Friday, August 14, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Regions Provides Financing for 255-Unit Transformational Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane to Build 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Catholic Charities Opens 135-Unit Affordable Seniors Housing Community in Brooklyn

by Taylor Williams

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, a 135-unit affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009.  The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I of a larger set of redevelopment plans.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentSoutheastVirginia

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

by John Nelson

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, library, laundry, fitness room, elevator, park areas with benches, bike racks and off-street parking, as well as an onsite leasing and management office and 6,500 square feet of commercial space on the ground floor. Virginia Housing awarded Low Income Housing Tax Credits to Woda Cooper to support financing, including equity invested by Wells Fargo. Cedar Rapids Bank & Trust also provided construction financing. The project team includes civil engineer Hoggard-Eure Associates and structural engineer Speight Marshall Francis. Holley Pointe is named after the late Dr. James Holley III, a former mayor of Portsmouth.

Continue Reading
FacebookTwitterLinkedinEmail
Atrium-West-Covina-CA
AcquisitionsAffordable HousingCaliforniaMultifamily

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

by Amy Works

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and three-bedroom layouts that average more than 1,000 square feet. The buyer plans to improve the units while also preserving the property’s workforce housing designation.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMultifamilyTexas

Colliers Mortgage Provides $7.3M Construction Loan for Fort Worth Affordable Housing Project

by Taylor Williams

FORT WORTH, TEXAS — Colliers Mortgage has provided a $7.3 million HUD-insured construction loan for Avenue at Sycamore Park, a multifamily project in Fort Worth that will add 91 affordable housing units and 17 market-rate residences to the local supply. The project’s affordable component will include units for renters earning 30, 50 or 60 percent or less of the area median income. Jeff Rogers of Colliers Mortgage originated the financing through HUD’s 221(d)(4) program on behalf of the borrower, an entity doing business as CSH Avenue at Sycamore Park Ltd. A tentative completion date was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

by Kristin Harlow

COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year term. Reuter Walton Development was the borrower.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingCaliforniaMultifamilySeniors HousingWestern

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Amy Works

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts