Tredway, a New York City-headquartered affordable and mixed-income real estate developer, has acquired a 12-property portfolio across North Carolina.
The portfolio consists of 630 affordable apartments for families and seniors in 11 localities. As a result of the acquisition, Tredway and its North Carolina-based nonprofit partner Affordable Housing Institute Inc., along with The Federation Companies, will extend the Section 8 contracts covering all of the units, thereby preserving affordability for at least the next 20 years. The new owners will also undertake immediate work to address critically needed repairs across the portfolio, including energy efficiency and ADA needs.
The financial terms of the transaction were not disclosed. This is Tredway’s first acquisition in the state.
“We’re pleased to bring affordable housing opportunities to North Carolina while launching Tredway’s new partnership with Affordable Housing Institute and The Federation Companies,” said Will Blodgett, founder and CEO of Tredway. “The issues North Carolinians are facing, including years-long waits for affordable apartments and the loss of units to market pressures, are emblematic of a larger crisis that touches every community across the country. Together, we can make a tangible difference by preserving and improving existing affordable properties and ensuring residents’ needs are met.”
Photo: Will Blodgett, courtesy of Tredway
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Is this a good thing? Or is it more monopolies?