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Affordable Housing

AcquisitionsAffordable HousingDistrict of ColumbiaMultifamilySoutheast

Enterprise Community Development Purchases Skyland Apartments in Southeast D.C. for $25.7M

by John Nelson

WASHINGTON, D.C. — Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has closed on its $25.7 million purchase of Skyland Apartments, a 224-unit community in the Randle Heights neighborhood of Southeast Washington, D.C. Originally built in 1939, the “naturally occurring affordable housing” (NOAH) community comprises one- and two-bedroom duplexes and one-bedroom flats, as well as 10,000 square feet of commercial space. Enterprise Community Development’s acquisition from W.C. Smith was executed through the District of Columbia’s Tenant Opportunity to Purchase Act, which the residents began in 2019 before being delayed by the COVID-19 pandemic. EagleBank and Capital Impact Partners provided acquisition financing. Winn Management is currently serving as property manager for Skyland Apartments. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to keep rents affordable.

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Affordable HousingDevelopmentMultifamilyTexas

Industry ATX Breaks Ground on 23-Unit Affordable Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer Industry ATX has broken ground on Industry SOMA, a 23-unit affordable housing project in Austin’s South Menchaca neighborhood. The townhome-style residences will be reserved for households earning 80 percent or less of the area median income. Mark Odom Studio designed the project, which is slated for a fall 2025 completion.

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Structures $15.6M in Financing for Affordable Housing Renovation Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.

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Northwest-Apts-Broomfield-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Highridge Costa Starts Construction of 50-Unit Northwest Affordable Apartments in Broomfield, Colorado

by Amy Works

BROOMFIELD, COLO. — Highridge Costa has started construction on Northwest Apartments, an affordable multifamily property in Broomfield. The 50-unit community is designated for families earning 30 to 60 percent of area median income. Designed by Denver-based Santulan Architecture, the four-story building will feature 16 one-bedroom/one-bath units; 26, including an on-site manager’s unit, two-bedroom/two-bath units; and eight three-bedroom/two-bath units. Residences will include patios and balconies, quartz countertops, a range and oven, dishwasher, refrigerator, air conditioning, garbage disposal, window coverings and high-speed internet connections. Community amenities will include a clubroom, fitness center, play area, small dog park, laundry rooms and secure indoor storage for bicycles. Completion is slated for late fall 2023.

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Affordable HousingDevelopmentGeorgiaIndustrialMixed-UseMultifamilyRetailSoutheast

Atlanta BeltLine Inc. Selects Culdesac to Develop 20-Acre Murphy Crossing Mixed-Use Project in Southwest Atlanta

by John Nelson

ATLANTA — Atlanta BeltLine Inc. (ABI) has selected development firm Culdesac for the 20-acre Murphy Crossing project located at 1050 Murphy Ave. in southwest Atlanta’s Oakland City neighborhood. Culdesac, which recently delivered a “car-free” mixed-use development in Tempe, Ariz., will be working with Urban Oasis Development, Kronberg Urbanists + Architects, LDG Consulting and T. Dallas Smith and Co. on the Murphy Crossing project, which will be branded Murphy Crossing by Culdesac. Plans for the development are subject to change pending community feedback, but preliminarily the project will comprise new and existing buildings that will house market-rate and affordable housing apartments, a grocery store, retail and dining options, light industrial space, coworking spaces, arts and culture programming and a farmer’s market, honoring the site’s history as the location for the Georgia Farmers Market in the 1940s and 1950s. Murphy Crossing by Culdesac will give residents proximity to the Oakland City and West End MARTA stations. Additionally, 25 percent of the residential units will be designated permanently affordable with an additional 5 percent of units deemed affordable for at least the next 30 years. The target rent restriction for the affordable units is between 60 and 80 percent of the area median …

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AcquisitionsAffordable HousingFloridaMixed-UseMultifamilyRestaurantRetailSoutheast

Avanath Capital Purchases City View Mixed-Use Development in Orlando for $62.5M

by John Nelson

ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.

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Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Related Urban Breaks Ground on $190M Mixed-Income Residential Project in Miami

by John Nelson

MIAMI — Related Urban Development Group has broken ground on Gallery at West Brickell, a $190 million mixed-income tower in Miami. The site for the 29-story residential property is located at 201 SW 10th St. in the city’s Brickell district. Once complete, the property will offer 465 mixed-income units, ranging from studios to three-bedroom apartments. Related Urban, the affordable housing arm of Miami-based development giant Related Group, expects to begin preleasing units in late 2025. The developer is building the community in a public-private partnership with Miami-Dade County and Miami-Dade County Public Schools. As part of the partnership, Related Urban executed a 75-year ground lease and will pay rent to the county as a percentage of the property’s cash flow. According to the developer, the property represents the largest single-phase, public-private partnership project in Miami-Dade County. “Through this groundbreaking, we are paving the way for hundreds of local families to find accessibly priced homes in a Class A development located within a block of mass transit that they can all be proud of,” says Albert Milo, president of Related Urban. “Miami-Dade County is committed to ensuring local families, teachers and other members of the workforce can live in the urban …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Break Ground on 76-Unit Affordable Housing Community for Blind, Visually Impaired in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has broken ground on The Foglia Residences at The Chicago Lighthouse. Brinshore Development and The Chicago Lighthouse are the developers. The new development will feature 76 affordable housing units for residents who are blind, visually impaired, disabled or veterans. The project will be the first Low-Income Housing Tax Credit building in the nation for the blind community, according to the development team. Positioned adjacent to The Chicago Lighthouse’s current center in the Illinois Medical District, the nine-story building will feature three levels of parking and first-floor retail space. Amenities will include a fitness center, community room, dog run and fourth-floor rooftop terrace. To make the residences fully accessible for its tenants, the common areas will offer contrasting colors, lit braille unit signage, handrails on both sides of the corridors and braille wallpaper. Completion is slated for May 2024. LBBA is the architect.

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Affordable HousingDevelopmentLoansMultifamilyNew MexicoWestern

Hunt Capital Partners Provides $19.1M in Financing for 204-Unit Trailhead at Chamizal Apartments in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Hunt Capital Partners (HCP), in partnership with Palindrome Properties, has provided $19.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Trailhead at Chamizal, a 204-unit multifamily community in Albuquerque. Total development cost for Trailhead at Chamizal is $58.6 million. Situated on six acres, Trailhead at Chamizal will feature 116 one-bedroom/one-bath units, 36 two-bedroom/one-bath units, 32 two-bedroom/two-bath units and 20 three-bedroom/two-bath units. The residences are designated for families earning up to 60 percent of area median income. Each unit will feature modern amenities, including balconies/patios, central air conditioning, dishwashers, disposals, exterior storage, hardwood flooring, microwaves, walk-in closets and washers/dryers. Palindrome’s development team includes PacifiCap Construction as general contractor and Dekker Perich Sabathi as architect. PacifiCap Management will manage the new development, which is slated for completion in late 2024. HCP facilitated the federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. Lenders include Bank of the West, which is providing a taxable $9.8 million construction loan, and Boston Capital, which is providing a $29.5 million tax-exempt construction loan as well as a $25.3 million tax-exempt permanent loan. An additional $8 million soft loan is bring provided by the …

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One-Westfield
Affordable HousingDevelopmentMixed-UseMultifamilyNew JerseyNortheastOfficeRetailSeniors HousingTop Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey 

by Katie Sloan

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City.  The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

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