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Apartment dwellers seek affordable rents

November 27, 2017

http://www.pressofatlanticcity.com/news/apartment-dwellers-seek-affordable-rents/article_84ecea80-7778-5356-9d12-878feec7ac05.html?utm_medium=social&utm_source=email&utm_campaign=user-share

Apartment dwellers seek affordable rents

  • Atlantic City mother sacrifices to make rent

Atlantic City mother sacrifices to make rent
Press of Atlantic City
ATLANTIC CITY — Toni Wilson, the mother of four children ranging in age from 15 to 3, moved from Egg Harbor Township to Atlantic City to save $100 on her monthly rent.

Working part-time as a cocktail waitress at the Golden Nugget Atlantic City casino, Wilson, 39, was paying $1,300 for a three-bedroom, one-bath ranch-style home that was at least 40 years old and needed repairs. She also had to pay the water bill.

Wilson, who was married previously, moved to the Inlet section of the city to an apartment where she pays $1,200, but gas, electricity and water are included. She has three bedrooms, 2½ bathrooms, a kitchen, a small backyard and a garage.

“They did not want to move at all,” Wilson said of her children. “She (daughter Amirah Elliott, 15) was on the cheerleading team at Egg Harbor Township. They hadn’t lived in Atlantic City for five years. City life is different.”

Wilson is one of many South Jersey residents who live in an apartment with a family and struggle to pay the market rate for rent.

Without financial assistance from her father and her boyfriend, Wilson said, she did not know how she would be able to survive.

“Sometimes, internet is off. Sometimes, cable is off,” said Wilson, who added she learned from her mother that rent and transportation must be paid. “I juggle the rest of the stuff all month.”

 

The need for apartments — due to delayed marriages, an aging population and immigration — is creating more demand at a faster rate than new apartments are being built, so those that do exist are more expensive.

For years, rent growth has outpaced wage growth, and a severe lack of affordable housing affects many parts of the country.

The number of households that spend more than half their income on rent has grown about 25 percent since 2007 and are considered “severely cost-burdened,” according to an analysis by the Joint Center for Housing Studies of Harvard University.

The rental market has exploded, said Robert M. Shamberg, owner of Berkshire Hathaway HomeServices Diversified Realty in Galloway Township.

“The rental market is as hot as the for-sale market was back in 2005-06. There are 100 people looking for every single rental,” Shamberg said.

Landlords are demanding as much as $900 per month for a one-bedroom condo, $1,200 per month or more for two bedrooms, and $1,500 per month or more for a single-family home, depending on the size, Shamberg said.

Shamberg said there have always been people who rented apartments as opposed to buying a house because they didn’t want the responsibility, didn’t understand the value of owning a home or weren’t ready for the responsibility. Others wanted the flexibility of being able to move.

But since the recession, an increasing number of people have been tagged with a bad credit history, don’t have the money to buy or have lost their previous home due to foreclosure and can’t buy, Shamberg said.

Rising rents are an extreme problem, and many people are struggling, said Matt Shapiro, president of the New Jersey Tenants Organization, based in Fort Lee, Bergen County.

“Low and moderate incomes can’t afford today’s rents, which are astronomical and unbelievably high,” said Shapiro, whose organization is the oldest and largest such statewide organization in the country.

 

Rent control is an answer, but it is not the answer, Shapiro said.

Even if a landlord raises the rent 4 percent annually, inflation has been as little as 2 percent, so the landlord will make a profit, Shapiro said.

Good rent-control legislation should allow the landlord or owner to set a profit level that could be maintained.

 

“Instead, in some city markets, landlords are doing extraordinarily well,” Shapiro said. “Mortgage interest costs have been slashed. They (owners) could afford to do rent control and still make good money.”

Rent control is part of the problem in some communities because rent control laws allow landlords to charge whatever they want once a unit is vacated, said Jeff Cronrod, a board member of the American Apartment Owners Association, based in California.

“We have the end of the middle class, which is fairly topical, and that’s really what this is about, and you have the haves and the have-nots. The separation is bigger than ever,” Cronrod said.

One thing landlords in his association are starting to do is adopt what’s called RentGuard, which allows the landlord to eliminate or reduce the money needed for a security deposit, which at least makes the apartment more affordable to move into initially.

In the meantime, Wilson will be doing the best she can, making payment arrangements and providing a little less food sometimes if necessary. She has not experienced a winter in her new place, so she doesn’t know how high her gas bill will be.

“For single mothers and young families to enjoy their children at times, it’s hard,” Wilson said. “They can’t work to save. They can’t work to take a vacation. They work to pay bills and utilities.”

The Biggest Game Changers in Renting Are Older, Highly-Educated Renters, and 2.5 Million Stronger

October 30, 2017

The Biggest Game Changers in Renting Are Older, Highly-Educated Renters, and 2.5 Million Stronger

October 17, 2017
8 Min Read
Baby boomer renters suburban apartments for rent RentCafe

Have you noticed how different renting is today from one or two decades ago? I think most of us would agree that renters were usually people in their 20s, renting mostly bare-bones dingy apartments with stinky carpeting and peeling windows in poorly-maintained old buildings until they saved enough to buy a place of their own. With some exceptions, this was the profile of the typical renter until recently.

But the newest trends in apartment development are suddenly attracting a new kind of renter. This renter is interested to live in a place that offers a convenient, quality lifestyle, a comfortable living space, a place to exercise, and a place to socialize all-in-one. We were very interested to find out who exactly are these new renters and what motivates them to rent instead of buy.

3 big ways in which the U.S. renter profile has changed

We turned to U.S. Census data to see if it can shed some light on how renting has evolved since 2009 — around the time when the scales started tilting in favor of renting. We looked at changes in the number of renter households by age, education level, and family type.

National stats revealed that, between 2009 and 2015, the biggest changes in the renting population came from seniors aged 55 or over (up by 28%), compared to only a 3% increase in renters 34 or younger. By education, the highest increases were in renters holding a bachelor degree or higher (up by 23%), and by family type, in families with no minor children (up by 21%).

What do these three categories have in common? They all point to one group: empty-nest Baby-Boomers. Whether driven by a change in lifestyle, a consequence of the housing crash, or an inability to find affordable homes to downsize, senior households are embracing renting in droves.

https://e.infogram.com/2974fe7f-d0c9-4629-bc62-bd3ac5d20841?src=embed

Seniors are the new kids on the block in the rental market

Senior renters not only account for the largest percentage increases but also the largest net increases compared to other age groups. About 2.5 million senior households joined the renter cohort nationwide between 2009 and 2015, while the number of renter households aged 35-54 added 1.95 million, and those younger than 34 increased by only 0.5 million in the same time frame.

https://e.infogram.com/4dd6f45d-7ebe-4088-a641-3a032c791f39?src=embed

About 2.5 million senior households joined the renter cohort nationwide between 2009 and 2015 Click To Tweet

American suburbs win over more new renters than cities

  • Older renters — by 39% in the suburbs and by 21% in cities
  • Highly-educated renters — by 26% in the suburbs and by 20% in cities
  • Renting families with no children — by 33% in suburbs and by 16% in cities

https://e.infogram.com/d2cff5a1-65dd-4cb8-bebf-7fca80ac5eef?src=embed

A hefty 39% more renters over 55 years old live in the suburbs compared to 2009 and 21% more in the cities. Comprised mostly of Baby Boomers, this generation has lived a big part of its life in the suburbs, essentially being responsible for the launch and prosperity of the consumer suburb. Owning a home and raising a family in a suburban community truly defined this age group. Now it finds itself in a big empty house, with too much space to keep up and high property taxes to pay.

“Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent.” says Simona Solomie, a real estate broker with Remax Masters of Morton Grove, Illinois, who works with home sellers, buyers, and renters in the western and northwestern suburbs of Chicago.

Baby boomers also account for the highest increase in renters in urban areas, but the spike in numbers is much higher in the suburbs (21% vs 39%). The second highest increase comes from renters aged 35-54, 27% in the suburbs and 8% in the city.

Renter age groups in the top 20 largest metros: Riverside, Tampa, and Phoenix most Baby-Boomer-friendly

In all 20 largest U.S. metros studied, without exception, the rate of increase in senior renters greatly surpasses that of younger renters (see the green bars on the graph below).

Between 2009 and 2015, the senior renter population has grown the fastest in the metro area of Riverside, CA  (by 63%), followed by metro Tampa, FL by (61%) and by metro Phoenix, AZ (by 59%). However, the largest net increases were in Los Angeles metro (which gained 134,000 new senior renter-occupied households and lost 26,000 renter households under 34 years of age). New York City gained an additional 124,000 renter households over 55 during this time period and about 54,000 under 34.

https://e.infogram.com/8bef7f65-c296-49e2-9b26-5d52fdd8fe79?src=embed

Both suburbs and cities see a surge in highly-educated renters

If there was any doubt left that some people actually choose to rent, even though they could afford to buy, the latest surge in the number of highly-educated renters should help erase those doubts. Of all education levels, those holding a bachelor degree or higher account for the largest share of new renters added between 2009 and 2015 in both suburban and urban areas, percentage-wise and in net numbers. The number of renters who hold a bachelor degree or higher increased by 26% in the suburbs and by 20% in the cities.

The second highest increase in renters comes from people with some college education or equivalent (a 19% increase in suburban areas and 12% in urban areas), while those with a high-school diploma or less accounted for the smallest increase.

Phoenix and Denver attract highest-educated renters

The national trend is confirmed at the metro level. In all 20 largest U.S. metros, except St. Louis, MO, the largest gains of new renters were people holding a bachelor degree or higher (green bars on the graph below). In Phoenix metro, renters with a bachelor degree increased by 48%, in Denver metro by 45%, in Tampa, FL metro by 38%, and in Atlanta metro by 37%. At the same time, the number of least-educated renters is decreasing in several metro areas, including Denver, St. Louis, Philadelphia, New York and Boston.

https://e.infogram.com/24e26728-2341-41a0-a5e0-2f492c4453dd?src=embed

More families (with and without children) rent in the suburbs

Looking at family types, renting households with no children saw the biggest jump (up 33% in the suburbs and 16% in the city). This category includes either couples or single householders with no children present in the household. (Baby-Boomer empty-nesters fall into this category.)

The number of renter families with children also grew significantly, by 29% in suburban areas, but only by 8% in urban areas — no surprise there, considering that most families with kids prefer the suburbs.

Suburban DC is most sought-after by renting families with children

In suburban Tampa, FL renting family households with no children increased the most (by 74%), while suburban Washington, DC is the most popular for renting families with children, which increased by 83%. The increases are much lower in urban areas. The most significant increase in the number of renters was in urban Seattle, WA where the number of families with no kids is up by 36%.

https://e.infogram.com/6680fa2c-f3e3-4598-b528-d64a64556b32?src=embed

Renting in the suburbs has gained popularity with all types of renters

Now that the lure of apartment living has spread into the American suburb, renters who want to live in a walkable neighborhood and have a short commute to work can get what they’re looking for thanks to the emergence of the “suburban downtown” and to a concept known as “transit-oriented development.” A great example is Elmhurst 255 in suburban Elmhurst, Illinois, self-described as a “new luxury apartment community in the heart of downtown Elmhurst, within walking distance of grocery stores, the Metra, shopping, theater, museums, restaurants, and nightlife.” For those not from Chicago, the Metra is the train system that connects the suburbs of Chicago to The Loop, Chicago’s business district.

Apartment community in downtown suburban Elmhurst, Illinois – Image via RentCafe

This is exactly the type of suburban new rental community that appeals to both young and old. With such attractive (and often cheaper) housing alternatives right in their community, the decision to switch to renting has gotten much easier for suburban homeowners.

In each of the categories of renters we analyzed suburban areas were gaining renters faster than urban areas. Suburban renting has become so common and so popular, that real estate agents now specialize in leasing, which was certainly not the case 10-15 years ago when hardly anyone used an agent to find an apartment for rent.

“From my experience renting in the suburbs is preferred because – one: renting in the suburbs is less expensive than renting in the city, and two: the suburban lifestyle has changed so much in the past ten, fifteen years for a lot of suburbs, it has become vibrant and full of life with close-by shopping, restaurants, entertainment, fine parks, and transportation.” added Solomie.

Methodology:

  • Tenure of occupied housing units, age groups, education attainment, and household types were obtained from Census ACS 5-year estimates for 2009-2015. 
  • Census Places and Metro Areas obtained from Census Tiger Files. We considered “suburbs” Census Places that are not principal cities. We did not include rural and unincorporated areas. 

40 years later, N.J. courts, towns still wrestling with ‘affordable’ housing

October 17, 2017

40 years later, N.J. courts, towns still wrestling with ‘affordable’ housing

Delran is one of a number of municipalities still locked in a court battle over its affordable-housing requirements under the “Mount Laurel Doctrine,” intended to ensure adequate housing for low- and moderate-income New Jerseysans. This home is for sale in the Summerhill development, which contains housing for low- to moderate-income families.

by Maddie Hanna, Staff Writer @maddiehanna | mhanna@phillynews.com

A six-lane highway lined with strip malls cuts through a patchwork of tamed lawns and suburban houses in Delran, where population has sprouted rapidly in recent decades.

The township, which has close to 17,000 residents in about 6,000 housing units, is nearly built out with “less than half a dozen properties” available for multiple new housing units, according to Gary Catrambone, the township council president.

Actually, Delran needs to accommodate more than 700 residences for low- and middle-income New Jerseyans, contends the Fair Share Housing Center, which has sued the township, alleging it is undermining its own ability to fulfill affordable-housing requirements stemming from a series of lawsuits that grew out of the availability of such housing in Mount Laurel.

The dispute has been tense in Delran, with one resident complaining at a public meeting, “Next thing you know they’re going to say, ‘Hey … get out of your house, we got a poor person that wants your house.’ ”

It is a variation of a debate that has played out in hundreds of towns across the state over the Mount Laurel requirements, the subject of decades of New Jersey court cases that required communities to accommodate housing that lower- and middle-income households could afford.

“I don’t think anyone would describe affordable-housing policy in the state in the last 10 years as reasonable or rational,” said Mike Cerra, assistant executive director of the New Jersey State League of Municipalities.

After years without enforcement of those requirements — stalling development of new housing — the New Jersey Supreme Court in a sweeping decision in January ruled that towns had to retroactively act on 16 years of accrued housing needs.

But the court’s ruling didn’t define exactly how many homes each community owed, spurring town-by-town negotiations — and in some cases battles — in communities such as Delran, among the more than 150 municipalities that have not yet settled for varying reasons.

Gary Catrambone is the council president of Delran, which is battling in court over affordable-housing requirements.

In a town where the median income is $90,500, the prospect of hundreds of new housing units for lower-income residents generates fears that include new burdens on schools and increased taxes. Some critics are blunt.

“If you’re a lazy SOB and you don’t want to work, you don’t deserve squat, period,” Bob Gilbert, a Delran resident, told the township council at an August meeting. “Rent, or go find a cave to live in, or … some third world country to go into.”

Housing advocates say the fight in Delran demonstrates the need for the precedent-setting rulings that began when New Jersey’s high court declared the township of Mount Laurel‘s zoning practices unconstitutional in 1975.

“There are hundreds of municipalities in New Jersey that if they could have done nothing to help lower-income households, probably would have done nothing,” said Kevin Walsh, executive director of the Fair Share Housing Center, the Cherry Hill-based nonprofit that pushes municipalities to accommodate affordable housing.

The Mount Laurel decisions have spurred development of 80,000 homes for lower- and middle-income residents across the state, Walsh said, “and there’s a lot of homes that are going to be built over the next decade because of these settlements.”

But Delran’s case also illustrates the complications: It says at most it could squeeze 285 such units in available spaces; just last year, it put the number at 44, and Fair Share says it actually owes 704.

For years, suburban communities were allowed to pay other towns to build qualifying residences for them. Delran, for instance, paid $860,000 to neighboring Burlington City, which pledged to shoulder some of its affordable-housing burden by adding 43 low-income rental units there.

“Ultimately, towns want to meet these obligations and move on,” Cerra said.

At the Delran meeting, officials spelled out the township’s income qualifications, which are based on Burlington County’s average income of $83,000 and “are likely a little higher than you might have expected,” Catrambone told residents. A family of four making $66,550 or less would qualify for housing designated for moderate-income residents; a family of four earning $41,600 or less would qualify as low-income.

To rent or buy income-restricted housing, residents must be certified by the state. Prices are also restricted; affordable units currently listed for sale in Delran range from $72,000 to $124,000. The average home cost in Delran is about $240,000.

Municipalities can meet the Mount Laurel obligations by requiring that developments include affordable housing. The costs of building those units — which often constitute 20 percent of the development — are subsidized by the market-rate housing. Other options include redeveloping existing housing stock, or seeking tax credits for a fully affordable development.

Delran officials say the township has a surplus of unoccupied affordable housing and is unable to find buyers for a number of units. “Clearly, we’ve had an issue with getting people into these units,” Jeffrey Hatcher, the township’s business administrator, said in an interview.

Walsh said affordable properties in Delran likely “would be scooped up quickly” if they were for rent, rather than for sale. “I’m not aware of any other towns that have this issue,” he said.

Catrambone said the township has exceeded its obligations under Mount Laurel, meeting the state’s requirements in the 1980s and 1990s. Most of its affordable housing — 150 for-sale units — is interspersed in two developments in town; the township also has several group homes.

“At the last measure, we were ahead of the game,” Catrambone said in an interview last week.

But the affordable-housing rules that set the requirements for Delran and other municipalities expired in 1999. The New Jersey Council on Affordable Housing, tasked with developing new rules, failed to do so, leading to litigation that lasted years as advocates challenged — and courts invalidated — updated versions.

The agency’s failures led the New Jersey Supreme Court in 2015 to transfer the responsibility to trial courts. Then, in January, it ruled that towns continued to accrue housing obligations from 1999 to 2015. The housing plans now being hashed out in courts and through settlements with Fair Share and developers must cover that period, along with the years through 2025.

About 150 towns have settled, according to Fair Share, committing to build 50,000 units. Others are awaiting a ruling in Mercer County, where a trial considered conflicting calculations of municipal housing obligations from Fair Share and the towns.

Delran contends its issue isn’t affordable housing, but that vacant land is lacking, generally. “It’s about housing, in general,” Catrambone said. “How much room do we have left to build?”

While Delran officials say the township is nearly built out, advocates say housing could be built on land including a former country club on the town border. Other development is planned for the 76-acre parcel.

But Fair Share says Delran is trying to skirt its obligations. It has sued to stop developments that received township approvals  that wouldn’t include affordable housing. Among other arguments, the township counters that Fair Share’s action is too late.

“It doesn’t really seem like an accurate statement that they’re concerned about housing, given that they just approved housing,” Walsh said. While Delran had met earlier obligations, in the intervening years, “they’ve done virtually nothing,” Walsh said.

Catrambone said he couldn’t comment on the litigation. He said the township will comply with the court’s decision on how much housing it owes.

“There’s a number. We don’t know what it is, the court doesn’t know what it is, the people suing us don’t know what it is,” he said. “None of it counts until the court says this is the number. At that point, we’ll meet it.”

 

http://www.philly.com/philly/news/40-years-later-n-j-courts-towns-still-wrestling-with-affordable-housing-20171013.html

 

 

Need for New Residential Apartments Skyrocketing Across the U.S.

July 17, 2017

Need for New Residential Apartments Skyrocketing Across the U.S.

*The Hermitage Apartment Homes St. Petersburg, Florida

On the heels of the great recession, we began to see a trend, as much of the oversupply of condominiums began to be absorbed into the rental market.  In both primary and secondary urban settings, led chiefly by millennials, rental demand was very strong.

Originally seen as a byproduct of the recession – the ability to rent in desirable areas at very reasonable prices – we saw this as the beginnings of a trend.  We felt that there would be an ongoing need for rental apartments that were more ‘choice’ than ‘necessity.’  While the market for renters-by-need was certainly escalating, so were the renters-by-choice. These are individuals who often had the resource to purchase, and simply chose not to, but chose to rent instead.

Fast forward to today, and a new study by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) has revealed that a variety of factors is impacting demand for new apartments across our nation, and that in short, demand for rental apartments will be skyrocketing for the foreseeable future.

Over the past five years, a record-setting number of new renter households have emerged. To meet demand, the report states that at least 325,000 new apartment homes must be built every year in order to meet this demand.

Developers will need to speed up supply, as only 244,000 apartments were delivered over a four year time-frame, 2012-2016.   The full report can be found at the following link on the WeAreApartments.org site.

In two key states in which our company is currently engaged in development projects, the study notes substantial demand.  In Georgia, as illustrated in the following metrics, apartment household growth is expected to grow more than 30% by 2030, and growth in rentership almost 31% over the same time period.

In Florida, those numbers are even more compelling, with apartment household growth being expected to grow more than 40% by 2030, and growth in rentership more than 41%.

*METRICS FOR APARTMENT DEMAND IN GEORGIA

*METRICS FOR APARTMENT DEMAND IN FLORIDA

*Source: Hoyt Advisory Services; NMHC/NAA; U.S. Census Bureau.; Axiometrics, a RealPage Company

The approach of The Allen Morris Company to this new phenomenon was to focus on delivering apartment projects that offer all the amenities of home ownership, but in a rental scenario. There was a point where those wishing to rent were relegated as housing’s ‘second-class citizens,’ having to settle for apartments that – even though brand new – did not offer many of the amenities or desirable locations of a purchase.

That is rapidly changing! An example for us is the just-opening Hermitage Apartments in St. Petersburg, FL.  The amenities within the facility are amazing, as good as any luxury condo. We even have an art gallery connected with a renowned museum in the lobby.

At our Maitland City Centre mixed-use development in Maitland, Florida, just north of Orlando and well under construction, we will have 220 one- and two-bedroom rental apartments along with 24 live/work units.

Part of an evolving downtown, these apartments will allow both the ‘new’ generation of renters, as well as empty-nesters desirous of living in an urban setting to enjoy easy access to the arts, entertainment and shopping.

At our Star Metals Atlanta development, to be located in the trendy West Midtown neighborhood of Atlanta, this mixed-use community will also include a multi-family residential component to complement an office building directly across the street and retail.

All three of these developments exemplify the new-normal of residential real estate – apartments that offer a broad range of amenities, within extremely desirable neighborhoods.

While the report’s focus was the strong demand through the year 2030, we certainly do not anticipate a ‘hard-stop’ that year.  We believe that we are in a new paradigm in the world of rental apartments, one that will be in existence well beyond 2030.

So to that end, the Allen Morris Company is currently evaluating a number of opportunities across key Sunbelt states that would certainly meet the ever-increasing demands of this new generation of renters.

 

PAST PROJECTS

December 1, 2016

Since 1985, CBD Real Estate Investment, LLC. has been acquiring, developing, and selling small and large tracts of single and multi family housing projects throughout southern New Jersey and eastern Pennsylvania. This section shows some of the past projects which were developed, sold and/or built out by CBD Real Estate Investment, LLC. The projects are as follows:

LIBERTY BLUFF II

CBD Real Estate Investment LLC has sold to Nola Land Company, Inc. 138.5 acres of our Liberty Bluff acreage for $4,875, 850.00 on February 6, 2008.
THE LINKS OF SILVER OAKS

This 260 unit town home project was sold and closed in 2006 in Siblings LLC, a subsidiary of Priority Developers. Siblings since the closing date amended the site plan and created a development of 160 fee simple duplex home sites. Site improvements were installed in 2007, and once the entrance road Simons Road is improved home construction should begin. It is anticipated that home construction will start in the winter of 2008. We wish Siblings the best of luck with this project.

JENNINGS MILL RUN ESTATES

This Medford Twp, Burlington County Community was sold and closed to the Orleans Company of Pennsylvania in the summer of 2006. The site is approved for 120 age restricted single family homes, and home construction is planned by Orleans for the Summer of 2008..
CHASEY LANE

Chasey Lane was developed as a 250 unit condominium development located off Eiland Boulevard in the City of Zephyrhills, Pasco County, Florida. Located on 30 acres, the property was sold and closed to the US Home Division of Lennar Homes, and today is near completion. This project is known today as Eiland Crossing, and home prices range from $250,000 to $220,000.
VICTORY TERRACE

This 88 unit fee simple town home project on seven acres was sold to Clyde A. Biston. in early 2007. The property, located off of Piper Lane and Airport Road in Zephyrhills, Pasco County, Florida is today being changed to a light industrial use by the present owner. We wish the present owner the best of luck with their planned use of the land.
LINKS AT HIDDEN CREEK

THE LAHC was a 25 acre multifamily housing location which adjoins the Links at Hidden Creek Golf Course. The property, located at the entrance to the Golf Course on Eiland Blvd in Pasco County, was proposed to be developed by CBD and its investors for at least 160 town home lots. Rami Zohar of Triangle Builders was the contract purchaser of the site. The land was sold by CBD to its engineers, Kimley Horn, in the spring of 2007. Kimley Horn anticipates completing the approvals. Rami Zohar is still anticipated to be the ultimate purchaser of the property. We wish the best of luck to Triangle Builders and of course the new owner, Kimley Horn, as they continue to work through a very challenging approval process.
COURT STREET

This five acre in fill property located off of Court Street in Zephyrhills, Pasco County, Florida was approved by CBD for 56 fee simple town homes, and was sold in the Spring of 2007 to BFP Group, LLC. CBD completed the approvals for this site in less than nine months, its fastest approval of any project anywhere CBD has developed land in Florida.
WOODLAND RUN

This was a 34 single family home subdivision located off of Woodland Avenue in Harrison Township, Gloucester County, New Jersey. This project was developed and sold to Basch Development Group.
DOMINION

Manchester Township, York County, Pennsylvania. This project was a total development of 450 single and multi family housing projects, town homes, duplexes, and 24,000 square feet of commercial space. Section I of the Dominion was 81 single family homes. Section II was 72 fee simple duplex units, and Section III was 272 fee simple town homes. The 24,000 square feet of commercial/office space is located within Phase I. This project is located at the intersection of Still Meadow Lane and Kayla Boulevard in Manchester Township, this is north of the York County border.
THE RIVER CLUB

The River Club was a development of 30 fee simple town homes constructed and built by CBD Builders, Incorporated. The River Club is located on the Delaware River in Fieldsboro, Burlington County, New Jersey.
HARPERS ORCHARD

Harpers Orchard was a development of 34 single family detached building lots located off of Focher Street and Harper Drive in Glassboro, Gloucester County, New Jersey, Many of the homes in Harpers Orchard were constructed and completed by CBD Real Estate Investment, LLC.
PEACHTREE ESTATES

This project was a development of 28 single family building lots located off of Memorial Lane in Mount Laurel Township, Burlington County, New Jersey. This project was built by an entity known as Memorial Lane Associates, LLC, which was a joint venture between the Peachtree Estates Limited Partnership and the D’Anastasio Corporation.
GREENVIEW ESTATES

Here, CBD Builders, Incorporated bought, and built, 4 large custom single family homes off of Dixontown Road in Medford Township, Burlington County, New Jersey.
LIGHTHOUSE POINTE

Located in High Bar Harbor on the tip of Long Beach Island at the Barnegat Light inlet, CBD Real Estate Investment, LLC. acquired, developed and installed 20 single family detached building lots at this resort location. CBD Real Estate Investment also built 3 large custom single family homes at Lighthouse Pointe. Lighthouse Pointe was one of the most challenging development projects ever undertaken by CBD Real Estate Investment, LLC.
PRICKETTS MILL ESTATES

This project of 27 semi custom and custom single family detached building lots was developed and built by CBD Real Estate Investment, LLC. off of Pricketts Mill Road in Southampton, New Jersey, Burlington County, New Jersey. Many of the building lots were sold individually to custom home builders.
WILDWOOD/ANGLE SEA ROAD DEVELOPMENT

Here, CBD Real Estate Investment, LLC. developed 22 multi family housing units on two separate parcels. AH of the properties are located off of Angle Sea Drive near the Angle Sea Inlet in the North Wildwood section of the Wildwoods, Cape May County, New Jersey.
PRESIDENTIAL LAKES

CBD Real Estate Investment, LLC. as a consultant, developer, and builder of approximately 15 homes within the Presidential Lakes community. Presidential Lakes is a sprawling development of 1,000 homes located in Pemberton Township, Burlington County, New Jersey.
BROMLEY ESTATES

CBD Real Estate Investment, LLC., with its sister company, CBD Builders, acquired, developed, built, and sold this 224 multi family town house project located in Pine Hill, Camden County, New Jersey. CBD’s involvement was extensive with this project. We acquired the development site, we engineered the development and took it through the approval process, installed all of the site improvements, co-developed some construction, built 83 town homes ourselves through CBD Builders, Incorporated, and completed lot improvements for Phases II and III for the current builder, Ryan Homes.
BIRCHWOOD

This single family home project of 13 building lots was
developed by CBD Real Estate Investment, LLC. as the original owner of the property lost the project to its financial lender. CBD Real Estate Investment came in, bought the project from the bank, completed site improvements, completed 3 partially constructed homes, and built 8 additional homes. This project was located off of Taylors Lane in Williamstown, Gloucester County, New Jersey.
BERKLEY LANDING

This highly successful development of 54 single family detached building lots located off of Berkley Road in East Greenwich Township, Gloucester County, New Jersey. This project was acquired, developed, and eventually sold to Signature Homes Group of Berlin, New Jersey.
HARBOUR REEF

Harbour Reef is one of the most difficult projects ever undertaken by CBD Real Estate Investment, LLC. This environmentally sensitive property did eventually receive approvals for 103 fee simple town homes, however, the property was recently sold to the New Jersey State Green Acres Program. We wish Green Acres and the State of New Jersey the best of luck in managing and maintaining this supposedly environmentally sensitive treasure.
TROTTERS CROSSING

CBD Real Estate Investment, LLC. in conjunction with its original property owner, Mr. William Schor, acquired, developed, and sold this 178 acre property after it received approvals for approximately 140 multi family housing units. This property is located off of Walton Avenue in Mount Laurel Township, Burlington County, New Jersey.
KYLE COURT

Kyle Court is a fully approved and developed project of 30 single family detached building lots located off of Walton Avenue and Kyle Drive in Mount Laurel Township, Burlington County, New Jersey. This project was acquired, developed, and eventually sold to the Orleans Construction Company. The Orleans Construction Company began construction of the homes at Kyle Court during the year of 2001.
WELLINGTON COURT

The most successful project of CBD Real Estate Investment, LLC. CBD Real Estate Investment, LLC. acquired, developed, improved and sold 10 custom building lots at this ideal Mount Laurel location. Wellington Court is located off of Wellington Court at the Hartford Road intersection. This cul-de-sac of custom building lots is one of the most desirable locations for housing in all of Burlington County, specifically, Mount Laurel Township. CBD Real Estate Investment, LLC. also built 3 homes at Wellington Court.
NORTH WELLINGTON COURT

Located parallel to Wellington Court, North Wellington Court is a property that CBD Real Estate Investment, LLC. bought in two separate real estate transactions. The two properties, collectively, made up 31 single family homes. CBD Real Estate Investment, LLC. also renovated 2 existing homes on the property, of which one home is currently the only single family detached “Mount Laurel” housing unit ever to be constructed in the Township of Mount Laurel. All the semi custom homes constructed by CBD Real Estate Investment, LLC. at North Wellington Court have appreciated in two years to over $100,000.00 above the original asking price sold for in this community. This highly successful development is one of the nicest housing projects in all of Mount Laurel Township, and is the home to many of the more affluent residents in Burlington County and specifically Mount Laurel Township.
PEACH RIDGE

Located in Edgewater Park, NJ. This subdivision consisted of 18 lots that were developed into 18 single family homes.
DOMINION VENTURES

We have a 24,000 square foot retail facility, fully approved and ready for development. We are asking $300,000 for this site, fully approved and partially improved. A wonderful commercial site with a lot of potential.

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ZEPHYRHILLS, PASCO COUNTY, FLORIDA

CBD Real Estate Investment, Incorporated offers to sell two separate development opportunities in the City of Zephyrhills, Pasco County, Florida.
LAKE WALES, POLK COUNTY, FLORIDA

CBD Real Estate Investment offers for sale thirty-five one-acre single-family detached building lots on septic and well located in Lake Wales, Polk County, Florida. All building lots will be serviced by individual septic and well systems. Electric utilities are available to the site. Each lot is available for sale in consideration of a price of $15,000.00. For more information contact Tammy Gerencser at Tammy@usalandsale.com.
INTERLACHEN ESTATES IN PUTNAM COUNTY, FLORIDA

CBD Real Estate Investment, Incorporated through an affiliate known as MD Properties LLC , in the Fall of 2004, purchased ninety single-family building lots in this fast growing Putnam County community known as “Interlachen Estates.” Here we sell wooded one-half acre to one acre single family detached building lots. A few lots actually have smaller dimensions that one-acre, and some of the building lots actually have up to three acres in size. All lots will be serviced by electric, phone, and cable, however, all utilities are handled by individual on site septic and well systems.

The building lots range from price from $7,500.00 to $11,500.00 per unit. Discounts could be available for bulk purchasers.

For more information regarding these properties and others please contact Tammy Gerencser at Tammy@usalandsale.com or David Waronker at dw@gocbd.com