Mission-driven affordable housing group acquires South Forty Apartments, marking the company’s first acquisition in Montana and its first joint venture with Fairview as Administrative General Partner.
BILLINGS, Mont., June 1, 2023 /PRNewswire/ — Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, today announced its acquisition of South Forty Apartments and its plans to renovate the property, helping to preserve high-quality, affordable units for Yellowstone County seniors. The transaction is a joint venture with Fairview Housing Partners, a national nonprofit affordable housing organization.
“We’re thrilled to grow our housing portfolio with our first acquisition in Montana, and we look forward to deepening our investment in the state over the coming years,” said LAC CEO Jeremy Bronfman. “LAC is grateful to Vitus for its stewardship of the property and its partnership to ensure long-term affordability at South Forty Apartments. We are especially excited to close our first joint venture with Fairview Housing Partners and look forward to working together to provide important services and resources for our residents.”
Under the terms of LAC’s acquisition, 101 units will be restricted for seniors at or below 60 percent of area median income (AMI). The property will also be covered by a Housing Assistance Payment contract for 100 percent of its units.
“This deal will preserve access to high-quality homes for lower-income seniors who face unique challenges in finding affordable housing across the country,” said Fairview Executive Director Thom Amdur. “We thank LAC for their partnership and are proud to play a vital role in supporting seniors in Yellowstone County.”
Originally built in 1987, South Forty Apartments offers amenities including an arts and crafts area, library, fitness center, and a picnic area. The acquisition and rehabilitation was financed through a 223(f) loan with PGIM and an equity investment and bridge loan through PNC.
About LAC: Lincoln Avenue Capital is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 120 properties comprising 22,000+ units.
About Fairview: Fairview Housing Partners is a 501(c)(3) organization dedicated to expanding access to quality, affordable homes where they are most needed. Fairview’s work includes owning and developing affordable housing properties, including through joint ventures with industry partners; facilitating capital investments that improve the quality, sustainability, and resilience of properties; and providing resident services to support the health and well-being of our communities.
SOURCE Lincoln Avenue Capital
Originally published at https://www.prnewswire.com/news-releases/lincoln-avenue-capital-acquires-affordable-housing-property-in-billings-montana-in-joint-venture-with-fairview-housing-partners-301840472.html