Ghebre Selassie Mehreteab, co-chairman and CEO of theNHPFoundation, says the 1980s-built Tanglewood at 1300Tanglewood Dr. is 55% occupied, but anticipates that will increaseonce interior renovations are completed. Upgrades will begin bySeptember, with completion estimated for mid-2009.
Tanglewood is one of many affordable housing properties that NHPhas acquired in the Gulf Coast region in the past three years.NHP's goal is to provide affordable housing to lower- andmoderate-income residents displaced by the 2005 hurricanes.
In recent months, NHP has invested heavily in Baton Rouge, LA,acquiring the 184-unit Goodwood Place Apartments at 356 ApartmentCt.; 246-unit Magnolia Trace Apartments at 11581 N. Harrells Ferry;313-unit Copper Ridge Apartments at 2080 N. Lobdell Ave.; 96-unitTowne Oaks Apartments at 1331 N. Sherwood Forest Dr. It alsoacquired the 276-unit Cypress Apartments at 4249 Fifth Ave. in LakeCharles.
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