Balfour Beatty Communities reaches financial close on Air Force Northern Group Project
02 August 2013
Balfour Beatty Communities, LLC, a leading provider of property management, development and related real estate services for the multifamily, military, and student housing markets, announced today it has reached financial close on the Northern Group Housing Privatisation Project with the U.S. Department of the Air Force. The project privatises family housing across six Air Force bases, including Minot AFB, Grand Forks AFB and Cavalier AFS, each located in North Dakota; Ellsworth AFB, located in South Dakota; Mountain Home AFB, located in Idaho; and Cannon AFB, located in New Mexico.
The six-year initial development period, valued at approximately $442 million, will include the design, construction and/or renovation of 4,546 end state housing units with various amenities. Balfour Beatty Communities will manage all development, operations and maintenance, property management, construction, renovation, and demolition services. The company’s key partners on the project will include Balfour Beatty Construction, which will provide new construction services, and Niles Bolton Associates and Woolpert, which will provide architecture and engineering services, respectively.
This is Balfour Beatty Communities’ sixth Air Force housing privatisation project. Balfour Beatty also manages AETC Group I (Altus, Luke, Sheppard and Tyndall AFBs); Vandenberg AFB, CA; AMC West (Fairchild, Tinker and Travis AFBs); Lackland AFB, TX; and Western Group (Beale, F.E. Warren, Malmstrom and Whiteman AFBs).
"We are thrilled to expand our relationship with the Air Force and bring quality housing and world-class customer service to the military members and their families residing at these bases,” said Chris Williams, President of Balfour Beatty Communities. "With the Northern Group project, our military portfolio has increased to encompass 53 Army, Navy and Air Force installations across 25 states and Washington, D.C. We are very proud of the leadership position our team has achieved in the privatisation of military housing and look forward to delivering on our commitments in this sector for many years."
Congressionally authorised since 1996, the Military Housing Privatisation Initiative allows the Department of Defense and the Department of the Air Force to work with the private sector to upgrade the quality of family housing and operate and maintain that housing. The family housing assets are typically leveraged with private investment to accomplish housing construction and renovation goals faster and at a lower cost than military construction.
Balfour Beatty Communities
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Notes to editors:
1. Balfour Beatty Communities is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 37,000 residential units and $5.5 billion in real estate assets under management and has developed or renovated more than 27,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, Balfour Beatty Communities has more than 1,100 employees and is a subsidiary of Balfour Beatty Investments.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in professional services, construction services, support services, and infrastructure investment, with more than $17 billion in annual revenues.
2. An industry leader for more than 80 years, Balfour Beatty Construction provides general contracting, at-risk construction management, and design-build services for a wide variety of markets, serving clients in both the public and private sector. With more than 2,400 employees across the U.S., the company has been cited as a Top 10 Green Builder by Engineering News-Record, and as one of the 100 Best Companies to Work For® by FORTUNE magazine, four years in a row. The company is part of London-based Balfour Beatty plc, a global infrastructure services business operating in more than 80 countries, with a worldwide commitment to providing assets that help societies function, develop, and thrive. To learn more about the company, visit www.balfourbeattyus.com.
3. Balfour Beatty plc (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs 50,000 people around the world.