VITUS GROUP COMPLETES TRANSFORMATION OF MEADOWBROOK APTS

Release Date: MARCH 26, 2015

SAN DIEGO (March 26, 2015) – Today Vitus Group, a national affordable housing developer, revealed a transformation that has been needed for several years: the complete renovation of 448 units of affordable housing at the Meadowbrook Apartments in San Diego’s Skyline neighborhood. The 22-acre property is one of the largest affordable housing rehabilitation projects in California and will improve not only the lives of Meadowbrook’s 1,200 residents, but also the surrounding San Diego community. Vitus Group specializes in revitalizing aging properties in order to preserve affordable housing in high-cost urban areas.

“Meadowbrook is a model for what affordable housing should look like—beautifully updated infrastructure with services that provide real value to residents and reach communities in need,” said Vitus Group Managing Director Stephen Whyte. “We’re grateful to the contractors, investors and local government for supporting this transformative work that has had such an impact on Meadowbrook residents and the surrounding community.”

Meadowbrook Apartments were originally built in 1970. Vitus Group acquired the property in late 2013 and undertook a renovation effort resulting in a complete rehabilitation of all units (averaging $50,000 spent on each unit) including new appliances, plumbing, flooring and windows. Each renovation was completed quickly, within an average of three days, a prime example of “renovating in place” which means minimal displacement for residents. The property’s buildings and exterior features were also renovated to include new landscaping, fenced terraces, a playground, community gardens and classroom spaces.

Vitus Group also led an overhaul of management and resident services, which benefit tenants’ educational, health and wellness needs. On-site services now offer after-school programs, community meeting rooms and senior activities. The apartments include environmentally friendly and energy efficient features such as high efficiency boilers, Low-e glazing windows, solar panels and ENERGY STAR appliances.

“We are proud to be a part of such a transformative project and to see the results of our investments: infrastructure improvements, better community services, safer communities and an overall positive impact on people’s lives” said Anne Simpson, vice president of Aegon USA Realty Advisors, LLC, equity syndicator in the project. “There are many developments across the country that are currently at risk of Community Services being converted to market rate housing. Meadowbrook is an example of the huge need and opportunity to invest in preserving and improving affordable housing.”

Meadowbrook is also an example of “Active Design,” a new way of building that encourages residents to move more, resulting in better fitness and healthier communities. Vitus Group is one of the nation’s first affordable housing developers to commit to these design principles on 80 percent of their future developments, in conjunction with the Michelle Obama-backed organization Partnership for a Healthier America.

The property is managed by U.S. Residential Group, with resident services provided by the nonprofit Project Access. The project was completed by MCC Contractors.

NOTE TO MEDIA:
Photos of Meadowbrook Apartments are available for download at http://ow.ly/KO8Qw.

ABOUT VITUS
At Vitus, our mission is to create positive impact - one community, one family and one life at a time. Since 1996 we have partnered with lenders, investors and public agencies to preserve and extend the life fo existing affordable housing across the country inmarkets with the greatest need. Through holistic renovation, we focus on the well-being of residents and rejuvenationg the surrounding community to both improve the overall quality and incorporate features that promote physical activity, community gathering and energy efficiency. To date, our team has provided stable homes to more than 25,000 residents in 23 states. www.vitus.com