The Austin Affordable Housing Corp. announced the purchase of the Bridge at Ribelin Ranch apartment complex a few weeks ago.
Through this purchase, 175 newly restricted affordable units will be created at the 350-unit complex, which is located next to Four Points Middle School and across from Austin Baptist Church.
“While the economy in Austin continues to grow at an unprecedented pace, the availability of affordable housing has not,” said Mike Gerber, CEO of Housing Authority of the City of Austin.
The Austin Affordable Housing Corp., a subsidiary of the Housing Authority of the City of Austin, made this purchase in partnership with the Community Development Trust.
“At the Housing Authority of the City of Austin and Austin Affordable Housing Corp., we are committed to finding innovative solutions to the housing shortage in our city,” Gerber said. “Adding these high-quality affordable units will connect more families to better housing options, schools and employment opportunities.”
Built in 2008, the Bridge at Ribelin Ranch is a modern garden-style apartment with family-friendly units. The floorplans have spacious living areas, and the complex has a swimming pool, 24-hour fitness center, clubhouse with a business center and a dog park.
According to the press release, Ribelin Ranch will bring “much-needed affordable units to the Lake Travis area, close to strong schools and high-tech job opportunities.”
Established in 1937, the Housing Authority of the City of Austin is an independent unit of government separate from the city of Austin. Its mission is to cultivate sustainable affordable housing communities and partnerships that inspire self-reliance, growth, and optimism. The Housing Authority assists over 20,000 Austinites, and owns and operates 1,839 units of subsidized housing in 18 developments throughout Austin.
“The Bridge at Ribelin Ranch investment will help ensure that the city of Austin can continue to provide high-quality, affordable housing with access to its residents for many years to come,” said Michael Lear, Community Development Trust head of acquisitions.
The Community Development Trust is a national investor that provides long-term capital to preserve and create affordable housing. The private real estate investment trust works with local, regional, and national partners, and makes long-term equity investments and originates and acquires long-term mortgages. Over the last 20 years, Community Development Trust has invested over $2.5 billion in debt and equity capital for properties in 45 states and regions, creating over 51,000 units of affordable housing for more than 120,000 residents.
“This purchase is Community Development Trust’s fifth investment with Austin Affordable Housing/Housing Authority. (The two organizations) now own more than 2,000 units in Austin through joint ventures, and we look forward to bringing more affordable housing to the area in the future,” Lear said.
To make this purchase possible, Austin Affordable Housing and the Community Development Trust partnered with CPC Mortgage Company, a national nonprofit mortgage lender specializing in affordable multifamily communities. CPC Mortgage provided the acquisition financing for the property through its Fannie Mae Multifamily Affordable Housing program.
“At a time when cities across our country are facing a crisis of housing affordability and quality, public-private partnerships like this are going to be critical to ensure we can expand and preserve affordable housing in our communities,” said John Cannon, president of CPC Mortgage.
“We are proud to provide our borrowers with products like Fannie Mae’s MAH, tailored to the unique needs of affordable housing transactions,” Cannon said.
Housing Authority of the City of Austin’s Gerber said, “The Bridge at Ribelin Ranch investment shows how an innovative public-private partnership can overcome the barriers facing the development of affordable housing today in Austin.”