Pennrose JV Opens Alabama Senior Community
The property near Huntsville, Ala., is fully affordable.
Stoneridge Villas Phase II opening. Image courtesy of Pennrose
Pennrose, the Huntsville Housing Authority and BLOC Global Development Group, along with other partners involved in the project, have opened Stoneridge Villas Phase II, a 65-unit affordable senior housing community in Madison, Ala.
Construction on the second and final phase of the project started in 2021. Capstone Building Corp. served as general contractor and EDT-THA as architect. The development targets people over the age of 55, earning at or below 60 percent of the area median income.
Financing for the $9.9 million project came in the form of Low-Income Housing Tax Credits allocated by the Alabama Housing Finance Authority. The tax credit equity was syndicated by Hunt Capital Partners. The Huntsville Housing Authority provided $500,000 in construction financing and PNC Bank provided a $3.6 million construction loan, according to Yardi Matrix data.
The community encompasses 12 cottage-style buildings with one- and two-bedroom floorplans. Two units were designed for individuals with hearing or vision impairments and five units are wheelchair accessible. The apartments feature washers and dryers, appliances and large closets. The common-area amenities consist of a fitness center, a clubhouse, a business center, computer stations, barbeque areas and walking trails.
The 21.7-acre site is located in northwest Huntsville, at 1700 Balch Road. Stoneridge Villas is situated in an area with an abundance of dining options and retail centers.
The Stoneridge Villas community now totals 145 affordable and age-restricted units. The property is subject to a 99-year unsubordinated net ground lease held by the Huntsville Housing Authority.
