AEGON USA Realty Advisors, a commercial real estate investment and management arm of AEGON and manager of a Low-Income Housing Tax Credit fund for Google (NASDAQ:GOOG) announced it has added has added an additional property to the fund with a new $47 million investment from the search giant.
The new property, the Towers at Kuhio Park Terrace (“KPT”) in Honolulu, Hawaii is a public housing community composed of two, sixteen story high rise towers. The Fund will provide a major source of funding for the rehabilitation of 555 units for families.
“We’re proud to once again partner with AEGON to help people afford quality homes. This initiative reflects our continued commitment to invest in areas that not only make good financial sense but also benefit local communities”
The first tranche of the Fund closed earlier this year and included a $28 million investment in two low-income housing developments in Minneapolis, MN (Riverside Plaza Apartments) and a senior housing apartment complex in Santa Fe, NM.
Brent Callinicos, Google Vice President and Treasurer said, “We’re proud to once again partner with AEGON to help people afford quality homes. This initiative reflects our continued commitment to invest in areas that not only make good financial sense but also benefit local communities.”
According to Christoph Gabler, Senior Vice-President for AEGON USA Realty Advisors, LLC, the Towers at KPT are the first phase of a 1,025 community being redeveloped by the Michaels Development Company in partnership with Vitus Group and the Hawaii Public Housing Authority. The renovation will include living units sized to match resident needs and reconfigured apartments for handicap accessibility. With all new windows, doors, plumbing, appliances, and electrical fixtures the rehabilitation will improve the environmental sustainability of the units and increase energy efficiency leading to improved resident health and lower utility costs.