Affordable Housing

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw April 17, 2023

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed. Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

April 17, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Breaks Ground on Final Phase of Mixed-Income Redevelopment in Boston

by Taylor Williams April 17, 2023

BOSTON — A partnership between the Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corp. has broken ground on the third and final phase of a mixed-income redevelopment project in the city’s Lower Roxbury neighborhood. Known as Flat 9 at Whittier, the final phase will deliver 172 affordable housing units and 9,000 square feet of commercial space in a 13-story building to the site of the former Whittier Street Apartments. Phases I and II of the redevelopment, which will ultimately house 300 residences that will be subject to a range of income restrictions, were completed in 2020 and 2021, respectively.

April 17, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Chestnut Hill Realty to Develop 250-Unit Mixed-Income Residential Community in Boston

by Taylor Williams April 14, 2023

BOSTON — Locally based developer Chestnut Hill Realty Corp. will build Puddingstone at Chestnut Hill, a 250-unit mixed-income residential community at 201 Sherman Road in Boston’s Brookline area. The unit mix will consist of 90 one-bedrooms, 135 two-bedrooms and 25 three-bedrooms, with 50 residences designated as affordable housing for renters earning up to 30 or 50 percent of the area median income. Chestnut Hill will also construct a total of 377 parking spaces through a two-story deck and surface lots. MassDevelopment provided $126 million in both taxable and tax-exempt bonds for the project. A tentative completion date was not disclosed.

April 14, 2023

Affordable Housing Development Multifamily Texas

DiversyFund Completes Renovation of 174-Unit Multifamily Property in San Antonio

by Taylor Williams April 12, 2023

SAN ANTONIO — DiversyFund, a fintech and investment platform focused on multifamily assets, has completed the renovation of Mission Villas, a 174-unit multifamily property in San Antonio. According to Apartments.com, the complex was built in 1965 and offers studio and one-bedroom units, as well as amenities such as a pool, playground and outdoor grilling and dining areas. Renovations included upgrades to the kitchens and bathrooms of all units and improvements to building exteriors.

April 12, 2023

Acquisitions Affordable Housing Georgia Multifamily Southeast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson April 12, 2023

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

April 12, 2023

Affordable Housing Loans Multifamily Texas

KeyBank Provides $82M in Financing for Austin Affordable Housing Complex

by Taylor Williams April 11, 2023

AUSTIN, TEXAS — KeyBank Community Development Lending & Investment has provided $82 million in acquisition and rehabilitation financing for Woodway Square Apartments, a 240-unit affordable housing complex in Austin. The 12-building, garden-style complex offers one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, playground and a community room. The borrower is Minnesota-based owner-operator Dominium. The financing includes an $18 million bridge loan to facilitate the purchase, $40 million in construction-to-permanent financing and $24 million in Low-Income Housing Tax Credit (LIHTC) equity.

April 11, 2023

Acquisitions Affordable Housing Michigan Midwest Multifamily

Dominion Negotiates Sale of 24-Unit Affordable Housing Community in Croswell, Michigan

by Kristin Harlow April 11, 2023

CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.

April 11, 2023

Affordable Housing Development Multifamily Southeast Virginia

BLVD Breaks Ground on $13.5M Redevelopment of Aqua Vista Affordable Apartments in Newport News, Virginia

by Jeff Shaw April 10, 2023

NEWPORT NEWS, VA. — The BLVD Group is underway on the $13.5 million redevelopment of Aqua Vista Apartments, a 150-unit affordable housing community in Newport News. Built in 1970, the property will undergo improvements including updates to the building envelope, new finishes throughout the units and expanded amenities such as a grilling area, playground, dog park, business center and community room. BLVD also plans to convert the building systems from gas to electric power and seek the Enterprise Green Communities certification upon completion of the redevelopment. BLVD is the developer, with Hooker De Jong Architects and Metro Group Services serving as the architect and general contractor on the project, respectively. Enterprise Communities is the equity partner, and Virginia Housing is the construction lender. The redevelopment will preserve the affordability status of the community through 2072, with units reserved for individuals and families earning 60 percent or less of the area median income (AMI).

April 10, 2023

Affordable Housing Development Florida Loans Multifamily Southeast

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami

by John Nelson April 6, 2023

MIAMI — Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade County Housing Finance Authority and Florida Housing Finance Corp. contributed capital in the form of debt, LIHTC equity or subsidies. Set to open in late 2024, Pinnacle at Tropical Pointe will feature one- to four-bedroom apartments within six garden-style buildings reserved for residents earning up to 60 percent of the area median income. Amenities will include a swimming pool, fitness center, clubroom, business center, playground, barbecue area and a dog run.

April 6, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane, Ashlaur Break Ground on 96-Unit Mixed-Income Development in Chicago

by Kristin Harlow April 6, 2023

CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.

April 6, 2023

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