The Partnership, Inc. (TPI), and The NHP Foundation (NHPF), national nonprofit providers of affordable housing, have completed the approximately $8.8 million purchase of the 150-unit Pelican Isles Apartments in Sebastian, Fla.
The deal was made possible by a $7.76 million Federal Housing Administration Section 223(f) loan by Merchants Capital and additional equity investment by TPI and NHPF, split 50-50. The low-income housing tax credit development, originally syndicated in 2005, will enter its extended-use period in 2020.
The development features a mix of one-, two-, and three-bedroom units in 11 residential buildings.
“This property, now coming out of its initial 15-year compliance period, will be preserved for the long term by NHPF and TPI as part of our shared mission as not-for-profit owners,” said NHPF president and CEO Richard F. Burns. “An enormous part of that mission is ensuring affordable rental housing options for families and seniors.”
Amenities at Pelican Isles include a clubhouse with a leasing office, a computer room, and an exercise room. The development also features a laundry room, a pool and a pool house, a covered BBQ area, and a playground. On-site resident services will include health-care screenings, a summer meal program for students, and social activities.
“According to the most recent data, Florida faces one of the worst affordable housing crises in the country,” added Hugh Jacobs, executive vice president and COO of TPI. “The shortage of affordable housing affects real people. We are pleased that we could partner with NHPF and preserve affordable housing for 150 families in Sebastian.”
The property will continue to be managed by TPI Management Services, a TPI affiliate.
