Affordable Housing

Bains-Pointe-Portmouth
Affordable HousingDevelopmentNewsSoutheastVirginia

Woda Cooper Opens Bains Pointe, An Affordable Community in Portsmouth, Virginia

by Lynn Peisner

PORTSMOUTH, VA. — Woda Cooper Cos. has opened Bains Pointe, a 50-unit affordable housing community in Portsmouth, about three miles west of Norfolk, Virginia. The property includes 39 two-bedroom apartments and 11 three-bedroom units reserved for renters earning between 30 and 80 percent of area median income. Some units are specifically for residents who are developmentally disabled and served by partner STOP Inc., a Hampton Roads, Virginia-based nonprofit that offers supportive services to lower-income individuals and veterans. Some units at Bains Pointe were also designed to serve people with mobility …

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Bolsa-Pacific-Westminster
Affordable HousingCaliforniaDevelopmentNewsWestern

Shopoff, AO Break Ground on California Mall Redevelopment that Includes 2,250 Units

by Lynn Peisner

WESTMINSTER, CALIF. — Shopoff Realty Investments and architecture firm AO have broken ground on Bolsa Pacific at Westminster. Developed by Shopoff Realty Investments, the new 83.3-acre mixed-use project will replace the vacant Westminster Mall in Westminster, located in western Orange County, about 12 miles east of Long Beach, California. Bolsa Pacific will include approximately 2,250 residential units, 220,000 square feet of retail, a 120-key hotel and more than 15 acres of publicly accessible open space. AO designed the residential component of the project, which comprises five multifamily buildings on the south …

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Pines-at-Peach-Raleigh
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Oppidan Investment Co. Opens Two Raleigh Affordable Housing Developments Totaling $83M

by Lynn Peisner

RALEIGH, N.C. — Oppidan Investment Co. has opened two affordable housing communities in Raleigh financed by the Low-Income Housing Tax Credit (LIHTC) program: The Pines at Peach and Birch & Branch. Development costs of the two properties totaled $83 million. Located at 3470 Overstory Circle, Birch & Branch is a $49 million development featuring 180 one-, two- and three-bedroom apartments for families earning between 30 and 70 percent of the area median income (AMI). Birch & Branch was designed by Moore Hocutt, engineered by VHB, constructed by Mills Construction and …

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Garden-Court-Atlantic-City
Affordable HousingDevelopmentInvestment SalesNew JerseyNewsNortheast

WinnDevelopment Launches $33M Renovation of Atlantic City Affordable Housing Community

by Lynn Peisner

ATLANTIC CITY, N.J. — WinnDevelopment has begun a $33 million renovation at Garden Court Apartments in Atlantic City, a 177-unit, 20-building complex that has been housing much of the city’s workforce since it was constructed in 1985. WinnCos. secured Low-Income Housing Tax Credit equity through the New Jersey Housing and Mortgage Financing Agency, which will enable the units to remain affordable to renters earning no more than 80 percent of area median income for the next 45 years. Boston Financial Management purchased the tax credits. The scope of work includes …

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Affordable HousingCompany NewsNew YorkNewsNortheastPeople News

Enterprise Community Partners Hires Kim Darga to Lead New York Business

by Lynn Peisner

COLUMBIA, MD. — Enterprise Community Partners, a national nonprofit affordable housing developer, has hired Kim Darga as vice president and New York market leader. In this role, Darga will lead Enterprise’s work across New York State, including New York City. Prior to joining Enterprise, Darga most recently served as deputy commissioner for the Office of Development at the New York City Department of Housing and Preservation (HPD), the municipal housing agency serving the five boroughs of the New York City metro area. Darga worked for HPD for 18 years in …

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Varick-Site-NYC
Affordable HousingDevelopmentNew YorkNewsNortheast

Global Holdings, MAG Partners Form JV for Manhattan Development

by Lynn Peisner

NEW YORK CITY — Global Holdings and MAG Partners have formed a joint venture to develop a ground-up project in Manhattan’s Hudson Square neighborhood at 122 Varick St. The 149-unit residential tower is being developed under a long-term ground lease with Trinity Church. The development will comprise approximately 192,000 square feet, including about 5,000 square feet of ground-floor retail. The project is being built under the 485-x program, which provides tax breaks to developers of buildings with six or more units that include affordable housing. Specific rent restrictions were not …

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Affordable HousingArizonaDevelopmentFinanceNewsWestern

UDG Breaks Ground on Phase II of Phoenix Affordable Housing Development

by Lynn Peisner

PHOENIX — Ulysses Development Group (UDG) has broken ground on Salt River Flats 2, a 168-unit affordable housing community located at 4027 S. 13th St. in Phoenix. The project will offer apartments to families and individuals earning up to 60 percent of area median income. Salt River Flats 2 is adjacent to Denver-based UDG’s first project in Arizona, Salt River Flats, which includes 196 multifamily units and opened in the spring of 2024. Funding was secured through a variety of sources, including the Arizona Industrial Development Authority, which provided $34.5 …

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Rifle-Apartments-Rifle-Colorado
Affordable HousingColoradoDevelopmentNewsWestern

Evergreen Real Estate Completes LIHTC Development In Rifle, Colorado

by Lynn Peisner

RIFLE, COLO. — Evergreen Real Estate Group has completed the 60-unit Rifle Apartments in Rifle, approximately 183 miles west of Denver. The affordable housing community is comprised of a trio of three-story buildings that include one-, two- and three-bedroom units reserved for households earning between 30 and 80 percent of area median income (AMI). Of the 60 total apartments, 14 are designated as project-based voucher units for families who are earning at or below 30 percent of AMI. The development also is managed by Evergreen and is currently 95 percent …

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Rise-Bluestone-Raleigh
Affordable HousingInvestment SalesNewsNorth CarolinaSoutheast

Rise48 Equity Buys Raleigh, North Carolina, Property, Plans Renovations and Institutes Rent Caps

by Lynn Peisner

RALEIGH — Rise48 Equity has acquired Atria at Crabtree Valley in Raleigh and will rebrand the property Rise Bluestone. Located at 4601 Baymar Drive, the community was developed in 1987. Rise48 is planning a value-add renovation program across all units that will include new vinyl plank flooring, resurfaced countertops and updated finishes. From a service standpoint, Rise48 will install a bulk cable and internet program and as well as new carport parking. The Arizona-based company says these efforts are expected to result in a monthly rental rate increase of approximately …

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

North River Partners, Amzak Capital Provide $68.5M Construction Loan for Fort Lauderdale’s Flats Flagler Gateway

by Lynn Peisner

FORT LAUDERDALE, FLA. — North River Partners and Amzak Capital Management have provided a $68.5 million construction loan to CEDARst Cos. for the development of Flats Flagler Gateway in Fort Lauderdale. The 215-unit, 12-story building at 745 N. Andrews Ave. will include a mix of studio, one-, two- and three-bedroom apartments, some of which will be offered at below-market-rate rents. Specific restrictions were not disclosed. Amenities feature a fitness center, pool, outdoor deck and coworking space. Dorskly + Yue International is the architect. Construction is expected to begin in May …

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