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Affordable Housing

Affordable HousingDevelopmentGeorgiaNews

McShane Completes 124-Unit True Light Haven Affordable Community in Atlanta

by Jeff Shaw

ATLANTA — McShane Construction Co. has completed construction of True Light Haven, a 124-unit affordable seniors housing community in Atlanta Westside neighborhood. National Church Residences is the developer on the four-story project, which sits on 4.7 acres. The residence is located within walking distance of the West Lake MARTA train station and the Westside beltline biking and walking trail. It is also just three miles from the Mercedes Benz Stadium and Downtown Atlanta. True Light Haven was designed to achieve National Green Building Standard (NGBS) Gold certification. The architect of …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Hunt Capital Partners Negotiates $5.6M LIHTC Financing for St. Stephen’s Retirement Center in San Diego

by Jeff Shaw

SAN DIEGO — Hunt Capital Partners, in collaboration with CRP Affordable Housing and Community Development LLC and its affiliate Castellan Holdings LLC, has arranged $5.6 million in Low-Income Housing Tax Credit (LIHTC) equity financing for St. Stephen’s Retirement Center. Located in San Diego, St. Stephen’s Retirement Center is the acquisition and rehabilitation of 60 affordable housing units for seniors. The development will provide a variety of supportive services. As of the closing date of May 12, 2021, this transaction was the first development in California and the fifth in the …

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Affordable HousingDevelopmentGeorgiaNews

Joint Venture Breaks Ground on $76M Affordable Complex in Stockbridge, Georgia

by Jeff Shaw

STOCKBRIDGE, Ga. — A joint venture between TriStar Commercial Real Estate Investments, Zimmerman Properties and nonprofit Star-C has broken ground on a multifamily complex that includes seniors housing in Stockbridge, approximately 18 miles southeast of downtown Atlanta. The $76 million property includes the Villas at Mt. Zion, a 96-unit independent living community, and the Flats at Mt. Zion, a 210-unit multifamily community for families with children who attend Mt. Zion elementary and primary schools. The development is the first in an alliance between Zimmerman Properties, an affordable housing builder and …

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Affordable HousingDevelopmentNewsTexas

JPI, City of Balch Springs Plan 200-Unit Affordable Community in Texas

by Jeff Shaw

BALCH SPRINGS, Texas — JPI announced today it has received construction financing for Parmore Arcadia Trails, a 200-unit, 8.56-acre affordable senior living community in the first-ring Dallas suburb of Balch Springs. The development, created in partnership with the City of Balch Springs, will help meet a growing need for affordable housing for local seniors earning an average of 60 percent of the area median income. “Seniors are some of the most vulnerable to inflation and the rising housing costs. Now, more than ever, we need affordable, quality living options for …

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Affordable HousingCaliforniaDevelopmentNews

RAAM Construction Completes $29M Arboleda Apartments in La Puente, California

by Jeff Shaw

LA PUENTE, Calif. — RAAM Construction has completed the construction of Arboleda Apartments, an affordable seniors housing development in La Puente, approximately 20 miles east of Los Angeles Development costs for the 74-unit, 71,499-square-foot property are estimated at $29 million. Of the total apartments, 38 are full ADA-accessible units. “The need for affordable housing has grown in recent years due to rising home prices and an overall housing shortage, and the COVID-19 pandemic has exacerbated that need immensely,” says Richard Lara, president and CEO of RAAM Construction. RAAM worked closely …

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Affordable HousingDevelopmentIndianaNews

TWG Opens $11M Line Lofts Affordable Community in Indianapolis

by Jeff Shaw

INDIANAPOLIS — TWG has opened Line Lofts Apartments, a new affordable senior living development on the eastside of Indianapolis. The property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS), which provides ongoing early intervention services to Indiana’s children with blindness/low vision. As part of the partnership, the $11 million property will include specific features that will aid visually impaired residents, including oversized elevator buttons, tactile markings …

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AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires Affordable Property in Atlantic City for $35.9M

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, through a public-private partnership, has acquired New York Avenue Apartments, a 151-unit affordable seniors housing community in Atlantic City, for $35.9 million. Built in 1980, New York Avenue’s units are supported by a project-based Section 8 Housing Assistance Payment (HAP) contract. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC …

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Affordable HousingDevelopmentNevadaNews

Volunteers of America Breaks Ground on Desert Oasis Affordable Expansion In Las Vegas

by Jeff Shaw

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding …

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Affordable HousingDevelopmentFinanceFloridaNews

Centennial Bank Provides $33M Construction Loan for Affordable Community in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a development of an affordable seniors housing community in Sweetwater, a suburb of Miami. CREI plans to develop an eight-story, 217,000-squarae-foot, 244-unit community on the five-acre parcel, citing area population growth during the pandemic. The site was formerly Vann Academy, a school and daycare center that closed its doors around the start of the pandemic. The future community will comprise one- and two-bedroom units ranging from 609 to 874 square feet. The …

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Affordable HousingDevelopmentFrom The Magazine

Not Your Grandpa’s Affordable Housing

by Jeff Shaw

Newer senior living developments feature environmental sustainability, amenities and services far beyond the residences of the past. By Jeff Shaw The development strategy for affordable seniors housing of the past seemed to have one overarching goal: Don’t spend too much. Generally, the apartments were simply typical affordable housing units with age restrictions for residents, built as cheaply as possible to counteract the lower rents. That’s not the case anymore. Affordable seniors housing today features a host of amenities and services on site, and a strong focus on environmental sustainability.  “Prior …

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