NHPF Buys Historic Affordable Senior Community in Virginia
The Section 8 property will undergo a comprehensive rehabilitation.
The NHP Foundation has purchased Danville House, a 106-unit affordable senior housing community in Danville, Va. HallKeen Management sold the historic property for $13.7 million.
The acquisition of Danville House marks the nonprofit’s fourth project in Virginia. The purchase involved the assumption of an existing HUD/FHA 223(f) loan and the use of $8.1 million in corporate bond proceeds from NHPF as equity contribution.
The Danville House comprises two buildings, both registered as Virginia Historical Landmarks: a ten-story structure originally built in 1926 as a hotel and a three-story building that served as city market since 1890.
After being rehabilitated in 1983 and converted to senior housing, Danville House became an affordable housing property catering to elderly, handicapped or disabled individuals through the Federal Section 8 program.
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The community serves residents over the age of 62. Amenities include laundry facilities, a community room, a recreation room, 24-hour emergency maintenance and on-site management.
Located at 600 Main St., the community is in the heart of the downtown Danville Historic District. Sovath Health, the Museum of Fine Arts and History and Danville Science Center are within a 1-mile radius.
An upcoming comprehensive rehabilitation
The new owner plans to begin a comprehensive rehabilitation of the two buildings. This will involve installing new interior finishes and flooring, upgrading kitchens and bathrooms with new appliances, cabinets and plumbing fixtures, as well as replacing HVAC systems, water heaters and electrical panels. Additionally, historic wood windows will be repaired, vinyl windows replaced and the roof will undergo replacement along with necessary structural updates.
The project will also feature improvements that will meet the Uniform Federal Accessibility Standards and sustainable building practices aimed at achieving a 30 percent performance increase based on the Home Energy Rating System Index.
NHPF’s portfolio totals 60 assets in 16 states and the District of Columbia. At the end of last year, the nonprofit broke ground on Park Heights Senior Apartments, a 100-unit affordable senior housing community in Baltimore, marking its fourth property in the city.
