HOUSTON—The demand for workforce housing continues to increase in the US, especially in the Sun Belt states which are experiencing favorable job growth and increasing urbanization. One company's strategy is to acquire and reposition workforce multifamily developments into class-B properties in markets with job growth opportunities and thus, a growing population.

Elandis acquired Pine Creek Apartments, a 300-unit multifamily community in February 2016. Hunt Mortgage Group recently provided an $11.15 million Fannie Mae conventional mortgage to refinance the property.

“This refinance comes on the heels of a successful 17-month repositioning of the asset by Elandis,” notes Keith Morris, vice president in the Atlanta office of Hunt Mortgage Group.

Pine Creek Apartments sustained no flooding to unit interiors due to Harvey. Property amenities include two outdoor swimming pools, a playground, three laundry facilities, a sport court and clubhouse/leasing office.

“Elandis is a new Hunt Mortgage Group customer that is actively looking for strategic opportunities to acquire, renovate and improve multifamily properties to offer quality housing to local residents in the markets in which they operate,” Morris tells GlobeSt.com. “The firm's strategy includes the acquisition and repositioning of class-C workforce multifamily developments into class-B properties in markets that have a favorable economic performance–and that are experiencing job growth opportunities, have a strong demand for workforce housing and a growing population.”

Elandis has acquired and transformed 2,600 multifamily units, 22 hotels, 11 commercial assets and several development projects, primarily across the Americas, GlobeSt.com learns.

“This financing is a testament to the value added to the asset in a matter of months through the dedication and hard work of our property management team. The Elandis philosophy is always to improve and enhance both the property and the living experience of our communities. We continue to look for new opportunities to do this,” says Ted Lawson, chief operating officer at Elandis.

“This refinance comes on the heels of a successful 17-month repositioning of the asset by Elandis,” notes Keith Morris, vice president in the Atlanta office of Hunt Mortgage Group.

Elandis has acquired and transformed 2,600 multifamily units, 22 hotels, 11 commercial assets and several development projects, primarily across the Americas, GlobeSt.com learns.

Instant Insights /

Workforce Housing Demand Continues Especially in Sun Belt

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