Addison-based S2 Capital will now be able to purchase and renovate an affordable housing community in Northeast Dallas called Willow Pond Apartments. The real estate investor landed funding from JCR Capital, an acquisition loan that was secured by JLL’s Capital Markets. The amount of the loan was not disclosed. DCAD lists the current owner as WPA Investment Group LTD.
“Willow Pond Apartments are a vital apartment community for the Dallas metro, and one of the few in the area qualified for low-income housing tax credits,” Mark Brandenburg, executive vice president at JLL, said in a statement.
According to a 2012 study published by the U.S. Department of Housing and Urban Development, “More than 2 million affordable units have been developed or preserved using the LIHTC (Low-Income Housing Tax Credits), making the tax credit’s portfolio substantially larger than the public housing stock at any point of that program’s history.”
A search on the LIHTC Database showed 157 properties in Dallas that qualify as LIHTC housing. Those properties combine to offer more than 20,000 low-income units (25 out of the 157 properties did not disclose the number of low-income units they had). And, of the 386 units available at Willow Pond, all are low-income.
According to JLL, the new owner intends to stay within the bounds of the LIHTC program, saying, “The upgrades will give residents access to housing normally found in newer vintage properties, all while maintaining its present value and … LIHTC compliance.”
S2 Capital has plans to renovate Willow Pond’s flooring, cabinetry, apartment fixtures, the community pool, and the resident clubhouse, along with adding a dog park.
