MWF Properties, LLC September 14th, 2015 Outline Housing - - PowerPoint PPT Presentation
MWF Properties, LLC September 14th, 2015 Outline Housing Experience MWF Properties (Developer) Project Profiles Interlaken Place (Waconia) Willow Ridge (Vadnais Heights) Lakes Run (New Brighton) Riverside Flats -
Housing Experience
MWF Properties (Developer)
Project Profiles
Interlaken Place (Waconia) Willow Ridge (Vadnais Heights) Lakes Run (New Brighton)
Riverside Flats - Development Summary
Location Development characteristics
Frequently Asked Questions Summary
Mission Statement: Our mission is to provide quality housing that is
aesthetically pleasing, environmentally conscious, and built to last.
16 years of housing development experience. Developed 19 properties in MN, IA, and IL representing over 1,000 Developed 19 properties in MN, IA, and IL representing over 1,000
units.
Have in house management company -Vesta Property Management. Long term owners: Have not sold a property in company history.
Interlaken Place Waconia, MN
Number of Units: 48 Building Opened: March 2009 Construction Characteristics: 3 stories over underground parking, community room, exercise room, children’s playground.
Interlaken Place Apartments Waconia, MN
Willow Ridge Apartments Vadnais Heights, MN Number of Units: 47 Building Opened: June, 2008 Construction Characteristics: 3 stories over underground parking, community room, exercise room, children’s playground.
Willow Ridge Apartments Vadnais Heights, MN
Lakes Run New Brighton, MN
Number of Units: 52 Building Opened: October, 2006 Construction Characteristics: 3 stories over underground parking, community room, exercise room, children’s playground.
Lakes Run New Brighton, MN
Sixty units of comprised of a mixture of one, two, and three
bedroom units.
Housing will be for working class families in the Shakopee area. Rents will be affordable for households that earn approximately
$27,000 to $60,000 annually.
Staffing will consist of on site manager, on site maintenance
personnel, on site caretaker.
Property will have 24 hour security camera surveillance.
Similar units per acre to Riverside Grove development. On site amenities include : community room, exercise
room, playground and connecting trail. room, playground and connecting trail.
Substantial green space, more than what is required. Underground and surface parking. Anticipate starting construction in spring of 2017 –
complete construction in December 2017.
How are we able to keep rents modest?
Project receives federal housing tax credits that help
keep rents modest. In return, the owner (MWF keep rents modest. In return, the owner (MWF Properties) promises to keep household incomes at or below 60% of the area median income.
Housing commonly referred to as “workforce” housing,
“affordable” housing or “mid market” housing.
Are there income restrictions for this housing?
income “floor” for each unit depending on the rent. The breakdown for this project is as follows:
RIVERSIDE FLATS
# of units Unit Size Gross Rent Min Income Max Income # of units Unit Size Gross Rent Min Income Max Income 15 1BR $750 $27,000 $41,580 30 2BR $875 $31,000 $47,630 15 3BR $1,025 $37,000 $60,300
Program allows residents to exceed maximum income after they move in. Exceptions can be made to floor if residents can evidence they have resources
to pay rent.
What type of residents will live in Riverside Flats?
At comparable properties owned by MWF, the most
prominent occupations are:
*Data taken from 2015 demographics surveys conducted at MWF Properties.
Interlaken Place Waconia, MN
Number of Units: 48 Average Income: $32,256 Number of Seniors: 14 (29%)
Lakes Run New Brighton, MN
Number of Units: 52 Average Income: $32,461 Number of Seniors: 6 (12%)
Forest Oak Apartments Forest Lake, MN
Number of Units: 36 Average Income: $34,085 Number of Seniors: 8 (22%)
Section 8 Riverside Flats Section 8 Riverside Flats Government pays some or all of rent directly to Resident is responsible for rent. Landlord No minimum income requirements. Tenant must be able to afford rent. HUD (government) controls rents. Owner (MWF Properties) controls rents. Typically for households at 30% AMI or less. For households at 60% AMI or less. Minimal incentive to keep project marketable. Strong incentive for owner to keep marketable.
Is there an approval process for the residents?
The property management company, Vesta Property Management,
will conduct a credit and criminal background check on every tenant when they apply for housing.
Residents must show they have enough income to pay rent. Any resident who displays activity that is illegal or dangerous,
causes substantial damage to property, or fails to pay rent will be evicted.
It is of no benefit to the owner or property management
company to lease units to “unsafe” residents.
maintained?
staff that will be responsible for maintaining the property. staff that will be responsible for maintaining the property.
annually into “repair and replacement” reserves that are to be used specifically on capital improvements.
by the lender, investor, housing authority and often the City.
maintained (contd.)?
Georgetowne Homes – Developed by MWF Properties Construction completed in 2001 Pictures taken in 2015
Questions?