The recent sale of Towergate Apartments continues a trend of apartment purchases by companies from outside the region. From the Winston-Salem Journal:
Another Forsyth County apartment complex has been sold to an out-of-region buyer, this time Towergate Apartments in Winston-Salem for $10.94 million.
The buyer is Ginkgo Towergate LLC of Charlotte, and the seller is Towergate Associates LLC of Winston-Salem, according to a Forsyth County Register of Deeds filing Tuesday. The deal closed Tuesday….
The complex was built in 1985 and has 259 units within 25 buildings on 14.65 acres.
The sale is the latest of a recent spree of apartment complex purchases in the county…
Other recent apartment complex sales include: the 209-unit Carolina Woods in Winston-Salem for $11.5 million; 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million.
On March 6 members of the Piedmont Triad Apartment Association visited Capitol Hill in Washington, DC as part of the National Apartment Association’s Lobby Day. While there, PTAA’s representatives met with Rep. Virginia Foxx, Rep. Ted Budd and Rep. Mark Walker to help advocate for NAA’s legislative priorities, which this year centered around housing affordability, including:
PTAA’s representatives were also able to join other apartment industry professionals from North Carolina for a photo opportunity with Sen. Richard Burr on the steps of the Capitol, and sit in on meetings with staff members from Sen. Tillis and Sen. Burr’s offices. Despite the frigid temperatures they had a very successful day advocating on behalf of the apartment industry.
Like many organizations, we here at PTAA do a “year in review” kind of thing in December. Much of that information makes it into a letter we send to our members each year, and we thought we’d share some of it here. You’ll see that it’s broken down into our major service areas:
Had 12 students enrolled in the CAPS designation course, 6 students in the CAMT designation course, 12 students in the CAM designation course, and 12 students enrolled in the NALP designation course.
Provided Certified Pool Operator training, HVAC Best Practices and CFC training courses on multiple occasions.
Teamed with the local IREM chapter to put on Fair Housing and Beyond courses throughout the year.
Sold out Legal Seminar class, and two Evictions & Collection Law
Other classes included Notary, Excel (Beyond the Basics), Life Lessons from Industry Leaders, Leasing Boot Camp, Mindy McCorkle’s “The Change Game” in Winston-Salem, Resolving Conflict led by Brandon Mathis, A Guide to Working with Millennials
We worked with Goodwill Industries of NWNC and Forsyth Tech to incorporate the CAMT curriculum into their facilities maintenance program.
PTAA’s annual food drive raised over 200,000 meals (or cash equivalent) for Second Harvest Food Bank and featured participation from more member communities than ever before.
In July we partnered with the Winston-Salem Dash and the Greensboro Grasshoppers to host “Fill the Stands with Cans,” an event at one game with each team to help raise food for Second Harvest Food Bank and to provide our members with an opportunity to enjoy the ballgames as a group.
We continued working with Partners Ending Homelessness to help eliminate homelessness in Guilford County.
Echo Committeedelivered 50+ boxes to apartment communities as part of PTAA’s Food Drive; made a $300 donation to the food drive; served breakfast to the residents of SECU House in Winston-Salem.
Our Programs Committee hosted a winter coat collection event for Backpack Beginnings.
Ambassadors Committee made 50 lunches for the homeless in downtown Greensboro.
Diamond Awards –530 people attended PTAA’s annual awards gala at the Empire Room.
Golf Tournament – Over 100 golfers participated in the 2017 tournament and the players and sponsors all enjoyed some great weather at the Bryan Park course.
Trade Show –We had tremendous growth for the tradeshow this year with over 90 exhibit booths and our largest number of attendees ever. We also raised over $500 for the relief fund for victims of the mass shooting in Las Vegas.
We held our Breakfast Business Exchange (Reverse Trade Show), with 20 vendor suppliers and 15 management companies participating.
We continued hosting casual networking events in Winston-Salem, Greensboro and High Point to give our members more opportunities to get together in their own neighborhoods.
The ECHO Committee hosted PTAA’s first trivia tournament.
Other events in 2017 included a Lip Sync Battle, Maintenance Appreciation Night, Leasing Appreciation Dinner.
Represented the apartment industry to advocate for adding multifamily development to areas zoned Highway Business (HB) and General Office (GO) in Winston-Salem.
Participated in TREBIC’s two days of interviews with Greensboro and High Point city council candidates before November’s election.
Hosted a “Coffee with the candidates” event for all candidates running in Greensboro and High Point elections.
Served on Greensboro’s “Housing Our Community” initiative developing comprehensive funding and policy/ordinance/code solutions to emerging crisis in Affordable and Workforce Housing. Look for release of report in 1Q18.
Was an active member of the Winston-Salem Chamber of Commerce’s Government Affairs Committee and had the issue of addressing housing affordability added to its legislative agenda for 2017.
Participated in NAA’s Capitol Conference in Washington, DC in March. Met with all members of Congress from the Piedmont Triad to advocate for the apartment industry.
Participated in AANC’s Legislative Days in Raleigh in May. Met with all state representatives and senators from the Piedmont Triad to advocate for the apartment industry.
The National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) recently commissioned a study by Hoyt Advisory Services on the housing market in the Piedmont Triad and concluded that almost 19,000 new apartment units will need to be constructed by 2030 in order to meet the region’s housing needs. The study also found that this new construction will require all types of apartments at all price points.
The study found that the Piedmont Triad currently has an estimated 101,020 apartments with residents of all ages and income levels. Of those units, 66% were built before the year 2000, which is a key factor in addressing housing affordability; as new housing units are built they free up older housing stock for workforce housing.
While multiple factors contribute to the need for new apartments, including shifting lifestyle preferences, such as delayed homebuying, as well as the aging American population, a critical component to increased demand for all housing in the Triad is an influx of 25,000 new residents from other parts of the country.
PTAA’s 2017 Industry Forecast Breakfast, held November 28 at Revolution Mill in Greensboro, featured a panel of three speakers: Mark Vitner, Managing Director & Senior Economist at Wells Fargo; Brian Ford, Managing Partner at Capstone Apartment Partners; Colin Wolfe, President of Real Catalyst Group. Vitner provided a regional and national economic update and forecast; Ford addressed the Triad apartment market from a transactional standpoint; Wolfe reviewed the PTAA Supply and Demand Dashboard that he developed in 2017.
Some key takeaways included:
Vitner(National and Regional)
Greensboro apartment activity has slowed in 2017 after the highest amount of absorption on record to close 2016. As a result of slower supply growth, rents have increased each quarter this year.
North Carolina continues to see solid economic gains across most major metro areas.
Pace of job growth in the Triad trails that of the state.
Ford (Piedmont Triad Apartment Transaction Outlook)
52% of Triad Multi-Family Owners are based outside of NC.
Since 2016, 78% of buyers in the Triad are new to the area.
Number of transactions this year in the Triad is 31 YTD. In all of 2016 there was 54.
Triad had almost as many transactions in 2016 (54) as the Triangle (58) did.
Cap Rates in the Triad are on average 0.5%+ higher compared to Charlotte and Raleigh MSAs, thus providing for higher returns for investors.
Wolfe (Triad Supply and Demand Dashboard)
Completions and Demand in the Triad have been largely balanced over the last four years.
Completions as a percentage of overall apartment stock in the Triad has been about the same as the national average over the last four years (1.5% to 2.6%) while Raleigh has ranged from 3.4% to 5% and Charlotte has been in the 4.2%-5.1% range.
Following their presentations, the panelists took questions from the audience for 30 minutes, and the conversation was lively and informative. One fun takeaway from that discussion: Vitner is of the opinion that Charlotte and Atlanta are frontrunners for Amazon’s second HQ.
For more information about the session please contact Jon Lowder.
The primaries for municipal elections in Greensboro and High Point are tomorrow, October 10, so please be sure to get out there and vote if you live in either city. Over the last few weeks, representatives from PTAA have participated in interviews with candidates in every race, and the following recommendations are made based on the results of those interviews and past public service history of the candidates.
Greensboro City Council Mayor – Nancy Vaughan (Incumbent) District 1 – Sharon Hightower (Incumbent) District 2 – No recommendation at this time District 3 – Justin Outling (Incumbent) District 4 – Nancy Hoffman (Incumbent) District 5 – Tony Wilkins (Incumbent) At-Large (Vote for up to three, three seats to fill):
Mike Barber (Incumbent)
Yvonne Johnson (Incumbent)
T. Dianne Bellamy Small (Past council member)
High Point City Council Mayor – Jay Wagner (currently represents Ward 4 on council) Ward 1 – Jeff Golden (Incumbent) Ward 2 – Chris Williams (Incumbent) Ward 3 (No incumbent) – Monica Peters Ward 4 (No incumbent) – Wesley Hudson Ward 5 (No incumbent) – Vic Jones Ward 6 – Jason Ewing (Incumbent, unopposed) At-Large (Vote for up to two seats, two seats to fill):
Cynthia Davis (Incumbent)
Britt Moore (Past council member)
This episode of Not a Complex podcast features an interview with Susan Passmore, Executive Vice President of Blue Ridge Companies, past-president and current board member of the Apartment Association of North Carolina, and newly elected Regional Vice President (Region 4) of the National Apartment Association. We talked about Susan’s new role with NAA, her career (her first job was as a bookkeeper on a property in Asheboro, NC) and her varied personal interests – her lifelong passion for professional wrestling in particular. It’s a great interview and you’ll find yourself learning something while being entertained in the process.
So, sit back and enjoy the show. If you have any questions or comments please feel free to email them to us at firstname.lastname@example.org
Tonight is PTAA’s annual Diamond Awards banquet, which is a combination of the Oscar, Emmy and Tony awards for the local apartment industry. The event is SOLD OUT which means we’ll have 530 people celebrating the best and the brightest the apartment industry has to offer.
Today is also National Apartment Housing Day and by highlighting it at tonight’s Diamond Awards PTAA will be joining the 170 apartment associations affiliated with the National Apartment Association (NAA) to promote the tremendous contribution that the apartment industry makes in housing Americans. Here’s how the National Apartment Association describes it:
National Apartment Housing Day is the apartment housing industry’s opportunity to showcase its significant impact in communities across America by:
Contributing to the nation’s economic strength. Apartments and their residents contribute $1.3 trillion to the economy and support 12.3 million jobs.
Growing career opportunities. Today, 469,000 apartment professionals work in fields such as property management, leasing and maintenance. Beyond supporting today’s 20 million apartment households, new career opportunities await – by one estimate, 4.4 million new renter households will be formed within the next decade.
Giving back to communities. In 2016, the industry infused $158 million in philanthropic and charitable contributions into communities across the nation.
“Today we welcome America home,” says National Apartment Association President & CEO Robert Pinnegar, CAE. “Apartments offer Americans flexibility and choice, but current demand for apartments outstrips supply. A continued supply of affordable housing requires supportive legislation and regulations that make it easier to construct and rehabilitate apartments. That, more than anything else, will help keep rents reasonable for Americans.”
This episode of Not a Complex podcast features an interview with Josh Owen of Prosource Fitness. We talk about new ADA requirements that will impact apartment communities’ fitness centers, and we also discuss what’s hot in fitness equipment these days.
Another highlight of this episode is the return of PTAA’s very own Carrie Langley and Rachel Garavito to talk about upcoming events at PTAA.