LOS ANGELES, June 21, 2018– Hunt Capital Partners, in collaboration with Alliance Property Group, closed $4.7 million in low-income housing tax credit (LIHTC) equity investment in connection with the acquisition and rehabilitation of Owens Senior in Las Vegas, Nev. Owens Senior is a garden-style residential development for seniors 55 and older. The property was originally placed in service in 2001 and has since completed its initial tax credit compliance period. Hunt Capital Partners’ LIHTC investment involved the re-syndication of the development, allowing the partners to secure additional financing to upgrade the property and outfit it with energy efficient finishes for all 72 units.
Nevada was heavily impacted by the foreclosure crisis. In fact, the National Low-Income Housing Coalition reports Las Vegas as only having 10 affordable and available rental homes per 100 households. This is the lowest ratio for a metropolitan area in the United States, as indicated in the 2018 report, The Gap: A Shortage of Affordable Homes. Hunt Capital Partners’ LIHTC investment for Owens Senior not only ensures the preservation of current affordable senior housing in Las Vegas, but it also allows for green renovations to be made to the development, reducing operating costs and, thus, allowing the property to continue providing quality, affordable housing.
“We are happy to collaborate with Alliance Property Group once again,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “With the implementation of energy efficient systems at Owens Senior, the overall living experience for its residents will greatly improve.”
The rehabilitation of Owens Senior, which should be complete by February 2019, will provide certain unit upgrades to the property. New energy efficient appliances, windows, as well as heating and air systems will be installed. Solar panels will also be added to the community building. These changes will serve to substantially reduce costs on monthly power expenditure.
Owens Senior consists of 72 units, targeting seniors with incomes of up to 50 percent of the area median income (AMI); rents will be restricted to 40 percent AMI. The property is located in a mixed-use neighborhood in Northern Las Vegas, bounded by Lake Meade Boulevard to the north. Shopping, services and recreational amenities are located a short 1.5 miles from Owens Senior, while medical services are located only 1.1 miles Northeast of the property. The development also offers seniors a private shuttle service driven by the full-time site manager at no additional cost to residents.
The total development cost for Owens Senior is $6.3 million. Hunt Capital Partners facilitated the investment of 9% federal LIHTCs through a multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Alliance Property Group is the developer for Owens Senior. This is Hunt Capital Partners’ fifth deal with Alliance Property Group.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.4 billion in tax credit equity. 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 investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com
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