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Affordable Housing

AcquisitionsAffordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Volatility Disrupts Investment Sales Activity in Affordable Housing Market, Says InterFace Panel

by John Nelson

ATLANTA — The investment sales market for the affordable housing sector remains muted for one overarching reason: volatility. Cory Sams, executive managing director of GREA (Global Real Estate Advisors), said that a lack of certainty, especially in the capital markets, is giving buyers and sellers of affordable housing properties pause. “The worst thing for a deal is [interest rates] constantly moving around,” she said. “When they were running up and down, every deal fell apart.” Doug Childers, senior managing director of JLL, estimated that affordable housing transaction volume fell 40 percent in 2023 compared with the prior year. For context, multifamily investment sales overall declined by 61 percent year-over-year in 2023, according to MSCI Real Assets (formerly Real Capital Analytics). Childers and Sams made their comments during the investment sales panel of Interface Affordable Housing Southeast, an information and networking conference held at the Cobb Galleria Centre in Atlanta on Thursday, May 9. Interface Conference Group and Southeast Multifamily & Affordable Housing Business hosted the event, which drew approximately 170 industry professionals from across the region. Brian Flanagan, regional director of RBC Community Investments, moderated the investment sales panel. Fittingly, Flanagan kicked off the investment sales discussion by asking the …

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Affordable HousingDevelopmentGeorgiaLoansSeniors HousingSoutheast

Berkadia Secures HUD-Insured Financing for $72M Affordable Seniors Housing Development in Atlanta

by John Nelson

ATLANTA — Berkadia has arranged financing for Englewood Senior, a 160-unit affordable seniors housing development in Atlanta. Located at 413 Englewood Ave. SE, the proposed $72 million development would offer independent living units for seniors earning 60 percent or less of the area median income (AMI). Planned amenities at the property include a fitness center, movie theater, community room and an outdoor courtyard.  Carolyn Whatley and Angela Folkers of Berkadia FHA/HUD secured the construction and permanent financing through HUD’s 221(d)(4) program. The undisclosed developer has also received low-income housing tax credit (LIHTC) equity and municipal funding.

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group Underway on $61M Affordable Housing Community in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — The Annex Group is underway on the development of Union at Purple Heart Trail, a $61 million affordable housing community in Wichita. The property will offer 240 units for households whose income level is at or below 60 percent of the area median income. Completion is slated for early 2026. The project will encompass two four-story buildings surrounded by landscaping and open space. Amenities will include a community center with fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Project partners include: HDJ as the architect; Baughman for civil engineering, surveying and planning; Summit LIHTC Consulting; the City of Wichita, which provided incentives and $45.4 million in tax-exempt bonds; and Kansas Housing Resources Corp., which issued the tax credit award. Aegon Asset Management provided $26.8 million in federal tax credit equity and $18.4 million in state tax credit equity, and Bank of America provided $45.5 million in construction financing. Merchants Capital provided $14.4 million for the project.

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Torrey-Chase-Apartments-Houston
Affordable HousingDevelopmentMultifamilyTexas

Joint Venture Delivers 280-Unit Affordable Housing Project in North Houston

by Taylor Williams

HOUSTON — A joint venture between the principals of Westmont Hospitality Group, STOA Architects and DC Partners has delivered Torrey Chase Apartments, a 280-unit affordable housing project in North Houston. The property consists of five buildings that house one- and two-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, outdoor grilling and dining stations, a dog park and a children’s play area. Frank & Hill Architects designed Torrey Chase, which was 75 percent preleased as of the grand opening ceremony in April.

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Affordable HousingDevelopmentLoansMultifamilySouth CarolinaSoutheastWalker & Dunlop

Walker & Dunlop Arranges $62M Construction Financing for Multifamily Development in Columbia, South Carolina

by John Nelson

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments, a new 308-unit multifamily development in Columbia. The borrowers, South Coast Property Investments and Abacus Capital, plan to break ground in June. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers. The apartment community will feature a mix of market-rate and affordable housing units. The property will be situated at the intersection of Cliff Kinder and Pineview roads within the larger Burnside Farms master-planned community.

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Canoga-Park-Apts-Los-Angeles-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Community Preservation Partners Acquires Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — Community Preservation Partners (CPP) has acquired Canoga Park Apartments, a 14-unit affordable housing complex in Los Angeles, for $6 million. Built in 1983, the three-story building features 12 two-bedroom units and two three-bedroom apartments that are reserved for households earning 60 percent or less of the area median income. CPP’s total development investment is approximately $11.3 million, which includes the purchase price and an estimated per-unit renovation cost of $142,000. Renovations will includes replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring and seismic upgrades, along with ADA-compliance upgrades throughout the property. Renovations are slated for completion by December. Partners on the project include the California Tax Credit Allocation Committee, which issued 9 percent Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing the tax credits.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $9.6M in Financing for Affordable Housing Complex in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an 85-unit affordable housing complex in the central Massachusetts city of Worcester. The six-story building opened in 1898 as a hotel and was converted to residential use in the 1980s. Units are reserved for households earning up to 30, 50 and 60 percent of the area median income. The borrower, The Community Builders, will use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years.

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1212-E-4th-St-Santa-Ana-CA
AcquisitionsAffordable HousingCaliforniaDevelopmentMultifamilyWestern

CBRE Brokers $1.2M Sale of 4G Lofts Multifamily Development Site in Santa Ana, California

by Amy Works

SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Michaels Completes Renovation of 201-Unit Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams

SPRINGFIELD, MASS. — The Michaels Organization, an affordable housing owner-operator, has completed the renovation of Bergen Circle Housing Community, a 201-unit complex in the western Massachusetts city of Springfield. The unit mix consists of 89 one-bedroom units, 72 two-bedroom apartments, 20 three-bedroom residences and 20 four-bedroom units. The majority (170) of the units are reserved for households earning between 50 and 80 percent of the area median income. Michaels bought the eight-building property in 2021 and invested $17 million in capital improvements. MassHousing financed the renovations.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

R.D. Olson Construction Breaks Ground on The Alcove Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — R.D. Olson Construction has broken ground on The Alcove, a seven-story, 238,000-square-foot affordable housing project in the Woodland Hills neighborhood of Los Angeles. Meta Housing Corp. is the developer. Located at 21300 W. Oxnard St., the first phase of construction will include 173 units ranging in size from 620-square-foot studios to 1,300-square-foot three-bedroom apartments, with completion slated for fall 2025. The second phase, which is in planning stages, will add 128 units and will be located on the north section of the 2.25-acre lot. Community amenities will include a community room, designated exercise area, storage room for 200 bicycles, tot lot playground and common outdoor areas with barbecues. The first level will be dedicated to parking and management offices, with a 6,000-square-foot courtyard on the third level. Additionally, each floor will have a laundry room and centralized trash chute system. The complex will offer units to families earning between 30 percent to 80 percent of the area median income, with restrictions for affordability to stay in place for 55 years. A.C. Martin is serving as architect, with management from AMJ Construction Management.

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