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Affordable Housing

Affordable HousingDevelopmentMultifamilySoutheastTennessee

Trent Development Group Opens 228-Unit Affordable Housing Community in Madison, Tennessee

by John Nelson

MADISON, TENN. — Trent Development Group has opened Birchstone Village, a 228-unit affordable housing community located at 616 N. DuPont Ave. in Madison, about 12 miles northeast of downtown Nashville. The community is a redevelopment of the former Berkshire Place Apartments. Key financial and civic partners in the project include Pathway Lending, Amazon Housing Equity Fund, Regions Bank, Metro Nashville’s Barnes Housing Trust Fund, JPMorgan Chase, the Metropolitan Development and Housing Agency and the Tennessee Housing Development Agency. Trent Development and Pathway Lending hosted a ribbon-cutting ceremony for the property last week. Birchstone Village offers one-, two- and three-bedroom floorplans, along with a community lounge, learning center, sports court and a fitness center, according to the property website. Additionally, Family Affairs Ministries offers residents with resources including job placement coaching, financial literacy classes, tutoring and community meals.

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Affordable HousingLeasing ActivityMultifamilyNew JerseyNortheast

Walters Completes Lease-Up of 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams

MANAHAWKIN, N.J. — New Jersey-based developer Walters has completed the lease-up of Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. Leasing began last fall. The four-building property, which is now fully occupied, offers one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, children’s play area, basketball court and a clubhouse with a computer workstation. Residents also have access to afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and other social services.

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Affordable HousingDevelopmentHealthcareMultifamilyOfficeSoutheastVirginia

Advantage Capital Closes Financing for $51M Office-to-Residential Conversion Project in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

McDowell Housing Partners to Develop 144-Unit Affordable Housing Community in Fort Myers

by John Nelson

FORT MYERS, FLA. — McDowell Housing Partners, an affordable housing developer and investor with offices in Miami and Dallas, plans to develop Ekos on Evans, a 144-unit community in Fort Myers. The firm recently closed on the acquisition of the 9.3-acre site at 3501 Evans Ave., which is situated less than two miles from downtown Fort Myers. Set for completion in fourth-quarter 2026, Ekos on Evans will feature five garden-style apartment buildings housing one-, two- and three-bedroom units ranging in size from 644 to 1,161 square feet. The units will be income-restricted for households earning 30, 60 and 70 percent of the area median income (AMI). Amenities will include a clubhouse, computer room, fitness room, terrace, grills, swimming pool, playground/tot lot and a dog park. McDowell Housing is receiving $17 million in support through Lee County’s Community Development Block Grant-Disaster Recovery funding, which is designated for areas impacted by Hurricane Ian. The developer is also using 4 percent low-income housing tax credits (LIHTC) to fund the development.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamilyWisconsin

Cinnaire Raises $340M for Affordable Housing Development, Preservation Across 11 States

by Kristin Harlow

LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …

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AcquisitionsAffordable HousingDevelopmentMultifamilyNortheastRhode Island

BLVD Group Buys Rhode Island Apartment Community for $57M, Plans Repositioning

by Taylor Williams

WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Joint Venture Breaks Ground on 210-Unit Mixed-Income Multifamily Project in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Bayfront Development Partners, which is a joint venture between Pennrose LLC and Paths Development LLC, has broken ground on Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the Hackensack River Waterfront and will include 74 affordable housing units and 93 workforce housing units, as well as commercial and community space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge and community room with a kitchen area. The New Jersey Economic Development Authority provided $64 million in tax credits for the project, a tentative completion date for which was not announced.

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Affordable HousingConference CoverageFeaturesGeorgiaSoutheastSoutheast Feature Archive

Affordable Housing Developers Aim to Control What They Can Control, Say InterFace Panelists

by John Nelson

ATLANTA — Interest rates. Tariffs. Natural disasters. These three factors alone frighten any developer, let alone those who are tasked with delivering our nation’s affordable housing supply. Just to get to the ribbon-cutting ceremony, developers have an uphill climb. They have to obtain the land outright or in a ground lease agreement, navigate the permitting and entitlement processes, overcome any neighborhood pushback, raise equity and borrow the necessary capital and then build these communities on time and on budget. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “We try to stay in control of what we’re in control of,” said Christopher Byrd, Southeast region development director of LDG Development, an affordable housing developer based in Louisville, Ky. “As long as we are in the right markets with the right growth and the right partners, we are safe and insulated.” Byrd’s comments came while on stage during the development panel at InterFace Affordable Housing Southeast, a networking and information conference held at the Cobb Galleria Centre in Atlanta on Tuesday, May 7. Kelly Williams, vice president of …

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Affordable HousingDevelopmentMultifamilyOregonWestern

Annex Group Opens 174-Unit Affordable Housing Community in Corvallis, Oregon

by Amy Works

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing property in Corvallis. Construction on the $56 million community began in early 2023, with the property — managed by Avenue5 Residential — now 99 percent leased. Union at Pacific Highway features 174 one-, two- and three-bedroom apartments for individuals and households earning up to 60 percent of the area median income. Situated on more than 7 acres, the property offers a community center, fitness center, playground, community gardens, a dog park, dog wash, business center, activity rooms and a picnic area. Partners on the project include Oregon Housing and Community Services, the City of Corvallis, Linn-Benton Housing Authority, Structure Development Advisors as the LIHTC consultant, KTGY as architect and DEVCO Engineering as civil engineer. Additionally, Piper Sandler placed the tax-exempt bonds and NDC provided more than $19 million in tax credit equity.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Partnership Receives $120M for Redevelopment of Samuel Madden Homes in Old Town Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …

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