BETHESDA, MD. — CAPREIT has been selected by Affordable Homes & Communities (AHC) to manage 21 properties, comprised of 3,019 units, in Maryland, Virginia and Washington, D.C. AHC is a developer of affordable and mixed-income communities. Bethesda-based CAPREIT owns and operates approximately 14,000 units of its own and is actively growing its third-party management business, according to a statement from the company.
KANSAS CITY, MO. — Multifamily and affordable housing brokerage firm MMG Real Estate Advisors has hired Kyle Shoemaker as managing director and Bill Brading as senior director. Shoemaker has specialized in affordable housing brokerage since 2006 with special emphasis in deed-restricted affordable housing transactions. In 2013, he partnered with the principals of Senior Living Investment Brokerage (SLIB) to launch a boutique brokerage dedicated exclusively to affordable housing assets. Under his leadership, the team has closed over 150 deals — primarily LIHTC-funded or operating under a HAP contract — adding up …
RIDGEFIELD PARK, N.J. — KABR Group and Hornrock Properties have broken ground on a six-story, 216-unit community at 95 Challenger Road that is set within Ridgefield Park’s Overpeck Corporate Center, a 60-acre mixed use development in Ridgefield Park, located five miles west of Manhattan. Designed by Minno & Wasko Architects and Planners, the building will feature a mix of studio, one- and two-bedroom residences, 22 of which will be set aside as affordable housing. Rent caps were not disclosed. Amenities will include an outdoor pool, a lounge and café, coworking …
DALLAS — The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded $73.5 million in affordable housing grants to 53 projects in Arkansas, Colorado, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas is part of the Federal Home Loan Bank System, which consists of 11 district Federal Home Loan Banks created in 1932 to provide capital for mortgage funding and support for community investment. FHLB Dallas annually returns at least 10 percent of its profits in the form of affordable housing grants to the communities served by its member …
INDIANAPOLIS — WinnResidential has been retained by KCG Cos. to operate 28 of the Indianapolis-based developer’s properties. Winn assumed leadership of operations and property management of 4,147 units in July and is expected to be selected to manage future communities over the coming year. KCG-owned workforce and affordable housing communities are located in Colorado, Georgia, Maryland, New York, Ohio, South Carolina, Texas, Virginia and Wisconsin. The company’s portfolio is comprised of approximately 34 communities. WinnResidential is the property management division of Boston-based WinnCompanies.
ROCK HILL, S.C. — JLL Capital Markets has arranged $32.3 million in construction debt and equity for Tartan Residential’s Johnston Farms project in Rock Hill, 28 miles south of Charlotte, North Carolina. The 120-unit workforce housing community will offer three- and four-bedroom units for renters earning between 50 and 80 percent of area median income. Amenities include fitness and multipurpose rooms, a computer center, a library, coworking space, a playground, a dog park and walking trails. Completion is slated for the second quarter of 2027. The financing consists of a …
By Miles AlexanderAlexander Goshen Traditional, large-scale urban developments have failed to create vibrant, sustainable neighborhoods. Pocket communities represent a transformative approach that addresses those fundamental shortcomings through innovative public-private partnerships and financing mechanisms. Small-scale developments of eight to 12 homes clustered around shared common spaces are experiencing significant growth as municipalities, developers and investors recognize their superior capacity to foster community connection, financial viability and environmental sustainability. What Are Pocket Communities? Pocket neighborhoods are clustered groups of smaller residences gathered around a shared open space, such as a garden courtyard, …
MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …
BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from …
In Washington, D.C., access to affordable housing remains a critical challenge. According to the National Low Income Housing Coalition, as of 2023, more than 54,700 extremely low-income renter households lived in the city, yet only 17,300 affordable and available rental homes were on the market at that income level. D.C. is far from alone. Nationwide, there are only 35 affordable homes for every 100 extremely low-income renters, leaving millions without access to stable, secure housing. Renovating affordable housing, whether for refinancing, RAD (Rental Assistance Demonstration) conversion or preservation, is …
