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Acquisition and Renovation

Acquisition and Renovation

Description

Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.

See some of our Acquisitions and Renovations below:

 

 

See Properties
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Kenmore Abbey

Location

Boston, MA

Description

The Kenmore Abbey Apartments is a 199-unit senior rental community in the Fenway neighborhood of Boston, located steps away from Fenway Park. The historic property was constructed as a hotel in the late 1890s and was converted to its current use in 1984. Kenmore Abbey comprises two brownstone buildings that are architecturally significant and are connected by a footbridge between their second floors. Kenmore Abbey is a 100% senior Section 8 property with a very strong waiting list for occupancy.

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Salem Heights Apartments

Location

Salem, MA

Description

Salem Heights was built in the early 1970s as affordable housing under a HUD subsidized loan. In November of 2000, the ownership announced a plan to convert the complex to market-rate rents, a plan that was opposed by the tenants' organization and city officials. At the time, the 283 units represented 15% of the city's total privately-owned affordable housing supply. POAH collaborated with the interested parties to craft an alternative arrangement which relieved the owner of the property while preserving the units as affordable for 100 years.

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Hawthorne Place Apartments

Location

Independence, MO

Description

Hawthorne Place Apartments, the largest affordable housing community in Missouri, comprises 128 buildings and 745 apartments that are home to over 2,000 residents. Hawthorne Place offers much needed stability and rental subsidies to many families containing hundreds of children.

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Harvest Commons and Warren Ashland

Location

Chicago, IL

Description

Warren Ashland Apartments, located next door to Harvest Commons, is a 75-unit, new-construction property completed in 2021 offering a mix of affordable apartments serving very low-income people as well as moderate-income and market-rate renters. They're located in Chicago’s bustling Near West Side at 1519 and 1533 W. Warren Blvd. respectively, and comprise 164 mixed-income apartments.
 

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Westport Village

Location

Westport, MA

Description

Westport Village is a 48-unit senior building originally constructed in 2005 that currently operates under the federal Section 42 Low Income Housing Tax Credit (LIHTC) program. POAH will extend the Project Based Voucher contract (PBV) covering 12 apartments that was set to expire in 2025.

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Biltmore Hills

Location

Raleigh, NC

Description

Biltmore Hills is a 50-unit apartment complex situated on 7.16 acres at 2227 Garner Road in Raleigh, NC.

The property, which is currently in its 30-year affordable housing compliance period, faced the risk of redevelopment or conversion to market-rate housing upon expiration of the compliance period. The seller embraced the opportunity to find an affordable housing buyer focused on preservation of the existing units. POAH's purchase ensures that the residents will have continued access to affordable housing options well into the future.

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Olympia Square Apartments

Location

Lynn, MA

Description

Olympia Square Apartments is a 44-unit, 100% Section 8, fully occupied senior property in Lynn, MA - just north of Boston. Formerly known as the Sweetser Block, the building was constructed in 1874 and originally housed a shoe manufacturing operation. The property was converted to apartments during the early 1980s, and has two ground-floor commercial tenants.

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Austin Renaissance

Location

Chicago, IL

Description

Originally built in 1926, the Austin Renaissance is a 71 unit family property located in the Austin neighborhood on the west side of Chicago.The property is made up of two, 4-story brick courtyard buildings with walk up units and is 100% project-based Section 8. These buildings are located near multiple CTA Green Line stations and within walking distance of Columbus Park.  

As part of POAH's acquisition, a Community Impact Coordinator has been assigned to the building, to support residents with accessing resources. 

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Jackson Park Terrace

Location

Chicago, IL

Description

Jackson Park Terrace is a 318 unit complex made up of over twenty low-rise buildings and one high-rise, across from Jackson Park. Located only half a mile from Island Terrace Apartments, another POAH property, it was originally built by the Woodlawn Community Development Corp., one of the country's first community development corporations.