WASHINGTON, DC -Fannie Mae announced it has closed on a $100 million low-income housing tax credit (LIHTC) fund as part of an ongoing effort to provide a reliable source of capital for affordable rental housing and underserved markets. The fund, which will be known as Raymond James Affordable Housing Fund 11 L.L.C., will be managed for Fannie Mae by its partner in the fund, Raymond James Tax Credit Funds, Inc.

The Raymond James Affordable Housing Fund 11 L.L.C. will focus on Hurricane Harvey impacted markets, as well as rural markets and Native American housing, by backing multifamily projects in these underserved areas with funding for rehabilitation and construction. The fund will also work to incorporate resiliency features into properties that are situated in markets subject to flood and storm activity. The fund is expected to make its first investment in the first quarter of 2018.

The Federal Housing Finance Agency (FHFA) has approved Fannie Mae’s re-entry into the LIHTC market as an equity investor. Fannie Mae’s deep experience, long history, strong leadership, and partnership approach in the LIHTC market positions the company to provide immediate and ongoing support for the production and preservation of affordable rental housing.

“With the Raymond James Affordable Housing Fund 11 L.L.C. we can reach out to underserved markets and have a meaningful impact,” said Dana Brown, Vice President, LIHTC Investments, Fannie Mae. “There is a need for capital to help shore up the supply of housing hurt by Hurricane Harvey and other underserved markets. This fund vehicle is an ideal tool to help make this happen and to support affordable multifamily housing overall.”

For more information about Fannie Mae’s Low-Income Housing Tax Credit program, visit our LIHTC program website

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SALT LAKE CITY, UT – J. Fisher Companies has recently completed its sixth multi-family development under their Moda brand. Moda Highland Park is a luxury 40-unit townhome development located in the growing Sugar House and Highland Park neighborhoods of Salt Lake City. J. Fisher’s vertically integrated operating companies JF Capital, Strategic Builders, and Olive West were utilized in the process of structuring, building and managing this asset.

Moda Highland Park’s brilliant location, large floor plans, and high-end finishes makes this a fantastic addition to the Utahmulti-family market. These townhomes cater to the rising demand of high-end rentals that offer luxuries that meet or exceed the typical first home. Site security, washer/dryers, smart-home control systems, stainless steel appliances, and an attached 2-car garage all come standard at Moda Highland Park.

“Moda Highland Park’s location is first class with exceptionally simple access to Sugar House, downtown, the international airport, and the Wasatch Front ski resorts.  Additionally, the surrounding neighborhood offers brilliant schools and shopping choices.” –Adam Paul, JF Capital.

Salt Lake City recently cracked the top 10 on an annual ranking by PricewaterhouseCoopers LLP as the third most desirable city in the U.S. market for real estate investment. In this same report Salt Lake was praised for its outdoor activities, dining scene, culture, and large Millennial population. For these reasons and Utah’s projected economic growth, J. Fisher Companies continues to confidently invest into the Utah real estate market. 

“We are excited to have completed what we feel is one of the best townhome developments on the east bench of Salt Lake City.  Moda Highland Park is a project that our team is very proud of and we are excited to continue to better the communities we have an opportunity to work in.” –Owen Fisher, J. Fisher Companies.

The J Fisher Companies is a Utah-based real estate private equity and development firm dedicated to delivering superior product in superior locations to the market. 

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TARBORO, NC – Prudent Growth Partners, a real estate investment company based in Chapel Hill, NC, has made its first acquisition in the eastern part of North Carolina. Georgetowne Apartments, a 110-unit apartment community located in Tarboro, NC, was bought by Prudent Growth earlier in the month for $3,900,000.

“We are excited to be adding to our growing portfolio with this buy. It is our first buy in the eastern part of the state and hopefully not our last,” says Tom Hahn, President of Prudent Growth Partners. “We are actively looking for more properties like this in the eastern part of North Carolina and are certainly in ‘acquisition mode’.”

Questioned why he chose the property, Hahn says, “It is very well maintained with many long-term residents. We are hoping to be able to make some smart updates and continue to operate the community for many years to come.”

Prudent Growth Partners, based in Chapel Hill, NC, is focused on acquiring garden style apartment communities, typically with 75 to 200 apartments, as well as neighborhood retail centers. “We really like properties that are well managed, well positioned, and which provide some nice upside for our investors over the long term.” 

Prudent Growth Partners has a growing network of accredited investors who participate in each transaction. “We structure each transaction to provide solid cash flows to our investors each quarter – typically at least an 8% annualized return – as well as long-term upside through the appreciation of the property. It is a completely passive investment for the investor and provides fantastic returns and a nice hedge against future inflation.”

The transaction was brokered by Nathan Vaughan of Waterstone Multifamily Group.

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