BILLINGS, MT - Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced its acquisition of South Forty Apartments and its plans to renovate the property, helping to preserve high-quality, affordable units for Yellowstone County seniors. The transaction is a joint venture with Fairview Housing Partners, a national nonprofit affordable housing organization.
"We're thrilled to grow our housing portfolio with our first acquisition in Montana, and we look forward to deepening our investment in the state over the coming years," said LAC CEO Jeremy Bronfman. "LAC is grateful to Vitus for its stewardship of the property and its partnership to ensure long-term affordability at South Forty Apartments. We are especially excited to close our first joint venture with Fairview Housing Partners and look forward to working together to provide important services and resources for our residents."
Under the terms of LAC's acquisition, 101 units will be restricted for seniors at or below 60 percent of area median income (AMI). The property will also be covered by a Housing Assistance Payment contract for 100 percent of its units.
"This deal will preserve access to high-quality homes for lower-income seniors who face unique challenges in finding affordable housing across the country," said Fairview Executive Director Thom Amdur. "We thank LAC for their partnership and are proud to play a vital role in supporting seniors in Yellowstone County."
Originally built in 1987, South Forty Apartments offers amenities including an arts and crafts area, library, fitness center, and a picnic area. The acquisition and rehabilitation was financed through a 223(f) loan with PGIM and an equity investment and bridge loan through PNC.
Source: Lincoln Avenue Capital / Fairview Housing Partners