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Eastpointe LLC is a newly formed residential development and management limited liability corporation. Eastpointe will develop and manage residential rental properties primarily within suburban communities along the New York to Boston corridor. Eastpointe will identify, acquire (subject to approvals), and obtain entitlements for its developments in communities where market fundamentals are favorable to multi-family rental development. Eastpointe has recognized an opportunity to capitalize on the changing housing demographics in its targeted geographic area, a more receptive entitlement environment among identified communities, and an improving construction and permanent financing climate for quality multi-family rental communities within the New York to Boston corridor. The current economic climate combined with changing demographic forces and constrained single-family lending practices are each contributing to an increasing demand for multi-family rental housing. The recent societal focus on home ownership that lasted until 2007 limited development of new rental housing. Many of the current would be renters are unable to find acceptable rental housing options.
Eastpointe will be developing attractive rental housing communities in the undersupplied markets (where supply has not kept up with demand) it identifies. Specifically, Eastpointe will seek development opportunities in areas that have several of the following characteristics: little or no multi-family rental development in recent years; sites that are located within close proximity to employment centers; communities with high average household incomes; and, sites located near convenient transportation networks.
Eastpointe’s communities will be large enough to support amenities such as on site maintenance and leasing offices, business centers, community rooms and club houses with pools and gyms. Eastpointe’s communities will be attractive to young professionals as well as older “move down” homeowners who no longer wish to own their own homes but want to maintain roots in the communities in which they and their families have lived.
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