Tartan Residential closed on a $25.8 million workforce housing development deal on July 22, 2021 – the first of a new class of apartment investments. We started working on this transaction five years ago. We survived COVID. We survived the loss of a key investor last summer. And we survived a $900,000 lumber price spike earlier this year. Yet we still got the deal done.
From the investment banker who worked with us over the past three years to close this transaction:
“Congratulations Jeff… you are the true definition of tenacity and persistence in my book Sir! What a journey… now go have fun building it!”
I am thrilled to get this deal closed. And I am humbled to have a loyal team of seasoned professionals to work with every day.
Peter Bailey is a boss, the unsung hero of “It’s a Wonderful Life.” He knows his purpose in life.
From the script:
“You know, George, I feel that in a small way we are doing something important. Satisfying a fundamental urge. It’s deep in the race for a man to want his own roof and walls and fireplace, and we’re helping him get those things in our shabby little office.”
And another quote:
“Just remember this, Mr. Potter: that this rabble you’re talking about, they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?”
Introducing Davidson’s Landing Apartment Homes, the first of a new generation of Zero Energy Ready workforce housing developments built with structural insulated panels. The development, which is located in Kansas City, KS and includes 2- and 3-bedroom units ranging from 30% to 80% of Area Median Income, is sponsored by Tartan Residential, Hughes Development Corporation, and BCCM Construction Management. Construction for this 115-unit tax-exempt bond development is scheduled for Q1 2021.
The lack of workforce housing affects millions of Americans each and every day. From the piece:
“Jeff Emerick was born and raised in the scenic, tourist destination and resort area that is Blaine County…. Emerick left Blaine County for a short while, only to return when he was offered a job at the Ketchum Fire Department.
The station requires its workers to live nearby, as an emergency could happen at any point. Unfortunately, Emerick could not afford the costly price of rent in Ketchum or surrounding cities.”
“Barnstable Brewing, Housing Assistance Corporation, and Shepley Wood Products have partnered to offer the Civic Rent lager to Cape Cod residents and to benefit a good cause.
HAC launched the Workforce Housing Relief Fund in April as a way to aid the community during the ongoing coronavirus pandemic. Now, a portion of the proceeds from the beer sales will go towards that fund.”
“Avanath Capital Management and MacFarlane Partners, two of the largest African American-owned real estate companies in the US, have jointly filed paperwork with the SEC to create a new REIT. It is reportedly the first REIT to focus on Opportunity Zones, though it will look to other properties as well.
The company will ‘invest in, develop, redevelop and manage mostly affordable and workforce multifamily properties in Opportunity zones, in dynamic, US metropolitan areas,’ the filing said.”
“The Paces Foundation and Soho Housing Partners are pleased to announce they have entered into a strategic partnership, combining Paces’ industry leading affordable housing development and preservation services with Soho’s exceptional capabilities structuring complex financial solutions that make quality investments for workforce housing communities possible.”