AUSTIN, TX – Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded $1.5 million in Affordable Housing Program (AHP) subsidies to Foundation Communities for two Austin apartment complexes serving low-income individuals and families.
The $25 million Zilker Studios apartments (formerly Armadillo Studios) will provide 100 rental units to single adults with high needs, low incomes and housing instability in central Austin while The Loretta, a $31 million project, will offer 137 units to low-income families and individuals in far north Austin. Each project received a $750,000 AHP subsidy.
We are thankful that Wells Fargo and FHLB Dallas see these two projects as critical in providing affordable housing options at a time when rising rents and home prices are straining the budgets of many Austinites, said Walter Moreau, Foundation Communities executive director.
Wells Fargo said the bank is pleased to support the nonprofit s mission.
This is a homegrown nonprofit that has succeeded in providing innovative and affordable housing and opportunities that transform people s lives, said Theresa Alvarez, Wells Fargo senior vice president of Community Relations for Central Texas.
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. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2020, FHLB Dallas awarded $19.3 million in grants to 38 affordable housing projects. The grants will help make 2,749 new or rehabilitated housing units. Included in that total is $10.2 million for 1,475 units in Texas.
Since the AHP s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has helped more than 57,000 households.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Wells Fargo has been a long-time proponent of affordable housing.
We ve partnered with Wells Fargo on dozens of AHP subsidies over the years in multiple cities and states; it s been a joy to work with them, Mr. Hettrick said.

Powered by WPeMatico

LANDOVER, MD – Mission Rock Residential, a Denver-based multifamily property management company, is announcing another new management contract in the D.C. metro area, this time for Summerfield at Morgan Metro Apartments in Landover, MD, formerly operating as Century Summerfield at Morgan Metro Apartments. Mission Rock has been issued an agreement to manage the 478-unit community by Hamilton Zanze Real Estate Investments.
Located adjacent to the Morgan Boulevard Metro Station, this apartment community is just 30 minutes from Downtown D.C. via the Metrorail train. The location is also less than 30 minutes away from the Ronald Raegan Washington National Airport. Originally built in 1969, the garden-style apartment community has been updated in recent years and offers a mix of one, two, and three-bedroom options.
“This apartment community is well-designed to serve the D.C. metro area’s growing housing needs,” said Meredith Wright, President of Mission Rock Residential. “From transit access to walkability and quality living, we’re excited to bring this community into the Mission Rock family and offer its residents the highest caliber of management services and customer service we’ve become so well-known for.”
The Summerfield at Morgan Metro residences are pet-friendly, and each home features vaulted ceilings, crown molding, and a private patio or balcony. Full size washers and dryers are also provided in each apartment home. New, stainless-steel appliances, wood-style flooring, fireplaces, and ceiling fans are included in some updated apartments within the community. Further updates to the remaining apartment homes are expected in the years ahead.
The apartment community’s amenity package includes a coworking space, clubhouse, swimming pool sundeck, an expansive fitness center, car care center, and controlled access parking garages.
The Washington D.C. metro area has seen skyrocketing growth since the announcement of Amazon’s new HQ2 presence plotted for Arlington, Virginia. Located in Prince George’s County, Landover is a highly residential community. The city is also home to FedEx Field, the home of the Washington NFL football team. The city boasts high levels of transit access, making regional travel especially simple for workforce commuters.

Powered by WPeMatico

MODESTO, CA – Graceada Partners and Osso Capital announced the acquisition of The Edge at Lakewood on 1401 Lakewood Ave in Modesto, California. The 196-unit apartment community is located a few miles outside of downtown Modesto and within walking distance of Lakewood Elementary School.
“We continue to see fantastic potential in the Northern California region and a fantastic deal of upside in multi-family assets here. And we’re excited to be working alongside a trusted partner like Osso Capital on this deal,” said Joe Muratore, CCIM, Principal with Graceada Partners. “As a Modesto-based firm, this property has been on our radar, and we thought this was an ideal acquisition given our knowledge of the market and ability to add value.”
Built in 1985, the Edge at Lakewood was partially renovated by the former owner between 2019 and 2020. Graceada and Osso plot to continue the renovation and add amenities, such as a renovated clubhouse and fitness facility, pet park, and various sustainability features.
“We look forward to making The Edge a cutting-edge example of sustainability by adding electric vehicle charging stations, community Wi-Fi, and solar power,” said Olivia John, Founder and CEO of Osso Capital. “We have strong conviction in the Modesto multifamily market and the Central Valley region more broadly, and we are excited about expanding our presence in the area.”
Located 90 minutes east of the Bay Area, Modesto is a growing city with high demand for quality housing. The Lakewood neighborhood of Modesto boasts one of the highest median household incomes in the region at $83,000.
This acquisition is an investment from Graceada Partners Fund II and Osso Multifamily I.

Powered by WPeMatico