Pine Creek Apartments

HOUSTON—The demand for workforce housing continues to increase in the US, especially in the Sun Belt states which are experiencing favorable job growth and increasing urbanization. One company's strategy is to acquire and reposition workforce multifamily developments into class-B properties in markets with job growth opportunities and thus, a growing population.

Elandis acquired Pine Creek Apartments, a 300-unit multifamily community in February 2016. Hunt Mortgage Group recently provided an $11.15 million Fannie Mae conventional mortgage to refinance the property.

“This refinance comes on the heels of a successful 17-month repositioning of the asset by Elandis,” notes Keith Morris, vice president in the Atlanta office of Hunt Mortgage Group.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.