, and the food hall would be called Buford Social.

No recommendation for approval or denial has been made by the county’s planning and development department. The plan is scheduled for a public hearing in June.

Like Gwinnett County News on Facebook | Follow us on Twitter and Instagram
Stay up to the minute with breaking news on Channel 2 Action News This Morning

Source Article

Share this
01 May 2019

WSB/Atlanta’s Erick Erickson Plans Second Daily Show On Sister WGAU/Athens Focused On Georgia Issues

Erickson (Photo: WSB)

COX MEDIA GROUP News-Talk WSB-A-WSBB/ATLANTA afternoon host ERICK ERICKSON has been talking on FACEBOOK about launching a second daily talk show focusing on GEORGIA issues and raising money to get the new program off the ground, and now the ATLANTA JOURNAL-CONSTITUTION’s RODNEY HO is reporting that a second show is indeed in the works. The new show would air 9a-noon (ET) and would be based at WSB’s sister News-Talk WGAU-A-W254CJ/ATHENS, GA; WSB PD PETE SPRIGGS told HO that the show is in the "preliminary planning" stage, and ERICKSON said that the show will be available free to any station in GEORGIA.

ERICKSON wrote on FACEBOOK, "The economics of radio are really changing and I think I’ve got a model to help local markets. I don’t need to get rich off this or plan to do that. I really want to be on in every market in GEORGIA … I’ve already got some good commitments. The key is trying to get stations to take it live instead of overnight."

Source Article

Share this
26 Apr 2019

Expert pans Bottoms’ housing pledge as pick to run AHA bows out

Atlanta Mayor Keisha Lance Bottoms on Thursday unveiled a $60 million program to advance her $1 billion pledge for affordable housing.

But before the day was done, a top Georgia housing expert panned the announcement as “window-dressing,” and the man selected to become the next leader of the city’s housing agency reversed course and said he’s staying in Cincinnati.

At a 10 a.m. press conference outside a rundown apartment complex along Metropolitan Parkway, Bottoms announced the $60 million commitment from the Atlanta Housing Authority, which she said represented the largest contribution yet to her 10-figure housing goal.

The money, she said, will create and preserve affordable units in three ways.

The largest portion will help finance new affordable units and renovate existing apartments. Some funds will boost a program to help low-income homeowners renovate their houses. Another portion will finance “infill” projects of fewer than 100 units.

“What it means is regular working people can still afford to live in the city of Atlanta,” Bottoms said. “This is such a significant infusion of money and it gets us close to 20 percent of our goal of $1 billion.”

But in response to reporters’ questions, officials acknowledged the money is part of federal funding AHA receives each year, not new money.

On the campaign trail in late 2017, Bottoms promised “to raise and commit” $1 billion for affordable housing — with half coming from the private sector. Bottoms said Thursday the city was nearing $200 million so far.

But Dan Immergluck, a Georgia State University professor and housing expert, said Bottoms is counting dollars that the city already received as new money. A mayor’s office news release described the AHA money as “new funding.”

“I’m not convinced there’s anything going on that wasn’t going on before she was elected at this point,” he said.

Housing affordability emerged as a political issue in recent years as Atlanta rents soared, wages stagnated and most new development targeted luxury renters.

During her state of the city address last month, Bottoms said the city had committed more than $100 million in public investment in affordable housing since she took office in January 2018. The sources included funds from existing tax allocation districts, tax breaks to encourage workforce housing in new projects and money from the U.S. Department of Housing and Urban Development (HUD).

But Immergluck said the city needs to identify hundreds of millions in local funds to make her $1 billion pledge a reality.

“The implication was when you are running for mayor and you’re talking about half-a-billion dollars you’re talking about city public money,” Immergluck said. “It’s not like HUD is spending more money on housing right now.”

Immergluck credited Bottoms with helping create an affordable housing task force, which Immergluck has addressed, and for the appointment of longtime city planning official Terri Lee to coordinate the city’s various housing efforts.

But any high-impact programs will require new sources tax revenue, Immergluck said

New development of affordable housing takes years, he said, and the city could help more low-income renters squeezed by high housing costs by creating a local voucher program.

Bottoms’ office did not immediately respond to requests for comment.

On Thursday, Gregory Johnson, AHA’s pick to be its new leader said he would remain the leader of Cincinnati’s housing agency. An AHA statement said the agency learned of Johnson’s decision from reports in Cincinnati media.

AHA offered Johnson the job last month and Johnson recently offered his resignation from the Cincinnati agency before rescinding it Thursday. No reason was given for Johnson’s reversal.

Executive turnover and litigation sidelined AHA from development in recent years, and Johnson’s decision once again left the agency in the lurch.

AHA Chairman Dr. Christopher Edwards said Joy Fitzgerald, a former AHA CEO, will lead the agency until a new permanent chief executive is named.

Source Article

Share this
21 Apr 2019

Family okay after tree slices through Peachtree Corners apartment

PEACHTREE CORNERS, Ga. (FOX 5 Atlanta) – A Peachtree Corners family is lucky to escape Friday’s storm with only one member receiving minor injuries.

A giant tree fell through an apartment building at the Columns at Peachtree Corners Apartment located at 911 Concepts 21 Drive in Peachtree Corners just after 5 a.m. Gwinnett County firefighters said the tree cut through the roof and wall of one of the units on the second floor.

Family members inside the room at the time said they were forced to jump out of the way. The tree landed on the bed in which a few of the family members were sleeping.

Firefighters said one adult received minor injuries during the incident but was treated and released at the scene. The children were not injured.

Crews were making quick work of the tree by mid-morning.

No word on where the family will be staying.

The apartment was located in an early weather-warned area for a possible tornado. The National Weather Service will be evaluated if any of the damage was caused by tornadic or straight-line winds.

—–

Keep up with the latest by downloading the FREE FOX 5 Storm Team app and following @FOX5StormTeam on Twitter.

DOWNLOAD the FREE FOX 5 Storm Team app to keep up with this extreme weather

Source Article

Share this
16 Apr 2019

Trial begins for Georgia woman accused of starving, burning stepdaughter

GWINNETT COUNTY, Ga. (FOX 5 Atlanta) – Jury selection will continue Tuesday in the murder trial of a Gwinnett County woman accused of feeling hurt stepdaughter through a slow and agonizing starvation.

In 2013, Gwinnett County investigators found the charred body of 10-year-old Emani Moss stuffed inside at an apartment complex. Investigators say the girl weighed only 32 pounds at the time of her death.

Investigators say Emani’s stepmother, Tiffany Moss, and her dad, Eman Moss, are responsible for her brutal death.

In 2015, Eman Moss pleaded guilty to felony murder and cruelty to children, saying that he had made a "terrible mistake." He’s now serving life without parole and is slated to testify against is estranged wife.

In 2015, Moss’ attorney says the father chose not to take Emani to the hospital in the weeks before she died because Tiffany had previously been arrested for beating Emani. His lawyer also claimed he was unaware of the abuse and starvation Emani endured– claiming Tiffany was responsible for taking care of his daughter while he was at work.

Moss was relatively quiet during the first day of jury selection at the Gwinnett County Courthouse, but did ask a few jurors about their ability to be impartial given the gruesome evidence jurors will hear in the case.

District Attorney Danny Porter and Judge George Hutchinson questioned every juror about their ability to impartially hear the evidence and potentially render a death sentence if Moss is convicted.

MORE: Father of Emani Moss sentenced for her murder

Tiffany Moss’ trial was scheduled for July of last year but was postponed while two lawyers from the state’s public defender system appealed to try to overturn a lower court’s decision allowing Moss to represent herself.

The Georgia Supreme Court declined to hear the appeal, which means Moss will be able to act as her own lawyer.

If she is found guilty, it will be the first death sentence in the state of Georgia in more than five years. Judge Hutchinson indicated jury selection would take the rest of the week, with opening statements from prosecutors and the murder defendant next week.

The Associated Press contributed to this report.

Source Article

Share this
11 Apr 2019

New medical office to open near Buckhead’s Darlington Apartments

A medical office planned for Buckhead will sit near an apartment complex, whose residents were forced out last year for renovations.

Construction on the Darlington Medical Center will begin in June, Los Angeles-based real estate firm CBRE announced Tuesday in a press release.

The 75,000-square-foot medical office will sit on Peachtree Road near the Darlington Apartments, which are currently under renovation. The last of the apartment complex’s residents were forced to move late last year after the apartment announced a myriad of renovations to the building.

The apartments received many complaints and violations ranging from no heat to infestations of bed bugs, rats or roaches, water leaks, mold and overflowing trash.

The medical office is not tied to the residence, but it is among the many developments coming to Buckhead along Peachtree Road and Ga. 400.

An exclusive professional membership club, No18, is expected to open its doors June 3 at the The Shops Buckhead Atlanta. Memberships are $300 per month.

Financial technology company Fleetcor Technologies announced last week it is moving its headquarters from Gwinnett County to Buckhead.

Darlington Medical Center would be the third medical building along the Peachtree Corridor. The street is currently home to Piedmont Atlanta Hospital, one of the largest in the state, and brain and spinal cord rehabilitation center the Shepherd’s Center.

“With the city’s growing population, there is significant demand for medical office resulting in increased rental rates across the city,” CBRE vice president Heather Lamb said in a statement.

The newest five-story building will also allow for flexible floor plans up to 15,000 square feet for office space.

Darlington Medical Center is expected to open next March.

In other news:

Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.

Source Article

Share this

All rights reserved.

Click Me