VITUS ACQUIRES OCEANSIDE ESTATES TO ENHANCE LOW-INCOME, SENIOR HOUSING

Release Date: Jan. 3, 2018

National developer expands Florida presence with third redevelopment in 18 months

PINNELLAS PARK, Fla. – Vitus, a national developer and owner of affordable housing, has announced the preservation and planned renovation of Oceanside Estates, a low-income, senior housing community in Pinellas Park. Through an extension of the Housing Assistance Payment contract with the Department of Housing and Urban Development, all 104 units of Oceanside Estates will be occupied by residents paying no more than 30 percent of their household income on rent.

“Our mission at Vitus is to create quality, affordable housing that improves the lives of residents and strengthens the surrounding community,” said Scott Langan, development director for Vitus. “Seniors living on fixed incomes are particularly vulnerable to housing insecurity. They are a critical population that we support and, with the commencement of the Oceanside Estates project, we look forward to serving residents and revitalizing the neighborhood they call home.”

Oceanside Estates joins Vitus’ portfolio of more than 100 properties nationwide. The Pinellas Park property is the Vitus team’s third redevelopment in Florida since mid-2016, but will be the developer’s first housing project in Florida outside of Miami. The renovation of the property will include numerous interior and exterior improvements such as resurfacing of walkways and retrofitting indoor spaces to meet ADA (Americans with Disabilities Act) standards. The entire complex will also receive upgrades to its elevators, flooring and finishes as well as new energy efficient appliances and low flow plumbing.

Along with these renovations, Vitus also seeks to bring “active design” features to the property that promote healthy living for residents. This will include new landscaping, improved stairwells and updates to Oceanside’s communal features such as its outdoor screened porch, community room and hobby room.

Improvement projects at Oceanside Estates are planned to be completed by December 2018. Since they involve no new construction, the project is expected to create only minimal disruption for residents and the surrounding community.

 

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