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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:

 

 

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Greenwood Park Apartments

Location

Chicago, IL

Description

Greenwood Park Apartments is a 122-unit, 15-building apartment community located in the affluent and historic Kenwood neighborhood, just 3 blocks north of President Obama’s private residence. Originally built in 1974, Greenwood Park was purchased by POAH in the summer of 2016. Renovations to the building began in 2019 and were completed in 2020. They included accessibility retrofits, roof, window and boiler replacement, new energy efficient lighting and appliances, and kitchen and bathroom renovations.

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The Washington at Woodlawn Park

Location

Chicago, IL

Description

The Washington at Woodlawn Park comprises sixteen vintage apartment buildings in the Woodlawn and Washington Park neighborhoods.  In the aftermath of the real estate crash, POAH worked with the City of Chicago and Mercy Portfolio Services to invest HUD Neighborhood Stabilization Funds in the acquisition and renovation of eleven walk-up buildings that were vacant and in disrepair.  The Community Investment Corporation provided construction and permanent financing and POAH worked with Elevate Energy to install solar thermal panels and other energy efficiency measures in the building

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Trinity Towers West

Location

Melbourne, FL

Description

In March 2014, POAH closed on a tax credit transaction of Trinity Towers West, a 17-story, 192-unit high-rise in Melbourne, Florida which was acquired in 2013 from the Holy Trinity Episcopal Church.  Trinity Towers West was a HUD 236 elderly housing development whose mortgage had matured in 2011. Trinity Towers West was built in 1971.

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Trinity Towers South

Location

Melbourne, FL

Description

POAH acquired Trinity Towers South, a 162 unit, 4 story, mid-rise property that serves seniors in Melbourne, FL, in 2013 from the Holy Trinity Episcopal Church. Built in 1982, Trinity Towers South was financed with a HUD 223(f) insured loan at the time. Acquisition financing was based on an assumption of this existing FHA insured 223(f) loan.

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Renaissance Apartments

Location

Chicago, IL

Description

The acquisition and rehabilitation of the Renaissance Apartments at Woodlawn Park is part of POAH’s award-winning work with the Choice Neighborhoods program in the Woodlawn neighborhood.  

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Newberry Park Apartments

Location

Chicago, IL

Description

Newberry Park is an 84 unit apartment building on Chicago’s Near West Side close to the Illinois Medical District and The University of Illinois at Chicago. The location is favorable for family housing, with its close proximity to schools, retail, transportation and a park district center with before and after-school services, summer programming and child care. It is also located across the street from the Chicago Fire Station that serves as a filming location for the NBC television series, Chicago Fire.

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Lafayette Terrace Apartments

Location

Chicago, IL

Description

Originally built in 1983, Lafayette Terrace Apartments is a stable and high quality property in the Englewood / Grand Crossing neighborhood, consisting of a 52-unit elderly midrise apartment building and 42 family duplex townhomes scattered among 7 wood frame buildings.Lafayette Terrace Apartments was in great need of a modernization and rehabilitation when POAH acquired it. 

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Highland Acres Apartments

Location

Carthage, MO

Description

The adjoining senior properties at Highland Acres and Highland Meadows represent a valuable asset in Carthage, Missouri, where the senior population is growing and many town elders live at or below the poverty line.

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Country Club Village II Apartments

Location

Springfield, MO

Description

Country Club Village, consisting of two adjacent properties built in separate phases, is one of 14 Missouri properties POAH purchased in 2001. Country Club Village is located in Springfield, a city of 152,000 located in the southwestern corner of the state.

In order to preserve Country Club Village and the balance of the Missouri portfolio, POAH collaborated with the Missouri Housing Development Commission and others to craft a workable purchase plan. The financing package included loans as well as equity proceeds from the sale of Low Income Housing Tax Credits (LIHTCs).

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Briston Arms Apartments

Location

Cambridge, MA

Description

Cambridge, Massachusetts is one of the country's most desirable and expensive real estate markets due largely to the presence of Harvard University, Massachusetts Institute of Technology and the City's location next to the City of Boston.

Briston Arms has been serving as an affordable housing asset for the City of Cambridge since 1973, providing housing choices for residents with a range of incomes. Briston Arms was at risk of losing its affordability when the subsidy restrictions would have expired in 2018.