OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.
LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.
CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …
LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.
LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …
DALLAS — Palladium USA, a locally based affordable housing developer and operator, is underway on construction of an 87-unit mixed-income property at 2440 Southwell Road in northwest Dallas. The affordable component of the project will include units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK is the project architect, and Treymore Construction is the general contractor. Palladium expects to deliver the first units in June 2022.
BOLINGBROOK, ILL. — JLL Capital Markets has brokered the $93.5 million sale of Riverstone Apartments, a 789-unit affordable housing community in the southwest Chicago suburb of Bolingbrook. The property underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity. Amenities include a clubhouse, two outdoor pools, two fitness centers, volleyball and soccer courts, a media center, playground, business center and dog park. Doug Childers, Marty O’Connell and Michael Fox of JLL represented the seller, Jackson Square Properties. Paul Smith and CW Early of JLL secured a $60.8 million Freddie Mac acquisition loan on behalf of the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL Real Estate Capital LLC provided the loan. The buyers will maintain the affordability requirements on all units through 2036.
HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and are reserved for low-income renters age 62 and above. TMC is holding a grand opening this summer for Law Harrington, but move-ins are already underway. Amenities and services include recreational programs and a dog park. Additionally, TMC is partnering with Legacy Community Health to offer Law Harrington residents medical care onsite, including services for seniors living with HIV.
PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.
CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.