Contact: Sherry Tyler
National Developer Plans Restoration of Aging Affordable Housing Properties, Benefiting 2,400 Residents
VITUS GROUP MAINTAINS AFFORDABILITY OF 1,170 UNITS: 6 PROPERTIES IN 6 MONTHS
Release Date: June 27, 2016
SEATTLE—Vitus Group, a national developer and owner of affordable housing, announced a 1,173-unit growth of its portfolio within just six months, with new redevelopment plans at six properties in St. Paul, Minn., Atlanta, Ga., Providence, RI, East Orange, NJ, Miami Beach, Fla. and Danville, Ill. Each community’s affordability will be maintained, and benefit from millions of dollars of investment in renovation projects. Vitus will deploy a number of signature improvements, including active design features, which give residents opportunities for healthier choices and physical activity, energy efficiency upgrades and resident services.
“Communities across the country are struggling with the demand for affordable housing. Our mission at Vitus is to preserve and extend the affordability of our existing housing stock as a valuable community asset for decades to come,” said Vitus Group’s, Managing Director Stephen Whyte. “We have been able to ensure there will be quality affordable housing rental stock in six key locations, impacting 2,400 low-income individuals, families and older adults. We look forward to making long-term upgrades to each property for the residents who will live there. We’re grateful for the vision and commitment of our financial partners at Citi Community Capital, R4 Capital and City Real Estate Advisors who are working with us to respond quickly to the national housing crisis.”
Across the six projects, up to 99 percent of the 1,173 units will remain designated affordable within the Department of Housing and Urban Development’s definition, whereas no resident will pay no more than 30 percent of their income.
- Atlanta’s Abernathy Tower is a 99-unit building with historic designation. It has a renewed Housing Assistance Payment (HAP) contract with a 20 year extension and a rehabilitation budget of $3,491,000. The project was funded by Citi Community Capital; investors are R4 Capital, Invest Atlanta and Sugar Creek Capital.
- Oakdale, Minnesota’s Century North just outside of St. Paul consists of 177 units that will remain affordable for 20 years. The project was funded by Citi Community Capital.
- Vitus preserved 165 units across 35 parcels of land in Providence, RI with the Evergreen Portfolio developments. The projects were funded by Citi Community Capital, with Rhode Island Housing serving as a key partner.
- Vitus preserved 210 units of affordable housing with Four Freedoms Miami Beach. The high-rise, located in a highly desirable, high-cost real estate market, houses 260 older adults; 85 percent of residents will pay no more than 30 percent of their household income toward rent. The project was funded by Citi Community Capital.
- Pavilion Apartments in East Orange, NJ is a high rise building with 298 rental units for older adults, with onsite health services and indoor recreation space that will remain affordable for 20 more years. The project was funded by Citi Community Capital.
- Danville, Illinois’ Vermilion House Apartments is Vitus Group’s third affordable redevelopment acquisition in Illinois within the past 18 months. The long-term affordability of this 240-unit property will be maintained for another 20 years. This project was also funded by Citi Community Capital.
As one of the first affordable housing partners for the Partnership for a Healthier America (PHA), Vitus Group has committed to building healthier communities across the country by incorporating active design elements into at least 80 percent of its future developments. The PHA, headed up by honorary chair Michelle Obama, works with the private sector to make healthier choices easily accessible for busy parents and families. Vitus is working with the Center for Active Design to independently recommend and verify active design project features.
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