HOUSTON — Fairstead, an affordable housing owner-operator based in New York City, has announced the $242 million acquisition and rehabilitation of Haverstock Hills, a 700-unit affordable housing property in Houston’s East Aldine neighborhood. Haverstock Hills comprises 44 two- and three-story buildings on a 22-acre site. Residences include a mix of studio, one-, two- and three-bedroom units, all of which are reserved for households earning 60 percent or less of the area median income. Fairstead plans to upgrade unit interiors, building exteriors and common areas, as well as enhance the amenities via an updated clubhouse, outdoor playground, laundry facilities and a business center. Fairstead will also invest in new safety and security measures across the property. Rainbow Housing Corp. will continue to provide onsite social services for residences of Haverstock Hills.
NEW YORK CITY — Gilbane Development will build a 266-unit affordable housing project in The Bronx. Designed by Aufgang Architects and developed on the site of a former parking lot, 860 Concourse Village East will be a two-building project with 148 studios, 60 one-bedroom units, 47 two-bedroom residences and 11 three-bedroom apartments. Information on rent restrictions was not disclosed. Amenities will include a fitness center, laundry and package rooms, recreational lounge, an outdoor courtyard and a social services suite with offices and a conference room. The project will also feature a 7,818-square-foot commercial space that will be occupied by the Institute for Community Living. Construction is scheduled to begin next year and to be complete sometime in 2027.
NEW YORK CITY — Vertical Community Development (VCD) will develop a 180-unit affordable seniors housing project at1810 Randall Ave. in The Bronx. Designed by Aufgang Architects, the eight-story building will offer 157 studios, 22 one-bedroom units and a single two-bedroom unit. Information on age and rent restrictions was not disclosed. Amenities will include a fitness center, indoor and outdoor recreational spaces and social support services, and the building will also house church facilities on its ground floor. Construction is scheduled to begin next year and to be complete sometime in 2027.
MINNEAPOLIS — Kraus-Anderson has broken ground on Exodus, a $24 million affordable housing project in downtown Minneapolis. The developer, Aeon, is partnering with St. Olaf Catholic Church on the project, which involves the rehabilitation and addition to an existing eight-story building adjacent to the church. Once complete, the development will provide 72 studio units of deeply affordable housing, designed to support individuals experiencing homelessness and housing instability. Residents will be referred through Hennepin County’s Coordinated Entry and Behavioral Health Systems. Touchstone Mental Health will provide comprehensive supportive services. Through a long-term ground lease, Aeon will be the new owner and operator of the building. Constructed in the 1950s, the building was originally designed to provide dorm-style housing for young professional women working downtown. Over time, the property transitioned to providing temporary shelter for unhoused individuals downtown through Catholic Charities and Hennepin County, before becoming completely vacant. Urbanworks Architecture and Kraus-Anderson will serve as the architect and general contractor. Plans call for the substantial rehabilitation of the building’s interior and connecting a newly built eight-story addition adjacent to the original. There will be community spaces, outdoor green space and a fitness center as well as new mechanical systems. The project is …
BOSTON — New York City-based Lument has provided a $27 million HUD-insured loan for the refinancing of East Canton Street Apartments, a historic affordable housing property located in the InkBlock neighborhood of Boston. The property consists of four five-story buildings that were originally constructed in the late 1800s and a house total of 80 units. East Canton Street Apartments was converted to HUD-subsidized housing in 1981 and rehabilitated in 2007. Tracy Peters of Lument originated the fixed-rate loan through HUD’s 223(f) program on behalf of the owner, HallKeen Management.
PITTSBURGH — An affiliate of San Antonio-based investment firm LYND Group has acquired Kelly Hamilton Apartments, a 110-unit affordable housing complex in Pittsburgh. The 21-building property is located in the city’s Homewood South neighborhood and offers one-, two- and three-bedroom floor plans. LYND, which plans to implement a capital improvement program, purchased the property through a bankruptcy proceeding in the U.S. Bankruptcy Court for the District of New Jersey.
MIAMI — Miami-Dade County and Related Urban Development Group, the affordable and workforce housing arm of Related Group, have broken ground on The Residences Palm Court, a 316-unit mixed-income and intergenerational housing community in Miami. Home Investment Partnerships Program (HOME) will provide $3.5 million in funding for the redevelopment project. Completion is expected by the end of 2027. Of the total 316 apartments at The Residences Palm Court, 191 will be reserved for elderly residents, while the remaining units will be reserved for low-income and workforce residents. Community amenities will include a fitness center, coworking spaces, multipurpose room, computer lounge, walking paths, bike storage, on-floor laundry stations and a dog park. The property will also include the Jesse Trice Community Health Center onsite that will be available for resident use.
WYOMING, MICH. — Merchants Capital has secured $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a mixed-income workforce housing development in Wyoming near Grand Rapids. Magnus Capital Partners is the developer. Merchants Capital arranged a $30.6 million Freddie Mac 4 percent unfunded forward tax-exempt loan, $16.7 million in 4 percent LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank. Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to a trail system, pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The five-story development will include 162 units restricted for households earning between 40 and 80 percent of the area median income and 38 market-rate units. Phase 1 of HōM Flats at 28 West included 226 units and Phase 2 featured 160 units. Upon completion, Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom apartments and 8,894 square feet of ground-floor commercial space within four elevator-serviced buildings. A childcare center, Grō …
ATLANTA — For many multifamily professionals, 2025 is a year to forget. Paul Berry, president and chief operating officer of Mesa Capital Partners, said that U.S. multifamily investment sales are on track to close out the year at $125 billion, which represents a 25 percent decline from an average pre-COVID year and a little more than a third of 2021’s total (a torrid $354 billion). Andrew Zelman, senior vice president of Southeast investments at Boston-based GID Multifamily, said that owners are doing “everything they can to hold out for a profit.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “As simplistic as this is, sellers will avoid transacting at less than peak values at any cost,” said Zelman, who added that owners are essentially kicking the can down the road by recapitalizing their assets or stopping and starting the marketing process if their pricing expectations aren’t being met. Zelman’s comments came during the opening panel on Tuesday, Dec. 2, at the 2025 InterFace Multifamily Southeast conference, which was held at the InterContinental Buckhead in Atlanta. Co-hosted …
SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. The project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor and conventional lender. The two-building complex features 49 one-bedroom, 31 two-bedroom, 23 three-bedroom, eight four-bedroom and one five-bedroom unit. The apartments are reserved for families earning between 30 and 50 percent of the area median income. The John Stewart Co. is the property manager. According to Bayview Senior Services, Oscar James Residences represents the agency’s second multifamily housing development focused on rebuilding the Hunters Point Shipyard to give back to the descendants of shipyard workers and their neighbors. The shipyard was established in 1870 and purchased by the U.S. Navy in 1940. The Navy conducted studies on the impact of nuclear weapons at the site before it was decommissioned in …
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