JPI gets to work on apartments located north of New York City

Irving, Texas-based JPI has begun construction on The Residences at Jefferson Place, a $75 million, 281-unit luxury apartment complex in White Plains, N.Y. Occupancy of the community, which will contain 16 units designated for affordable housing, is slated to begin in spring 2002.

The complex will feature 237 units in an 8-story building and 44 units in a 3-story, townhouse-style building. Jefferson Place will offer one-, two- and three-bedroom apartments, with an average unit size of 971 sq. ft. Amenities will include a business center, and a 7,300 sq. ft. clubhouse containing a fitness room and squash court.

Independent seniors community opens its doors in ‘Big D’

Primrose Oaks, a 250-unit affordable housing community for independent senior citizens in Dallas, has opened. Locally based Southwest Housing Development was the developer of the project. The Texas Department of Housing and Community Affairs provided a $9.5 million tax-exempt bond allocation and $7.9 million in tax credits. Also, the city of Dallas added a $1.5 million Neighborhood Renaissance Partnership Section 108 loan to fund land acquisition and other site-related work.

Primrose Oaks offers one- and two-bedroom units, with rents ranging from $555 per month to $660 per month. Each apartment features washer/dryer connections, and patios or balconies. Other amenities include covered parking and a heated swimming pool. Housing Services of Texas, a local non-profit organization, provides scheduled transportation and coordinates social activities.

In other seniors housing news, The Fountains at Temecula, a 244-unit apartment complex in Newport Beach, Calif., for independent seniors, has opened. Locally based FountainGlen Properties LLC was the developer of the complex, which features one- and two-bedroom units and rents ranging from $680 per month to $955 per month. Amenities include a business center, fitness facility and pool.

Study reports robust growth in nation's apartment sector

Those hoping for a comprehensive study detailing the growth of both the size and value of the nation's apartment sector during the last decade may have found their Holy Grail in a new study authored by Berkeley, Calif.-based Rosen Consulting Group. Last year, there were 16.1 million apartments in the United States in buildings containing at least five units; that stock had a total value of $1.3 trillion, according to the study. In 1990, there were 15.4 million apartments in buildings containing at least five units; that stock had a total value of $767 billion. The total value of the sector increased an average of 5.5% annually during the 1990s. (See adjacent chart for a complete listing of the growth since 1990.)

The Washington, D.C.-based National Multi Housing Council (NMHC) commissioned and published the study, which was funded in part by a grant from Washington, D.C.-based Fannie Mae.

Mark Obrinsky, chief economist at NMHC, in a statement accompanying the study, noted that the study could benefit the multifamily industry in numerous ways. “First, such an estimate allows the industry to flex its political muscle by showing its size and value,” he said. “It enables lenders and equity holders to determine what proportion of the market they represent and to evaluate their exposure.”

The study breaks down the apartment sector in other ways as well. It provides a listing of the top 10 apartment markets in terms of both the number of units and total value. The survey also contains the total estimated value of the apartment stock in each of the top 71 U.S. metropolitan areas.

A Decade in Review: Total Inventory and Valuation of U.S. Apartment Sector

(Note: Only apartments located in buildings containing at least five units are included)

Units Total Valuation
1990 15.4 million $767 billion
1991 15.4 million $726 billion
1992 15.5 million $739 billion
1993 15.6 million $776 billion
1994 15.7 million $829 billion
1995 15.8 million $888 billion
1996 15.9 million $949 billion
1997 16.0 million $1 trillion
1998 15.9 million $1.1 trillion
1999 15.9 million $1.2 trillion
2000 16.1 million $1.3 trillion
— Source: NMHC, M/PF Research, NREI, U.S. Census Bureau, IREM, Rosen Consulting Group.