CDT Partner: Austin Affordable Housing Corporation (“AAHC”), an affiliate of the Housing Authority of the City of Austin (“HACA”)
CDT Investment: $10,795,000
Asher Apartments is a 452-unit property located in a high opportunity area of Austin, Texas. The property’s amenities include two resort-style pools, indoor and outdoor fitness areas, two pet parks, a business center, and a game room. The total acquisition cost was approximately $70 million. Prior to CDT’s acquisition, the property was a fully market-rate property. Our partnership with AAHC will create new affordability by setting aside 50% of the units for households earning less than 80% of the area median income.
CDT invested $10,795,000 for an 85% interest in Asher Apartments through a joint venture with the AAHC, a non-profit affiliate of the local housing authority. First mortgage financing was provided by Bellwether Enterprise through a new 10-year Freddie Mac loan. CDT and AAHC also partnered with National Housing Trust and the Kresge Foundation through their HOPE fund, which is aimed at preserving affordable housing and providing access to opportunity geographies and high-quality schools for children. To that end, CDT and AAHC will prioritize placement of households with vouchers into 60 of the larger, family-sized units at Bridge at Asher Apartments.
Our investment and the business plan will fund acquisition and more than $7,500 per unit of rehab and capital reserves. This will help ensure that these properties are preserved as high-quality affordable housing for years to come.
CDT in Austin
Since 2015, CDT has worked with AAHC to complete:
$225 Million in preservation transactions
$45 Million of CDT investment
1,716 Units acquired; 858 Units restricted at 80% AMI
$9 million in funding for property improvements