Source: Security Properties / #Affordable #Housing
SPOKANE, WA - Security Properties and Pacific Life, in partnership with Hearthstone Housing Foundation, closed on the acquisition of Deer Run at Northpointe, a 222-unit affordable housing community located in Spokane, WA. This marks the second joint-venture affordable housing acquisition by Security Properties and Pacific Life.
Deer Run at Northpointe is a 222-unit garden-style community constructed in two phases. Deer Run North, delivered in 2003, consists of 114 residential units located in eight three-story buildings. Deer Run West, completed in 2005, consists of 108 residential units in five three-story buildings. The two phases share a leasing center, common laundry, and playground. Deer Run at Northpointe is fully rent-restricted, providing affordable rental housing for 187 households earning no more than 60% of Area Median Income (AMI), and for 35 households earning no more than 50% of AMI. "Deer Run at Northpointe is a high-quality asset located in a vibrant and rapidly growing submarket," says Jeff Garrison, a Director at Security Properties. "This is a unique opportunity to preserve quality affordable housing in a market where demand for this product type far outweighs available supply."
Deer Run at Northpointe was acquired with a fixed-rate loan from Freddie Mac, originated by Jones Lang LaSalle. As part of the acquisition, the new ownership group opted to participate in Freddie Mac's "Green Up" program, which supports the implementation of energy efficiency and water usage upgrades. Over the coming months the new property management agent, Security Properties Residential, will oversee a "Green Up" effort that will extend to all residential units and community spaces.
Deer Run at Northpointe is Security Properties' third affordable housing acquisition in Washington. The company's Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 57 low-income housing assets. Security Properties owns more than 13,500 conventional units across 53 properties.