By james art 
LEDG Capital, a privately held company dedicated to preserving and creating affordable housing, announced the completion of a $12 million project to upgrade 244 apartments in two multifamily communities in Lubbock, delivering new heating and air conditioning systems, kitchens, bathrooms, flooring and other improvements to residents. The final property will be rebranded as Southstead Apartments.
“This project provided much-needed interior and exterior upgrades to the entire community, converted 60 market-rate units into affordable apartments and protected affordability for decades to come,” said Jacob Levy, founding partner of LEDG Capital. “We are grateful to our local, state and federal partners for working with us on this effort and to residents for their patience while the work was underway.”
As a result of the project, all 244 units in the combined property, now known as Southstead Apartments, are affordable to households earning between 30 and 60 percent of the Area Median Income (AMI).
The 20-acre community features 11 garden-style two-story apartment buildings and 14 single-story buildings. In addition to extensive kitchen, bathroom and HVAC system upgrades, LEDG Capital’s rehab efforts brought the community new roofs, a new playground, a new security system with improved exterior lighting, new WiFi access in the municipal buildings, new exterior paint, new or updated walkways and parking areas and upgraded litter enclosures.
In addition, 14 units were retrofitted to achieve handicap accessibility, and five apartments were also made accessible to residents with hearing or vision impairments.
The Lubbock Housing Finance Corporation (LHFC), a public not-for-profit corporation that partners with the private sector to create housing for low- to moderate-income citizens, provided tax-exempt bond financing for the project, which allowed LEDG Capital to secure the allocation of low-income housing tax credits from the Texas Department of Housing and Community Affairs.
“Lubbock HFC is pleased to have played a role in increasing the supply of quality apartments that are affordable for working families in our community,” said LHFC Executive Director Shari Flynn.
“The extensive upgrades will enhance the daily quality of life for residents while enhancing the greater Lubbock community,” said Ayana Grasti, Vice President of Originations at Merchants Capital. “We are very pleased to have played a role in supporting LEDG Capital in providing 244 safe, high-quality, affordable homes to families at Southstead Apartments, and congratulate them on preserving affordable housing options in the area for decades to come.”
“Having partnered with LEDG in seven previous communities, we were thrilled to work alongside their team again on the rehabilitation of Southstead Apartments,” said Senior Vice President Richard Shea, a developer at CREA. “Improvements to existing construction are just the first step in providing safe and affordable housing for Lubbock residents. The supportive services provided on site, from health fairs and a food pantry to social gatherings and recreational activities, will enrich the lives of those who call Southstead home.”
The Southstead project started in October 2023. and was executed as a staged on-site renovation where groups of households spent hours during the day in hospitality suites while their apartments were upgraded. WinnResidential, the award-winning property management affiliate of the WinnCompanies and the largest manager of affordable housing in the United States, is working with the households to coordinate the relocation process at both properties.
Langerman Construction, a full-service general contracting company specializing in interior and exterior renovations of multifamily properties throughout the United States, served as the general contractor on the job.
The Southstead project is the 17th affordable housing community renovation completed by LEDG Capital. From 2018 the company has invested $160 million to significantly upgrade communities in 10 states – Arizona, Arkansas, California, Florida, Louisiana, Missouri, Pennsylvania, Texas, Utah and Washington.
