Auburn Pointe Apartments

Auburn Pointe Apartments is an existing 274-unit affordable multifamily apartment community located in Newport News, Virginia.  The project is located on 13.53 acres of land and consists of 12, one and two-story buildings with a separate rental office and pool building.  All of the units are restricted to tenants earning at or below 50% and 60% of area median income (AMI).  Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $15,756,900 with a 35-year term at a fixed interest rate.