Highland Property Development: Raising Standards with Every Deal

"We're constantly trying to re-prove ourselves with every transaction...We're only as good as our last deal." Bill Rice

Highland Property Development LLC specializes in the rehabilitation of affordable multifamily apartment communities marrying federal low-income housing tax credits (LIHTC) and tax-exempt bonds. Highland Property Development seeks to provide affordable housing through either new construction opportunities or the preservation of existing affordable housing.

With a special focus on preserving properties "at-risk" of converting to market rate rents, Highland Property Development is aggressively acquiring, restructuring and rehabilitating properties whose redevelopment as low-income housing properties precludes the loss of critical housing for current low-income residents. HPD has acquired 20 USDA Rural Development Section 515 properties at market rate value in the past five years. Every property acquired has received a moderate to major rehabilitation, based on need.

Highland Property Development actively pursues existing multi-family properties. Due to the favorable tax-exempt financing and tax credit equity associated with developing affordable housing, HPD may be able to pay a greater purchase price than a conventional, market rate buyer when supported by an appraisal.

Highland Property Acquisition or Preservation: Investment Criteria

HPD is looking for properties that meet this Investment Criteria:

Minimum of 50 rentable units;
Ten year continuous ownership prior to sale;
Possession of a form of federal, state or local rental assistance, including HUD Section 8, USDA Rental Assistance or other rental subsidies. Special interest is given to properties with expiring USDA (formerly Farmers Home Administration) loans, including Section 515 mortgages and HUD Section 221(d)(4), 221(d)(3), 202, 223(f), and 236 mortgages.

New Construction

Highland Property Development is seeking development opportunities to create new affordable housing. Investment criteria include:

Entitled land sufficient for a minimum of 80 rentable units;
Necessary public and/or private financing for restricted rent requirements.