Affordable Housing
Steele Acquires AL Affordable Apartments for $23M
The company plans to renovate the 200-unit Summit Ridge Apartments in Birmingham, giving the community new roofs, exterior doors, siding repairs and attic insulation for increased energy efficiency.
$43M DC Affordable Community to Open Next Spring
Portner Flats will bring 96 affordable units to the popular U Street Corridor in Northwest, D.C. The project is a public-private partnership between the District, Somerset Development, Jonathan Rose Cos., New Community Partners and other entities.
Unveiled: Brook Avenue Apartments in the Bronx
Yuco Real Estate Co.’s $25 million, 66-unit development was financed under Mayor De Blasio’s Housing New York plan.
Midtown Detroit Gets New Mixed-Income Community
Nonprofits Develop Detroit and Preservation of Affordable Housing partnered for the $32 million development that will also include retail space. Project design will be led by Phil Freelon, design director at Perkins+Will.
Berkadia Secures $23M Loan for Chicago-Area Assets
Ridge Garden Apartments and Indian Trails Apartments, two affordable multifamily properties in the greater Chicago area, will undergo capital improvements.
Affordable FL Community Lands $7M Financing
Walker & Dunlop arranged a 35-year loan for William Booth Towers, a 168-unit, age-restricted property west of Orlando’s central business district.
NYC Public Housing Slated for $560M Makeover
The 24-building public housing community in the New York City borough of Queens will use the funding for upgrades and renovations.
Domus Development Taps New President
Maurice Ramirez brings more than 25 years of industry experience to his new role, having contributed to the development of thousands of affordable housing units in California.
Avanath Doubles Sacramento Footprint
In a $56.5 million deal, the company has acquired an affordable housing portfolio totaling 468 units in one of the nation’s hottest markets. The properties cater to seniors, families and mixed-income renters.
HUD, HCR, MDG Partner for $160M Bronx Preservation
Michelangelo Apartments, a 494-unit affordable building, is a 43-year-old Mitchell-Lama community that will be renovated and preserved as affordable for another 40 years as a result of the deal.