BOSTON, MA – TCAM, a leading investment manager and consultant in the affordable housing industry, today announced its role in the recent acquisition by the Housing Partnership Equity Trust (“Equity Trust”) of Woodmere Trace Apartments, a 300-unit property in Norfolk, Virginia. The Equity Trust worked in partnership with the Community Preservation and Development Corporation (“CPDC”) to acquire Woodmere Trace, preserving critical affordable housing without dependence on low-income housing tax credits or other public subsidies.
TCAM provided underwriting and due diligence services for the acquisition, as it did for the other two properties acquired by the Equity Trust this year. Working closely with the Equity Trust and its partners, TCAM developed and maintained the investment model for the acquisition, evaluated the reports of due diligence providers, and prepared analyses for negotiations with the sellers and investment decisions by the Equity Trust.
In addition to underwriting and due diligence services, TCAM supports clients engaged in a number of other transactions. During 2013, TCAM has helped clients dispose of properties and limited partnership interests, and has managed workouts on behalf of investor clients.
“Affordable housing transactions are complex and time-consuming,” said Chief Executive Officer Jenny Netzer. “TCAM’s participation helps clients manage their time and achieve better results.”
For more coverage on the Equity Trust and its recent activities, visit the following sites:
- Multi-Housing News Online article announcing Woodmere Trace acquisition: CPDC Acquires Norfolk Apartment Communities for $20M – September 10, 2013
- Affordable Housing Finance article announcing second Equity Trust acquisition, Woodside Court: New Equity Trust Inks Second Deal – July 19, 2013
- Wall Street Journal article announcing the first Equity Trust acquisition, 2000 Illinois Apartments: Saving Affordable Housing – April 30, 2013
- Wall Street Journal article announcing the formation of the Equity Trust: Nonprofit Firms Form REIT – April 28, 2013
TCAM’s clients include capital providers for affordable housing with and without low income housing tax credits. Clients are major financial institutions, investors, insurance companies, affordable housing lenders, LIHTC syndicators, guarantors, owners and developers, investment funds, large urban housing authorities, and state housing finance agencies. To date, TCAM has provided asset management and consulting services to clients for more than 800 properties containing 120,200 apartment units in 46 states, Washington, D.C. and Puerto Rico, representing in excess of $5.5 billion of client capital.
TCAM is owned by QuietStream Financial (http://quietstreamfinancial.com). QuietStream Financial’s companies provide alternative asset management services and structured finance products for real estate borrowers, financial institutions and investors.