Community Development, YES Housing Form $4.5M JV to Acquire, Recapitalize Three Affordable Communities in New Mexico

by Jeff Shaw

ALBUQUERQUE, LAS CRUCES and ROSWELL, N.M. — The Community Development Trust (CDT), an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico.

CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income.

The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000.

The other two properties were not disclosed, as the acquisitions are still pending.

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