Oppidan Investment Co., a national property development firm, has opened its first two affordable housing developments.
Headquartered in Excelsior, Minnesota, the company recently celebrated the completion of The Pines at Peach and Birch & Branch in Raleigh, North Carolina.
“Affordable housing is one of the most pressing challenges facing communities today,” said Noah Wagner, Oppidan vice president of development. “These developments reflect our commitment to being part of the solution, bringing together strong public-private partnerships to create housing that is both attainable and thoughtfully designed.”
The firm has been a leader in the development of senior housing, industrial/warehouse properties, mixed-used projects, and market-rate apartments.
The new developments are the firm’s initial affordable housing properties, but not the last. It is constructing a third, Barton Oaks, also in Raleigh.
Birch & Branch is a $49 million development featuring 180 one-, two-, and three-bedroom apartments for families earning between 30% and 70% of the area median income (AMI).
The community offers residents walkable access to nearby amenities, including a grocery store, a daycare, a school, a community center, and restaurants. On-site amenities include a clubhouse, a fitness center, a computer room, a playground, and outdoor gathering spaces.
Financing for the development includes low-income housing tax credits (LIHTCs) allocated by the North Carolina Housing Finance Agency (NCHFA), tax-exempt bonds from the Raleigh Housing Authority, and gap loans from the city of Raleigh and Wake County. The housing credit tax equity was provided by CAHEC, and construction and permanent term financing was provided by Merchants Bank and Freddie Mac.
Birch & Branch was designed by Moore Hocutt Architects, engineered by VHB, and constructed by Mills Construction. It is managed by Excel Property Management.
The Pines at Peach is a $34 million development with 119 one-, two-, and three-bedroom apartments reserved for residents at 30% and 60% of the AMI. The community is situated in a highly desirable and rapidly growing area with direct access to key neighborhood amenities.
Residents benefit from proximity to the Peach Road Cultural Center, Peach Road Park, and the future South Saunders Bus Rapid Transit Corridor, enhancing access to jobs, services, and recreation.
The development was also financed with LIHTCs allocated by NCHFA and tax-exempt bonds from the Raleigh Housing Authority. The city entered into a ground lease agreement for the land and a public-private partnership for a new road extension, and it provided a gap loan to the project. Aegon provided the housing tax credit equity, and Ready Capital provided construction and permanent financing.
The project was designed by Cline Design, civil engineered by BGE, and constructed by KMW Builders. Excel Property Management is the property manager.