SAN ANTONIO, TEXAS, July 11, 2023 – Hunt Capital Partners has proudly transferred ownership of Stonehouse Apartment Homes in San Antonio, Texas to the Mexican American Unity Council (MAUC), a non-profit multi-service organization with a mission to empower communities through housing, education, and economic opportunity. The 248-unit development has served as a crucial source of affordable housing for Bexar County's low-income families since 2005.
Nearing the end of the compliance period, the MAUC sought closing extensions to ensure an optimal transaction process. Hunt Capital Partners recognized their unique needs and offered extensions to accommodate. The ownership was transferred to the MAUC at a price below the limited partners exit taxes. The transaction closed on June 19th, 2023.
“Hunt Capital Partners supports its nonprofit partners’ right to acquire properties and the limited partner’s interest under the statutory Right of First Refusal,” said Hunt Capital Partners President Jeff Weiss. “To that end, Hunt Capital Partners worked with Mexican American Unity Council to facilitate the transfer of Stonehouse Apartment Homes at a discounted price despite the expiration of the time period under the ROFR.”
The successful transfer of ownership is another example of Hunt Capital Partners’ commitment to working with non-profit partners in the spirit of the Right of First Refusal, going beyond the required terms and conditions of the partnership. Moreover, this transfer plays a crucial role in enabling MAUC to continue their mission of empowering minority communities through providing quality affordable housing options for vulnerable families in San Antonio.
“MAUC is committed to creating and preserving livable and sustainable communities,” said MAUC President and CEO Fernando Godínez. “Our journey of 55 years has taught us to be mindful of this responsibility. We always strive to invest in projects where we can add unique value, balancing risk with the needs of our community and choosing strong partners like Hunt Capital Partners that understand our mission and vision.”
Weiss further noted, “Hunt Capital Partners is proud to have created a tailor-made solution dedicated to MAUC’s successful ownership and operation of Stonehouse Apartment Homes for years to come.”
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.