CHC PRESERVES ESSENTIAL AFFORDABLE HOUSING COMMUNITY IN GEORGETOWN, TEXAS
Community Housing Concepts, Inc. is proud to announce the newest addition to its nationwide affordable housing community portfolio – Georgetown Square Apartments.
Originally built in 1972, Georgetown Square is a 55 unit, 93% project-based section 8 property consisting of eight two-story apartment buildings on three acres of land. It was renovated in 1979 and most recently in 2009.
“We are very pleased to add Georgetown Square to the CHC family,” explains Hud Karshmer, president of CHC. “The town of Georgetown (a suburb of Austin) is ranked in the top ten of America’s fastest growing cities. It was very important that we acquire this essential affordable housing property to preserve it for our residents. We look forward to the opportunity to make a difference in residents’ lives and in the community by making Georgetown Square a wonderful place to call home. We are very thankful to the brokerage team of Andy Daitch and Seth Barnett at Marcus Millichap who helped make this transaction a reality. It was a pleasure to leverage our strong working relationship and history with them.” The community was purchased by CHC and as part of the acquisition, a loan was granted from Mercy Loan Fund, who has a strong relationship and history closing transactions with CHC. Steele Properties LLC, a national real estate investment firm, served as acquisition advisor for the project. Monroe Group Ltd, a leading property management company, will manage the property.
COMMUNITY HOUSING CONCEPTS ACQUIRES ESSENTIAL COMMUNITY IN HISTORIC DISTRICT OF ST. LOUIS
Community Housing Concepts (CHC), a Denver, CO based non-profit organization, has announced the acquisition of Union Sarah Apartments.
Union Sarah is a 100 unit Project Based Section 8 community comprised of five buildings scattered throughout the city, with four of the buildings located in a Federal Historic District. Built over a 20 year period between 1898 and 1926, its age and defining architectural features contribute to the historical fabric of the community, which is located just minutes from the Gateway Arch, one of America’s most famous landmarks.
CHC is dedicated to providing safe, decent, and affordable housing options for its residents and revitalizing low income communities. It owns fourteen low income communities, including Low Income Housing Tax Credit and Section 8 properties, with over 1500 units in five states. Hud Karshmer, President of CHC, stressed the importance of the organization’s “strong commitment to working closely with the St. Louis community to preserve the historic property and ensure that the residents have quality housing.”
As part of its commitment to low income housing, CHC has agreed to keep the Project Based Section 8 post-Mark-to-Market property affordable to ensure that ownership will remain with a non-profit organization for the next 50 years.
Steele Properties will oversee the redevelopment of Union Sarah. Monroe Group Ltd. will serve as the property management company.