Acquisition and Renovation
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
Providence, RI
Oxford Place and Oxford Gardens were originally developed by the Peoples Redevelopment Corporation (PRC), a community nonprofit organization. The buildings were constructed in 1978 and 1989 respectively and were supported by financing from RIHousing. In 2015, after nearly three decades of ownership, PRC selected POAH to carry on their important work and ensure the preservation of the developments.
Hyannis, MA
Founders’ Court Apartments is a 32-unit family development located on Rt. 28, approximately 2.5 miles from the Hyannis town center and within walking distance of the Cape Cod Regional Transit bus service and the middle/high schools. A community day care facility is on site.
The property was built in 1989 by nonprofit Founders’ Court Corporation and has served low- and moderate-income households on Cape Cod with a mix of two- and three-bedroom apartments for 25 years. Apartment rents are based on incomes starting at 30% of the Area Medium Income to full market rate levels.
Chicago, IL
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.
Chicago, IL
The Washington at Woodlawn Park comprises sixteen vintage apartment buildings in the Woodlawn and Washington Park neighborhoods.
Melbourne, FL
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.
Melbourne, FL
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.
Chicago, IL
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.
Chicago, IL
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 childcare. 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.
Chicago, IL
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 seven wood frame buildings. Lafayette Terrace Apartments was in great need of a modernization and rehabilitation when POAH acquired it.
Carthage, MO
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.