HOOVER, AL – Balfour Beatty Communities announced it has completed the buy of Riverchase Landing located in the Birmingham suburb of Hoover, AL. The Philadelphia-based residential real estate investment and management company bought the multifamily property as part of a joint venture with Apex One Investment Partners and Torchlight Investors, continuing the successful residential investment partnerships with the two firms.

The 468-unit community, comprised of 26 two- and three-tale buildings, is located in the desirable Hoover suburb of Birmingham, Alabama. Riverchase Landing occupies more than 45 acres at 200 River Haven Circle and is situated in a significant business zone with major corporate headquarters and offices, as well as a vibrant mix of retail, restaurants and entertainment options, all within simple access to downtown Birmingham.

Featuring one-, two- and three-bedroom floor plans averaging 1,600 square feet, the apartments offer fully equipped kitchens, walk-in closets, private patio/balcony and updated finishes. Common area amenities include a clubhouse, fitness center, pool, playground and tennis courts.

“We continue to actively pursue well-positioned properties in attractive submarkets that offer significant upside potential and Riverchase Landing certainly fits that criteria,” said Chris Williams, president of Balfour Beatty Communities. “Our number one focus remains delivering an exceptional living experience to every resident and our team is excited to bring to Riverchase Landing the world-class customer service and transformative renovations and upgrades that residents have come to expect from a Balfour Beatty Communities property.”

“We are excited about this acquisition as we believe it is well-positioned to benefit from a sought-after suburban community and a well-designed capital improvement plot to be implemented by our experienced partner,” said Henry Gom, senior vice president of Torchlight Investors.

The buy closed on March 6th and, as is typical with the company’s portfolio acquisitions, Balfour Beatty Communities will self-perform property management services and will invest in a series of capital improvements at the property, including interior, exterior and amenity upgrades.

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WASHINGTON, DC – The NHP Foundation, a national not-for-profit dedicated to preserving and making sustainable, service-enriched multifamily housing, has bought the 176-unit Woodmont Crossing Apartments.  The $44.6 million transaction was made possible through a $25.5 million loan from the District of Columbia Housing Finance Agency (DCHFA) financed through that agency’s first time participation in U.S. Department of Housing and Urban Development (HUD) Level 1 50/50 Risk Share 542 (c) program. LIHTC Equity financing of $12.1 million was provided by Royal Bank of Canada (RBC). 

As part of the DC Tenant Opportunity to Buy Act (TOPA), The Woodmont Crossing United Tenants Association exercised its right and selected The NHP Foundation to partner on the acquisition and rehabilitation of the two and three-bedroom unit property.  The residence is a Year 15 Low Income Housing Tax Credit (LIHTC) property with 100% of units priced for residents earning 60% of AMI (Area Media Income) or less. 

“We were selected by the tenants because of willingness to jointly make a vision of the future of Woodmont Crossing, our mission of providing service enriched housing, and our track record of getting developments done,” said Neal Drobenare, NHPF SVP of Acquisitions, about NHPF’s fifth successful TOPA acquisition in the DC area.  “We had a tight deadline on this project and DCHFA and RBC got us closed in six months from start to closing.  As a TOPA buy, if we had not closed on time, the property would have gone back to the original contract purchaser.”

The NHP Foundation’s four previous TOPA projects in the DC area are Takoma Place, Parkchester, Benning Hts., and Anacostia Gardens, which are all thriving.  Of the current Woodmont Crossing buy, Chaiko Lewis, President of Woodmont Crossing United Tenants Association said, “In NHPF we found a partner who understands our community and what is needed to provide long term benefits to our residents,” adding “NHPF will maintain our rents and perform in-place renovations that work with our schedules.” The property hasn’t been renovated since its opening in 2002. 

“The Woodmont Crossing partnership enables DCHFA to continue to provide District residents access to high-quality affordable housing,” said Todd A. Lee, Executive Director/CEO, DCHFA. “And, by becoming a Risk Share lender, we are able to shorten the process and be a source of additional funding needed for the ongoing production and preservation of such projects.” DCHFA is the only housing agency in the District of Columbia that participates in the program which focuses exclusively on affordable production and preservation.

Added Christopher Donald, Sr. Vice President, DCHFA, “The Woodmont Crossing/NHPF buy represents the kind of creative partnerships that are needed to preserve housing for families and seniors in the D.C. area, we’re pleased to be part of this community’s bright future.” 

NHPF plans on investing $42,000 per unit in rehabilitation, which includes kitchen and bath upgrades as well as making five percent of the units fully accessible.

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