Vitus Group Acquires New Jersey Affordable Housing Asset
- Feb 05, 2014
Joshua Ayers, Senior Editor
Seattle—Penny Point Apartments, a 152-unit value-add affordable housing community located in Egg Harbor, N.J., was recently acquired by Seattle-based Vitus Group, which specializes in developing sustainable affordable housing communities. Their current portfolio spans 15 states, mostly on the Western half of the U.S. The organization has plans to overhaul the community, repairing major exteriors and adding energy efficient appliances and fixtures.
“This project will enhance the community, as our extensive upgrades will better align it with the surrounding neighborhood and put the development on par with the many condos in the area,” says Scott Langan, director at Vitus Group. “We are also pleased that Penny Point represents our second NJHMFA conduit loan closing in the last 12 months.”
Vitus Group’s other developments in New Jersey include the Ashbury Park communities of Stephen Manor and Vita Gardens, which have 90 and 170 units, respectively. The organization has developed or acquired more than 7,000 units nationwide spread across 86 different projects. The company utilizes tax credit financing to develop and rehabilitate its communities.
Penny Point is composed of 48 one-bedroom units and 104 two-bedroom units. The property also has an on-site management office. The neighborhood includes residential and mixed-use developments and is conveniently located near public transportation hubs via the Garden State Parkway. It is located at the end of a triangular city block bordered by Hingston Avenue and Atlantic 651.
Modernization efforts at the community will include the addition of new roofs, a major remodeling of the interior spaces, as well as new parking lots and new siding. The energy efficiency-component of the renovations will include the addition of new boilers, along with new appliances and windows. Vitus intends to spend more than $5 million on the renovations and upgrades, which are expected to be completed by fall of this year.