AEGON unit expands housing partnership with Google

AEGON USA Realty Advisors LLC has added an additional property to Garnet Low Income Housing Tax Credit Fund XXV LLC with a new $47 million investment from Google Inc.

The new property is the Towers at Kuhio Park Terrace in Honolulu, Hawaii. It is a public housing community composed of two 16-story high-rise towers. The fund will provide a major source of funding for the rehabilitation of 555 units for familiies.

AEGON USA Realty Advisors is based in Cedar Rapids. The first tranche of the Garnet LIHTC Fund XXV LLC, which closed earlier in 2011, included a $28-million investment in the Riverside Plaza Apartments in Minneapolis and the Villa Alegre Senior Apartments in Santa Fe, N.M.

The Towers at Kuhio Park Terrace he are the first phase of a 1,025-unit community being redeveloped by the Michaels Development Company in partnership with Vitus Group and the Hawaii Public Housing Authority. The renovation will include living units sized to match resident needs and reconfigured apartments for handicap accessibility. With all new windows, doors, plumbing, appliances, and electrical fixtures the rehabilitation will improve the environmental sustainability of the units and increase energy efficiency leading to improved resident health and lower utility costs