REBusinessOnline

Ariel Property Advisors Brokers $25.3M Sale of Harlem Affordable Housing Community

NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not

Skender Builds 16-Unit Affordable Housing Project in Wilmette, Illinois

WILMETTE, ILL. — Skender has completed construction of Cleland Place, a three-story, 16-unit affordable housing project located at 1925 Wilmette Ave. in Wilmette, about 14 miles north of downtown Chicago. Housing Opportunity Development Corp. (HODC) will operate the property, which will house working families, seniors and veterans. The project is part of the Public Housing Voucher program, meaning residents pay 30 percent of their income and Housing Authority of Cook County subsidizes the …

HGI, Cammeby’s Acquire 5,302-Unit Workforce Housing Portfolio in New Jersey for $1B

NEW JERSEY — A joint venture between affiliates of Harbor Group International (HGI) and Cammeby’s International Group has acquired a portfolio of 41 workforce housing properties totaling 5,302 units for $1 billion. The properties are located across 14 different cities in various parts of New Jersey. The new ownership will invest approximately $46 million in capital improvements across the portfolio. Eastdil Secured brokered the sale and advised on the debt placement alongside New York …

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million.Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) …

Drever Atelier Partners Acquires Former Missouri Hotel, Plans Workforce Housing Redevelopment

BRANSON, MO. — Drever Atelier Partners has acquired Angel Inn by the Strip in southern Missouri’s Branson. The former 342-room hotel will be transformed into a workforce housing community named The Penleigh — Branson Row. In addition to 324 apartment units, the project will feature three resident lounges, a fitness center, playground, pool and pet park. The Penleigh will offer monthly rental rates around $600, along with incentives for early payment, free after-school tutoring and other …

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas.Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden.Desert Oasis will be built with energy-efficient systems using green building techniques and including …

Cumby Group to Add 800 Multifamily Units, 150,000 SF of Commercial Space to East Austin Supply

AUSTIN, TEXAS — Locally based developer Cumby Group will redevelop a site on Manor Road in East Austin with three adjacent projects that will collectively add more than 800 multifamily units, including 80 affordable housing residences, and 150,000 square feet of commercial space to the local supply. Cumby Group purchased the sites, which span nine acres and more than a full city block, in 2019 and 2020. Construction is underway on The Emma, a 146-unit project at 3219 Manor Road, and two …

Barings Provides $43.5M Perm Loan for Metro Austin Affordable Housing Project

MANOR, TEXAS — Barings has provided a $43.5 million permanent loan for Yager Flats, a 300-unit affordable housing community in Manor, an eastern suburb of Austin. The $73 million development will offer one-, two-, three- and four-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a clubhouse, community room, fitness center, pool and a playground, and residents will also have access to adult education, workforce …

Partnership to Develop 330-Unit Affordable Housing Community in East Harlem

NEW YORK CITY — A partnership between Mega Development, operator Lantern Organization and the New York City Department of Housing & Preservation will develop Timbale Terrace, a 330-unit affordable housing community in East Harlem. The centerpiece of the community will be a 16,000-square-foot music and arts center that will be operated by the Afro Latin Jazz Alliance. As part of that partnership, adult residents at Timbale Terrace will have access to music-based vocational training, while …

Standard Communities, Faring Plan to Build $2B in Middle-Income Housing in California Within Two Years

LOS ANGELES — Standard Communities and Faring have formed a joint venture with plans to create more than $2 billion of middle-income housing across California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up construction of middle-income rental housing and the acquisition and conversion of existing market-rate properties.The partnership recently created more than 650 units of dedicated middle-income housing in …

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