Commercial Investment Real Estate
Creative Portfolios
C CIM
C O NNECTI O N S
Emily Mitchell, CCIM, compares the creative structuring of multifamily housing deals
through public-private partnerships to ballet.
"T ere's beauty in the discipline," she says. "Building quality homes and providing profes-
sional property management gives service members attractive options when choosing to live
in military communities."
For more than a decade, her work both as a consultant and now with the U.S. Depart-
ment of Navy has spanned all facets of multifamily, from transactional real estate to asset
management. Representing the DON member interests in privatized companies, known
as public-private ventures, requires versatility and creativity to meet the changing housing
needs of sailors, Marines, and their families.
As a PPV program specialist in Norfolk, Va., Mitchell works with a team
of f nancial analysts and project managers. Military Housing Priva-
tization Initiative legislation authorizes 50-year lease agreements
with commercial development companies and has resulted in a
redeveloped housing portfolio of over 68,000 homes.
Mitchell's team evaluates projects competitively based on
qualifying, f nancial, and technical criteria.
"Public-private partnerships enable the DON to benef t
from private-sector multifamily expertise and access to the
capital markets," Mitchell says. "PPV projects use rental
revenue to pay for expenses and debt."
As with conventional multifamily properties, PPVs look
for new ways to reduce expenses and increase cash f ow
for reserve and recapitalization accounts. Roof op and
ground mounted solar array initiatives are one example.
"With rising energy costs, PPV partners are looking
for ways to of set increased expenses," Mitchell says.
T e PPV team's f exibility to resolve new issues and
dedication to improve service members and their
families' lives is evident through their improved
housing options.
Emily Mitchell, CCIM
T e views presented do not necessarily represent the views
of the Department of Defense, the DON, or any of their
components.