NHT-Enterprise Bookends Holidays with Three Closings
Closing out the year with a bang, NHT-Enterprise acquired three additional properties before the end of 2016.
Phoenix House, located in Atlanta, GA, is an existing 69-unit permanent supportive housing project serving formerly homeless individuals. The property was originally developed by Project Interconnections, Inc. (PII), a local non-profit who operates five properties in Atlanta serving the formerly homeless. NHT-Enterprise partnered with PII and Tapestry Development Group to close the deal. Phoenix House will undergo a $10.2 million redevelopment that will include substantial renovation of one residential building and two community buildings as well as the demolition and new construction of three buildings. In addition to enjoying completely new energy efficient homes, the residents will be supported by on-site management and supportive services.
The second is Courtyard Apartments in Cincinnati, OH. Originally built in 1980, the affordable 137-unit property currently serves the elderly and persons with disabilities. NHT-Enterprise partnered with Dominium, a Minnesota-based affordable housing developer, in the purchase and $6.8-million-dollar renovation, which will include new entry and interior doors, new bathrooms and kitchens, new carpet/flooring, kitchen and bathroom reconfigurations, and updated life-safety systems. Exterior improvements include the installation of a security camera system, a roof replacement, the refurbishment of two courtyards with landscaping and pergolas, and a new entry storefront/canopy. Common area improvements include new flooring, lighting, and painting as well as the reconfiguration of the management office and community room.
Finally, the Elms Apartments, located in West Hartford, CT was acquired in early January. The 72-unit unrestricted apartment building is characterized as a naturally occurring affordable. The Elms was built in 1968 and is in need of a renovation and better property management. NHT-Enterprise will hold the property while pursuing 4% tax credit bond financing to support a substantial renovation. The financing will introduce long-term affordability restrictions to the property. The West Hartford Housing Authority is serving as the property manager and co-developer in the redevelopment.