The Flats on the Fox Case Study
Green Bay, Wisconsin • Brown County
High Visibility on the Fox River
For leasing information please visit goldfinchliving.com
About the Project
The Flats on the Fox is an established mixed-use apartment building in downtown Green Bay, Wisconsin. It was developed by Stonehouse Development in 2008 using Low-Income Housing Tax Credits (LIHTC).
WHPC purchased the 64-unit building for $6 million in May 2024. This highly visible, workforce property was nearing the end of its 15-year tax credit compliance period. Acquiring a 15-year-old building presented WHPC with the opportunity to both preserve newer affordable housing and reduce the average age of its portfolio assets.
Benefit of Acquiring Existing Affordable Housing
The Flats on the Fox is an excellent example of the importance of preserving urban workforce housing. Communities in Wisconsin and across the country are losing affordable housing faster than it can be created. When a property’s 15-year LIHTC compliance period ends, many affordable housing owners can choose to sell their properties to for-profit developers who often rehab the buildings and charge higher market-rate rents.
Even though many businesses in the Green Bay area offer competitive wages, a significant portion of the population will spend 30% to 50% of their take-home pay on housing costs, leaving fewer resources for essentials such as food, car payments, daycare, and medical expenses.
Acquiring The Flats on the Fox preserves the property’s affordability and enables WHPC to fulfill its mission to provide safe, stable housing, and improve the quality of life for its residents.
Unit Mix
The eight-story mixed-use property is comprised two commercial tenant suites and 64 apartments with floor plans ranging from 575 to 1,400 square feet. The apartment mix includes 31 one-bedroom, 28 two-bedroom, and five three-bedroom townhouses on the street level with private entrances.
Fifty units are subject to tax credit rent and income restrictions. These income restrictions include set asides for residents at 60% of the area median income (AMI), 50% AMI, and 40% AMI.
Amenities
Apartments at The Flats on the Fox feature central heat and air conditioning, modern appliances including a microwave and dishwasher, and full-size washers and dryers. Several units have great views of the Fox River and Lambeau Field, home of the Green Bay Packers. Fifteen units feature a balcony. A community room with kitchen, fitness center, and outdoor deck is accessible to all residents. An adjoining city-owned parking structure provides access to parking stalls.
Residents at The Flats on the Fox take advantage of a vibrant and thriving downtown. The building’s proximity along the scenic riverfront and downtown’s popular North Washington Street provides residents with many amenities and attractions. It offers convenient access to major transportation routes serving the state. The Fox River Trail and popular City Deck boardwalk run across the entryway to the building. With a walk score of 82 and a bike score of 94, The Flats on the Fox is a desirable option for individuals and families living and working in the downtown area.
PROJECT TYPE
Residential workforce housing with first floor commercial
LOCATION
Green Bay, Wisconsin
TOTAL ACQUISITION COST
$6 million
ACQUISITION DATE
May 2024
SITE SIZE
0.282 acres
BUILDING SIZE
Eight-story apartment building with two commercial retail spaces and 64 apartments (50 affordable and 14 market-rate)
The Flats on the Fox is a great example of what affordable housing can – and should – be, offering large, modern apartments with high-end amenities and great views! It proves that quality design and affordability can coexist. This property is also a great example of our mission at WHPC: preserving and creating homes that residents are proud of, regardless of their income.
WHPC RESPONSIBILITIES
Acquisition, Asset Management, Financial Management
FINANCIAL PARTNERS
WHPC Equity
Treasury Capital Magnet Fund
501(c)(3) Bonds
PROPERTY MANAGEMENT
Goldfinch Management
Downtown Location
The Flats on the Fox is located along the popular City Deck boardwalk on the Fox River in downtown Green Bay. The eight-story apartment building enjoys prominent visibility along the scenic riverfront and North Washington Street and provides residents with easy access to amenities and entertainment.
