The Miller-Valentine Group held a ceremony on May 8 to celebrate the grand re-opening of the Summit Pointe Apartments, an affordable housing community in Lawrenceburg, Ind. Alan Rakowski, tax credit manager for the Indiana Housing and Community Development Authority; Tim Bete, president of St. Mary Development Corp.; and Adrian Colosimo, development risk manager for RBC Capital Markets were among those present at the ceremony.
Summit Pointe Apartments is located at 600 Deer Run. The community features 70 two-bedroom and 14 three-bedroom homes. Its affordable rates are made possible through an efficient financing package including Section 42 Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
“Summit Pointe Apartments preserves a local affordable housing option. We are enthusiastic and privileged to serve the families in the city of Lawrenceburg and prove to them that our passion is to positively impact their lives,” Jim Fenwick, president of Miller-Valentine Residential Property Management, said in a statement for the press.
The Miller-Valentine Group invested $10 million to fully renovate the property. The renovation included adding a second bathroom to all two- and three-bedroom apartments as well as a new state-of-the-art fitness center and playground. The Dayton-based developer worked on the project together with St. Mary Development, RBC Capital Markets, the Indiana Housing and Community Development Authority, Community Housing Capital and the city of Lawrenceburg.
The $10 million renovation project also helped boost the local economy, creating 128 new jobs for local contractors and sub-contractors. Jim Fenwick said that “the company is excited to reinvest in Lawrenceburg, a city that we’ve been involved with for almost 20 years. Preserving high-quality apartment homes marketable to moderate-income families is critical.”
Photo courtesy of Miller-Valentine Group.