HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.
TCB, BHA Break Ground on 223-Unit Multifamily Redevelopment Project in Boston
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.
CPP Acquires 220-Unit Affordable Housing Complex in Downtown Buffalo
BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.
McShane Completes Construction of 117-Unit Affordable Housing Community in Atlanta
ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.
Affordable HousingBuild-to-RentGeorgiaMarket ReportsMultifamilySingle-Family RentalSoutheastSoutheast Market Reports
Why Investors Should Love Atlanta’s Multifamily Market
Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …
Woda Cooper Begins Development of 97-Unit Affordable Housing Community in Columbus
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and co-developer Franklinton Development Association have broken ground on Starling Yard, a 97-unit affordable housing community in the Franklinton neighborhood of Columbus. Located at 120 S. Central Ave., the project involves the adaptive reuse of the vacant Starling Middle School. Woda Cooper secured the site through a purchase agreement with the Board of Education of the Columbus City School District. The school, listed on the Columbus Register of Historic Properties in 2022, was originally built as West High School in 1908. It has been vacant since 2013. In addition to the adaptive reuse component, the project will also include two ground-up buildings with 52 units. All of the property’s units will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $400 to $1,295 per month depending on income restriction and size of the unit. Five units will be reserved for those with mobility challenges and two units for those with sight and hearing disabilities. Primary financial support for Starling Yard is the result of a bond issuance and Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency (OHFA). …
Revitate Cherry Tree Acquires 96-Unit Workforce Housing Property in Lawrenceburg, Indiana
LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.
NRP Group Completes 56-Unit Affordable Housing Project in Irvington, New Jersey
IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.
Bellwether Enterprise Arranges $26.6M Loan for Refinancing of Long Island Seniors Housing Community
LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $26.6 million loan for the refinancing of Village Green, a 103-unit seniors housing property located in the Long Island community of Levittown. Built in late 2020, Village Green offers assisted living and memory care services. Taylor Mokris and Ryan Stoll of BWE originated the financing through a regional bank on behalf of the borrower, an undisclosed regional owner-operator. The loan carried a three-year term, 30-year amortization schedule and 24 months of interest-only payments. The direct lender was an undisclosed regional bank.
Pennrose, PCDC Break Ground on 51-Unit Affordable Seniors Housing Complex in Philadelphia
PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has broken ground on 800 Vine Senior, a 51-unit seniors housing complex. The five-story project is being constructed at the site of a former parking lot and will house studio, one- and two-bedroom units. Six residences will be reserved for renters earning 20 percent or less of the area median income (AMI), and 20 units will be earmarked for households earning 50 percent or less of AMI. The remaining 25 units will be rented to seniors earning 60 percent or less of AMI. Amenities will include a community room, courtyard and onsite laundry facilities. Completion is slated for summer 2024.