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 - Development Summary � Location � Development characteristics � Frequently Asked Questions � Summary
MWF Properties Workforce Housing Experience � 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.
MWF Properties Project Profile 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.
MWF Properties Project Profile Interlaken Place Apartments Waconia, MN
MWF Properties Project Profile 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.
MWF Properties Project Profile Willow Ridge Apartments Vadnais Heights, MN
MWF Properties Project Profile 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.
MWF Properties Project Profile Lakes Run New Brighton, MN
Riverside Flats Location
Riverside Flats Concept Site Plan
Riverside Flats Concept Elevation
Riverside Flats Development Characteristics � 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.
Riverside Flats Development Characteristics � 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.
Frequently Asked Questions � 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.
Frequently Asked Questions � Are there income restrictions for this housing? � Yes. Tenants must be able to afford rent which creates a minimum income or income “floor” for each unit depending on the rent. The breakdown for this project is as follows: � RIVERSIDE FLATS # of units # of units Unit Size Unit Size Gross Rent Min Income Gross Rent Min Income Max 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.
Frequently Asked Questions � What type of residents will live in Riverside Flats? � At comparable properties owned by MWF, the most prominent occupations are: - Seniors (retirees or part time retirees) - Seniors (retirees or part time retirees) - Food Service - Healthcare - Education - Teachers - Students - Retail - Disabled individuals - Single Parents *Data taken from 2015 demographics surveys conducted at MWF Properties.
MWF Properties Demographic Breakdown Interlaken Place Waconia, MN Number of Units: 48 Average Income: $32,256 Number of Seniors: 14 (29%)
MWF Properties Project Profile Lakes Run New Brighton, MN Number of Units: 52 Average Income: $32,461 Number of Seniors: 6 (12%)
MWF Properties Project Profile Forest Oak Apartments Forest Lake, MN Number of Units: 36 Average Income: $34,085 Number of Seniors: 8 (22%)
Is this housing the same as Section 8 housing? � No. There are major differences between the Section 8 Workforce Housing Section 8 Section 8 Riverside Flats 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.
Frequently Asked Questions � 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.
Frequently Asked Questions • How is it ensured the property will be properly maintained? • The property will have on site caretaking and maintenance staff that will be responsible for maintaining the property. staff that will be responsible for maintaining the property. • The property is required to place a minimum of $27,000 annually into “repair and replacement” reserves that are to be used specifically on capital improvements. • The property is inspected multiple times throughout the year by the lender, investor, housing authority and often the City.
Frequently Asked Questions • How is it ensured the property will be properly maintained (contd.)? Georgetowne Homes – Developed by MWF Properties Construction completed in 2001 Pictures taken in 2015
THANK YOU Questions?
Recommend
More recommend
