Highland Property Development LLC, commonly known as Highland, specializes in the acquisition and development of multi-family affordable housing. Highland focuses efforts toward revitalizing existing rental properties at risk of conversion to market rate housing, minimizing long-term maintenance and operating costs, improving energy efficiency, all while implementing upgrades specifically targeted toward improving community and lifestyle for its residents. Highland manages each stage of the development process – from acquisition of each property, procurement of debt and equity financing, the construction and rehabilitation phases, attainment of stabilized operations, and long-term asset management.
Since its inception in 2003, Highland and its principals have successfully acquired and redeveloped nearly 3,500 residential units contained within 55 multifamily properties located throughout California and Texas. The majority of these developments have involved substantial renovation of existing, government-subsidized housing. Highland structures and finances these developments through a combination of federal low-income housing tax credits (LIHTC), tax-exempt bond financing, federal and local governmental loans, privately placed debt, and rental subsidy programs.
Highland Property Construction (HPC), an affiliate of Highland, has acted as general contractor for the majority of Highland’s redevelopment projects. HPC’s approach to construction emphasizes resident safety and security, asthetic design, and quality workmanship. HPC’s construction team is well experienced in initial cost estimating and renown for completing jobs on schedule and on budget, with typical renovations ranging between $40,000 and $50,000 in hard construction costs per unit, and completed within twelve months.