Accelerating its workforce housing development business plan, the Urban Group of Companies, has received equity commitments to develop three new Urban Town House (UTH) workforce housing communities, all located in Long Beach, CA. Long Beach is HQ for the company, and where Scott Choppin – CEO, created the UTH innovation. The three projects are located at 1491 Atlantic, 1901 Pacific, and 1115 E. Artesia, and all projects are expected to begin construction during the 2021 fiscal year.
The equity commitments are made by SDB, a Tel-Aviv based real estate equity fund manager, with over 1.0B AUM, led by Srulick Hanokh and Dan Liberman. This $1.5M three-deal equity commitment is part of an ongoing joint venture equity program that also includes the 1029 S. Montebello UTH project, located in Montebello, CA. According to Mr. Hanokh: “SDB invests over the entire globe, and the Urban Pacific projects have been a critical and successful part of our US investment portfolio. SDB invests in several US markets, and Urban Pacific has been a great operating partner. We are a firm believer in their housing offer – the Urban Town House (UTH) workforce housing type – that has a strong demonstrated demand during the Corona Virus era and solves the workforce housing problem for families in the long term”
According to Scott Choppin, Urban Pacific CEO: “The UTH business plan has accelerated during the Coronavirus pandemic, where we are seeing a major increase in leasing traffic, absorption rates, and importantly a 10% average increase in rental rates since early 2020. Our observation is that both families and professional roommate groups are highly attracted to our 5-bedroom townhouse design. We expect this to continue for the next several years and beyond.”
UTH projects are a new housing innovation, created by Scott Choppin and Urban Pacific, that pairs private capital with a multigenerational workforce rental housing model. Purposely designed and built to rent, these live like a house, and allow families and roommates to live an “economic sharing” lifestyle, allowing them to share incomes and expenses related to their housing costs. Built for multi-generational multi-earner working families and roommates – UTH projects are “recession resilient”, meaning they perform well during recessionary times. UTH units each contain 5 bedrooms and 4 bathrooms, in a three-story townhouse configuration, and includes a two-car direct access private garage, and an in-unit laundry room. As well, all units contain a ground floor bedroom bathroom combination, providing mobility enhanced ground floor living for grandparents or older inlaws. The units generally serve families in the 80-120% AMI range, providing for a naturally-occurring affordable housing opportunity, a totally unique housing innovation in the marketplace.
The Urban Pacific Group of Companies, is a Long Beach, California-based real estate development company that focuses on providing housing through the development of urban infill, mixed use, and affordable housing communities throughout the West. The managers of UP are experienced industry professionals that have worked across the spectrum of residential housing development and construction. Combining a unique knowledge of high density urban infill design/construction and redevelopment agency sponsored projects, UP excels in bringing together specialized teams in the field of mixed use infill residential development.
The mission of UP is to provide innovative, high-quality, value-priced urban housing to consumers, while offering investors outstanding market yields. UP’s specific focus is workforce housing projects in markets that have been consistently passed over by traditional real estate development companies, where the housing supply is severely constrained, and the sites are strategically located in major urban markets.
For more information, visit: www.urbanpacific.com
SDB initiates and builds hundreds of housing units in dozens of projects around the U.S.A in areas where demand is high such as New York and Los Angeles. Among the company’s clients are a wide range of fully satisfied investors, high profile as well as private, who have added to their investment portfolios carefully analyzed, handpicked real estate assets. SDB is unique in its ability to identify real estate market trends at their very beginning and then formulate medium and long-term investment strategies accordingly. In this way when the American real estate market moved from steep price drops towards recovery SDB was there to begin purchasing homes in Atlanta Georgia for Israeli investors. In the same way, once initiation of new real estate projects in Brooklyn became highly attractive the company moved into project initiation and began executing construction projects.
For more information, visit: https://sdb.co.il/en/
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