Vitus Group to Revamp Six Affordable Housing Properties
- Jul 11, 2016
Seattle—Vitus Group is set to add roughly 1,200 units to its portfolio in just six months. The six properties are located in St. Paul, Minn.; Atlanta; Providence, R.I.; East Orange, N.J.; Miami Beach, Fla.; and Danville, Ill. The developer plans to renovate the multifamily communities and maintain their affordability. The modernization process will include adding active design features to each property, giving residents opportunities for healthier choices and physical activity, energy efficiency upgrades and resident services.
“We have been able to ensure there will be quality affordable housing rental stock in six key locations, impacting 2,400 low-income individuals, families and older adults. We look forward to making long-term upgrades to each property for the residents who will live there,” Stephen Whyte, managing director at Vitus Group, said.
The communities purchased by Vitus offer between 99 and 298 units. Among them is the 210-unit Four Freedoms Miami Beach high-rise, located in a top market and home to 260 residents. According to the Yardi Matrix residential report, the property offers studios, one- and two-bedroom floorplans, while average monthly rates are around $1,200. The property was purchased for approximately $10.4 million from Four Freedoms House of Miami Beach.
Vitus announced that 99 percent of the 1,173 units will remain affordable, which means that no resident will pay more than 30 percent of their income for rent. The Seattle-based company was one of the first housing collaborators of the Partnership for a Healthier America, headed up by honorary chair Michelle Obama. It has therefore committed to incorporating active design elements that encourage residents to have a healthier lifestyle. Vitus is also working with the Center for Active Design to independently recommend and verify active design project features.
Image via Yardi Matrix.