LOS ANGELES, CA – The Michaels Organization, a national leader in residential real estate, will soon break ground on the third phase of new housing at Jordan Downs, after successfully achieving a financial closing. Located in the Watts neighborhood of Los Angeles, this is the latest milestone in a comprehensive redevelopment of the city’s largest public housing community by the Housing Authority of the City of Los Angeles and its private sector partners, Michaels and BRIDGE Housing.
The $58 million Phase S3 development will provide 92 new apartments, affordable to households earning between 30% and 80% of the Area’s Median Income (AMI). Previous milestones in the redevelopment effort that started in 2012 include the first two residential developments by BRIDGE and Michaels, the extension of Century Boulevard, and the opening of new neighborhood retail, including a full service grocery store. The master plot also calls for significant new green space throughout the Watts neighborhood.
“The unprecedented collaborative efforts of HACLA, residents, community stakeholders, and our financial partners, along with the strong leadership of political officials at the local, state, and federal level continue to drive exciting milestones in the transformation of Jordan Downs,” said Kecia Boulware, Michaels’ Vice President of Development. “We are incredibly grateful to be able to keep moving forward, even during this most hard time for California and our nation.”
When the redevelopment is fully complete, Jordan Downs will be transformed into an urban village, with the original 700 WWII-era units of public housing replaced by more than 1,400 new homes for new and existing residents, as well as new commercial and retail spaces, a new community center, and over nine acres of open green space.
The apartments in Phase S3 will be offered in a variety of floor plans, featuring one, two, three and four-bedrooms, and will feature sustainable finishes and energy-efficient appliances. The development will be LEED certified with a target of LEED Gold. In addition, the apartment building will have solar PV designed to offset all the common area and central hot water heating for the development.
Financing for Phase S3 includes equity from Berkadia’s buy of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. The project’s State of California funding includes discounted transit passes for residents and a job training partnership to help leverage the impact of the project for neighborhood career advancement.
Jordan Downs Phase S3 will incorporate rental subsidies through Project-Based Section 8 contracts and the Rental Help Demonstration (RAD) program. The building will reserve 17 apartments to be fully accessible to residents with physical disabilities and hearing or visual impairments.
Development Team members also include Walton Construction, which is serving as the general contractor, FSY Architects serving as design lead and architect of record; Partner Energy as the sustainability lead; and Breen Engineering as lead engineer for civil and off-site improvements. Michaels Management will serve as the property manager, once construction is completed approximately 21 months from now.

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CLEMSON, SC – MultiVersity Housing Partners (MVHP) has bought The Ridge, located near the campus of Clemson University. MultiVersity Property Management (MVPM) will be overseeing the management of this 616-bed, Class A+ purpose build student property, as well as all plotted property improvements.
The Ridge was constructed in 2018 and is made up of two-bedroom/two-bathroom flats and four-bedroom/four and a half bath luxury townhomes complete with attached garages. The property features a resort style swimming pool, bone idle river, a 30 foot LED video screen, dog park, clubhouse, private shuttle, and fitness center. Unit interiors (both Townhomes and stacked units) have faux wood flooring, keyless entry, stainless steel appliances, a large kitchen with granite countertops, and are fully furnished. The property is 96% leased for the 2019-20 lease term.
MultiVersity Property Management will bring their forward-thinking approach and expertise in property management to maintain the assets position as Clemson’s premier student housing option. As part of the property improvements, MVPM will be redesigning the clubhouse and fitness center, adding additional fitness equipment, an outdoor kitchen, a redesigned office and leasing area, and enhancements to the study areas.
The Ridge Clemson residents will be pleased with the hands-on approach of the MVPM team. MVPM prides itself on attention to detail and best in class customer service. An innovative and exciting resident retention platform will be implemented immediately.
“We are thrilled to enter the thriving Clemson market and to bring our hands-on approach and expertise to this premier student asset,” Christopher Feeley, CEO and Managing Partner of MultiVersity Housing Partners and MVPM. “Our residents and partners can look forward to an all-in approach from the dynamic MVPM team. We pride ourselves on being forward thinking and providing best in class customer service,” Anthony Magnelli, Principal of MultiVersity Housing Partners and MVPM.

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NEW YORK, NY – Fairstead, a fully-integrated real estate firm committed to the preservation of high quality affordable housing, announced the $33.25 million acquisition of Festival Field Apartments, a 204-unit Section 8 family apartment property located in Newport, Rhode Island. The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.
The property is comprised of six three-tale walkup buildings, as well as two accessory buildings that house a management office. As part of the acquisition, Fairstead is plotting an extensive property-wide rehabilitation in excess of $17 million, which will include the renovation of all roofs, sidings, windows, and boilers. In addition, 100% of units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also be developing new ADA-accessible units and a state-of-the art community center.
“We’re excited to buy and start a much needed renovation of Festival Fields Apartments. Our acquisition and complete renovation of the Festival Field Apartments property supports Fairstead’s mission to provide people with a fantastic place to live regardless of income,” said Will Blodgett, Co-Founder and Partner of Fairstead. “Straight away, we will commence an $85,000 per unit renovation that will bring quality, affordable housing to this community. Fairstead believes it’s more vital than ever to preserve and enrich communities such as Festival Field Apartments as we continue our commitment to developing and preserving exceptional affordable housing nationwide.”
“The need and demand for affordable rental housing is strong in Newport, where 60% of the city’s residents are renters,” said Carol Ventura, Executive Director of RIHousing. “The rehabilitation of Festival Field Apartments ensures these rental homes remain affordable, safe and healthy for residents for years to come and helps strengthen previous investments made in the North End of Newport.”

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