More affordable housing units could be developed on Milwaukee’s northwest side after affiliates of Bedford Affordable Housing Foundation, a California-based nonprofit, purchased two apartment buildings for $60 million, according to a report in the Milwaukee Journal Sentinel.
Bedford Affordable Housing Foundation, which is partnering on the project with California asset manager Post Real Estate Group LLC, plans to convert more than 350 rental units from market rate to affordable housing.
The apartment buildings are the 236-unit St. James Place, 10300 W. Fountain Ave., and the 138-unit Arbor Ridge Apartments, 7960-7972 N. 107th St.
They will be marketed to people earning up to 80% and 60% of the Milwaukee area median income, respectively, according to Post Real Estate Group.
The sale was completed even though the Milwaukee Common Council earlier rejected Bedford’s request for public financing.
Some residents of Arbor Ridge worry they could be displaced if their incomes are above the limits for affordable housing.
