Community HousingWorks (CHW) has announced the acquisition of a 250-unit development in The Woodlands area outside of Houston. It is the California-based nonprofit's first acquisition outside of its home state.
“Park at Woodland Springs was already an affordable housing community before this acquisition. Our team saw an opportunity to extend its affordability for its low-income residents, in a region where there aren’t many affordable options,” said CHW president and CEO Sean Spear. “In addition to our own activity, we hope to come alongside and support organizations like ours to save affordable housing in the communities they serve. We believe that this acquisition will serve as a model for how a preservation-minded owner/developer can make an already good rental community great.”
The organization did not disclose the acquisition price, but it did share that the National Equity Fund (NEF) is the acquisition lender and CHW made its own investment into the deal.
“At NEF, preserving affordable housing through innovative financial solutions is a critical part of our mission, and we look for partners who are just as passionate as we are to bring that mission to life,” said Matt Reilein, NEF president and CEO. “CHW is a proven, trusted partner and we look forward to future collaborations to bring safe, stable, and affordable housing to those who need it most.”
CHW first expanded beyond San Diego County with the acquisition of the Azusa Apartments in the Los Angeles area in 2014. Since that time, the organization has gone on to do both more acquisitions and new construction projects throughout California, according to CHW board chair Don Ambrose.
“This move into Texas is a continuation of that vision to provide quality affordable housing and life-changing services to residents of our communities in locations where it makes sense with the right partners and properties,” Ambrose said. “We are excited about the opportunities in Texas and hope to continue to expand when the timing, location, and partnerships align.”
CHW has 45 development communities with 4,051 affordable apartments, serving over 10,000 residents throughout California and now Texas with this acquisition led by Nhan Ho, CHW’s lead for preservation, added Mary Jane Jagodzinski, CHW senior vice president of housing and real estate development.