(Read more on the multifamily market.)
FAIRBANKS, AK-Actus Lend Lease has entered into exclusive negotiations with the US Army for the development of family housing at Fort Wainwright and Fort Greely in Alaska. Fort Wainwright is located just outside Fairbanks and Fort Greely is located about 100 miles southeast of Fairbanks, outside of a town called Delta Junction.The project includes the construction, renovation and property management operations of more than 1,800 homes in a 50-year sustainable development and management real estate transaction. The initial development budget is approximately $420 million over 6 years.
The project is part of the US Army's Residential Communities Initiative to improve the quality of housing for US service members and their families. Actus Lend Lease has 10 military housing projects totaling $5.6 billion underway across the US.
The list of projects includes two large projects in Hawaii. At Hickam Air Force Base in Hawaii, the company is in the process of privatizing 1,356 homes as part of the first phase of a project that also includes the development, construction, renovation and management of 1,118 homes over 50 years. The value of the projects over the first several years totals more than $750 million.
At the Army Hawaii Family Housing installation on Oahu, Actus lend Lease is in the midst of a $2.33-billion project that calls for the construction of 5,388 new homes, the renovation/restoration of 2,506 existing homes and nine new community centers during the 10-year initial development period. In what is being called the largest solar-powered community, photovoltaic panels will supply approximately 30% of the communities' electrical needs.
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