Seattle-based Cascade Affordable Housing has been a recognizable name in the affordable housing industry. But what many might not have known is that Cascade was formed in 2004 by the Pinnacle Family of Companies.
To recognize Pinnacle's extensive array of real estate services and housing types in numerous markets, the company rebranded Cascade as Pinnacle Equities in 2011.
“[Pinnacle Family of Companies wants] to identify and communicate to the rest of the marketplace that we have a number of services that we offer to the greater real estate market,” says Stewart Hill, director of partner relations.
The firm, which has had a focus on acquisitions and renovations, has also positioned itself over the past 12 months to look at different functions that it wasn't capable of two or three years ago. Hill says the firm has brought in a vice president of development from Pinnacle, and it will be considering more acquisition-rehab and new construction projects, whether on its own or partnering with nonprofits.
For 2012, the for-profit, which owns 114 projects and 25,348 affordable housing units, also will be placing a larger focus on its assets that are nearing their 15-year compliance periods.
“I think the continuing aging of some of these assets is something we're really starting to keep an eye on and looking at how to solve that issue,” says Hill. “We're going to have to figure out what to do with these assets in the future. You can't just move into a disposition or an acquisition-rehab, you have to start planing going into the later years.”