KANSAS CITY, MO – Continuing its mission to make and preserve affordable housing in 15 states and the District of Columbia, NHPF announced its acquisition of Cardinal Ridge Apartments in Kansas City, MO. The 160-unit former 9% tax credit deal includes LIHTC, market rate, and public housing units for seniors and families.
NHPF and the Housing Authority of Kansas City, Missouri (HAKC), acted in partnership to prevent the property from going to foreclosure. Because the initial 15-year compliance period on the property has expired, the acquisition will ensure the property remains affordable beyond the remainder of its 30-year extended use period and into the foreseeable future.
Cardinal Ridge Apartments offer 20 buildings providing a variety of housing options including a senior-dedicated 3-tale mid-rise building serviced by an elevator, garden style walkups, and two- and three- tale townhouse units.
NHPF is currently working to stabilize the asset in preparation to resyndicate the property as a tax-exempt bond and 4% LIHTC transaction.
At HAKC we look for partners who can go quickly with intent to prevent our city from losing any precious affordable housing, said Edwin Lowndes, Executive Director at Housing Authority of Kansas City, MO, In NHPF, we found a partner who shares this goal and together we were able to enact the buy and preserve the property s affordability.
This Kansas City property affords NHPF the opportunity to expand our provision of much-needed affordable housing in a stable neighborhood with low crime, said Mansur Abdul-Malik, VP, Development, NHPF, who continued, The transaction also expands our Housing Authority relationships and demonstrates our expertise in completing complex financial transactions in record speed.

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WASHINGTON, DC – Gables Residential, a leader in the management and development of multifamily apartment communities, has broken ground on one of its newest projects in Washington, D.C, Gables Union Market. Gables Union Market is in the heart of the Union Market district, which is a 45-acre district for shopping, entertainment, restaurants, nightlife and more. The community will offer 300 apartment homes and over 20,000 sq. ft. of retail space. EDENs will own the ground floor retail and will bring exciting retail partners to complement the residential component.
Gables Union Market will have thoughtfully-designed amenities such as an infinity-edge pool and sundeck that will take advantage of views of the Capitol and Washington monument, outdoor dining with barbeque grills, a fire pit, shaded lounge/seating areas, a dog run, an outdoor activity lawn and a huge screen TV for movies. The indoor amenities will include a community room, game area, state-of-the-art fitness center, a dog wash and two unique spaces to complement the Union Market District – a flexible maker space room and a morning/garden room. The second-floor amenity space includes a conference room, several private breakout rooms, flexible seating areas that can double as co-working space, a podcast room and two outdoor terraces.
The community will incorporate green building and efficiency features including an approximately 2,000 SF solar panel array, energy star appliances and water sense plumbing fixtures.
Jorgen Punda, Senior Vice President of Investments at Gables Residential stated, We are thrilled to be adding another exciting addition to the DC portfolio. Union Market is a lively one-stop destination, and we look forward to being a part of this unique and thriving neighborhood.

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BOZEMAN, MT – Global real estate investment company Kennedy Wilson is expanding its presence in the Mountain States through an investment in an 11-acre Opportunity Zone site that will be developed into a 268-unit garden-style community named The Oxbow in Bozeman, Montana.
Kennedy Wilson has committed $16 million to the venture in exchange for a 51% ownership in the development alongside equity and operating partner Roundhouse, a Boise-based real estate investment management company.
Construction is already underway on The Oxbow, which is expected to reach completion in 2023. When complete, the new community will offer ample amenities for residents while promoting access and connection to the outdoors.
Bozeman has emerged as one of the fastest growing cities in the country over the last several years, and we are pleased to expand Kennedy Wilson s multifamily presence into a region that is primed to continue its upward trajectory, said Nick Bridges, Managing Director at Kennedy Wilson, who oversees multifamily investments in the region. Entering the Bozeman multifamily market is a natural next step for us as we continue our focus on acquisitions in regions offering residents a high quality of life and a relatively affordable cost of living – key factors that many individuals and employers are seeking as work flexibility increases. The Oxbow will provide the modern, amenity-rich lifestyle that outdoor-oriented tenants demand.
Plans for The Oxbow include a mix of one-, two-, and three-bedroom apartments across a collection of low-rise buildings with clean, mountain-modern designs that blend urban and natural amenities. The community will feature a variety of amenities including a coffee shop, a resort-style spa, fitness and yoga studio, as well as a community kitchen, working spaces and a dog wash station. The Oxbow is expected to contribute approximately $2.4 million of annual net operating income to Kennedy Wilson upon completion.
The acquisition comes on the heels of several large apartment buys by Kennedy Wilson in the Mountain States and reflects a continued focus on recycling capital from dispositions into high-quality multifamily properties in high-growth markets. The Oxbow will add 268 units to Kennedy Wilson s Mountain States portfolio, which now totals over 10,000 market-rate and affordable units, including those under development. The Oxbow also contributes to the overall expansion of Kennedy Wilson s multifamily portfolio, which has grown from 30,000 units at year-end 2020 to over 32,000 units at the close of Q2 2021.

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