By Boston Real Estate Times – February 3, 2021
Boston – The Davis Companies announced that it has partnered with Hayden Glade – a privately held real estate investment fund focused on affordable housing – in a joint venture to acquire, improve and preserve much-needed affordable housing units.
TDC and Hayden Glade will invest in properties that were built or substantially renovated using the Low-Income Housing Tax Credit (LIHTC), and benefit from a wide array of federal and local rent subsidy programs. The firms will initially focus on high-growth metropolitan areas in the southwestern and southeastern regions of the country, with the goal of providing strong returns to investors while preserving critical affordable housing stock in areas with continued growth opportunities.
TDC and Hayden Glade recently made their first investment, acquiring Rosemont at Hidden Creek, a 250-unit affordable apartment complex in Austin, Texas. Built in 2006, the complex is well-located in close proximity to major highways and public transportation and within one of the fastest-growing metropolitan areas in the country. TDC and Hayden Glade plan to perform upgrades to the units, common areas and grounds of the complex, which has been renamed Eryngo Hills after a flower that is indigenous to the region.
The TDC/Hayden Glade joint venture is led by two affordable housing industry veterans: TDC Vice President of Investments Rachel Edwards and Hayden Glade CEO and Managing Partner Elliott White.
Prior to joining TDC in 2019, Edwards worked for WinnDevelopment for 14 years, supervising the sourcing and acquisition of residential properties, with a focus on the creation of mixed- and low-income housing. Before founding Hayden Glade, White served as the Head of Acquisitions and Dispositions for Weston Associates, a national affordable housing development firm.
“The Davis Companies is excited to partner with Elliott and Hayden Glade to add affordable housing as another asset class within our multifamily portfolio and to enable our investors to participate in socially responsible investing through the improvement and preservation of these properties,” said Edwards.
“I’ve known and respected Rachel for a long time, and I’m thrilled to work with her and the Davis Companies team,” said White. “I look forward to carrying out our shared mission of creating strategic
investment opportunities in the rapidly growing affordable housing market, focusing on communities where there is a strong desire to improve property values and residential life.”
The joint venture is actively engaged in identifying additional investment opportunities.