Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, announced the acquisition and preservation of 84 units of deeply affordable Project-Based Section 8 housing. The subject properties are Ashbrooke Apartments in Dunn and Gatewood Manor Apartments Greensboro, North Carolina.
As a result of the acquisition, the affordability of Ashbrooke and Gatewood Manor has been extended for 20 years, until 2044. The new owners will also undertake immediate work to address critically needed repairs, including energy efficiency and ADA compliance.
“These acquisitions greatly advance our work to create more equitable housing outcomes for North Carolinians,” said Will Blodgett, Founder & CEO, Tredway. “As a team, Tredway, AHI and the Federation Companies share a deep commitment to preserving existing affordable housing, especially at a time when more American families are severely rent-burdened. With this transaction in place, we’re proud to say that Gatewood Manor and Ashbrooke Apartments will continue serving this community for many years to come.”
“AHI is excited for this opportunity to further serve North Carolinians in need of affordable housing in our state,” said Bryan Hartnett, President, Affordable Housing Institute, Inc. “Building on the success of the previous acquisition with our partners at Tredway and The Federation Companies, we are excited to be a part of the preservation of these communities, ensuring their affordability will remain in place for the next 20 years and beyond.”
“The first affordable housing property that I preserved and still own is just five miles from Ashbrooke, so I have a deep connection to this community as well as Gatewood in Greensboro,” said AJ Casavant, Managing Principal, The Federation Companies. “By partnering with like-minded organizations in Tredway and the Affordable Housing Institute, we can preserve affordability while providing a better living experience for residents.”
Tredway first entered the North Carolina market in November when it acquired a 12-property affordable portfolio in partnership with local non-profit Affordable Housing Institute, Inc. (AHI) and The Federation Companies. This latest acquisition represents an expansion of Tredway’s work to bring more affordable housing opportunities to a state where over 70 percent of extremely-low-income households are severely rent-burdened.
