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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