LEDG Capital, a private company dedicated to the preservation and creation of affordable housing, announced the completion of a $12 million project to modernize 244 apartments at two multifamily communities in Lubbock, delivering new heating and air conditioning systems, kitchens, bathrooms, flooring and other improvements to residents. The final property will be rebranded as Southstead Apartments.
“This project delivered much-needed interior and exterior upgrades to the entire community, converted 60 market-rate units to affordable apartments and protected affordability for decades to come,” said Jacob Levy, founding partner of LEDG Capital. “We are grateful to our local, state and federal partners for working with us on this effort and to the residents for their patience while work was underway.”
As a result of the project, all 244 units on the combined property, now known as Southstead Apartments, are affordable to households earning 30 and 60 percent of the Area Median Income (AMI).
The 20-acre community features 11 two-story garden-style apartment buildings and 14 single-story buildings. In addition to extensive upgrades to kitchens, bathrooms and HVAC systems, LEDG Capital’s rehabilitation effort brought the community new roofs, a new playground, a new security system with improved outdoor lighting, new WiFi access in the community buildings, new exterior painting, new or updated pedestrian pathways and parking areas, and upgraded trash enclosures.
In addition, 14 units were upgraded to achieve handicapped accessibility, and five apartments were also made accessible to residents with hearing or visual impairments.
The Lubbock Housing Finance Corporation (LHFC), a public non-profit corporation that partners with the private sector to create housing for low-to-moderate income citizens, provided tax-exempt bond financing for the project, which enabled LEDG Capital to secure an allocation of Low-Income Housing Tax Credits from the Texas Department of Housing and Community Affairs.
“Lubbock HFC is pleased to have played a role in increasing the supply of quality apartment homes that are affordable to working families in our community,” said LHFC Executive Director Shari Flynn.
“The extensive upgrades will improve the daily quality of life for residents, while also enhancing the greater Lubbock community,” said Ayanna Grasty, vice president of Originations at Merchants Capital. “We are very pleased to have played a role in supporting LEDG Capital in delivering 244 safe, high-quality affordable homes to families at Southstead Apartments and congratulate them on preserving affordable housing options in the area for decades to come.”
“Having partnered with LEDG on seven previous communities, we were thrilled to be working alongside their team again for the rehabilitation of Southstead Apartments,” said Senior Vice President Richard Shea, originator at CREA. “Improvements to the existing development are just the first step in providing safe, affordable housing to Lubbock residents. The supportive services provided on-site, from health fairs and a food pantry to social gatherings and recreational activities, will enrich the lives of those who call Southstead home.”
The Southstead project began in October 2023 and was executed as a phased, in-place renovation in which groups of households spent daytime hours in hospitality suites while their apartments were modernized. WinnResidential, the award-winning property management affiliate of WinnCompanies and the largest manager of affordable housing in the United States, worked with households to coordinate the relocation process at the two properties.
Langerman Construction, a full-service general contracting company specializing in interior and exterior multifamily property renovations throughout the United States, served as general contractor for the work.
The Southstead project is the 17th renovation of an affordable housing community completed by LEDG Capital. Since 2018, the company has invested $160 million to substantially upgrade communities in 10 states – Arizona, Arkansas, California, Florida, Louisiana, Missouri, Pennsylvania, Texas, Utah and Washington.
