ATLANTIC CITY, N.J.– Today Vitus Group, a Seattle-based developer and owner of affordable housing nationwide, announced their acquisition of Atlantic City Townhouse, a multifamily affordable apartment project for seniors located in central Atlantic City. The acquisition will result in a much-needed renovation of the 1980s building.
”Atlantic City Townhouse is an example of a national trend—affordable housing units built three decades ago are requiring extensive repairs, and there is a real need to preserve these existing developments in cities like Atlantic City, and across the country,” said Stephen Whyte, CEO of Vitus Group. “Finding ways to fund the rehabilitation of developments like these takes ingenuity, expertise and persistence,” said Stephen Whyte, CEO of Vitus Group.
Atlantic City Townhouse is a 14-story single apartment building containing a total of 174 rental dwelling units, originally constructed in the 1980s. The renovation of this development will work to replenish affordable housing stocks in Atlantic County; the property currently has a significant waiting list and minimal vacancy.
“In the rebuild from Hurricane Sandy, it’s become clear that it’s important to approach affordable housing in a smart way for the Atlantic City community,” said Scott Langan, director at Vitus Group. “Preserving and upgrading existing affordable housing has proven to be an effective model.”
The rehabilitation includes plans to replace roofs, windows, doors, water heaters and boilers. Interior upgrades will include replacement of cabinets, appliances, flooring bathroom renovations. The Townhouse apartments will be an example of VitusGreen®, a commitment to environmentally friendly construction and energy efficient housing, installing high efficiency boilers, Low-e glazing windows, solar panels and ENERGY STAR appliances. The renovations are expected to be completed in November, 2015.
Vitus Group has been active in the tri-state area market since 2008. In addition to Atlantic City Townhouse, it has developed Lexington Courts, a 229-unit preservation project in East Harlem, Morris Heights Mews, a 111-unit preservation project in the Bronx, Fairway Richmond, a 219-unit project on Staten Island, and Asbury Park Gardens and a 170-unit project in Asbury Park, NJ. All projects are 100% HAP (project-based Section 8) projects, and are operating at near full occupancy.