COVER STORY
The Top 50 Affordable Housing Owners
AFFORDABLE HOUSING FINANCE • MAY 2007
| RANK |
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
AFFORDABLE UNITS OWNED (AS OF 1/1/07) |
REGION(S) |
ORGANIZATION TYPE |
31 |
The Pacific Cos.
Caleb Roope, president & CEO
|
430 E. State St., Suite 100
Eagle, ID 83616
(208) 461-0022
www.tpchousing.com
|
2,980 |
West |
For-profit |
| The firm is active in developing rural, families, seniors, suburban, resort workforce, and inclusionary housing. It completed eight projects with 506 units in 2006 and increased net operating income by 30 percent. |
32 |
Chelsea Investment Corp.
Lynn Schmid, marketing coordinator
|
5993 Avenida Encinas, Suite 101
Carlsbad, CA 92008
(760) 456-6000
www.chelseainvestco.com
|
2,691 |
West |
For-profit |
| The company focus includes transit-oriented urban infill projects, green buildings, and mixed-use developments. It started four projects with 478 units in 2006 and expects to start another 11 developments in 2007. |
33 |
Progressive Redevelopment, Inc.
Shelly Patton, vice president of project development
|
321 W. Hill St.
Decatur, GA 30030
(404) 371-1230
www.prihousing.org
|
2,416 |
Southeast |
Nonprofit |
| Progressive Redevelopment, Inc., completed two acquisition-rehab deals in 2006 that had 426 affordable units. It increased revenues by 30 percent and solidified its support infrastructure. The organization’s work includes affordable family, seniors, and special-needs housing. |
34 |
AMCAL Multi-Housing, Inc.
Arjun Nagarkatti, executive vice president
|
30141 Agoura Road, Suite 100
Agoura Hills, CA 91301
(818) 706-0694
www.amcalhousing.com
|
2,384 |
California |
For-profit |
| The firm is active in building housing tax credit projects for families and seniors earning incomes maxing out at between 30 percent and 60 percent of the AMI. It also develops homeownership and workforce housing with affordable components. AMCAL completed five projects with 474 units in 2006. The firm earned a National Association of Home Builders Innovation in Workforce Housing Award for its Avenue 26 development in Los Angeles in 2006. |
35 |
Urban Innovations
Steve Greenbaum, principal |
445 N. Wells, Suite 200
Chicago, IL 60610
(312) 970-3272
www.urbaninnovations.com |
2,374 |
National |
For-profit |
| Urban Innovations focuses on the acquisition and rehabilitation of affordable seniors buildings. In 2006, the firm acquired for preservation purposes four Sec. 8 buildings in three states—Illinois, Kentucky, and Indiana. The properties have 457 units. Urban Innovations expects to close on 10 more properties with about 750 units in 2007. |
36 |
Community Services of Arizona, Inc.
Brian Swanton, president & CEO
|
650 N. Arizona Ave.
Chandler, AZ 85225
(480) 899-8717
www.csainc.org
|
2,359 |
Arizona |
Nonprofit |
| The firm focuses on family and seniors housing with comprehensive resident services, targeting households with incomes topping out at between 20 percent and 60 percent of the AMI. It recently established a full-service management company and completed the largest tax credit preservation project in Phoenix history. |
37 |
Gorman & Co., Inc.
Tom Capp, chief operating officer
|
1244 S. Park St.
Madison, WI 53715
(608) 444-6846
www.gormanusa.com
|
2,305 |
Midwest |
For-profit |
| The firm develops affordable family, historic adaptive re-use, preservation, and live/work loft projects. In 2006, Gorman & Co. completed four projects with 377 units. It is looking to expand into Arizona and Florida as well as expand its use of historic and New Markets Tax Credits.
|
38 |
The Hampstead Cos.
Greg Gossard, principal
|
4250 Louisiana St.
San Diego, CA 92104
(619) 543-4204
www.hampstead.com
|
2,248 |
National |
For-profit |
| The firm’s specialty is the preservation of existing subsidized housing and loan restructuring. It completed three projects with 477 units in 2006. It plans to start three more projects in 2007. |
39 |
Realtex Development Corp.
Rick Deyoe, president
|
912 S. Capital of Texas Highway, Suite 200
Austin, TX 78746
(512) 306-9206
www.realtexdevelopment.com
|
2,022 |
South Central |
For-profit |
| Realtex is active in all types of affordable housing, including family and seniors housing. It also specializes in working with public housing authorities and has developed projects that combine public housing with tax credit units. In 2006, the firm partnered with five different housing authorities. Realtex plans to be active in Mississippi to replace affordable housing that was lost as a result of Hurricane Katrina.
|
40a |
Peach Properties
Ron Schwabe, president
|
299 S. Park Ave.
Tucson, AZ 85719
(520) 798-3331
www.peachprops.com
|
2,000 |
West |
For-profit |
| The firm develops new construction projects, but its specialty is acquisition and rehabilitation deals. Its acquisitions have included housing tax credit and Sec. 8 units. |
40b |
Wabuck Development Co., Inc.
Garry Watkins, president
|
P.O. Box 556
Leitchfield, KY 42754
(270) 259-5607
|
2,000 |
Southeast |
For-profit |
| The firm’s focus is housing tax credit properties, especially seniors projects. It completed five projects with 150 units in 2006 and expects to have a similar amount of activity in 2007. |
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