On December 17th, Related Affordable announced a partnership with St. Mary Development Corporation to preserve and rehabilitate five affordable housing apartment communities in Montgomery County, Ohio. The communities include Northcrest Gardens (Eagle Ridge), Albright Apartments, Pinewood Gardens, Asbury Apartments and Mad River Manor. The properties represent a total of 567 affordable housing units in Dayton, Riverside and Trotwood.
All five buildings were constructed in the 1970s and need renovations to ensure they continue to meet the needs of the seniors, families and residents within the community.
Some of the more significant building and community work will include: roof replacement, brick repair, HVAC system modernization, elevator modernization, window replacement, parking lot repairs and upgrades to common areas and amenities. The in-unit work will include new lighting, flooring, painting, kitchen and bathroom cabinets and counters and new kitchen appliances.
“We often talk about the need to create new affordable housing, but the need is just as great to preserve our existing affordable housing,” says Denise Blake, vice president of real estate development at St. Mary Development. “We’ve seen affordable apartments close because of their poor condition and lack of resources to rehab them. We can’t allow that to happen in our community. We’re blessed to have Related Affordable as a partner because they have the capital to purchase large property portfolios and invite local partners to assist with the rehab process. The greater Dayton area doesn’t have investors with the expertise, funding and appetite to tackle these difficult preservation projects.”
Related Affordable routinely works with local partners on preservation work as they bring valuable community knowledge, relationships and services that are critical to long-term success. For example, St. Mary Development not only develops affordable housing, but directly connects residents to programs and services that allow them to live independently.
“We are proud to continue our partnership with St. Mary Development Corporation and expand our work in Montgomery County,” says David Pearson, executive vice president of Related Affordable. “Local partners who understand the area and the complexity of projects like this make a huge difference in the success of residential communities. Related has over five decades of experience developing and preserving affordable housing across the country and we look forward to doing our best to provide quality homes and services for residents."
