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Affordable Housing

AcquisitionsAffordable HousingDevelopmentMultifamilySoutheastTennessee

Capstone Arranges Land Sale in Nashville, Buyer Plans to Develop Mixed-Income Residential Property

by John Nelson

NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.

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Aspen-Wood-San-Ramon-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

Standard Communities Plans $55M Affordable Seniors Housing Development in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …

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AcquisitionsAffordable HousingMultifamilyNorth CarolinaSoutheast

Marcus & Millichap Brokers $21.5M Sale of Affordable Housing Community in Raleigh

by John Nelson

RALEIGH, N.C. — Marcus & Millichap has brokered the $21.5 million sale of The Oaks at Brier Creek, a 144-unit affordable housing community in Raleigh’s Brier Creek neighborhood. The LIHTC property was developed in 2005 and features one-, two- and three-bedroom apartments that range in size from 715 to 1,170 square feet. Amenities include a swimming pool, fitness center and onsite property management. Drew Babcock of Marcus & Millichap represented the Raleigh-based seller, an entity doing business as The Oaks at Brier Creek LLC, and procured the Connecticut-based buyer, New England Investment Partners. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted in the transaction.

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AcquisitionsAffordable HousingDistrict of ColumbiaMultifamilySoutheast

Enterprise Community Development Purchases Skyland Apartments in Southeast D.C. for $25.7M

by John Nelson

WASHINGTON, D.C. — Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has closed on its $25.7 million purchase of Skyland Apartments, a 224-unit community in the Randle Heights neighborhood of Southeast Washington, D.C. Originally built in 1939, the “naturally occurring affordable housing” (NOAH) community comprises one- and two-bedroom duplexes and one-bedroom flats, as well as 10,000 square feet of commercial space. Enterprise Community Development’s acquisition from W.C. Smith was executed through the District of Columbia’s Tenant Opportunity to Purchase Act, which the residents began in 2019 before being delayed by the COVID-19 pandemic. EagleBank and Capital Impact Partners provided acquisition financing. Winn Management is currently serving as property manager for Skyland Apartments. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to keep rents affordable.

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Affordable HousingDevelopmentMultifamilyTexas

Industry ATX Breaks Ground on 23-Unit Affordable Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer Industry ATX has broken ground on Industry SOMA, a 23-unit affordable housing project in Austin’s South Menchaca neighborhood. The townhome-style residences will be reserved for households earning 80 percent or less of the area median income. Mark Odom Studio designed the project, which is slated for a fall 2025 completion.

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Structures $15.6M in Financing for Affordable Housing Renovation Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.

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Northwest-Apts-Broomfield-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Highridge Costa Starts Construction of 50-Unit Northwest Affordable Apartments in Broomfield, Colorado

by Amy Works

BROOMFIELD, COLO. — Highridge Costa has started construction on Northwest Apartments, an affordable multifamily property in Broomfield. The 50-unit community is designated for families earning 30 to 60 percent of area median income. Designed by Denver-based Santulan Architecture, the four-story building will feature 16 one-bedroom/one-bath units; 26, including an on-site manager’s unit, two-bedroom/two-bath units; and eight three-bedroom/two-bath units. Residences will include patios and balconies, quartz countertops, a range and oven, dishwasher, refrigerator, air conditioning, garbage disposal, window coverings and high-speed internet connections. Community amenities will include a clubroom, fitness center, play area, small dog park, laundry rooms and secure indoor storage for bicycles. Completion is slated for late fall 2023.

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Affordable HousingDevelopmentGeorgiaIndustrialMixed-UseMultifamilyRetailSoutheast

Atlanta BeltLine Inc. Selects Culdesac to Develop 20-Acre Murphy Crossing Mixed-Use Project in Southwest Atlanta

by John Nelson

ATLANTA — Atlanta BeltLine Inc. (ABI) has selected development firm Culdesac for the 20-acre Murphy Crossing project located at 1050 Murphy Ave. in southwest Atlanta’s Oakland City neighborhood. Culdesac, which recently delivered a “car-free” mixed-use development in Tempe, Ariz., will be working with Urban Oasis Development, Kronberg Urbanists + Architects, LDG Consulting and T. Dallas Smith and Co. on the Murphy Crossing project, which will be branded Murphy Crossing by Culdesac. Plans for the development are subject to change pending community feedback, but preliminarily the project will comprise new and existing buildings that will house market-rate and affordable housing apartments, a grocery store, retail and dining options, light industrial space, coworking spaces, arts and culture programming and a farmer’s market, honoring the site’s history as the location for the Georgia Farmers Market in the 1940s and 1950s. Murphy Crossing by Culdesac will give residents proximity to the Oakland City and West End MARTA stations. Additionally, 25 percent of the residential units will be designated permanently affordable with an additional 5 percent of units deemed affordable for at least the next 30 years. The target rent restriction for the affordable units is between 60 and 80 percent of the area median …

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AcquisitionsAffordable HousingFloridaMixed-UseMultifamilyRestaurantRetailSoutheast

Avanath Capital Purchases City View Mixed-Use Development in Orlando for $62.5M

by John Nelson

ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.

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Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Related Urban Breaks Ground on $190M Mixed-Income Residential Project in Miami

by John Nelson

MIAMI — Related Urban Development Group has broken ground on Gallery at West Brickell, a $190 million mixed-income tower in Miami. The site for the 29-story residential property is located at 201 SW 10th St. in the city’s Brickell district. Once complete, the property will offer 465 mixed-income units, ranging from studios to three-bedroom apartments. Related Urban, the affordable housing arm of Miami-based development giant Related Group, expects to begin preleasing units in late 2025. The developer is building the community in a public-private partnership with Miami-Dade County and Miami-Dade County Public Schools. As part of the partnership, Related Urban executed a 75-year ground lease and will pay rent to the county as a percentage of the property’s cash flow. According to the developer, the property represents the largest single-phase, public-private partnership project in Miami-Dade County. “Through this groundbreaking, we are paving the way for hundreds of local families to find accessibly priced homes in a Class A development located within a block of mass transit that they can all be proud of,” says Albert Milo, president of Related Urban. “Miami-Dade County is committed to ensuring local families, teachers and other members of the workforce can live in the urban …

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