Affordable housing developer Tredway is setting up shop in Texas.
The New York-based firm bought and recapitalized 16 Section 8 properties across the Lone Star State, according to a press release. Tredway spent $65.5 million on the 1,200-unit portfolio, which works out to about $54,600 per unit.
Berkadia arranged the financing, which includes bridge and Fannie Mae loans, the release said. Tredway plans to invest more than $10 million in improvements across the portfolio, including unit upgrades, exterior repairs and deferred maintenance.
Nonprofit social service provider Housing Services Incorporated will provide social services at the properties, while Asset Living will do property management.
The properties are in Alamo, Amarillo, Brownsville, Copperas Cove, El Paso, Fort Worth, Lampasas, Lubbock, Odessa, San Juan, Santa Rosa and Victoria, according to the release. Tredway didn’t identify the specific properties in the portfolio.
Though Texas is winning the race to build new homes, its housing shortage is still growing — as is the cost of housing. Texas led the nation in single-family building permits in 2023, according to the Texas Real Estate Research Center at Texas A&M University.
But the state’s housing shortfall grew to 319,000 units, according to housing policy nonprofit Up For Growth; meanwhile, the average home price surpassed $400,000 for the first time in 2022, the research center said. The Texas Legislature has been trying to address the issue by clearing roadblocks for developers. For example, Senate Bill 840, which passed last summer, allows residential development in nonresidential zones in an effort to ease the process of converting commercial spaces to apartments.
Will Blodgett, former special adviser for the New York City Housing Authority, founded Tredway in 2021. The firm owns more than 5,500 units across the country and has a pipeline of 2,000 multifamily units in various stages of construction, according to its website.
Tredway has expanded its presence in New York City with purchases like Ocean Park Apartments in Queens. The firm bought the 602-unit property in May 2025 for $88 million or $146,180 per unit. Blodgett told the Commercial Observer in January that the firm will operate in 28 states by the end of the year.
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