|The best way to stand out (without mixing plaids and paisleys): "Look outside the multifamily world and differentiate your product,"says Bozzuto's Jeff Kayce. Also, with the huge apartment supply coming to market, design matters. For more, see Jeff speak atBisnow's second Annual Baltimore Multifamily Summit on Tuesday.
|Jeff (with West County Chamber of Commerce CEO Claire Louder) tells us multifamily development in the Odenton market, where his firm began construction on the 369-unit Flats170 apartments in February, is strong—perhaps even too strong. Still, when well-designed product hits the market, it has been leasing at a healthy pace, he says. The first deliveries at Flats170 will be next summer. It's a JV that's part of StonebridgeCarras' 55-acre Academy Yard for which demolition is almost complete.
|The $75M project has 90% LTC financing from HUD (non-recourse, 40 years). The rate was 4.15%, which is spectacular long-term financing, Jeff says. And yet rates have come down even farther since that was locked in. But after two years of working on financing, it was worth it, he says. Besides Union Wharf in Fells Point, Bozzuto is also putting up apartments at Greenberg Gibbons' Waugh Chapel and Annapolis Towne Centres. The stuff Jeff likes best has an urban streetscape and/or access to transit (also sounds like good filming locations for action movie chase scenes).
|In this pic of the Flats170 site, taken just this morning, you can see the footprint taking shape. Also speaking at our event on Tuesday at the Four Seasons are NorthMarq's Nancy Ferrell, Freddie Mac's Rich Martinez, Kettler's Asheel Shah, Columbia National Real Estate Finance's Mike Cordes, Hord Coplan Macht's Chris Harvey, Axiom Engineering Design's Peggy White, Harkins Builders' Larry Kraemer, Gordon Feinblatt's Searle Mitnick, and Reznick Group's Ira Weinstein. Sign up to hear from them all and get in some schmoozing!