Tredway Leaps into North Carolina Market with Noteworthy Acquisition of 630 Affordable Housing Units
Tredway, a reputed real estate developer widely recognized for its commitment to offering affordable and mixed-income housing, recently moved into the North Carolina housing market with the noteworthy acquisition of a whopping 630 apartments dedicated to affordable living for families and seniors alike.
Nestled within burgeoning markets in areas that include, but are not limited to, the buoyant Raleigh-Durham Research Triangle, the heavily populated Charlotte MSA, and the serene North Carolina coastline, this remarkable 12-property portfolio offers a home to nearly 1,800 residents. This acquisition marks Tredway’s inaugural foray into real estate in the state North Carolina, indicating a potentially exciting milestone in their ongoing expansion.
Commenting on the venture, Tredway Founder & CEO Will Blodgett explained that their agenda resonates deeply with the alarming issues that North Carolinians find themselves grappling with, primarily revolving around the desperate shortage of affordable housing and the potent market pressures that inadvertently result in a sharpened loss of units. These issues not only wreak havoc on North Carolinian lives but are hauntingly indicative of a broader crisis that permeates various communities nationwide.
To confront this, a robust partnership has been unveiled between Tredway, Affordable Housing Institute, and The Federation Companies – poised to create a meaningful impact by enhancing and preserving existing low-cost properties that cater adequately to residents’ varied needs.
This sentiment echoed with Bryan Hartnett, President of Affordable Housing Institute, Inc., as he emphasized a continued focus across North Carolina and perhaps even beyond in the affordable housing space, a burning issue that has wide-reaching ramifications on families everywhere.
North Carolina native AJ Casavant, Managing Principal at The Federation Companies, added his perspective. He highlighted the problem of rapid conversion of critical affordable units to market-rate housing due to booming economic progress and influx of influential corporates establishing franchises in the state’s gorgeous cities. True progress, he argued, should not imply displacing working families or marginalizing them economically.
As a direct consequence of this impactful acquisition, all associated entities (including North Carolina-based non-profit partner Affordable Housing Institute, Inc. and The Federation Companies) will extend the vital Section 8 contracts covering the entire bunch of 630 units. Their goal is to maintain affordability for at least the next couple of decades. In another proactive step, immediate action is charted to rectify crucial repairs across the whole portfolio spectrum – importantly encompassing aspects like energy efficiency and ADA necessities.
Housing affordability is a critical issue in the modern economy, it profoundly intertwines with a citizen’s livelihood and quality of life. As stakeholders in the multifamily real estate industry, let us observe, appreciate and learn from the concerted efforts companies like Tredway are showcasing. Let the spirit of creating high-quality, high-opportunity housing opportunities reverberate across sectors as we reshape communities for the better.