Affordable Housing

ALIS Medtelligent John Shafaee EHR quote

Despite hopes that the rising tide in occupancy rates would lift all boats for the seniors housing industry, many operators with full properties still wrestle with revenue volatility that hinders financial performance. This phenomenon can be especially perplexing for investors who cut their teeth on other commercial property types where fully leased properties typically deliver healthy returns. Intent on their property’s real estate fundamentals, they risk overlooking the impact of clinical care on the bottom line. “Revenue volatility tends to be opaque for a lot of operators because it’s in the clinical world that turbulence happens with the residents, and …

2 FacebookTwitterLinkedinEmail
Kimberly-Place_Danbury-Conn

DANBURY and NORWALK, Conn. — CBRE has brokered the $39.8 million sale of a two-property affordable seniors housing portfolio located in Connecticut. CBRE represented the seller, First Atlantic LLC, in the transaction and procured the buyer.  An affiliate of Heritage Housing Inc. acquired the properties, which total 169 units and include Kimberly Place in Danbury and One Leonard in Norwalk.  Both properties are reserved for residents ages 62 and older. Kimberly Place and One Leonard feature 116 and 53 one-bedroom apartments, respectively. 

0 FacebookTwitterLinkedinEmail
Kettner-Crossing-San-Diego

SAN DIEGO — R.D. Olson, an Irvine, California-based general contractor, has completed the construction of Kettner Crossing, a $30 million affordable housing community situated in San Diego’s Little Italy neighborhood. Bridge Housing Corp. was the developer. Totaling 64 units, the residences are reserved for seniors age 62 and older earning no more than 30 to 60 percent of area median income. The building also features 2,200 square feet of commercial office space available for lease. Amenities at the community include a rooftop overlooking North San Diego Bay, an open-air turf …

0 FacebookTwitterLinkedinEmail
Garfield-Terrace-II_Phoenix

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II.  Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with …

0 FacebookTwitterLinkedinEmail
Serenity-Apartments_Los-Angeles

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles.  John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and …

0 FacebookTwitterLinkedinEmail
The-Perennial_New-York-City

NEW YORK CITY — A joint venture partnership between Foxy Development and Selfhelp Realty Group has begun construction on a new intergenerational affordable housing development located in Queens in New York City. Dubbed The Perennial, the property will comprise145 units and will also house the Forest Hills Jewish Center.  Upon completion, which is scheduled for the end of 2027, the 156,133-square-foot development will feature 124 units of seniors housing, including 44 units for formerly unhoused seniors, as well as 20 family units. All residences will be reserved for households earning at …

0 FacebookTwitterLinkedinEmail
Legacy-East-Lake_Atlanta

ATLANTA — Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta and reopened the community.  Originally built in the 1970s, the property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income. Rents are capped at 30 percent of household income through project-based vouchers.  Financing for the redevelopment included $12.4 …

0 FacebookTwitterLinkedinEmail
Forest-Glen-Titusville

TITUSVILLE, Fla. — Housing Trust Group (HTG) has secured financing and began construction on Forest Glen, an. 80-unit, $28 million affordable seniors housing community in Titusville. The project is HTG’s second in Titusville and third development built in partnership with HFH Supportive Housing, a nonprofit dedicated to providing affordable housing and support services in Brevard County. Forest Glen will have 72 one-bedroom units and eight two-bedroom units with rents ranging from $750 to $1,350 per month for income qualifying residents who earn at or below 40 percent and 60 percent …

0 FacebookTwitterLinkedinEmail
Sunset-Haven-Brownsville

BROWNSVILLE, Texas — Hunt Capital Partners has transferred its interests in Sunset Haven Apartments, a 100-unit affordable housing community in Brownsville, to the Brownsville Housing Management Corp. (BHMC), an affiliate of the Housing Authority of the City of Brownsville (HACB). Since its development in 2008, Sunset Haven has served seniors earning up to 30 and 60 percent of area median income (AMI). HACB’s goal is to acquire full ownership of the tax credit properties within city limits. Once a compliance period is reached, transference of ownership to a city or …

0 FacebookTwitterLinkedinEmail
Hawthorne-Heights

GAINESVILLE, Fla. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also arranged a $6.5 million Freddie Mac permanent loan for the project.  Hawthorne Heights will serve seniors aged 62 and older with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three …

0 FacebookTwitterLinkedinEmail