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Affordable Housing

Affordable HousingDevelopmentIowaMidwestMultifamily

Woda Cooper Opens 40-Unit Affordable Housing Community in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Woda Cooper Cos. Inc. has opened Alley Landing, a 40-unit affordable housing community constructed on the site of the former Plaza Lanes bowling alley in Des Moines. The city provided a HOME loan and an American Rescue Plan Act loan. The city also granted project-based vouchers for eight Permanent Supportive Housing (PSH) units through the Metropolitan Housing Authority. Veterans are prioritized for the PSH units. Alley Landing features one-, two- and three-bedroom units that are targeted to residents earning up to 60 percent of the area median income. Rents range from $790 to $1,140 per month, depending on income limits and size of unit. The four-story building features amenities such as a multipurpose room, dog park and playground. Families Forward will provide onsite service coordination for the PSH units and direct support in areas such as vocational training, budgeting and financial literacy. The Iowa Finance Authority allocated housing tax credits and provided a second HOME loan. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust provided the first permanent mortgage. Polk County Housing Trust Fund provided an additional loan. Hooker DeJong Inc. …

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

McDowell Housing Begins Construction on $64.7M Affordable Seniors Housing Project in South Florida

by John Nelson

PEMBROKE PARK, FLA. — McDowell Housing Partners has announced the commencement of construction of Ekos at Pembroke Park, a new affordable seniors housing development located in Pembroke Park. Upon completion, the $64.7 million project will total 150 units reserved for seniors earning up to 80 percent of the area median income. This marks the 16th affordable housing project in Florida for McDowell. Amenities at the community will include a clubroom, fitness center, package lockers, bike storage and six electric vehicle charging stations. Nonprofit organization Area Agency on Aging of Broward County will lease a commercial space at the property and offer onsite supportive services to residents age 60 and older. Financing for the development includes tax-exempt bonds and a loan from the Housing Finance Authority of Broward County; a loan from the Florida Housing Finance Corp.; LIHTC equity from U.S. Bank; and senior construction and permanent loans from R4 Capital.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

ANF Completes 99-Unit Affordable Seniors Housing Community in South Florida

by John Nelson

OPA-LOCKA, FLA. — Construction and development firm ANF has completed the construction of Wellspring Apartments, a new affordable seniors housing community located in Opa-locka, roughly 15 miles northwest of Miami. The Integral Group was the developer. Totaling 99 units, Wellspring Apartments features studio, one- and two-bedroom apartments. Residences are reserved for seniors earning at or below 60 and 50 percent of the area median income (AMI), with 67 units reserved for residents earning at or below 50 percent of AMI and 32 units reserved for residents earning at or below 60 percent of AMI. Amenities at the 81,350-square-foot property include a computer and library room, fitness center, community center with a full kitchen and a covered terrace.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Completes Renovation of 85-Unit Affordable Housing Complex in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Nonprofit owner-operator The Community Builders (TCB) has completed the renovation of The Aurora, an 85-unit affordable housing complex in downtown Worcester. The historic six-story building was originally constructed as a hotel in 1898 and offers 30 units that are reserved for those earning up to 30 percent of the area median income (AMI). In addition, a portion of residences are reserved for households earning 80 percent or less of AMI and for renters who make 60 percent or less of AMI. Architecture Environmental Life Inc. designed the project, and Keith Construction served as the general contractor.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment, BankFive Provide $11M in Financing for Cape Cod Multifamily Project

by Taylor Williams

HYANNIS, MASS. — MassDevelopment and BankFive have provided $11 million in financing for a 45-unit multifamily project in the Cape Cod community of Hyannis. The building at 199 Barnstable Road will house 40 market-rate units and five affordable units that will be earmarked for households earning 65 percent or less of the area median income. Units will have an average size of 550 square feet. The developer, Bratt LLC, is a real estate holding entity owned by Bradley Sprinkle and Timothy Telman; the former’s family-owned contracting business most recently occupied the site. Completion is slated for mid-2026.

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Affordable HousingDevelopmentMultifamilyTexas

Tricon, HHS Complete 100-Unit Build-to-Rent Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — A partnership between Canadian owner-operator Tricon Residential and Texas-based developer HHS Residential has completed a 100-unit build-to-rent residential project in Garland, a northeastern suburb of Dallas. Residences will feature three- and four-bedroom floor plans and will have attached two-car garages and fully fenced backyards. Amenities will include a dog park and multiple outdoor recreational spaces. Information on starting rents was not announced.

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AcquisitionsAffordable HousingConnecticutMultifamilyNortheastSeniors Housing

CBRE Brokers $39.7M Sale of Connecticut Affordable Seniors Housing Portfolio

by Taylor Williams

DANBURY AND NORWALK, CONN. — CBRE has brokered the $39.7 million sale of a portfolio of two affordable seniors housing properties totaling 169 units in Connecticut. Residences at both the 116-unit Kimberly Place in Danbury and the 53-unit One Leonard in Norwalk are reserved for renters age 62 and above. Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint and Taylor Froland of CBRE represented the seller, an affiliate of First Atlantic LLC, in the transaction and procured the buyer, an affiliate of Heritage Housing Inc.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Completes 49-Unit Affordable Housing Project in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Nonprofit owner-operator The Community Builders (TCB) has completed Merrick at the Square, a 49-unit affordable housing project in downtown Worcester. The building offers 11 units for households earning up to 30 percent or less of the area median income (AMI), five units reserved for renters earning 50 percent or less of AMI and 33 units for those making 60 percent or less of AMI. Amenta Emma Architects designed the project, and Saloomey Construction served as the general contractor.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Related Urban Breaks Ground on 174-Unit Affordable Housing Community in East Tampa

by John Nelson

TAMPA, FLA. — Related Urban, the affordable housing division of Related Group, has broken ground on Residences at East End, a 174-unit affordable housing community located at 5709 N. 47th St. in Tampa. Public partners City of Tampa and Tampa Housing Authority (THA) joined Related Urban at the groundbreaking ceremony held Wednesday, Oct. 22. Situated on Tampa’s east side, Residences at East End will be funded through Section 8 project-based vouchers and low-income housing tax credits (LIHTC), with funding sources including Fifth Third Bank and Raymond James. The project represents a total capital investment of $68.6 million. The community will offer two-bedroom apartments reserved for households earning 22 percent to 80 percent of the area median income (AMI). Amenities will include a standalone clubhouse, dog park, picnic areas, a pocket park and a fitness center. Construction is expected to be completed by the end of 2026.

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Plumley-Village-Worcester
AcquisitionsAffordable HousingMassachusettsMultifamilyNortheast

Partnership Acquires 430-Unit Affordable Housing Community in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — A partnership between affordable housing owner-operator Jonathan Rose Cos. and local developer Schochet Cos. has acquired Plumley Village, a 430-unit community in Worcester. Plumley Village was originally developed in 1970 and rehabilitated in 2005. About 80 percent (342) of the residences are rent-subsidized as project-based Section 8 housing, and the remainder are rent-restricted under a Low-Income Housing Tax Credit land use regulatory agreement with MassDevelopment. Amenities include a community room, business center, convenience store, food pantry, laundry facilities, basketball court, playgrounds and a community garden. The Boys & Girls Club occupies the property’s ground-floor retail space. The seller was The Community Builders.

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