As a leader in the multi-family industry, API grew into a group of interrelated organizations all dedicated to providing high-quality and unique housing solutions. The projects listed here are representative projects principals, Mike Godwin, Kevin King, Cynamon Willis, and Thompson Gooding, participated in as officers, and/or development team members.
Under the Ambling flag, over 22,000 student beds, over 18,000 of affordable and conventional housing were developed, with values exceeding $1.5 billion.
From 2011-2018, Ambling in its GP and Asset Management role refinanced, renovated, and repositioned the majority of the owned assets. From 2019-2021, Ambling led the disposition process for approximately 57 properties, with gross sales of $386M. The resulting sales achieved IRR in excess of both Ambling’s and ERI’s(Equity Partner) expectations.
In 2020, Ambling began a new cycle of development projects, which includes acquisition rehab and new construction. Housing types include market rate apartments and senior living (assisted living, memory care, and independent living). In addition to development, Ambling has maintained a large property management presence, and has added Park Terrace Development as an expert consulting arm for affordable and workforce housing developers.
In addition to development, Ambling has a strong background in financing numerous taxable and tax exempt bond transactions, Ambling has utilized several different types of credit enhancement vehicles including HUD insurance, bond insurance and letters of credit. Many other transactions are financed with the participation of private equity and Low Income Housing Tax Credit (LIHTC) equity.
