by Jay Madary, President and CEO
Happy New Year!
I hope you had a wonderful holiday season. Here at JVM, the holidays offered us a chance to celebrate an extremely successful 2016 and gear up for an exciting year ahead.
Last year was one of tremendous achievement at JVM. Just some of the many highlights: We sold the remaining properties in the JVM Realty Apartment Fund I, and we launched the JVM Realty Apartment Fund 6 and the JVM Multi-Family Premier Fund 2. We acquired two new luxury communities – the 464-unit Aventine at Oakhurst North in Aurora, Ill., and the 309-unit Residences at New Longview in Lee’s Summit, Mo. – for a total of $126.8 million. And we were one of the honorees in the Best Places to Work in Multifamily 2017 awards program.
Looking ahead to the new year, with more than $700 million in total assets under management at JVM, we are extremely optimistic.
The multifamily market continues to experience high occupancy rates, and supply and demand look to remain in balance, particularly within our Midwestern markets. The recent rise in interest rates means homeownership will become less affordable, which in turn will drive rental growth. At JVM, we’re committed to taking full advantage of this bull market: we currently have eight communities undergoing renovations, which will create first-in-class experiences for our residents while increasing our investors’ returns.
Additionally, the incoming Trump administration’s focus on infrastructure spending and its attendant job growth could serve as a powerful boon to apartment demand in the Midwest. The new president could benefit multifamily investors in another way: by reducing the capital gains tax.
In addition to owning and managing great apartments, we are committed members of the neighborhoods and communities in which we operate.
Accordingly, we look forward to another year of executing our Committed to Community program, which includes a dollar-for-dollar matching program for charitable contributions by our associates as well as paid volunteer days. Some of the charities we supported in 2016 through this program include the Northern Illinois Food Bank, Marklund Home, Boys & Girls Clubs and the Ronald McDonald House.
Needless to say, we could not be more excited about the year ahead, and we look forward to continuing to share our story with you. Thank you for your continued trust in JVM!
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President & CEO