Boston – WinnResidential, the property management arm of WinnCompanies, recently announced it has been named the largest affordable multifamily property management company, ranked by affordable unit counts by the National Affordable Housing Management Association (NAHMA). Winn also received the 2014 NAHMA Vanguard Award for Major Rehab of a Historic Structure at Loft Five50 in Lawrence, MA.
After appearing third on NAHMA’s “Affordable 100” list in 2011, WinnResidential earned the number one spot for each of the past three years. In total, Winn manages 42,262 affordable homes across 23 states, over 10,000 more than the next company on the list. Winn also ranked seventh on NAHMA’s list of “Largest Housing Credit (LIHTC) Property Management Companies,” with 17,965 homes that have utilized housing credits. Winn is also the 5th largest property management country in the country across all housing types.
Winn also received the Vanguard Award for Major Rehab of Historic Structure from NAHMA for Loft Five50 in Lawrence, MA. The awards recognize newly developed or significantly rehabbed affordable multifamily housing communities that have high quality design and use resourceful financing and are given in four categories.
“We’re proud to maintain the nation’s top ranking with NAHMA and to have our development of Loft Five50 be recognized with the Vanguard Award,” said Gilbert Winn, Managing Principal at WinnCompanies. “To be at the top of the industry speaks to the outstanding work being done as we seek to raise the quality and level of expectations for affordable housing across the country.”
Completed in 2012, Loft Five50 is a beautiful apartment community with modern loft-style one and two-bedroom apartments. The units are LEED certifiable and feature high ceilings, large windows and ample closet space. The mixed-income, 75-unit building also maintains unique architectural details of the historic mill, such as exposed brick and wood beams. WinnDevelopment will begin construction this summer on Phase II Malden Mills which will consist of an additional 62 mixed-income family apartments.
The community was created from two buildings within the former nine-building, 900,000-square-foot Malden Mills complex, which was opened and operated for three generations by the Feuerstein family. In 1995, a fire destroyed three of the nine buildings, displacing 1,400 workers. Owner Aaron Feuerstein continued to pay workers for 90 days, gaining national attention as an example of an altruistic corporate leader. Despite a rebuilding effort that cost $450 million and was completed in 1997, Malden Mills went bankrupt and the property was sold in 2007 to Versa Capital who purchased the assets to create a new company, Polartec, LLC.
NAHMA is an advocacy group, operating on behalf of multifamily property managers and owners whose mission is to provide quality affordable housing. Founded in 1990, NAHMA’s membership today includes the industry’s most distinguished multifamily managers, owners, and industry stakeholders.
