DALLAS — April Housing, the affordable housing arm of Blackstone Real Estate, has completed the renovation of West Virginia Park Apartments in South Dallas. The 204-unit affordable housing complex was originally built in 2004 and offers one-, two- and three-bedroom units, as well as a clubhouse, fitness center and a pool. The renovation delivered new fixtures, lighting and appliances to all units’ kitchens and bathrooms, as well as upgraded amenity spaces and modernized building systems. April Housing partnered with the Dallas Housing Finance Corp. and PNC Bank on the project.
SANTA MARIA, CALIF. — Step Up Housing has acquired Hancock Terrace, a multifamily property located at 534 E. Boone St. in Santa Maria. Sack Capital Partners and Align Finance Partners closed on structured financing for the $75 million purchase. Sack will also provide asset and property management for the community. In an effort to expand housing options in the area, Step Up and Sack will immediately begin conversion of 75 percent of the units to affordable housing. Built in 2016, Hancock Terrace features 272 studio, one-, two- and three-bedroom floor plans, a swimming pool, 24-hour fitness center, two spas, a yoga studio, large clubhouse with TV lounge and demonstration kitchen, a dog park, children’s play area, ample onsite parking and elevator service. Institutional Property Advisors represented the undisclosed seller in the deal.
MOJAVE, CALIF. — Pro Residential Services has acquired Park Palace Apartments, an affordable housing property in Mojave, from Park Plaza One Apts LP for $8.9 million. Cray Carlson of CBRE represented both parties in the transaction. Located at 16193 and 16197 H St., Park Palace Apartments offers 162 apartments. Constructed in 2007 and 2011, the property operates as a low-income housing tax credit community. The asset is subject to long-time affordability requirements under its regulatory agreement with approximately 55 years of restrictions remaining.
TAMPA, FLA. — JLL has secured a $19 million mezzanine loan for the construction of River Vista, a 268-unit workforce housing development located at 4504 Clewis Ave. in Tampa. Brian Gaswirth and Michael Romero of JLL arranged the financing through a credit venture of Crow Holdings Capital on behalf of the borrower, Vista Residential Partners. River Vista will offer a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size. Amenities will include nature trails, overlooks of the Hillsborough River, multiple club rooms, coworking spaces, a fitness center, pet spa and a dog park. The construction timeline and additional financing details were not disclosed.
NEW YORK CITY — A joint venture between Slate Property Group and Thorobird Cos. will develop a 213-unit multifamily project in Brooklyn. Designed by Think! Architecture + Design PLLC, the building will be located on a city-owned site at 570 Eldert Lane in the borough’s Cypress Hills area. Of the 213 units, 66 apartments, which will come in one-, two-, three- and four-bedroom floor plans, 66 will be set aside for formerly homeless residents. The remaining units will be reserved for households earning between 40 and 80 percent of the area median income. The building will also have 10,000 square feet of community space that will be operated by the Bangladeshi American Community Development & Youth Services. Completion is slated for summer 2028, with full occupancy planned for 2029.
REVERE, MASS. — MassDevelopment has provided $23.5 million in tax-exempt bond financing for a 56-unit affordable housing project in Revere, located just east of Boston. The building at 110 Ocean Ave. will have 32 units for households earning 50 percent or less of the area median income (AMI) and 24 units for households earning 30 percent or less of AMI. In addition to 48 one-, two- and three-bedroom units, the building will also have eight group living units. The borrower is an affiliate of local owner-operator The Neighborhood Developers.Construction is underway and is expected to be complete in fall 2027. TD Bank purchased the bond.
CHATTANOOGA, TENN. — A public-private partnership between The Atlantic Cos., the City of Chattanooga and American South Capital Partners has broken ground on 702 Manufacturers Road, a 278-unit mixed-income residential development along the Tennessee River in Chattanooga. The project is the first to utilize the City of Chattanooga’s affordable housing PILOT program, which ensures that 15 percent of the units (42 in total) will have income restrictions affordable to the city’s workforce housing residents. Ameris Bank and American South Capital Partners are providing construction financing for the development, which Patterson Real Estate Advisory Group arranged. Set for completion in late 2027, 702 Manufacturers Road will offer a mix of studio, one- and two-bedroom floorplans, as well as a sky lounge and terrace and direct access to the river. The project team includes Brock Hudgins Architects, Kimley-Horn and McShane Construction Co.
SAN DIEGO — Arka Properties and Black Equities have completed the disposition of Lakeshore Villa Apartments, an affordable seniors housing property in San Diego’s San Carlos nieghborhood, to an undisclosed buyer for $47 million. Otto Ozen, Shawn Bolour and Jordan Pakzad of The Mogharebi Group represented the seller in the deal. Located at 6888 Golfcrest Drive, Lakeshore Villa features two three-story buildings offering 126 one-bedroom/one-bath floor plans with an average unit size of 520 square feet. Lakeshore Villa Apartments benefits from a 100 percent Senior HUD HAP Contract, ensuring stable income and long-term occupancy. The buyer plans to invest capital into the property and has committed to extending the affordability of the asset.
BUFFALO, N.Y. — A partnership between Chicago-based developer The Habitat Co., New York City-based investment and advisory firm Duvernay + Brooks and an affiliate of the Buffalo Municipal Housing Authority will undertake a 254-unit affordable housing redevelopment. Known as Marine Drive Apartments, the project represents Phase I of a larger, $600 million redevelopment of Buffalo’s historic waterfront district. The project will replace a seven-building, 616-unit complex that was built in the 1950s with 700 new units of affordable housing. Information on rent restrictions and floor plans was not disclosed. The redevelopment will also feature 5,000 square feet of retail and commercial space, a new community center, landscaped green spaces and a public plaza.
TAMPA, FLA. — Related Urban Development Group and the Tampa Housing Authority will host a ribbon cutting ceremony on Thursday, Feb. 19, for Canopy at West River, a new 384-unit affordable housing community in Tampa. Delivered in two phases, the community spans four towers and offers a mix of one-, two-, three- and four-bedroom floorplans. Amenities at the complex include a community room with a kitchenette; game room with a TV; business center with computer/internet access; fully equipped fitness centers; smart home technology; electric vehicle (EV) charging stations; and a future NFL Alumni Obstacle Course that “reinforces the development’s focus on active living.” Situated within the larger West River mixed-use development, The Canopy at West River apartments are reserved for residents earning between 22 percent and 80 percent of the area median income (AMI), with long-term affordability supported through a combination of Project-Based Vouchers (PBV), Rental Assistance Demonstration (RAD) programs, National Housing Trust Fund (NHTF) financing and Low-Income Housing Tax Credits (LIHTC).
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