Pinnacle Hunt Communities LLC has assumed management over base housing at Randolph Air Force Base in San Antonio. Pinnacle, a joint venture between Pinnacle AMS Development Co. LLC in Irvine and Hunt Development Group of El Paso, Texas, will manage base housing at a total of six Air Education and Training Command installations for the U.S. Air Force. The company will assume operations of 2,503 family homes at Columbus Air Force Base in Mississippi; Laughlin Air Force Base, Randolph Air Force Base and Goodfellow Air Force Base in Texas; Maxwell Air Force Base in Alabama and Vance Air Force Base in Oklahoma. The Air Education and Training Command headquarters are located at Randolph in San Antonio.
Pinnacle will operate and manage base housing for the next 50 years. The company will spend $287 million in private sector debt and equity over the next five years building 324 new Energy Star homes, demolishing 628 existing homes and renovating 1,374 existing homes. In all, the project will include 2,199 homes for Air Force families.
The first new homes should be built by the fall of 2008. Pinnacle will also invest in new community centers, lots, biking paths, jogging trails and recreational courts.
In the joint venture, Pinnacle AMS will provide property management services, while Hunt will provide asset management services. Hunt affiliate, Hunt Building Co., will provide design-build services. The new homes will be designed by Gile-Buck Architects of Boise. PBS&J of Dallas will offer civil engineering and landscape design services.
In addition to this contract, Pinnacle and Hunt have separate contracts to develop, build and operate military family housing at Dover Air Force Base in Delaware; Barksdale Air Force Base in Louisiana; Langley Air Force Base in Virginia; Bolling Air Force Base in Washington, D.C.; Fort Lee in Virginia; Scott Air Force Base in Illinois; and Nellis Air Force Base in Nevada.
Pinnacle AMS provides real estate investment, management and development services. The company specializes in large, multifamily, privatized military housing and mixed-use developments.
Hunt Development provides development, design-build, construction management, investment and asset/property management services across the country.
Source: Biz Journals