Acquisitions & Development
The Key to Creating HomesDEVELOPING SUCCESSFUL COMMUNITIES
Vesta finds success in acquiring and developing multifamily and senior housing as a result of its commitment to underserved areas and Vesta’s ability to create lasting communities. They believe strategic investment in real estate and people, paired with sound management, yields productive communities. Vesta, together with its partners and stakeholders, creates highly sought-after, desirable, quality apartment homes for residents.
Vesta built its reputation as a highly valued partner in developing and preserving affordable housing by ensuring they deliver on their promises from the start.
Vesta has experience in the first time use of affordable housing programs. In multiple cases, they paved the way for unique deal structures in order to overcome acquisition and development challenges. Vesta is fundamentally designed to manage the acquisition, finance, development, and preservation of a wide range of multi-family opportunities. Vesta’s development experience includes mixed income; market rate; subsidized; senior housing; student housing; workforce housing; impact investment; adaptive reuse; rehabilitation/redevelopment; historic preservation; value add; and new construction.
REDEVELOPMENT
Redeveloping a community adds value to the asset and allows residents to stay in their homes and avoid displacement. Vesta identifies assets in need, both within their current portfolio or as a new acquisition, and partners with local communities, agencies, and residents to transform the property. Vesta’s expertise and proven track record of success, in conjunction with highly skilled partners, including designers, architects and contractors, has led to the redevelopment of more than 20,000 apartment homes.
STORIES:
Park Yellowstone
HISTORIC REDEVELOPMENT
Vesta has experience in navigating the complexities of historic redevelopments and sustaining the historical structure and characteristics that make them unique. Vesta believes the key to any historic redevelopment is gathering the right team and working with local community partners to advocate and build support and passion for the project. Meticulous analysis by this team ensures the avenues of preservation, rehabilitation, restoration, and reconstruction are thoughtfully considered for successful execution. Vesta’s expertise maximizes the use of federal, state, and local financial resources in order to ensure the many nuances of historic redevelopments are properly addressed.
ACQUISITIONS
Vesta’s approach to growing its portfolio is through impact investment. Along with their strategic partner, Choice Housing Investments, Vesta has realized success with social responsibility. As long-term owners, Vesta is committed to its communities and ensures new acquisitions allow Vesta to do what they do best – add value. A sought-after partner, Vesta carefully analyzes each potential acquisition to ensure it fits in with their vision. Identifying, closing, and restoring a community that improves the quality of life for its residents, and making it a place that residents are once again proud to call home, provides the largest return.
LEARN MORE:
Choice Housing Investments
NEW CONSTRUCTION
The growing demand for quality affordable multifamily housing offers ripe opportunities for new construction. Vesta has experience in utilizing financing programs, like the highly competitive 9% Low Income Housing Tax Credit (LIHTC) award, to complete new construction. Evaluating and incorporating state-of-the-art building concepts, technology, and sustainable building standards is at the core of Vesta’s new construction strategy. The longevity of their dedicated team, the oversight provided by their internal construction management team, and longtime design and construction partner, is their recipe to realizing success.
OUR TEAM
Vesta sets itself apart with a nimble, and knowledgeable team experienced in navigating complex financial structures that meet the needs of investors and partners. The development team at Vesta includes professionals with the necessary skills to complete any type of housing redevelopment no matter how complex; including lawyers, CPAs, MBAs, real estate experts, and construction specialists.
ARTHUR N. K. GREENBLATT
President
AARON GREENBLATT
Counsel
JOSHUA GREENBLATT
ALEXANDRA MICHAUD
Director of
Acquisitions
STEVEN RICE
Director of
Development
SARA LEADBETTER
Construction
Manager
DANIEL WALSH
Development
Analyst
PARK YELLOWSTONE
APARTMENT HOMES
Project Type:
Redevelopment
Completion Date:
June 2020
Residential Units:
210
Development Cost:
$30.2M
Funding Sources:
TDHCA Bond
Fannie Mae First Mortgage utilizing MTEB
CDBG-DR loan from City of Houston
LIHTC
Developer Loan
THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.
THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.
Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.
THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.
BEFORE
AFTER
PARK YELLOWSTONE
APARTMENT HOMES
Project Type:
Redevelopment
Completion Date:
June 2020
Residential Units:
210
Development Cost:
$30.2M
Funding Sources:
TDHCA Bond
Fannie Mae First Mortgage utilizing MTEB
CDBG-DR loan from City of Houston
LIHTC
Developer Loan
THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.
THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.
Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.
THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.
BEFORE
AFTER
Arthur N. K. Greenblatt | President
As co-founder, President and CEO of Vesta Corporation. Arthur draws upon more than 40 years of affordable multifamily housing industry experience to make strategic decisions impacting the growth and longevity of the organization. As a leader of the organization, Arthur holds himself to, and expects of every Vesta team member, the embracement and embodiment of Vesta’s vision and core values. Before starting Vesta from the ground up, Arthur practiced real estate law and was the first General Counsel of the Connecticut Housing Finance Authority. In his tenure at CHFA, Arthur helped to create the Uninsured Multifamily Mortgage Program and was responsible for devising creative workouts for troubled projects.
Arthur is a trusted advisor to cities, housing authorities, and partners across the country. He has a great deal of experience working with a broad range of debt and equity sources including tax-exempt bonds, conventional and FHA mortgage programs, and Low Income Housing Tax Credits. Arthur provides great strength in problem-solving and thrives off the challenge of financing a transaction.
Under his leadership, Vesta has become a sought-after partner in the industry. Arthur has a J.D. from the University of Connecticut, School of Law, and a B.S. from American International College.
Lewis Brown | Executive Vice President Acquisitions & Development
Lewis leads Vesta’s Acquisition and Development Team. Since his start with Vesta in 2005, Lewis has helped to identify and collaboratively close more than 50 transactions totaling more than $500 million of debt, including bridge, Fannie, Freddie, FHA, State Agency, and conventional sources. He has also assisted with closing in excess of $250 million of equity, consisting of LIHTC, Historic, and conventional private capital. These transactions include 4% and 9% LIHTC redevelopments, 4% and 9% LIHTC new construction, traditional value add acquisitions, partnership interest purchases, and refinances.
By leveraging and working collaboratively with his Vesta colleagues, third-party professionals and external stakeholders, Lewis has helped the team to consistently deliver and close transactions that are fiscally sound and socially responsible. His more than 16 years at Vesta and previous years as an attorney focused on real estate and construction law have informed and sharpened his analytical analysis of new opportunities, honed the rigor of conducting due diligence, and created a solid base for overseeing the life cycle of a transaction.
Aaron Greenblatt | Counsel
Aaron is In-House Counsel, with a significant area of focus on Vesta’s Acquisition and Development team. He utilizes his legal background to evaluate transaction feasibility and manage Vesta’s acquisitions, redevelopments, and the refinancing of those assets. His regular responsibilities include analyzing development feasibility, processing financing applications, negotiating with investors and lenders, and oversight of design and construction.
Aaron joined Vesta in 2017, and has successfully led a variety of projects, including membership interest transfers, the rehabilitation of existing communities, historic adaptive conversions, and multi-million-dollar casualty claims. Beyond project completion, Aaron provides oversight and quality control of Vesta’s portfolio.
Joshua Greenblatt
Josh leads Vesta’s acquisition efforts, with the goal of making tactical additions to Vesta’s portfolio. He is responsible for deal identification and negotiations with sellers, as well as lining up debt and equity to execute on transactions.
Josh started at Vesta in 1998 and has been part of the company’s significant growth since. He has led numerous projects, property and membership interest acquisitions and dispositions, as well as several rehabilitations. Josh is also involved in strategic oversight of Vesta’s portfolio.
Alexandra Michaud | Director of Acquisitions
Ally joined Vesta in 2016. She is responsible for conducting due diligence, analyzing the feasibility of potential acquisitions and assisting with application processes for numerous finance programs including LIHTC and various state and federal funding programs. Ally has a part in each stage of a deal, including initial underwriting, submitting an LOI, and closing on acquisitions.
Ally previously worked with UBS Realty Investors in their Client Services department.
Ally holds a B.S. in Real Estate and Urban Economics from the University of Connecticut.
Steven Rice | Director of Development
Steve joined Vesta’s Acquisitions & Development team in 2013. He is responsible for the preparing analysis and financial models to investigate the feasibility of potential deals, conducting due diligence, researching qualifications and application processes for various finance programs including LIHTC, and various state and federal funding programs, and preparing documents required for equity and loan processing.
Before taking the role with Vesta, Steve was an Acquisitions Analyst with Corridor Ventures focusing on multifamily investments.
Steve has a B.S. in Finance and a B.S. in Business Management from Arizona State University, an M.B.A. from the University of Connecticut, and a J.D. from the University of Connecticut School of Law.
Sara Leadbetter | Construction Manager
Sara joined Vesta in 2018 as Construction Manager. As the person who is responsible for the management of all construction and large-scale property rehabilitation, Sara is integral in maintaining relationships and communication with onsite general contractors, architects and local governing agencies. Her work entails oversight of each project from pre-construction design and estimation, through onsite construction and resident relocation, to completion and re-occupation.
Sara’s background includes project management in residential home development and construction in Austin, Texas for David Weekley Homes and as an Engineer Officer in the United States Army working on large scale infrastructure projects while stationed in Germany and Kosovo.
Sara earned a Chemical Engineering Degree from the University of Michigan where she was an ROTC designee.
Daniel Walsh | Development Analyst
Daniel Walsh joined Vesta’s Acquisition and Development team in 2020. Daniel is primarily responsible for analyzing, executing, and managing potential real estate investments and capital market opportunities across Vesta’s portfolio.
Prior to joining Vesta, Daniel was with Freddie Mac, originating, structuring and negotiating multifamily loans.
Daniel holds a B.S. degree in Business Management from Georgetown University.
OUR STORY
1981 | Steve Erie & Arthur Greenblatt begin financing affordable housing
1986 | Inception of Tax Credit program: Steve & Arthur become pioneers in the use of LIHTC
1987 | Services expanded to include Property Management of owned affordable housing communities.
1990 -1994 | Banking Industry Collapse
1998 | Vesta Corporation is created after successful navigation of the Banking Crisis
2001 | Vesta redevelops Rainbow Terrace, a 484-unit community in Cleveland, Ohio. The largest project to date. The total cost was $53.5M and included a state-of-the-art Learning Center for residents.
2008 | Vesta completes redevelopment of Countryside Village (link to redevelopment story) in New Jersey, a former workforce housing community that housed Seabrook Frozen Foods Company employees.
2011 | Clarity of the Vesta Vision emerges.
2013 | Moved into a new corporate office with over 200 employees company wide.
2016 | Steve Erie retires from Vesta. Congratulations, Steve!
2017 | In 2011, Vesta sets its first Big Hairy Aggressive Goal to grow to 8,000 units, doubling in size, by year end 2016. Vesta celebrated this exciting achievement!
2020 | Completed the redevelopment of Park Yellowstone, on time, during the pandemic. Vesta moved to a remote working environment due to the COVID-19 crisis. Not only did Vesta avoid layoffs during the pandemic, but actually grew by adding more staff.
2021 | On the heels of Vesta’s success in 2017, Vesta sets yet another goal to continue growth to 10,000 units – called 10-in-20.
Vesta celebrates the on-time completion of Park Yellowstone redevelopment in Houston, TX during the early months of the COVID-19 pandemic.
The market shifts and Vesta successfully disposes of 3 assets to maximize value in this booming market.
Arthur celebrates 40 years in affordable housing.
PARK YELLOWSTONE
APARTMENT HOMES
Project Type:
Redevelopment
Completion Date:
June 2020
Residential Units:
210
Development Cost:
$30.2M
Funding Sources:
TDHCA Bond
Fannie Mae First Mortgage utilizing MTEB
CDBG-DR loan from City of Houston
LIHTC
Developer Loan
THE STORY:
Park Yellowstone is a 210-unit multifamily property in Houston, Texas. Vesta acquired the property in 2016 in order to preserve this essential housing for the current residents due to significant growth and investment in the area. 100% of the units at Park Yellowstone are restricted to residents earning 60% or less of the Area Median Income (AMI). 30% of the units are occupied by residents with incomes of 50% of AMI or less.
THE VISION:
Vesta came up with a plan that included a complete renovation of all 210 apartments and townhomes. A portion of the units were transformed into ADA compliant homes. The rest of the apartments received new kitchen cabinets, counters and appliances, bathroom vanities and lighting, new flooring, and new light fixtures.
Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission. The nature of these upgrades involved residents to be displaced from their units in order to safely rehabilitate each unit. A Learning Center and new fitness area were added as well. The buildings themselves received new roofs and entry doors while some units had foundation repairs done. Damaged sewer lines were repaired or replaced, and air conditioning condenser units were replaced as needed.
THE RESULT:
The renovations ensured Park Yellowstone will remain a vital provider of affordable housing in the greater Houston area. The changes to the community made it possible for residents to once again be proud of their homes. Park Yellowstone was awarded the Texas Apartment Association’s Affordable Housing Award for creative and innovative initiative in affordable housing.
BEFORE
AFTER