Vitus Announces Redevelopment of Two Properties in Boston

Release Date: JULY 27, 2020

BOSTON – Vitus, a national developer and owner of affordable housing, has announced the planned preservation and renovation of the 40-unit Fort Hill Gardens Apartment Community and the 42-unit Esperanza Trust Apartments in the Boston neighborhood of Roxbury. The rehabilitation of these properties includes large-scale improvements that will benefit the current residents and ensure quality affordable housing for years to come.

As part of the acquisition of both Fort Hill Gardens and Esperanza, Vitus renewed Section 8 Housing Assistance Payments that guarantee the affordability of both properties for 20 years. In doing so, Vitus is addressing the critical need for affordable housing in Roxbury while also enhancing two important – and in the case of Esperanza, historic – apartment communities.

“At Vitus, we specialize in protecting existing affordable housing in communities with the greatest need – Roxbury is a perfect example. The area has seen a great deal of growth in recent years, but rising housing costs make it challenging for long-time residents to remain in the neighborhood they’ve called home for so many years.” said Brooke Shorett, development management director at Vitus. “With this substantial renovation project, we are happy to offer them an affordable place to live for the foreseeable future.”

Esperanza and Fort Hill are particularly unique properties and their preservation is critical to the Roxbury community. Fort Hill Gardens offers a rarity in this neighborhood – large units. The entire 40-unit townhome community is comprised of three-bedroom units ideal for families. The Esperanza Apartments are in a historic building originally constructed in 1896 and surrounded by highly sought-after real estate. As the area becomes more popular and property prices surge, the preservation of both Fort Hill and Esperanza is crucial.

The renovation budget for the Fort Hill Gardens and Esperanza properties is approximately $100,000 per unit. Construction is currently underway and is scheduled to be completed in the winter of 2020. The project includes remodeling the kitchens and bathrooms, repainting and updating living areas, and installing new doors and windows. Additionally, in the Esperanza Apartments, five units will be converted to become ADA compliant. Both properties will also receive exterior improvements such as new roofing, curb and walkway replacement, masonry recoating and a range of additional site repairs. To honor Vitus’ commitment to environmentally-friendly construction, upgrades will include efficient lighting, plumbing and windows as well as ENERGY STAR qualified appliances.

With no new construction, the renovation is expected to create minimal disruption for 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 25 states. www.vitus.com