ACRUVA Capital Partners announced it has entered the Puerto Rico market to lease, option, or buy land to develop affordable housing communities, as well as to acquire, rehabilitate and re-syndicate affordable housing communities in strategically selected markets.
ACRUVA Capital Partners was formed as a joint venture with the support of Alliant Capital, its long-term financial partners. The joint ventures have completed 14 new developments consisting of close to 3,000 units totaling more than $559 million in development costs.
In addition, there are currently nine developments under construction consisting of 1,738 units totaling more than $486 million in development costs.
ACRUVA’s arrival to the local market brings Alex Donato-Martinez as development manager for Puerto Rico. He works directly with a senior development manager and ACRUVA’s leadership team and will be involved from land acquisition to project close-out, the company said.
Donato-Martinez has more than 18 years of experience in civil engineering including coordinating inspections, geotechnical studies and laboratory testing verifying and performing calculations and has supervised a team of 25 individuals consisting of laboratory and field technicians and drill operators.
Prior to joining ACRUVA, Donato-Martinez was a Puerto Rico-based project manager working closely on the financial funding and construction oversight for the Puerto Rico Department of Housing’s revitalization projects formerly known as Las Gladiolas, Puerta de Tierra, and José Gautier Benitez totaling 752 mixed-income multifamily and elderly units.
“Alex is a valuable and respected member of the ACRUVA’s Development Team bringing significant experience in construction and affordable housing supervision,” said Daniel F. Acosta, president of ACRUVA.
Acosta has spent more than 26 years in affordable and market rate multifamily industry while working with some of the nation’s leading for-profit development, syndication, and asset management firms.
“I have been working in Puerto Rico for many years and I am delighted we have the opportunity to continue to support Puerto Rico’s recovery efforts. Our aim is to help fulfill the housing needs by delivering high quality affordable housing options,” said Acosta.