Affordable Housing

Viva-L.A.-Warner-Center_Los-Angeles
Affordable HousingCaliforniaDevelopmentNews

Wellpointe to Develop $2B Affordable Seniors Housing Campus in Los Angeles

by Hayden Spiess

LOS ANGELES — Wellpointe has announced plans for the development of a new affordable seniors housing campus within the Warner Center master-planned district in Los Angeles.  Wellpointe estimates a total investment of $2 billion in the project, which will be developed in four phases. A property-holding affiliate of Wellpointe acquired the 4.7-acre development site late last year from Parkview Financial.  Upon completion, Viva L.A. Warner Center will comprise four high-rise towers ranging from 34 to 42 stories. The 2.2 million-square-foot development will total 3,192 units, as well as 61,450 square feet …

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Affordable HousingDevelopmentMarylandNews

Enterprise Community Development to Redevelop Springvale Terrace in Maryland

by Hayden Spiess

SILVER SPRING, Md. — Enterprise Community Development has announced plans to redevelop Springvale Terrace, a community in Silver Spring, in partnership with Seabury Resources for Aging.  Originally built in the 1960s, the property features 146 units. The community was one of the first to be developed under the U.S. Department of Housing and Urban Development’s (HUD’s) Section 202 program in the Washington, D.C. region.  Redevelopment plans include the demolition of the existing structure and the construction of a new 236-unit property, which will be branded as The Springvale. Residences will be …

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Affordable-Assisted-Living-Community_Metro-Chicago
AcquisitionsAffordable HousingIllinoisNews

Blueprint Brokers Sale of Affordable Community in Chicagoland

by Hayden Spiess

CHICAGO — Blueprint has brokered the sale of an affordable seniors housing community located in metro Chicago.  Developed in the mid-2000s, the assisted living property operates under the Illinois Supportive Living Program.  A Chicago-based owner and operator acquired the property for an undisclosed price. Connor Doherty and Ryan Kelly of Blueprint advised the seller in the transaction. 

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Sweetwater-Terraces_Duluth-Ga
AcquisitionsAffordable HousingGeorgiaNews

Dominium Acquires 165-Unit Community in Metro Atlanta

by Hayden Spiess

DULUTH, Ga. — Dominium has acquired Sweetwater Terraces, a 165-unit senior living community located in Duluth, about 30 miles northeast of downtown Atlanta.  Dominium plans to resyndicate the property in the fourth quarter of this year, preserving the community’s affordable housing status. As part of the resyndication, the community will undergo a $9.9 million renovation.  The property was originally developed in 2008 using four-percent low-income housing tax credits and tax-exempt bond financing. 

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Tabor-Village-Rendering
Affordable HousingDevelopmentNewsTexas

Onyx Legacy Group, Lincoln Avenue Communities to Develop 229-Unit Affordable Community in Dallas

by Hayden Spiess

DALLAS — Onyx Legacy Group and Lincoln Avenue Communities are underway on plans for the development of a new affordable seniors housing community in Dallas.  The Texas Bond Review Board has issued a $38 million bond reservation to the Dallas Housing Finance Corp. in support of the project, and the City of Dallas has issued an early release letter, which allows initial grading and site mobilization activities to begin.  Upon completion, the property will total 229 units, with 15 percent of residences reserved for seniors earning at or below 50 percent …

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Affordable HousingDevelopmentFinanceNew JerseyNews

NJEDA Approves $35.3M in Tax Credits for Project in Northeast New Jersey

by Hayden Spiess

TOTOWA, N.J. — The New Jersey Economic Development Authority (NJEDA) board has approved $35.3 million in tax credits for a new seniors housing project in Totowa, roughly 20 miles northwest of New York City.  Upon completion, the development will feature 141 units. The project, known as Totowa Affordable Housing, is an adaptive reuse of the former Little Sisters of the Poor facility. Chrisitan Health is the lead developer.  All of the residences, which will include eight studio units, 123 one-bedroom units, 10 two-bedroom units, will be designated as affordable housing.  Financing …

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Trinity-East-Senior-Village-Rendering
Affordable HousingDevelopmentNewsTexas

NHP Foundation, Partners to Develop 90-Unit Affordable Housing Community in Houston

by Hayden Spiess

HOUSTON — The NHP Foundation (NHPF), an affordable housing developer, with Trinity East Village Community Development Corp. (TECDC) and Housing Alliance HTX, will develop a new affordable seniors housing community in Houston.  Dubbed Trinity East Senior Village, the property will comprise 90 units for residents age 55 and older in the Third Ward neighborhood of Houston. Of the 90 residences, 60 will serve as replacement housing for residents of the Housing Alliance HTX’s Cuney Homes community, which is currently undergoing redevelopment.  Trinity East Senior Village will serve extremely low- and low-income …

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Affordable HousingColoradoDevelopmentNews

MGL Partners Plans Affordable Community at Hospital Campus Redevelopment in Colorado

by Hayden Spiess

WHEAT RIDGE, Colo. — MGL Partners is planning the development of a new affordable seniors housing community in Wheat Ridge, approximately 10 miles outside downtown Denver.  The community will be situated within the redevelopment of the former Lutheran Hospital campus. MGL Partners recently executed a purchase and sale agreement with E5x Management, which is leading the redevelopment of the hospital campus, for the project site.  Dubbed Legacy Terrace Apartments, the community will feature 50 units for residents age 62 and older earning between 30 and 80 percent of the area median …

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Legacy-Place-Rendering_Orlando-Fla
Affordable HousingDevelopmentFloridaNews

Wendover Housing Partners Underway on 100-Unit Affordable Housing Community in Orlando

by Hayden Spiess

ORLANDO, Fla. — Wendover Housing Partners, in partnership with Hope Center West and the City of Orlando, is underway on the development of a new affordable seniors housing community near downtown Orlando.  Upon completion, Legacy Place will total 100 units.  DeAngelis Diamond is serving as the general contractor for the project. Goldman Sachs and Berkadia Commercial Mortgage have provided financing, and the project is backed by $610,000 from the City of Orlando. The city is also providing incentives through the Orlando Unlocked initiative, which is designed to accelerate the development of …

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Douglas Gardens
Affordable HousingDevelopmentFloridaNews

McDowell Housing Partners, Miami Jewish Health Open $139M Affordable Community Near Miami

by Hayden Spiess

PEMBROKE PINES, Fla. — McDowell Housing Partners and Miami Jewish Health have completed the development of Douglas Gardens Senior Health and Living, a new affordable seniors housing community located in Pembroke Pines, roughly 25 miles northwest of Miami.  Now open, the community totals 410 units reserved for residents age 55 and older earning 30, 60 and 100 percent of the area median income. Amenities at the community include a pond with walking paths, theater room, business center and multiple indoor and outdoor gathering spaces.  Development costs for the project totaled $139 …

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