Affordable Housing
Dominium Buys Affordable Property in Florida
Multifamily owner Dominium has bought the Nassau Bay Apartments in Orlando, Fla. Dominium will be investing about $16,000 per unit in renovations to improve common spaces as well as individual units.
Greystone Secures $117M for Affordable Rehab
WWJ has acquired a portfolio of 44 affordable housing properties in the state of Georgia. The deal was overseen by Greystone, working with National and State USDA Rural Development, the Athens Housing Authority, Georgia Department of Community Affairs and Fannie Mae to secure the funds necessary to acquire and rehabilitate the portfolio.
Related Companies Reopens Affordable Housing Development in Chicago
After approximately $100 million in renovations, Related Companies has reopened Parkway Gardens Apartments, a 694-unit affordable housing development serving 2,400 residents in Chicago’s Southside.
Arker Cos. Acquires Affordable Apartments on Staten Island for $27M
Two affordable housing properties in the New York borough of Staten Island have traded hands for a combined total of $27 million.
MHN Interview: Freddie Mac Multifamily’s Plan to Increase Affordable Preservation
Shaun Smith was recently hired as the senior director for the Targeted Affordable Housing Retail Production division for Freddie Mac Multifamily. MHN talks to Smith about her plans to increase the focus on affordable preservation and why preservation transactions have been so successful.
Google Invests in ROEM Corp.’s New Affordable Community
ROEM Corp. announced the grand opening of Franklin Street Family Apartments, a $23.4 million affordable apartment community. Google has invested $6.5 million in equity into the community, plus a grant of $81,859 for computer equipment and free Internet access for residents.
LDG Development Breaks Ground on $21M Affordable Austin Community
LDG Development announced the ground breaking of a new 228-unit affordable community in Austin, Texas.
Peabody Property’s Community for Veterans to Open in September
Valley Brook Village, a supportive residential property for returning servicemen and women, will open next month. Designed by The Architectural Team in partnership with Peabody Properties, the developer, it will house 62 veterans at risk for homelessness.
Medici Communities and Urban Land Conservancy Open $12.35M Affordable TOD
The Urban Land Conservancy and Medici Communities have opened an affordable, transit-oriented development at the Evans Light Rail Station in Denver. The community, called Evans Station Lofts, cost $12.35 million.
McShane Construction Company Completes Renovation of Affordable Apartments in Chicago Neighborhood
McShane Construction Company has completed the comprehensive rehabilitation and renovation of the Borinquen Bella Apartments, located in Chicago’s Humboldt Park neighborhood, on behalf of the Latin United Community Housing Association.