March 27, 2018

Investment to Preserve More than 160 Affordable Homes in Washington

College Glen Apartments in Lacey, Washington

Enterprise has invested more than $4 million in private equity along with $3.9 million in debt financing from the Enterprise Community Loan Fund while partnering with Shelter Resources, Inc. (SRI), to preserve 164 affordable homes in Lacey, Washington. 

College Glen Apartments are well-located in a suburban neighborhood, accessible to public transportation and immediately adjacent to retail and office uses. While currently in good condition, the development is at risk of falling into disrepair due to its age. Enterprise’s investments will address deferred maintenance; streamline operations and optimize property performance. Longer term, SRI plans to pursue Low-Income Housing Tax Credit financing to facilitate deep capital improvements and extend affordability protections.

Impact of Investment

  • Preserves 164 well-located homes in Lacey, Washington, where affordable housing is in critically high demand.  
  • Invests in renovations that address repairs, deferred maintenance and marketability. 
  • Implements new third-party property management to create more efficiencies.
  • Builds flexibility into the investment term that provide our partner the opportunity to pursue recapitalization strategies.  

Financing

Enterprise invested $4.32 million in private equity in College Glen Apartments. This investment leveraged another $11.05 million in existing HUD FHA-insured debt, $3.96 million in cash flow contingent debt from Enterprise Community Loan Fund, and additional equity from our partner, Shelter Resources, Inc.