ACQUISITION / PRESERVATION / REDEVELOPMENT

Eagles Landing

Originally constructed in 2005, Eagles Landing features 96 garden-style apartments in Southeast Memphis. Situated on 8.6 well-maintained and landscaped acres, the property includes a large playground and a community center offering resident services and activities. Eagles Landing also features controlled access and courtesy officers. Each cable-ready apartment includes a dishwasher, stove, refrigerator, full-size washer and dryer connections, and a garbage disposal.

Nearby is Southwind High School, where students have the opportunity to take Advanced Placement coursework and college preparatory exams.

TOTAL COST
$ 4,800,000

DESCRIPTION
Eagles Landing is comprised of 16 one-bedroom, 24 two-bedroom, 40 three-bedroom, and 16 four-bedroom units. All the Eagles Landing resident households are at or below 60% AMI and receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.

TRANSACTION
NHPF and the LEDIC Realty Company formed a joint venture to acquire interest in Eagles Landing Apartments and a contiguous land parcel to be held for future affordable housing development. The acquisition was completed for an implied purchase consideration of $4,800,000.



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NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 81 properties, totaling 14,259 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 40 properties, totaling 6,801 apartment units, in 16 states and the District of Columbia.