AUSTIN, TX – The Federal Home Loan Bank of Dallas (FHLB Dallas) and Wells Fargo awarded $1.5 million via two Affordable Housing Program (AHP) subsidies for affordable rental developments in the works in Austin, Texas.
Foundation Communities provides affordable, attractive homes and free onsite support services for thousands of families with children, as well as veterans, seniors and individuals with disabilities. The nonprofit owns and operates 23 communities in Austin and North Texas.
Foundation Communities was awarded one $750,000 AHP subsidy to offset construction costs at the $27.5 million, 88-unit Laurel Creek affordable housing apartment development in North Austin, whose construction is nearly complete. It will use the second award of $750,000 for development costs for Parker Apartments, which is in the early development stages in South Austin, according to Walter Moreau, executive director at Foundation Communities.
With rising development and construction costs, these awards will help us deepen our ability to serve extremely low-income families and individuals without taking on more debt or charging higher rents, he said. We are grateful to Wells Fargo and FHLB Dallas for the support.
Theresa Alvarez, Wells Fargo senior vice president of Social Impact & Sustainability for Central Texas, said Foundation Communities is known for its innovative approach to providing well-rounded case management at its properties that typically include a learning center, after-school care, tutoring and food pantries.
In addition to providing affordable and attractive housing, Foundation Communities helps its residents achieve educational success, financial stability and healthier lifestyles with its onsite supportive services, Ms. Alvarez said. We are pleased to support them on these two developments and look forward to hearing about their future successes.
AHP funds are intended to help FHLB Dallas members in financing the buy, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help make 2,113 new or rehabilitated housing units, including nearly $7.5 million for 986 units in Texas.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has helped nearly 60,000 households.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the AHP provides a way for its members to support vulnerable populations, such as the homeless.
With a part of these apartments going toward housing previously homeless families, Wells Fargo is supporting the Foundation Communities work to help extremely low-income families with children recover from homelessness, Mr. Hettrick said. We are pleased to join them in this worthy cause.

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SANTA CLARITA, CA – Harbor Group International and Azure Partners announce their joint venture for the acquisition of Jefferson Vista Canyon, a 480-unit, Class A apartment community in Santa Clarita, Calif. HGI and Azure bought the property from JPI. JLL brokered the transaction and arranged a $173 million floating rate loan on behalf of HGI and Azure.
The Jefferson Vista Canyon Apartments are part of a 185-acre, mixed-use master-plotted development, designed to offer residents convenient and walkable access to employment, recreation and entertainment options. At completion, the development will feature 650,000 square feet of office space and 165,000 square feet of retail, and will include an 11-acre park and direct access to 10-miles of hiking and walking trails. The City of Santa Clarita will construct a bridge across the Santa Clara River connecting the development with Soledad Canyon Road, providing an essential access point to complement the expected increase in resident and visitor density to the micro-location.
The community is centrally located and easily connects residents to major employment and lifestyle nodes within the Santa Clarita Valley, the neighboring San Fernando Valley and throughout Greater Los Angeles via Route 14 and I-5. The property offers an embedded Metrolink commuter rail and bus transfer station, which will provide residents additional modes of access to major employment and entertainment centers in Greater Los Angeles. The Santa Clarita region is proximate to a range of employers within aerospace and defense, medical devices and biotech, advanced manufacturing, digital media and entertainment and information technology.
“The Jefferson Vista Canyon community provides the accessibility, convenience and connectivity today’s residents are seeking,” said Richard Litton, President, HGI. “This acquisition highlights HGI’s investment strategy of acquiring properties in well-located, dynamic markets with strong employment fundamentals. We look forward to expanding our footprint in Southern California.”
Bryant Ferber, Azure’s Managing Director and Head of Acquisitions added, “We are excited to announce our first acquisition in California, and expect this transaction to serve as a springboard to more opportunities in the western United States as we seek to expand our presence in the region. Jefferson Vista Canyon aligns perfectly with our core investment strategy to buy best-in-class assets in submarkets with strong growth trajectories.”
The JLL Capital Markets team representing the seller was led by Managing Director Peter Yorck and Director Nick Lavin. The JLL Capital Markets Debt Advisory team representing the borrowers was led by Managing Directors Brandon Smith, Annie Rice and Jamie Leachman.
“This luxury asset had a tremendous lease up over the past twelve months and will soon reach stabilization, demonstrating strong renter demand for this product and location,” said Yorck. “The sale of Jefferson Vista Canyon indicates continued robust investor interest in more suburban pockets of Los Angeles County, such as Santa Clarita.”
Built in two phases from 2020 to 2021, Jefferson Vista Canyon features contemporary finishes and desirable amenities unique to other communities in the area, including resort-style pools and a rooftop deck. Interior units include a mix of studio, one-, two- and three-bedroom layouts.
Jefferson Vista Canyon adds to HGI’s Southern California multifamily portfolio and marks the firm’s seventh multifamily investment in the region.

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PETERSBURG, FL – Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Waterview Echelon City Center Apartments, a 226-unit, high-rise apartment complex located in the highly desirable Carillon Business Park area of St. Petersburg, FL.Waterview marks the 12th and final acquisition for the Company in 2021, and its 3rd acquisition in the Tampa/St. Petersburg MSA, where the Company is located.
“Waterview is a huge win for the Stoneweg US team in terms of diversification and growth. It’s the first high-rise community in our portfolio, offering sophisticated, Class-A living in one of the most robust markets in terms of relocation and jobs in the U.S.,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “The fact that it’s in our hometown is an added bonus, and we’re thrilled to deliver another fantastic deal to our SW Fund I investors.”
Waterview Apartments, which opened its doors earlier this year, is located in the Echelon City Center of St. Petersburg, providing simple access to all major highways, downtown St. Petersburg, renowned Tampa Bay area beaches and 20 minutes from the larger and neighboring Tampa MSA.
The 226-unit, 15-tale tower features best-in-class amenities including a posh mid-level skyline pool, full-service fitness center with top-notch equipment, and a chic 7th floor lounge and clubhouse equipped with a variety of entertainment and business facilities for residents. Available units are perfectly designed in varying layouts all offering floor-to-ceiling windows in living rooms and bedrooms, washer and dryer combos, and kitchens boasting high-end stainless-steel appliances, quartz countertops and subway tile backsplashes.
Developed as a mixed-use residence, the property also features premiere retail space, which Stoneweg US did not buy but believes will benefit from the seller’s plot to develop the surrounding retail space with a hotel, office space and additional retail. Bozzuto Management will serve as the property manager for Waterview Apartments.
“Over the last two years, we have seen the Tampa Bay market emerge as a clear winner in the migration trend. Due to this along with a limited supply pipeline and the future development plans within Echelon City Center, we believe that Waterview is well-positioned to be a successful investment,” said Mike Cacciatore, Director of Acquisitions for Stoneweg US.

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