News & Media
Groundbreaking ceremony held for luxury apartments coming to Santa Rosa Mall
MARY ESTHER, Fla. (WEAR) — It was a groundbreaking day for what is a groundbreaking project in Northwest Florida. It will be a mix of old and new, with the goal of providing housing and resurrecting a decades-old building.
Like many brick and mortar stores, the Santa Rosa Mall in Mary Esther has seen better days, but things are changing. An upscale apartment complex is the mall’s newest tenant.
“It will be a 229-unit luxury apartment complex that is replacing the Belk department store at Santa Rosa Mall,” explained Rea Venture Group Vice President Breck Kean.
The project, two years in the making, is part of a national movement; but one usually reserved for larger communities.
“It is a national trend, the redevelopment of malls across the country are happening. Most of them in much larger, urban areas,” Kean added.
The 1 – 3 bedroom units will meet a need for housing, both in and out of the military community. Rent for the apartments run between $1,000 – $1,600.
For the city, this development is a big boom.
“We are expecting $200,000 additional ad valorem revenue to the city from this apartment complex,” said Mary Esther Mayor Margaret McLemore.
For the Santa Rosa Mall, it’s a first-step in reinventing itself.
“We have the multifamily we are building now, and we add to that additional uses. Whether it be elderly housing, a second phase of multifamily,” said Santa Rosa Mall Co-Owner David Schonberger.
The Renaissance Santa Rosa Apartments will give this retail hub a helping hand and offer its new residents a place to live, work and play.
The complex will have resort level amenities. It’s scheduled for completion in fall 2020.
Praxis3 and Rea Ventures Group were selected by the Atlanta Beltline to develop an affordable mixed-use development located in the Reynoldstown neighborhood of Atlanta
The 116-apartment development will have 78 units earmarked for families earning 60 percent of the area median income or less
Housing authority agrees to MOU for development of new low-income housing in East Rome
Northwest Georgia Housing Authority officials agreed to a Memorandum of Understanding with Atlanta-based developer Rea Ventures for a partnership to develop new low-income housing in East Rome.
Rea Ventures Awarded 2017 EarthCraft Communities High Performance Award
These exceptional EarthCraft projects have achieved high levels of performance in their respective programs:
Earthcraft Communities: Rea Ventures and Great Southern for their project at Oliver Place Apartments in Perry, Georgia. The community is a successful example of new urban design, promoting open natural space and effective stormwater management.
Rea Ventures Group, LLC Selected as Developer for next phase of BeltLine Affordable Housing in Reynoldstown
Development is expected to create up to 118 affordable housing rental apartments providing up to 3 bedroom living options for families
ATLANTA – Atlanta BeltLine, Inc. (ABI) has selected Rea Ventures Group, LLC as the developer for second phase of lofts at Reynoldstown Crossing. The decision was announced after a special call meeting of the Atlanta BeltLine, Inc. Board of Directors’ on August 15, 2017.Click here to read the full article
State Grants $5.69 Million for Whitewright Housing
Abbington Commons – Whitewright (September 28, 2015)
Whitewright will soon become the home of a new, subsidized, 48-unit apartment community.
At the end of July, Whitewright was awarded $5.69 million for the creation of Abbington Commons of Whitewright, a market-rate rent and below-market rent workforce apartment complex.
Abbington Commons will have one-bedroom to four-bedroom units. For those that qualify for low-income housing, rent will range from $256 to $400 per month. Market-rate income rent will range from $660 to $1,021 per month for the same units.
This will be the first time Whitewright has used housing tax credits to fund a development. “The development of Abbington Commons is very exciting for the city of Whitewright,” Whitewright Mayor Allen West said. “We do not have a lot of rental property in the city so it will be a great addition. It is in walking distance from the high school and other businesses. It may even bring in some tax base to the city.”
West also said that teachers, entry-level emergency responders and retired individuals on a pension are some of the eligible residents for the housing specifically for individuals in the workforce.
Rea Ventures, an Atlanta-based firm, will jointly own the apartment community with Stone Austin, a Texas developer. Both organizations specialize in multifamily and workforce housing.Click here to read the full article…
Rehabilitations of USDA Multifamily Homes
Efficient Solutions for Existing Homes Case Study (April 2016).
Rea Ventures Group, LLC, partnered with Southface Energy Institute (Southface), a member of the U.S. Department of Energy’s Partnership for Home Innovation Building America research team, to develop a prescriptive approach for rehabilitating a portfolio of rural multifamily rental properties in Georgia, which was funded by the U.S. Department of Agriculture (USDA). Scopes of work for these projects were initially developed and funded based on capital needs assessments performed by a third party to satisfy Low-Income Housing Tax Credit protocol, which did not specifically include considering energy efficiency. Rea Ventures rehabilitated 14 properties consisting of 418 units; they used a quick-turnaround process that allowed the residents to remain in their homes during the work.Click here to read the full case study…
Skyline Rises on Southeast Side of Emory
Abbington Junction (October 6, 2015). By Trey Hill.
A new multi-family development is on the rise on the southeast side of Emory. Abbington Walk is a 56-unit development which will feature Energy Star appliances, a fi tness center, library and outdoor recreational areas, including a playground.
Abbington Walk is a joint development owned by Rea Ventures Group, LLC and Austin Stone, LLC. The property will be managed by AlphaBarnes Real Estate Services, based in Dallas, and will include an on-site management and maintenance staff.
Rea Ventures Group’s affordable workforce and senior housing communities are made possible by a variety of federal and state fi nancing programs. Part of their philosophy is a commitment to long-term ownership. The project is currently slated to be completed sometime the fi rst of next year. If interested call 972-643-3225 to sign up on the wait list.Click here to read more…
State Funds New Apartment Community in Brownsboro
Abbington Hill – Brownsboro (October 1, 2015)
On July 30, 2015, State officials awarded a $7.25 million investment to construct a new apartment community in the City of Brownsboro. The new community, named Abbington Hill of Brownsboro, will consist of 56 units of both market-rate rent and below-market rent for workforce housing. Based on the strength of the development concept as well as community support, the development was among the highest-ranked housing credit application in Texas this year.
“As the mayor of Brownsboro, I would like to express to our citizens how fortunate this opportunity is,” said Mayor Ter- ry Mills. “This projects does exactly what we need in our community. It supports our working class people that make our town the great place it is. It promotes a quality of life to a class of people who deserve it. Just like the write up states, this complex will house a community of people that are either retired or hold entry level jobs with a future, and people that are well accomplished that enjoy the lifestyle of apartment living. It will be a first rate complex, professionally maintained and staffed that will benefit the future of our great city.Click here to read the full article…
Henrietta to Get New Apartments
Abbington Vista – Henrietta (September 29, 2015)
Henrietta is in line to get a new apartment complex for lower income tenants.
State officials awarded a $5.46 million investment to construct Abbington Vista, a 48-unit complex for both market-rate rent and below-market rent, according to Rea Ventures Group, LLC, of Atlanta, Georgia.
“Market research of existing rental units of this type indicates a strong need for housing in Henrietta,” Mayor Howard Raeke was quoted as saying in the release.
Abbington Vista will be jointly developed and owned by Rea Ventures and Austin Stone, a Texas developer.Click here to read the full article…
Rea Ventures Closes $71.6 Million Transaction in Georgia
Insurance News.net (December 12, 2014).
Churchill Stateside Group (“CSG”), a real estate financial services company serving developers and investors in the multifamily housing, renewable energy and entertainment tax credit industries, today announced the closing of a $71.16 million affordable housing transaction. The rural housing portfolio consists of 20 affordable housing properties located throughout the state of Georgia. William Rea, Managing Partner of Rea Ventures Group, previously developed the properties and continues to stand behind them today.
The properties are located in 18 markets and the majority were constructed in the 1980’s and 1990’s using the USDA 515 Loan Program and Section 42 low-income housing tax credits. The acquisition and rehabilitation of the 620 units includes construction and permanent financing from Churchill Stateside Group guaranteed by the USDA 538 loan program, subordination and re-amortization of the original USDA 515 loans, short term tax exempt bonds sold by Merchant Capital and equity proceeds from Churchill Stateside Group’s investment in the 4% federal and state LIHTC.Click here to read the full article and press release…
New Apartment Complex Gets Federal Tax Credits
Anson Record (August 22, 2014). By Abby Cavenaugh.
Abbington Grove of Wadesboro, a planned multi-family apartment complex, was one of the recipients of federal tax credits from the North Carolina Housing Finance Agency. The agency announced Aug. 19 the award of federal tax credits and other financing to build $423 million of affordable apartments in 37 counties. The work is expected to support 8,540 jobs statewide and generate more than $13.4 million in local tax revenue, according to a press release from the Housing Finance Agency.
Rezoning for the Abbington Grove apartments was approved in April, Wadesboro Town Manager Alex Sewell said. The apartments will be rented out based on income, he added.
“Specifically, it will be income restricted for families earning up to 60 percent of area median income (adjusted by family size),” explained Stephen Brock, founder of Brock Ventures, Inc., one of the developers on the project. “The units will not be rent subsidized and it is not Section 8. Tenants will pay significant rent and utilities but at a level that is affordable at their income levels.”Click here to read the full article in the Anson record…
Apartment Complexes Qualify for Credits
Winston-Salem Journal. by Richard Craver. Published August 19, 2014.
Three Forsyth County apartment complexes have qualified for federal tax credits and other financing, the N.C. Housing Finances Agency said Tuesday.
Abbington Gardens in Winston-Salem will receive the largest amount in Forsyth at $767,200 for 96 new family units by KRP Investments LLC. Friar Woods Apartments in Kernersville will receive $668,400 for 84 new family units by Landmark Asset Services Inc.Click here to read the full article…
New Apartment Complex Coming to Pottsboro
Excerpt from News 12 (published September 4, 2014)
POTTSBORO, TX — The opening of State Highway 289 was a catalyst for development in Pottsboro. Now, city officials are hoping a new apartment complex will attract more people to town.
City manager, Kevin Farley, says right now, housing is limited in Pottsboro but construction on this new complex is set to start in December.
Farley says the added housing options will benefit new residents, as well as some who already live in the city.
The new apartment complex will be located along Spur 316.
“It will be a 56 unit complex,” Farley said.
Farley says the new complex, Abbington Junction, will be funded by the Texas Department of Housing and Community Affairs.Click here to read the full article and view the broadcast from News 12…
Rea Ventures Wins 2013 EarthCraft Communities Team of the Year
The Greater Atlanta Homebuilders Association and Southface Energy Institute have selected Rea Ventures Group and its project team as the 2013 EarthCraft Communities Project Team of the Year. This award was based on its work on the EarthCraft Community certified developments of Goshen Crossing in Rincon, GA and Fern Point in Toccoa, GA. The project team awarded consisted of Rea Ventures Group as developer and owner, Great Southern as general contractor, and Martin Riley Associates as architect.
Abbington Meadows of Howe Brings Jobs to North Texas
Excerpt from News 12 (published and aired September 25, 2013)
HOWE, TX — New homes and more jobs are on the way for the city of Howe thanks to millions in funding from the state. Victoria Maranan tells us why Howe was chosen and when the new development will break ground.
Joy McBride has lived in Howe for 15 years and said she’s excited to hear about the new apartment complex.
Farley says the added housing options will benefit new residents, as well as some who already live in the city.
“I think it’s great. I think Howe needs a little more growth, need more people coming in. It’s gonna open up some jobs while it’s being built and afterwards because they’ll need managers and groundskeepers,” she said.
“Mayor Jeff Stanley said The Abbington Meadows Apartments were made possible by a $5-million grant from the Texas Department of Housing and Community Affairs that they received a few weeks ago.
Rea Ventures Group, which owns the new complex, said the city was chosen because new development is their first priority, they have a good school system and they’ve never received this grant before.
Stanley said the new project is promising for the city’s progress, especially after the recent recession.
“It’s the start of our growth for coming out of this bad economic slump that we’ve been in,” he said.Click here to read the full article and view the broadcast from News 12…
State Funds New Apartments in Howe, Texas
Excerpt from Herald Democrat. Published September 23, 2013
OWE — State officials recently announced a $5 million investment to construct new apartment homes in Howe. The community, named Abbington Meadows of Howe, will create units at both market-rate and below-market workforce housing. “The city council and I are very excited about Abbington Meadows coming to Howe,” said Mayor Jeff Stanley. “It is a well needed part of the future growth of the city.” Howe City Administrator Joe Shephard said the complex has obtained its financing and is moving through the pre-building process.Click here to read the full article from the Herald Democrat…
Excerpt from News 12. Published September 24, 2013.
HOWE, TX — More homes will soon be built in Howe, thanks to a $5 million investment from the state of Texas.
The money from the Texas Department of Housing and Community Affairs will pay for construction of the Abbington Meadows Apartments.
The 64 unit complex will be located off Highway 75 and Hall Cemetery Road in Howe.
Mayor Jeff Stanley says he and members of city council are excited for the project.Click here to read the full article from News 12…
StarNews – Abbington Oaks
Excerpt from StarNews Online. Published August 25, 2013.
2 Apartment Projects Receive Federal Tax Credits
“Proposed subsidized apartment projects in Wilmington and Southport have received federal tax credits, an important step toward their construction as early as next year.
Lockwood Village Apartments, proposed for 4900 S. College Road, received $540,000 in credits from the N.C. Housing Finance Agency. The agency also approved $512,500 for the 72-unit Abbington Oaks at approximately 4800 Southport-Supply Road S.E. in Southport.
In Southport, 72 one- two- and three-bedroom units are proposed on a site north of the intersection of N.C. 211 and Long Beach Road.
Income of residents there would be limited to 40 to 60 percent of the median income.
Rents on one-bedrooms would range from $352 to $540 depending on income level, said Karen Perry, of the investment group that comprises KRP Investments, WJRNC Development LLC, and Brock Ventures Inc. – the latter of Wilmington.
Two-bedroom units would range from $416 to $630; and three-bedrooms from $473 to $730.
“It is near grocery and shopping, pharmacy and is a good location for visibility,” Perry said. “Our analysis supported the need for housing there.”
The project is anticipating $2.26 million of permanent financing, Perry said, and Brunswick County has approved a fee deferral of up to $100,000, she said.
Perry said construction could start by year-end, with construction typically taking 12 to 14 months.”Click here to read the full article from StarNews Online…
Property Values & Affordable Housing
“Does Affordable Housing Cause Nearby Property Values to Decline?”
It’s a common scene at a community hearing: local residents lined up behind the microphone waiting to testify about a proposed affordable rental housing development. Some are voicing concerns that the development will decrease property values in their neighborhood. Their concerns are understandable – they want to protect their investment in their homes.
On the other side, housing advocates and prospective residents argue with equal passion. They want to live in affordable homes with access to jobs, schools, and other amenities for themselves and their children. Affordable housing, the argue, will not affect the home values of residents already in the community.
Which side is right?”Click here to Download Full Policy Brief: Study on Impact of LIHTC on Property Values…
Savannah Morning News – Goshen Crossing
“Construction is expected to be finished in July on 60 energy-efficient, income-limited apartments being built at the northeast corner of Goshen Road and Ga. 21.
The $9 million project, called Goshen Crossing, is funded through federal and state tax credits and offers below-market rents, said Bill Rea, general partner/managing member of the developer, Rea Ventures Group LLC of Atlanta.
Residents must make no more than 60 percent of the median income in the area to live in the complex. For example, a family of three would have to make $32,880 or less, Rea said.
Rents will range from $425 for a one-bedroom unit to $570 for a three-bedroom unit.
About 130 people have their names on a waiting list to move into the new apartments. Rea said he has a contract for some land behind the first apartments and hopes to build a second phase, if tax credits are available.”Click here to read the full article…
Awards & Achievements