Abode Communities’ depth of real estate services play an integral role in strengthening underserved neighborhoods while improving the livelihoods of California’s most vulnerable low-income populations.
Abode Communities’ affordable housing production work dates back to more than 30 years with the completion of Wilson Apartments, 14 senior apartment homes in Monrovia, California. Since that time, we have developed nearly 47 residential communities with more than 2,900 affordable homes throughout California; invested, in collaboration with our financial partners, some $600 million in economic activity; generated more than $236 million in tax credit financing; and secured more than $120 million in local funding sources for the provision of service-enhanced affordable housing.
We understand the social, environmental, economic and physical issues often inherent in the process of real estate development. Our experienced and dedicated development team members are experts in the execution of development activities including identifying and acquiring sites, securing land use approvals, obtaining financing, overseeing construction activities, and successfully transitioning each development to the organization’s property management team. Abode Communities’ comprehensive, sustainable development plans result in vibrant communities that are operated as affordable housing in perpetuity for the benefit of residents and community members alike.
In addition to the production of affordable housing, Abode Communities has the unique capacity to provide expert turn-key development services for affordable housing owners that require technical assistance. These services, which ensure delivery of high-quality affordable housing, include, and are not limited to: creating partnerships to deliver access to competitive capital financing; performing feasibility studies; cost estimating; and providing concept-to-completion project management.
In an effort to achieve the organization’s goal of adding 1,000 new affordable homes to its residential portfolio by year end 2018, Abode Communities’ first-in-class business development team works to identify, research and analyze new opportunities for the organization to bring its high-quality standard of housing to underserved communities throughout California.
We have proven success in developing award-winning development plans with competitive financing structures; negotiating the purchase of underutilized land; acquiring existing affordable housing with and without expiring affordability covenants; collaborating with unlikely land owners to devise mutually-beneficial joint development plans; and providing turn-key development services for affordable housing owners that require technical expertise to bring new capital and related improvements to aging buildings.
Portfolio & Asset Management
Abode Communities recognizes that our permanently affordable housing is a stabilizing force in our residents’ lives. In an effort to deliver our high-quality standard of living to each resident and ensure that our homes remain affordable in perpetuity, we operate and manage our own housing portfolio. Above and beyond, our portfolio management experts ensure that each property is financially solvent, complies with legal and regulatory requirements, and remains a viable real estate asset by monitoring each property’s financial, operational and physical performance, and identifying opportunities for recapitalization and/or repositioning.