CBRE Group has successfully completed the acquisition of and renovation financing for the Ashwood Downs Apartments in Olympia and the Atherton Woods Apartments in Vancouver, Wash.
The loans for these affordable housing developments, $8,700,000 for Ashwood Downs Apartments and $9,000,000 for Atherton Woods Apartments, were funded through HUD’s Section 221(d)(4) program providing substantial rehabilitation financing together with a 40-year, fully-amortizing permanent loan.
Ashwood Downs, situated on a 5.25 acre site, was constructed in 1995 under the Section 42 Low-Income Housing Tax Credit Program and provides 96 units in two and three bedroom layouts. Atherton Woods was constructed in 1994, also under the Section 42 Low-Income Housing Tax Credit Program and provides 102 units in two and three bedroom layouts.
Both properties are available to qualifying tenants at 50 percent or 60 percent of area median income. The tax credits related to each of these properties will be resyndicated and the affordability restrictions will be extended for another 30-year term. The project Sponsor – Allied Real Estate Partners, LLC – is planning renovations that will include updates to the buildings’ exteriors, common areas and individual unit interiors.
Allied Real Estate Partners is a subsidiary of Allied Argenta, LLC which specializes in acquiring multifamily properties as well as advising clients on identifying, financing and providing asset management services of affordable housing properties.