BINGHAM FARMS, MI – FOURMIDABLE, a diversified, national real estate management company specializing in the management of tax credit, public housing, senior, market rate and condominium communities, has opened three new communities; one in Tennessee and two in Mississippi, adding to its inventory of affordable housing in each of the states.

Turnrow, located in Somerville, Tenn., is a 56-unit community featuring luxury two- and three-bedroom floor plans that include modern kitchens and in-unit washers and dryers.  Turnrow also features a community fitness center, clubhouse, community business center and swimming pool, as well as free Wi-Fi for all units.

Turnrow was financed in part through federal tax credits awarded by the Tennessee Housing Development Authority as part of the Low-Income Housing Tax Credit program. The general contractor was Bacar Construction out of Nashville, Tenn.

Tall Oaks is an 80-unit community located in Verona, Miss., and Fountain Square, a 48-unit community, is located in Columbus, Miss. Both communities feature spacious three bedroom, two-and-a-half bath floor plans that include modern kitchens, in-unit washers and dryers and two-car garage. As with the Tennessee community, they also showcase a clubhouse with a business center and free Wi-Fi for all units. Both of these communities offer preferences and specials to the well-deserved veteran community.

Tall Oaks and Fountain Square was financed in part through federal tax credits awarded by the Mississippi Home Corporation as part of the Low-Income Housing Tax Credit program. The general contractor was Winters Construction out of Oxford, Miss.

“FOURMIDABLE has been working with the ownership group of these communities for over 10 years,” said Michael Shocker, president of FOURMIDABE. “They make our job as managing agents simpler by building upscale communities with luxury amenities. We are so proud to continue providing fantastic affordable apartments to well-deserved people in the states of Tennessee and Mississippi.”

FOURMIDABLE currently manages a total of 13 communities throughout Tennessee and eight in Mississippi, plus two additional communities in Mississippi under construction in New Albany and Corinth, with an anticipated opening in mid-2018.

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MEMPHIS, TN – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Madison Cypress Lakes, a 1,002-unit apartment community in the Tennessee suburbs of Memphis. The community will be rebranded as Waterview Apartments.

Situated less than 25 miles from downtown Memphis, the community offers simple access throughout the metro area via Interstate 240 and 69, and is a small drive from the Nonconnah Technology Corridor, the Poplar Class A Office Corridor and Memphis International Airport. CAPREIT will renovate the community and implement upgrades to the townhome-style homes.

“Waterview will provide the Germantown/Collierville area with quality affordable housing that is much needed in the submarket, and we plot to invest a significant amount of capital into upgrading the community,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “Our intention is to contribute to the continued growth of one of Memphis’ top submarkets with updated, reputable homes. We are excited about the opportunity to provide renovations in a growing area, and are confident these upgrades will make an already affluent submarket even more desirable.”

CAPREIT’s plotted renovations include asphalt and sidewalk repairs, exterior painting, landscaping, pool refinishing, siding replacement, new fitness equipment and an upgraded clubhouse. Existing amenities at the spacious, 22-acre community include multiple lakes with some including stocked fish, indoor and outdoor pools, three resident clubhouses, a spa, business center, fitness center and indoor sports courts.

Located at 6860 Quince Road, Waterview is situated moments from the Bill Morris Parkway, which has transformed the area into a burgeoning technology hub. In addition to the Nonconnah Technology Corridor, the site is within close proximity of professional employment opportunities throughout the Memphis metro area, including major employers such as AutoZone, World Technology Center and the world headquarters of FedEx. The site is located three miles south of the Poplar Class A Office Corridor, home to seven million square feet of office space.

The community also is within 1.5 miles of 800,000 square feet of vibrant shopping, dining and entertainments options. Additional nearby attractions include Elvis Presley’s Graceland home, Beale Street and the FedEx Forum, home of the NBA’s Memphis Grizzlies. An eclectic mix of specialty stores at The Shops of Saddle Creek is conveniently located within a five-mile drive, and outdoor enthusiasts can access Shelby Farms Park with a quick drive on I-240.

Waterview consists of 1- and 2-bedroom apartment homes ranging from 533 to 1,160 square feet. The community features diverse floor plans, spacious kitchens with white appliances, washer and dryer connections, wood-burning fireplaces, vaulted ceilings, built-in bookshelves, ceiling fans and private patios or balconies with scenic views.

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NEWPORT BEACH, CA – Community Development Partners  announced that it will host a ribbon cutting and grand opening celebration for The Huntington an affordable senior community in Morgan Hill, CA.  Located at 16505 Butterfield Blvd., the event will feature special guest speaker Mayor Steve Tate, as well as gallery tours presenting art from ART from the Ashes.  The Huntington is the newest project to join Community Development Partners’ expanding portfolio of life-enhancing, affordable communities.

The Huntington will offer 114 affordable senior units for those earning 50 – 60 percent of the area median income.  Designed for independent living, units are available in one, two, and three-bedroom designs, ranging from 550 to 1,000 square feet.  Intended to encourage resident interaction, the amenity-rich environment features indoor and outdoor dining areas, a commercial kitchen, theater, gym, library, and craft room as well as transportation coordination.  The dynamic Green Point Rated community will offer meals through a program managed by Loaves & Fishes. 

On-site services will also be provided by EngAGE, offering arts-based educational curriculum at no cost to the residents.  The project was designed by KTGY Architecture + Plotting, built by Barry Swenson Builders, and will be managed by FPI Management.  Financial partners include the California Statewide Communities Development Authority, Citibank, Boston Financial, Local Initiatives Support Corporation (LISC), and California Tax Credit Allocation Community.  The non-profit partner is the Foundation for Affordable Housing.

Eric Paine, Chief Executive Officer of Community Development Partners, says, “We are pleased to bring The Huntington to fruition in furtherance of our mission to positively impact the lives of the residents.  We are appreciative of the support from all of our project partners and we’re excited to be turning our attention to the ongoing programming as we strive to make a vibrant and engaged community of residents.”

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