New owners will preserve the affordability of 84 homes at Gatewood Manor and Ashbrooke Apartments for the next 20 years while investing in critical upgrades and quality of life improvements for residents
NEW YORK, Dec. 20, 2023 /PRNewswire/ — Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, today announced the acquisition and preservation of 84 units of deeply affordable Project-Based Section 8 housing in Dunn and Greensboro, North Carolina.
Tredway first entered the North Carolina market in November when it acquired a 12-property affordable portfolio in partnership with local non-profit Affordable Housing Institute, Inc. (AHI) and The Federation Companies. This latest acquisition represents an expansion of Tredway’s work to bring more affordable housing opportunities to a state where over 70 percent of extremely-low-income households are severely rent-burdened.
“These acquisitions greatly advance our work to create more equitable housing outcomes for North Carolinians,” said Will Blodgett, Founder & CEO, Tredway. “As a team, Tredway, AHI and the Federation Companies share a deep commitment to preserving existing affordable housing, especially at a time when more American families are severely rent-burdened. With this transaction in place, we’re proud to say that Gatewood Manor and Ashbrooke Apartments will continue serving this community for many years to come.”
“AHI is excited for this opportunity to further serve North Carolinians in need of affordable housing in our state,” said Bryan Hartnett, President, Affordable Housing Institute, Inc. “Building on the success of the previous acquisition with our partners at Tredway and The Federation Companies, we are excited to be a part of the preservation of these communities, ensuring their affordability will remain in place for the next 20 years and beyond.”
“The first affordable housing property that I preserved and still own is just five miles from Ashbrooke, so I have a deep connection to this community as well as Gatewood in Greensboro,” said AJ Casavant, Managing Principal, The Federation Companies. “By partnering with like-minded organizations in Tredway and the Affordable Housing Institute, we can preserve affordability while providing a better living experience for residents.”
As a result of the acquisition, the affordability of both properties has been extended for 20 years, until 2044. The new owners will also undertake immediate work to address critically needed repairs, including energy efficiency and ADA compliance.
Built in 1975, Ashbrooke Apartments is a 52-unit affordable housing property located in Dunn, NC. Built in 1982, Gatewood Manor Apartments is an elderly-designated, 32-unit affordable property located in Greensboro, NC.
Founded in 2021, Tredway is a real estate development firm that acquires, revitalizes and preserves affordable, workforce and mixed-income housing. Our work is driven by the belief that safe, high-quality and accessible housing is an important catalyst for upward socioeconomic mobility and is an essential part of fostering equity in America today. Tredway combines strong relationships, industry know-how and fluency in public-private partnerships to ensure successful outcomes for all stakeholders.
SOURCE Tredway Management, LLC
Originally published at https://www.prnewswire.com/news-releases/tredway-expands-footprint-in-north-carolina-with-the-acquisition-of-two-affordable-housing-properties-302020084.html
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