NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, announced the acquisition of 630 affordable apartments for families and seniors across North Carolina. Located in fast-growing markets including the Raleigh-Durham Research Triangle, Charlotte MSA and the North Carolina Coast, the 12-property portfolio is home to nearly 1,800 residents and 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 & CEO, 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.”
“Affordable Housing Institute is excited for our partnership with Tredway while we look to continue providing affordable housing across North Carolina and beyond,” said Bryan Hartnett, President, Affordable Housing Institute, Inc. “As we all know, affordable housing is a major issue facing North Carolinians and families everywhere. We look forward to improving the communities we are serving and preserving their affordability for years to come.”
“As a born-and-bred North Carolinian, I’ve witnessed rapid growth as influential corporations have chosen to put down roots in our beautiful cities,” said AJ Casavant, Managing Principal, The Federation Companies. “Although this exciting boom has brought new opportunities to our state, it’s also ushered in the conversion of critical affordable housing units to market-rate. Economic progress should not come at the expense of working families or result in their displacement.”
As a result of the acquisition, Tredway, its North Carolina-based non-profit partner Affordable Housing Institute, Inc., and The Federation Companies will extend the Section 8 contracts covering all 630 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 properties are located in Clayton, Elizabeth City, Enfield, Fairmont, Franklinton, Fuquay-Varina, Hamlet, Laurinburg, Mebane, Mount Airy, Statesville, and Yanceyville.