Affordable Housing

Woda Cooper Breaks Ground on 40-Unit Affordable Housing Community in Des Moines

by Kristin Harlow October 31, 2024

DES MOINES, IOWA — Woda Cooper Cos. Inc. has broken ground on Alley Landing, a 40-unit affordable housing community in Des Moines. The property at 2701 Douglas Ave. will feature one-, two- and three-bedroom units for residents earning up 60 percent of the area median income. Eight units will be set aside as Permanent Supportive Housing (PSH), with rental assistance for households experiencing homelessness, with a veteran priority. Amenities will include a multipurpose room with kitchenette, manager’s office, supportive services office, dog park and playground. The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan and housing vouchers to provide rental assistance for the PSH units. The Iowa Finance Authority provided a second HOME loan and allocated housing tax credits. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust is providing the first permanent mortgage. Families Forward will provide supportive services for the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness. Hooker DeJong Inc. is the project architect, and Woda Construction Inc. is the general contractor. Woda …

October 31, 2024

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest Completes $46.5M Redevelopment of Poplar Place Affordable Housing Community in Springfield

by Kristin Harlow October 29, 2024

SPRINGFIELD, ILL. — Related Midwest has completed a $46.5 million redevelopment of Poplar Place, a 100-unit affordable housing community in Springfield. The property opened in 1950. Related Midwest completed the redevelopment through a collaboration with the City of Springfield, the Springfield Housing Authority and Illinois Housing Development Authority. LR Contracting Co., Related’s in-house construction arm, spearheaded the 15-month project, reducing density and fully renovating 75 buildings. The community now comprises 50 single-family and 25 duplex homes, which are fully occupied. Related also created 2.5 acres of green space for social and recreational use. Additionally, a new community center features a kitchen, management office, outdoor playground and walking paths. Financing for the project came from the Illinois Housing Development Authority, Springfield Housing Authority, Heartland Bank and Trust Co., Red Stone Equity Partners and CVS Health. Evan Lloyd Architects designed the redevelopment. Monthly rents range from $800 to $925. Qualified incomes for the income-restricted apartments range from $44,400 to $83,640.

October 29, 2024

Cornerstone-at-Grassy-Hollow-Manahawkin-New-Jersey

Affordable Housing Development Multifamily New Jersey Northeast

Walters Begins Leasing 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams October 29, 2024

MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features 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, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.

October 29, 2024

Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson October 29, 2024

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

October 29, 2024

Affordable Housing Development Midwest Multifamily Wisconsin

Gorman & Co. Completes 48-Unit Affordable Housing Community in Green Bay, Wisconsin

by Kristin Harlow October 28, 2024

GREEN BAY, WIS. — Gorman & Co., in partnership with Lutheran Social Services of Wisconsin and Upper Michigan (LSS), has completed Bay City Lofts in Green Bay. The 48-unit affordable and supportive housing community is located at 2510 University Ave. Of the 48 units, 40 are reserved for households earning between 30 and 60 percent of the area median income. The remaining eight units are market rate. Amenities include a community room, fitness center and onsite offices for LSS, which will provide supportive services for residents.

October 28, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

MassDevelopment Provides $45M Bond Financing for Affordable Housing Redevelopment in Salem

by Taylor Williams October 25, 2024

SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.

October 25, 2024

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on Three-Building Affordable Housing Development in Chicago

by Kristin Harlow October 24, 2024

CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.

October 24, 2024

Affordable Housing Development Georgia Multifamily Seniors Housing Southeast

Swinerton Breaks Ground on $16.4M Mixed-Income Multifamily Project in Metro Atlanta

by John Nelson October 18, 2024

RIVERDALE, GA. — General contractor Swinerton has broken ground on Hearthside Riverdale, a $16.4 million multifamily project in Riverdale\. Swinerton is completing the construction on behalf of the developer, OneStreet Residential. Situated on 2.6 acres roughly 15 miles south of Atlanta, the community will feature 70 one- and two-bedroom apartments, with 12 units rented at market rates and 58 units reserved as affordable housing for senior residents earning at or below 60 percent of the area median income (AMI). Amenities at the property will include a community room, laundry room, fitness center, garden bed and pet-friendly features. Completion is scheduled for early 2026.

October 18, 2024

Acquisitions Affordable Housing Multifamily Texas

Marcus & Millichap Brokers Sale of 248-Unit Affordable Housing Complex in Arlington

by Taylor Williams October 18, 2024

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Rush Creek, a 248-unit affordable housing complex in Arlington. Built on 16 acres in 2004, the property offers two- and three-bedroom units and amenities such as a pool, afterschool children’s classroom, business center and a sports court. Wes Racht, Nick Fluellen, Bard Hoover and Sam Pettigrew of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, locally based real estate private equity company Brazos Residential.

October 18, 2024

Gortikov-Samo-Collection-Santa-Monica-CA

Acquisitions Affordable Housing California Multifamily Western

Gortikov Capital Buys Affordable Housing Portfolio in Santa Monica for $120M

by Amy Works October 15, 2024

SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.

October 15, 2024

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