5 Powell Lane
Collingswood, NJ 08108
Ingerman has been building award winning housing in the Mid-Atlantic region for over two decades. With over 5,000 units completed, our seasoned team of real estate and construction professionals provides a high quality of life for our residents. We utilize state-of-the-art architectural design, cost effective and efficient construction, and an array of modern amenities in the development of each of our communities.
Since its inception in 1982, Ingerman, which is comprised of a family of interrelated companies including MBI Development Company, Ingerman Construction Company, and Ingerman Management Company, has developed, built and manages numerous market-rate rental communities, several for-sale residential projects, and thousands of units of affordable rental housing. Founded upon the central goal of delivering housing unparalleled quality through hard work, strategic planning and attention to detail, Ingerman has expanded rapidly. We are now one of the fastest growing real estate developers in the Mid-Atlantic region.
Affordable Housing Development
Ingerman was established in 1982 to own and manage affordable rental housing. One of our goals has always been to produce quality living environments for lower to middle income persons that are indistinguishable from comparable “market rate” properties. Ingerman communities are responsive to and supportive of residents and Ingerman helps ensure that all residents have an opportunity to reach self-sufficiency by providing them with the necessary supportive services that will sustain their progress along the path toward their goals.
Ingerman and its affiliates manage, or asset-manage, thousands of affordable rental housing units nationwide. Many of Ingerman affiliates’ affordable housing transactions prior to 1986 were developed through the HUD Section 8 Moderate Rehabilitation Program, and/or Section 221 (d)(3) or section 236 financing programs. After 1986, Brad Ingerman continued his housing activities by first creating MBI Equities Corp. (MBI), later Ingerman Affordable Housing (IAH), and then MBI Development Company, Inc. (MBID), which utilized the Low Income Housing Tax Credit program to create new affordable housing opportunities. These entities utilized the tax credit program to assist in the development of thousands of affordable rental housing units throughout the east coast. Ingerman has received nearly $54 million in tax credit reservations, which have been sold to primarily Fortune 500 companies to raise equity in excess of $444 million. Today completed projects and projects in development have costs of approximately $870 million.
In 1998, Ingerman expanded its activities through the development of Walt Whitman Village, its first for-sale community in Camden, New Jersey. It was the first new, for-sale Community in Camden in a century. So well was this project received that it was completely sold out within one year, six months ahead of schedule. Ingerman has also developed a mixed-income rental and for-sale community, Cricket Court Commons. Located in the Germantown section of Philadelphia, the project involved the rehabilitation of an existing apartment complex including 228 rental units and 44 for-sale units. In 2005 Ingerman built nine for-sale houses in Bridgeton, NJ as part of 250-unit multiphase development and 12 for-sale units in Pleasantville, NJ as part of a 128-unit community it developed. In 2009, Ingerman completed 71 for-sale units in Wilmington, Delaware which includes both affordable and market rate units.
Market Rate Development
MBI Development Company (MBID) is a developer of unique market rate housing opportunities. Its first project was the redevelopment of “The Marin” in Jersey City, New Jersey. This $15+million project is located in close proximity to the Jersey City waterfront and involved a 13-story structure that was rehabilitated from a former industrial building into high-end loft apartments, enjoying huge walls of windows that overlook the Manhattan skyline. The Marin also features 18-foot ceiling, exposed structural elements, gourmet designer kitchens, a health club, and a host of additional amenities. The project was sold to a condo converter in 2005.
Our second market-rate project involves a $20+million 148-unit luxury rental project for seniors in Bergen County, New Jersey. Financed with low-floater tax-exempt bonds, MBID acted as co-developer and Ingerman Construction acted as general contractor on the project. The project includes 20% low income units with the remainder of the units renting for monthly rates of $1400 to $2700.
In 2009, Ingerman completed a 71-unit, mixed-income community, Speakman Place, which is made up of both market rate and affordable homeownership townhomes and is located in Wilmington, Delaware. Building upon the success of Speakman Place, Ingerman embarked in 2010 on the development of Union Station, a $25 million, 87-unit luxury townhome development located in the heart of West Chester, Pennsylvania. The development will offer residents an extensive list of impressive standard features including: three bedrooms two-and-a-half baths, two car garages, luxurious kitchens with fine wood cabinetry and ENERGY STAR appliances, open floor plans, front and back covered decks, beautifully landscaped grounds and stucco and vinyl exteriors.
Ingerman was recently named as the redeveloper of the Lumberyard in Collingswood, New Jersey. Originally a for-sale condo development, the Lumberyard is a major redevelopment effort along Collingswood’s main commercial corridor, proximate to a rail station that provides a short commute to Philadelphia. However, the project stalled in 2010 and Ingerman has stepped in to redevelop the remaining portion of the property into a vibrant mixed-use, transit-oriented community, complete with 104 market-rate apartments, street-level retail, and Ingerman’s corporate offices. Construction is slated to begin in early 2013.
Ingerman Construction Company (ICC) commenced business in 1994 to principally act as general contractor for housing projects developed by its affiliates. Today, ICC is not only constructing projects for Ingerman affiliates, but is also actively negotiating housing related general contracts with unaffiliated owners. ICC is managed by an Executive Vice President of Construction, and includes a staff of estimators, several experienced project managers and project superintendents, and a cost accounting department.
Previous projects have ranged in size from $1.5 million to in excess if $20 million. The value of projects built to date and under construction exceeds $564 million. Geographically, ICC has constructed projects as far north as northern New Jersey and as far south as Dade County, Florida. However, the majority of ICC’s projects have been built in Pennsylvania, New jersey, Delaware and Maryland. ICC has tremendous expertise in building virtually every type of multi-family housing project in virtually every environment. Regardless of the project’s characteristics and setting, ICC’s goal has always been and will remain to build quality, cost-effective housing.
Since 1982, Ingerman has been involved in apartment management and has garnered from this experience a valuable basis of knowledge, which has been in turn incorporated into its development and construction capabilities. Ingerman Management Company (IMC) is the primary management vehicle of Ingerman. IMC has extensive experience managing and asset managing thousands of units of affordable housing. Approximately 4,300 units are presently being managed by IMC.
Over the last several years, approximately 25% of IMC’s management responsibilities have involved properties owned by others. IMC employs a full complement of management professionals, which includes a CEO, a vice president, various regional managers, a tax credit compliance group, and a host of property managers, maintenance professionals and janitors. These various employees are responsible for all aspects of the management process, from initial marketing through rent-up and tax credit compliance. Management personnel are also responsible for interfacing with the various social service agencies contracted to provide supportive services to residents. Management staff works closely with the development staff to ensure that the management’s operational experience is taken into account during the planning of a community.