Tredway closed on a $65.5 million 16-property portfolio across Texas, totaling more than 1,200 apartments. The transaction involves the acquisition and recapitalization of existing properties to preserve and extend long-term affordability for all residents.
The properties are distributed throughout Texas. Located in Alamo, Amarillo, Brownsville, Copperas Cove, El Paso, Fort Worth, Lampasas, Lubbock, Odessa, San Juan, Santa Rosa, and Victoria, all properties are supported by Project-Based Section 8 Housing contracts.
As part of the acquisition, Tredway plans to invest over $10 million in capital improvements across the portfolio.
Tredway is partnering with Housing Services Incorporated, a non-profit organization that will provide valuable social services across the portfolio. Asset Living will property manage the portfolio.
A combination of bridge and Fannie Mae loans arranged by Berkadia makes up the acquisition loan financing.
Tredway has acquired and revitalized over 750 affordable homes in North and South Carolina, in addition to its 350-unit portfolio across West Virginia and Tennessee.
