Tredway Acquires Texas Affordable Housing Portfolio for $65.5M

NEW YORK CITY — Tredway, a multifamily owner-operator based in New York City, has acquired a portfolio of 16 affordable housing and mixed-income residential properties totaling approximately 1,200 units in Texas. The sales price was $65.5 million. The majority of the properties are located in South Texas or West Texas cities such as Alamo, Amarillo, Brownsville, El Paso, Lubbock, Odessa, San Juan, Santa Rosa and Victoria. Other markets represented within the portfolio include Fort Worth and the Central Texas cities of Copperas Cove and Lampasas. Tredway plans to invest more than $10 million in capital improvements across the portfolio to preserve affordability and is partnering with Housing Services Inc., a nonprofit organization that will provide social services across the portfolio. The seller was not disclosed. Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the deal.