Balfour Beatty Communities Acquires Interest in Military Housing Project at Lackland AFB, Texas.
Lackland AFB AFB
AFB Acid-fast bacillus, also 1. Aflatoxin B 2. Aorto-femoral bypass Project Represents 44(th) Military Base in Company's Portfolio
NEWTOWN SQUARE, Pa. -- Balfour Beatty Communities has acquired the interests in both Phase I and Phase II of the military housing privatization project at Lackland Air Force Base Lackland Air Force Base (lăk`lənd), U.S. military installation, c.6,835 acres (2,766 hectares), S Tex., W of San Antonio; est. 1941. It is a major air force training center. located in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation).
San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . Phase I of the project consists of 420 housing units completed in 2000 by a prior developer; and Phase II of the project will cover the design, development, construction/renovation and management of an additional 363 end-state housing units. The Company completed the acquisition on December 23, 2008, through the purchase of the membership interests in Lackland Family Housing, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , an entity previously owned by Realm Holdings, Inc.
The project, consisting of both Phases I and II, has a term of 50-years, and includes a 5-year Initial Development Period (IDP) for Phase II with IDP costs valued at approximately $142.0 million. The Company also has taken over property management and operational responsibilities with respect to Phase I of the project.
Throughout the 50-year term of the project, the Company will earn management, construction/renovation and development fees, as well as equity returns on its invested capital.
"In today's challenging financial climate, we are pleased to continue to achieve growth in our portfolio, as well as identify additional acquisition opportunities. This latest transaction adds to our successful track record of working with the military to complete financial restructurings of existing projects. Having implemented a seamless transition for residents of Phase I of the Lackland project, we look forward to continuing to improve the quality of life of Airmen and their families with the commencement of Phase II," said Bruce Robinson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Balfour Beatty Communities.
Congressionally authorized since 1996, the Military Housing Privatization Initiative allows the Department of Defense and Services 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.
Including the Lackland AFB Housing Privatization Project, Balfour Beatty Communities, LLC (www.bbcgrp.com) operates 17 military housing privatization projects covering family housing at 44 military bases and one unaccompanied personnel project, and is in exclusive negotiations relating to one other unaccompanied personnel housing project. The Company also owns interests in Air Force family housing privatization projects at: Vandenberg Air Force Base Vandenberg Air Force Base, U.S. military installation, 3,456 acres (1,399 hectares), SW Calif., near Lompoc; chief Pacific coast launch site for military satellites. , Lompoc, California; the Air Education and Training Command Air Education and Training Command (AETC) was established July 1, 1993, with the realignment of Air Training Command and Air University. It is one of ten major commands (MAJCOMs), reporting to Headquarters, United States Air Force (HQ USAF). (AETC AETC Air Education & Training Command (US Air Force)
AETC Air Education and Training Command
AETC AIDS Education and Training Centers
AETC Alabama Educational Technology Conference
AETC Advanced Engineering Technology Conference ) Group I Project, consisting of four Air Force bases in Oklahoma, Arizona, Texas and Florida; and the Air Mobility Command (AMC (Advanced Mezzanine Card) See AdvancedTCA. West) Project, consisting of three Air Force bases in Washington, California and Oklahoma.
Additionally, the Company has partnered with the Department of the Navy for its Navy Northeast Region Project, covering eight Naval bases in Maine, Rhode Island Rhode Island, island, United States
Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Connecticut, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey, as well as the Navy Southeast Region Project covering 11 Naval bases in South Carolina, Florida, Georgia, Mississippi, and Texas; and has partnered with The Department of the Army for 11 military family housing privatization projects at installations in Georgia, Washington, DC, Maryland, New York Maryland is a town in Otsego County, New York, United States. The population was 1,920 at the 2000 census.
The Town of Maryland is on the county's south border, and was named for the U.S. state of the same name. , Colorado, Pennsylvania, New Jersey, Virginia, Texas, New Mexico, Missouri, New York and South Carolina. The Company also owns interests in the privatization project for Unaccompanied Officer Quarters/Unaccompanied Senior Enlisted Quarters at the Army's Fort Stewart, Hinesville, GA.
About Balfour Beatty Communities (www.bbcgrp.com)
Balfour Beatty Communities, LLC is responsible for the development, renovation, operation and management of military privatization housing projects for the U.S. Departments of the Army, Navy and Air Force. The Company has been a leader in the military housing industry, and provides services to members of the U.S. military and their families residing on or near bases located in 20 states and Washington, DC. Currently based in Newtown Square, PA, the company employs approximately 1,000 people nationwide.