ATLANTA, GA – City and development officials gathered to break ground for hundreds of affordable housing units slated for Atlanta’s Westside. Herndon Square is located on 12.3 acres of the former Herndon Homes public housing site, located at Cameron Madison Alexander Boulevard and Northside Drive on Atlanta’s Westside. The Atlanta Housing Board of Commissioners in 2016 selected Hunt and Oakwood Development Group as the team to redevelop the site into a high-quality, mixed-income, and mixed-use complex.
“Hunt is proud to be a partner on the redevelopment of this significant site in the heart of West Atlanta,” said Sinclair Cooper, President, Public Infrastructure – Development at Hunt. “This groundbreaking was the result of a collaborative effort that has required hard work and coordination by many who are committed to delivering a community that improves connections, offers more jobs for the local area, and provides quality homes for all. Hunt’s partners on this project are some of the best in the industry and will ensure that Herndon Square is an asset to the City of Atlanta and its residents.”
The estimated $166 million development consists of five phases, with the first, Herndon Square Seniors Phase 1, to include 97 affordable units for seniors 62 and older who earn up to 60 percent of the area median income (AMI). This phase will offer five ADA-compliant accessible units and two units for households with hearing or visual impairments. Phase 1 will also provide free services to tenants, including organized social gatherings, senior-focused enrichment classes, and health/nutrition focused educational courses.
The financial closing for Herndon Square Seniors Phase 1 occurred on December 18, 2019. Hunt Capital Parnters, the syndication division of Hunt Companies, facilitated the investment of $12.66 million in federal and state low-income housing tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 31. The $24 milliondevelopment budget for Phase 1 was also financed by tax-exempt bonds issued by Invest Atlanta and a ground lease first and second priority mortgage from Atlanta Housing. During operations, AH will also provide project-based rental help for 100 percent of the senior units under its HomeFlex subsidy program.
“Atlanta Housing is in a unique position because we own the land and have funds available to provide construction and permanent financing at competitive rates,” said Tiffany Wills, Vice President of Real Estate Development at Atlanta Housing. “Those factors allowed us to design a financial structure to support the construction and operation of 100 percent of the units in Phase 1. It’s a right example of how public-private partnerships can secure long-term affordability in the city.”
The innovative site plot includes a variety of building types and bedroom sizes for single professionals, families, and seniors. Phases 1 through 4 will include Land Use Restrictive Covenants securing affordability on the site for a minimum of 30 to 40 years. The development program also includes plans for approximately 681 rental units and 32 for-sale townhomes in Phase 5, with 45 percent of the units projected to be affordable for households earning up to 80 percent of AMI. Qualifying homebuyers earning less than 80 percent AMI will receive AH’s down payment help up to $25,000. The development, expected to be completed in 2027, also includes green space, approximately 36,500 square feet of retail and a 10,000-square-foot health and wellness space.
Hunt affiliates involved in the development include Hunt Development Group as master developer, Hunt Capital Partners who secured the low-income housing tax credit financing for Phase 1, Pennrose who will manage the development of the senior and affordable units, and Envolve (formerly LEDIC) who will act as the property manager.

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LOS ANGELES, CA – MWest Holdings, a vertically integrated private real estate investment and property management company based in Los Angeles, with more than 2.5 million square feet of residential and commercial property across the U.S., announced the acquisition and plotted renovation of The Enclave, a 306-unit, 300,000 SF garden-style apartment property, located at 13801 Paramount Blvd. in Paramount, CA. This acquisition marks MWest’s seventh successful joint venture partnership with BentallGreenOak.
The Enclave is one of only six market-rate multifamily properties in excess of 200 units in Paramount, Norwalk, Downey, and Bellflower, and the only apartment community with more than 50 units developed in Paramount over the last 30 years.
Built in 1991 and situated on 4.93 acres, The Enclave includes six low-rise garden-style residential buildings and one recreation building. The unit mix includes one-, two- and three-bedrooms with an average size of 970 square feet. The units feature gas fireplaces and outdoor space, central air conditioning, and large closets. Common area amenities include a fitness center, pool, and dog run, among others, as well as ample subterranean parking.
Paramount’s central location and proximity to multiple freeways provides convenient access to various decentralized employment centers that span Los Angeles and Orange County. Interstate 105, a major east-west artery, runs adjacent to the property, and four other major freeways are within a small drive. In addition, the Lakewood Green Line metro station is a 5-minute drive.
“We’re excited about The Enclave buy as it is in line with our broader acquisition strategy in the Los Angeles market, and is an ideal value-add buy in an brilliant location for driving demand,” said Karl Slovin, President of MWest Holdings.

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RALEIGH, NC – Green Courte Partners announced that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates, bought its tenth senior living community, The Aspens at Bedford Falls, a 182-unit property located in Raleigh, North Carolina. GCP, with its wholly owned senior living operator, Right Connection Communities.
GCP is continuing to build a high-quality portfolio of active adult apartments and independent living communities to meet the growing needs of older Americans seeking an active lifestyle. The Aspens at Bedford Falls, a newly constructed community delivered in August 2019, is an vital addition to the portfolio. TCC will manage the community.
Relying on its value-add expertise, GCP will convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing the GCP/TCC portfolio to 1,608 units. With the conversion, GCP will make a number of significant enhancements including expanding the dining and kitchen areas and adding a billiards/game room, library/business center, and third-party-operated home health office. The conversion and enhancements will position the property to be one of the most attractive independent living communities in the Raleigh market.
Matt Pyzyk, Managing Director of Acquisitions at GCP, said, “We are very excited about the completion of this acquisition, which marks a significant step forward in the expansion of our rapidly growing senior living portfolio. Not only does this newly constructed property continue to diversify our portfolio, it also demonstrates our commitment to sourcing and executing deep value-add and conversion opportunities.”
Jim Pusateri, Chief Executive Officer of TCC and Managing Director at GCP, added, “This acquisition will be a perfect platform for us to continue leveraging technology and innovation to provide an exceptional customer experience throughout our senior living portfolio.”

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