Affordable Housing

The front of Vero Apartments, a gray and white high rise building with orange and black accents.

Fairfield Residential Completes First Phase of Vero Apartments Near Boston

by Channing Hamilton March 2, 2023

CHELSEA, MASS. — Fairfield Residential has finished building the first phase of Vero Apartments in Chelsea, located about five miles north of Boston. The first phase consists of 436 units. The second phase, called V2, is underway and will deliver 250 additional apartments. A completion date for Phase II was not disclosed. The project is a redevelopment of the 126-year-old Chelsea Clock manufacturing building and a waste management transfer station. Vero Apartments offers studio, one- and two-bedroom units, with 14 units set aside as affordable housing. Rent restrictions on the …

March 2, 2023

Affordable Housing Development New York News Northeast

New York City Housing Authority Selects Partners for $128.5 Million in Property Improvements in the Bronx

by Kari Lloyd February 28, 2023

NEW YORK CITY — The New York City Housing Authority (NYCHA) has selected Beacon Communities, MBD Community Housing Corp. and Kalel Holdings as a new partner team to deliver $128.5 million in repairs and improvements to 952 apartments across the northeast Bronx. The renovations are expected to start in 2024. A completion date was not disclosed. The improvement plan will be delivered through the Permanent Affordability Commitment Together (PACT) program and will cover three NYCHA properties: Boston Secor, Boston Road Plaza and Middletown Plaza, affecting 1,700 residents. Planned improvements include …

February 28, 2023

Affordable Housing Development News Texas

Mintwood Real Estate, MSquared, Mirasol Capital Break Ground on Mixed-Income Community in Dallas

by Channing Hamilton February 28, 2023

DALLAS — Mintwood Real Estate, MSquared and Mirasol Capital have broken ground on Oakhouse in the southwest Dallas neighborhood of Oak Cliff. An undisclosed amount of financing was provided by Independent Financial. Oakhouse will comprise 219 units, 110 of which will be reserved for households earning at or below 80 percent of the area median income (AMI). Community amenities at Oakhouse will include a rooftop lounge, pool, dog park, fitness center and co-working spaces. A construction timeline for the development was not disclosed. The project team also includes general contractor …

February 28, 2023

Affordable Housing Arizona Development News Western

Roers Cos. Secures $90 Million to Develop Affordable Housing Community near Phoenix, Arizona

by Channing Hamilton February 28, 2023

BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI). Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million. Solana Villas will sit on approximately 10.7 acres …

February 28, 2023

Affordable Housing Development News Texas

Fairstead Secures $25 Million to Renovate Copper Tree Village Apartments in Houston

by Channing Hamilton February 23, 2023

HOUSTON — Fairstead has secured $25 million in financing from Berkadia, R4 Capital and the Houston Housing Finance Corp. to renovate Coppertree Village Apartments in the Acres Homes neighborhood of Houston. Coppertree Village Apartments is comprised of 324 units set aside for households earning at or below 50 to 60 percent of the area median income (AMI). Fairstead is a developer based out of New York City. The company acquired Coppertree Village Apartments in September 2021. Houston Housing Finance Corp. is a Texas nonprofit focused on providing financing to affordable housing projects …

February 23, 2023

Exterior shot of the pool of Verge Atlanta, a new development by Fairfield

Affordable Housing Development Georgia News Southeast

Fairfield Opens 319-Unit Atlanta BeltLine Project

by Lynn Peisner February 23, 2023

ATLANTA — Fairfield has completed Verge, a 319-unit, partially affordable project along the southside corridor of the BeltLine, a 22-mile loop in Atlanta’s urban core. The project is located between the Peoplestown and Chosewood Park neighborhoods. Atlanta BeltLine Inc. (ABI), an economic development group, pairs developers with public and private partners to ensure multifamily projects constructed in the BeltLine Tax Allocation District (TAD) include affordable units. San Diego-based Fairfield acquired the land for the site in 2019, according to Curbed Atlanta. The developer did not release rent restrictions on the …

February 23, 2023

Affordable Housing Development Massachusetts News Northeast

City of Boston Funds Mixed-Use, Mixed-Income Columbia Crossing Development

by Kari Lloyd February 21, 2023

BOSTON — The City of Boston and Mayor Michelle Wu have funded an undisclosed amount of funding for Columbia Crossing in the Dorchester neighborhood. The proposed development plans to transform the historic Dorchester Savings Bank building and adjacent parking lot into an approximately 86,000-square-foot residential and commercial complex. The project will be developed by the Preservation of Affordable Housing (POAH) in partnership with the Dorchester Bay Economic Development Corporation (DBEDC). Plans include the adaptive reuse of the bank building into affordable rental housing and the construction of a six-story building at …

February 21, 2023

Affordable Housing Investment Sales North Carolina Southeast

Fairfield Buys Greens of Pine Glen in Durham, North Carolina

by Lynn Peisner February 20, 2023

DURHAM, N.C. — Fairfield has acquired Greens of Pine Glen apartments in Durham for an undisclosed price. The 168-unit affordable-housing property includes two- and three-bedroom units that rent for up to 60 percent of the area median income (AMI). With this transaction, Fairfield now owns 750 affordable units in the Raleigh-Durham area. San Diego-based Fairfield owns and/or operates 41,000 units nationwide.

February 20, 2023

Affordable Housing Development Georgia Investment Sales News Southeast

City of Atlanta Acquires $39 Million Office Tower for Housing Conversion

by Lynn Peisner February 17, 2023

ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …

February 17, 2023

Affordable Housing Development Features Illinois Midwest

Empty Office Buildings in Chicago’s Financial District Offer Possible Solution to Housing Crisis

by Kari Lloyd February 16, 2023

Often dubbed the Wall Street of Chicago, the LaSalle Street corridor historically has been the location of choice for big business in the Windy City. However, in recent years the corridor has suffered from significant vacancies largely due to the remote work trend of the pandemic and an overall shift to remain remote permanently. In response, Chicago’s employers either downsized office space or completely left the office environment altogether. Chicago’s overall office vacancy situation has been on an increasing trend for over two years. According to fourth-quarter 2022 data from …

February 16, 2023

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