HOPE Housing Foundation partners with the United StatesDepartment of Housing and Urban Development to preserve 232 units of Affordable Housing in Dallas, TX.
Dallas, Texas, Friday, January 30, 2015—Hope Housing Foundation (HOPE) a McKinney, Texas based 501(c)(3) affordable housing provider has acquired a 232 unit Multi-Family community in Dallas, Texas known as Ridge at Trinity Apartments / fka Trinity Trails Apartments (The COMMUNITY). The COMMUNITY was developed in the early 1970’s in Partnership with the United States Department of Housing and Urban Development (HUD).
The COMMUNITY was acquired by HOPE receiving a first mortgage loan from Christopher Martineau with Mutual of Omaha Bank, brokered by Jason Pumpelly and Justin Shuart of Walker Dunlop, Dallas’ office. Equity was provided by a group of investors syndicated by James Ferguson of Ferguson Financial and Stuart Wright of Reed and Company CPA. HOPE decided that this was a perfect opportunity to acquire an asset that would allow them to further perpetuate its Mission of positively affecting the lives of the community they serve, and become one of the most effective multi-family affordable housing providers in Dallas market.
The COMMUNITY is in the process of rebranding and planning a major renovation project where in excess of $5,000,000 in upgrades will be deployed. The COMMUNITY will be professionally managed by Assertive Management Group, Hope Housing Foundation’s wholly owned Managing Agent.
For additional information on this transaction, or how HOPE can assist with other contact Alvin Johnson.