Hunt Capital Partners Transfers Ownership of 151-Unit Senior Property to Housing Authority of DeKalb County Affiliate
ATLANTA, March 13, 2024--(BUSINESS WIRE)--On behalf of its investors, Hunt Capital Partners ("HCP") has announced the ownership transfer of its Limited Partner interests in Ashford Parkside Senior Residences (Ashford Parkside) to a non-profit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Georgia, Ashford Parkside is a midrise mixed-income senior housing community that has provided a secure and reliable living environment for senior households since 2007.
Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property's future. This resulted in the assignment of the Investor Limited Partner, State Credit Investor Limited Partner, and Special Limited Partner interests to the housing authority affiliate. The strategic decision provides the Housing Authority of DeKalb County greater capital flexibility surrounding all aspects of property operations and repair projects as it shapes its long-term housing plan.
"We are pleased to transfer ownership of Ashford Parkside to an affiliate of the Housing Authority of DeKalb County," said Hunt Capital Partners President Jeff Weiss. "This transfer enables the Housing Authority to streamline crucial decision-making processes and better serve the community by aligning the property with future housing strategies."
Ashford Parkside offers a mix of one- and two-bedroom apartment homes. Among the 151 homes, 134 are dedicated to seniors with incomes ranging from 30% and 60% of the Area Median Income. Additionally, two of the homes are reserved for property management while the remainder are market-rate.
"The seamless manner in which we were able to execute this transfer was certainly no surprise, as Hunt Capital Partners has been an exceptional partner to work with throughout this relationship," said Housing Authority of DeKalb County President and CEO Pete Walker.
The transfer of ownership of Ashford Parkside is a testament to Hunt Capital Partners and the Housing Authority of DeKalb County’s commitment to provide quality housing choices to meet the needs of Atlanta’s senior community.
Environmental Social and Corporate Governance ("ESG") Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. Investment in affordable housing improves the living conditions of its residents. It helps remove obstacles that impede creation of a healthy, safe, and stable home environment for low-income families and seniors' families spend less on housing-related expenses, they have more resources for other essentials such as food and clothing, extracurricular activities, and educational programs. One of the most significant benefits of providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
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Contacts
Carolyn Baker
Senior Vice President
Hunt Companies, Inc.
carolyn.baker@huntcompanies.com
