Workforce housing is dedicated housing for individuals and families that make between 30% and 60% of the county or city median income in which they reside.  We build workforce housing with a commitment to provide these individuals with a high quality place to call home and a safe environment to raise their families.    Many of our residents who live in our workforce housing developments are individuals that keep our cities operating, and are employed as teachers, librarians, restaurant staff, retail workers, city and county employees, and in other service sector jobs.  All of our residents are income qualified and must meet strict credit and background checks in order to qualify for workforce housing.

Market rate housing communities are typically upscale, amenity-focused properties with units rented at the market rate of the community where they are located.  Market rates vary by neighborhood or location within a city and fluctuate with the factors of demand, housing prices and local employment demographics.  Also under our market rate housing category fall our 80/20 apartment complexes, which refers to the split of a development with 80% of the apartment units rented at fair market rate while the other 20% are rented to individuals that are income qualified and make 30% to 60% of the county or city median income.  There is no quality or floor plan variation between the rental units and it provides both families who can afford market rate rents and income qualified families to live on one property and experience the same level of quality and service.  Special financing vehicles are employed to support the provision of the rent-restricted units on an 80/20 site.

REDS develops both luxury senior housing and affordable senior housing.  Our luxury senior housing is rented at fair market rate and has upgraded features like upscale finishes, appliances and club house amenities.  Seniors that reside in our luxury housing are willing to pay a premium for the additional features and services that are provided. 

We are also dedicated to providing income restricted seniors with a safe, attractive place to live.  Just like our workforce housing, our affordable senior housing projects are rent restricted for income qualified seniors whose income makes fair market rent unaffordable.

Both luxury senior housing and affordable senior housing is restricted by age limits.  Residents must be 55 or older to qualify and live on the property.  This creates a quiet atmosphere for our senior residents while living in community where they can get to know their neighbors and participate in a service-oriented social environment. 

Acquisition/rehabilitation sites or “Acq/rehab” properties are typically older, under-valued apartment communities that REDS purchases (“Acquisition”) and physically repairs or rebuilds (“Rehabilitation”) to add value to the site through increased rents.  Sites are specially selected for unique factors like prime market locations or rent growth potential.  Prior to acquisition, a site will undergo a detailed physical needs assessment to determine what improvements must be made to increase the safety, longevity and marketability of the asset.  Additional investment is made to provide these updates and add other amenities that make the property more attractive and valuable to future residents.  After acquisition, existing residents are temporarily relocated to allow for construction upgrades to occur onsite, and then are allowed to reclaim their upgraded units if desired.  Upgrades to the site add value to rents, increasing property income and value over time.