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. Tredway has committed to investing over $10 million in capital improvements across the portfolio.
The properties are distributed throughout Texas, ensuring that the benefits of high-quality, affordable housing extend across the region. 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, including unit interior upgrades, exterior repairs, and deferred maintenance. At many of the properties, Tredway will upgrade the HVAC and electrical systems, replacing the outdated evaporative coolers.
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 with a mandate to significantly improve site-level operations.
A combination of bridge and Fannie Mae loans arranged by Berkadia makes up the acquisition loan financing.
The acquisition comes as Tredway continues to expand its presence and impact in the southern United States, including the recent acquisition and revitalization of over 750 affordable homes in North and South Carolina, in addition to its 350-unit portfolio across West Virginia and Tennessee.
