Vitus Acquires 2 GA Affordable Housing Assets
- May 08, 2019
Affordable housing developer Vitus has boosted its portfolio in the state of Georgia to five properties with the purchase of two communities totaling 200 units.
The company has acquired the 100-unit Westlake Apartments in Savannah and will invest $6.9 million to preserve and renovate the hurricane-damaged property. Vitus has also picked up the 100-unit Linwood Apartments in Gainesville and will invest in a $5.6 million renovation effort.
Each property has provided affordable housing for more than 40 years and will see its Section 8 Housing Assistance Payment contract renewed for a 20-year period. The rehabilitation effort for each community is currently underway and slated for completion by the end of 2019.
Upgraded and still affordable
Located at 1900 Westlake Ave., the Westlake Apartments community was damaged by Hurricane Matthew in 2016. Vitus will be carrying out extensive repairs, including partnering with the Savannah Tree Foundation to plant 70 trees intended to reduce the threat of flood damage.
The developer’s investment will cover a variety of interior and exterior improvements, as well as a new community building and green-friendly features such as high-efficiency lighting packages and Energy Star-qualified appliances.
For the Linwood Apartments, located at 392 Linwood Drive, Vitus will build a new community garden in addition to renovating the apartments. The developer will also provide residents with monthly classes on fitness, nutrition and gardening.
Vitus has provided homes for more than 25,000 residents in 25 states since 1996. The company bought its first Colorado asset last August by scooping up a 100-unit community near Denver, which it intends to renovate and keep as affordable in partnership with the Colorado Coalition of the Homeless (CCH).