DEAL UPDATE Q1
Jefferson Square Townhomes
ACQUISITIONS & REDEVELOPMENT
Q1 ACCOMPLISHMENTS
Bridgeview Village was handed off from pre-stabilized to stabilized.
WHAT’S IN THE PIPELINE?
Jefferson Square Townhomes (Northfield, MN)
50-unit townhome family community.
Palm Grove Gardens (Orlando, FL)
142-unit family community, with 141 units covered by a PBRA Section 8 contract. Planned LIHTC execution.
Ellis Lakeview (Chicago, IL)
105-unit family tower, 100% Section 8. Fairwind & Oakfield (North Charleston, SC)
Received a $296 MM bond allocation for Oakfield
Applying for tax credits and bonds for Fairwind in June
In the running for future deals in Chicago, IL (124 units); Hammond, IN (450 units) & Providence, RI (149 units)
PUBLIC
PRIVATE PARTNERSHIPS SPOTLIGHT
The Acquisitions & Redevelopment team is working with the Public Private Partnerships team to secure a PILOT for Pinebrook Manor (Lansing, MI), a 136-unit family section deal Working to add to our presence in MI, after the closing of River's Edge last year
Palm Grove Gardens
Ellis Lakeview
ESSENTIAL HOUSING
Q1 ACCOMPLISHMENTS
Highridge Costa Portfolio
Closed on two senior properties located in Northern and Southern California, totaling 310 units:
Vintage Crest-190 units (Moorpark, CA)
Vintage Park-120 units (Santa Rosa, CA)
WHAT’S IN THE PIPELINE?
Highridge Costa Portfolio
Excited to share that the final property in the Highridge Costa Portfolio is on track to close on April 30th, marking the successful completion of the portfolio acquisition
New Portfolio Acquisition Opportunity
Participating in a competitive bidding process to acquire a 6,500-unit Project-Based Section 8 portfolio comprised of 52 properties located across California, Washington, Ohio, Illinois, Pennsylvania, Maryland, Virginia, Georgia, and Texas.
Discretionary LP Fund
Working with a placement agent on marketing materials to start the capital raise for a large discretionary institutional LP fund
CRA Fund
In the process of finalizing a CRA dedicated fund with a top 10 bank in the US
The fund will focus on affordable and workforce housing investments in the Philadelphia metro area to help the bank reach its CRA goals.
Vintage Park
Vintage Crest
NEW CONSTRUCTION
PUBLIC PRIVATE PARTNERSHIPS SPOTLIGHT
The New Construction team is working closely with the Public Private Partnerships team on projects in Kansas City, MO; Chattanooga & Nashville, TN; and Richmond, VA.
Q1 ACCOMPLISHMENTS
Jefferson Plaza (Woodbridge, VA)
Facades are nearly complete on the first buildings
Permanent power is scheduled for April
Planning to have the first unit turns in early Q3
The website/interest list is online Check it out here! Prepared application materials/applied for four deals (1 in Kansas City, MO, 1 in Providence, RI, & 2 in North Carolina) A highlight of Q1 is the team’s unprecedented 4-month rezoning of their site in Raleigh, months faster than considered possible
WHAT’S IN THE PIPELINE?
West Loch (Ewa Beach, HI)
Closing expected in early Q2. 123 units of 1-,2-, and 3-bedrooms.
180-unit family project in Marlboro, MD
182-unit family project in Antioch, CA.
198-unit project in Huntsville, AL. Working on 15+ sites in the pipeline and multiple other prospective site evaluations.
West Loch Rendering
Jefferson Plaza
A QUICK SNAPSHOT: LOOKING BACK & AHEAD
DEALS CLOSED IN Q1
DEALS STABILIZED IN Q1
DEALS PROJECTED TO CLOSE IN Q2
DEALS PROJECTED TO STABILIZE IN Q2
THE ROAD TO 50,000 UNITS BY 2030...
~23,000 units to go to reach 50,000!
