FOR IMMEDIATE RELEASE
August 11, 2021
Contact: Brenda Levin
Wisconsin Housing Preservation Corp.
1-608-480-2419
blevin@whpccorp.com
whpccorp.org
Kestrel Multi-family Apartments Provide Needed Quality Housing for Working Individuals and Families
WHPC Delivers 39 apartments in high-demand urban neighborhood
Middleton, WI, August 10, 2021 – Wisconsin Housing Preservation Corp. (WHPC), a leader in the preservation and development of quality affordable housing for low- to moderate-income populations in Wisconsin, is pleased to announce the grand opening of Kestrel, an affordable multi-family workforce housing development located near downtown Middleton, Wisconsin.
Kestrel is the culmination of a strategic partnership between WHPC, Austringer Capital Group, LLC, Madison Development Corporation, and the City of Middleton. The $7.62 million project addresses the city’s critical workforce housing needs by providing affordable housing where there is a lack of quality housing for working persons earning 60-80% or less of the area median income (AMI).
“WHPC is grateful to have partnered with Anthony Gray of the Austringer Capital Group, LLC, Madison Development Corporation, and the City of Middleton to develop and build this important workforce housing project,” said WHPC Chief Operating Officer Mike Slavish. “Given the tremendous need for this type of housing in Middleton and Dane County in general, the opportunity to bring 39 affordable units to such a prominent location on University Avenue, three blocks from downtown Middleton and the Pheasant Branch Conservancy, and close access to Middleton schools positions this development to meet an essential need in the community.”
WHPC was a consulting member of the Economic Stability Council (ESC), a group of employers, developers, and government entities seeking solutions for family instability due to a lack of affordable workforce housing. Out of the ESC grew the Dane Workforce Housing Fund (DWHF) administered by the Madison Development Corporation (MDC), which successfully raised over $12 million to provide gap funding for workforce housing developments.
“This is an excellent way to develop local solutions with our major employers to provide needed affordable housing for their associates,” said WHPC President Mary Wright. “Corporate social responsibility is important, and this fund demonstrates our employers’ commitment to provide public good.”
Kestrel was the first affordable housing project to receive funding from the MDC DWHF.
“What attracted us to WHPC was their strong history of developing quality workforce housing throughout Wisconsin,” said Lorrie Heinemann, president, and CEO, Madison Development Corporation. “They have a tremendous leadership team with Mary Wright coming on board several years ago to put together a stellar group of talent. We wanted to partner with someone who not only had that background but also the expertise and experience.
“WHPC is a strong community partner,” Heinemann added. “They look for the need, partner with the communities they are in, and provide quality affordable housing for the long-term. It was a perfect first project and opportunity for the fund to invest in.”
Financial support for Kestrel includes $1.08 million from WHPC, a $5.64 million loan from First Business Bank, a second loan from the Dane Workforce Housing Fund for $900,000, and full tax exemption acknowledgment and agreed upon pilot payment from the City of Middleton. Madison-based architectural firm Iconica provided design and construction services for the development.
“The City of Middleton is proud to have partnered with the Wisconsin Housing Preservation Corporation to provide affordable workforce housing at the Kestrel,” said Mike Davis, city administrator for the City of Middleton. “Conveniently located on the City’s bus line, the Kestrel offers affordable housing in a central location accessible to Middleton’s many amenities, including the Willy Street Co-op West across the street. We look forward to seeing the Kestrel take flight in the Good Neighbor City.”
Kestrel is ideally situated along University Avenue near downtown Middleton, three blocks from the Pheasant Branch Conservation and within walking distance of thriving retail centers, restaurants, excellent schools, public bus transportation, and a host of recreational opportunities. It is near the Meadows neighborhood, ranked the 4th most walkable neighborhood in Middleton with a walkability score of 79 and a bike score of 85.
The 39-unit, three-story complex features an attractive colorful façade with 14 studio, 21 one-bedroom, and four two-bedroom apartments. Units include range stove, refrigerator, dishwasher, and microwave with in-unit washer and dryer. The building features an onsite part-time manager’s office, covered and heated parking garage and surface parking, dog wash, and personal storage areas. Learn more about Kestrel here.
WHPC and its management firm, ACC Management, are currently accepting leasing applications for Kestrel and running a promotion offering free rent for the first month. Residents moving in by August 31 will also receive a $100 gift card to the Willy Street Co-op.
WHPC will host an open house on August 18 at the Kestrel complex to celebrate the grand opening with project partners and invited city dignitaries.
About Wisconsin Housing Preservation Corp.
Wisconsin Housing Preservation Corp. (WHPC) is a private 501(c)(3) nonprofit organization and a prominent leader in the affordable housing industry. Its mission is to preserve, provide and protect affordable housing for the most vulnerable low- and moderate-income populations in Wisconsin. It believes housing is a basic right and the first step in building a better life for the people it serves.
Since 2002, WHPC has acquired, developed, and renovated over 156 affordable rental housing developments representing more than 8,355 family and senior units in 57 counties throughout Wisconsin, the majority of which provide Section 8 rental subsidy for residents who have an average income of about $11,000 per year. Today, WHPC is a $503 million housing provider with annual revenues of $74 million and net worth in excess of $172 million. Standard and Poor’s awarded WHPC with an AA- rating, asserting WHPC has “strong overall management and a strategic plan that supports the corporation’s mission to provide quality low-income housing.” WHPC has invested over $110 million in private equity for some of the largest investment entities in the country, including Boston Capital, Richman Group, Redstone, Cinnaire, Advantage Capital, Sugar Creek Capital, and BMO Harris, all of whom trust WHPC for skilled real estate closing and refined financial management.
As WHPC continues to grow its presence in Wisconsin it will work with its valued partners and, most importantly, its residents, to meet the challenge of helping communities provide affordable housing worthy to be called “home.” To learn more, please visit whpccorp.org.
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