Source: Vitus Group / #Apartments #Multifamily
RICHMOND, CA - Vitus Group announced that it has acquired and will rehabilitate the St. John’s Apartments, a 158-unit affordable housing complex located in Richmond, California. Vitus Group’s work will help modernize and preserve needed affordable housing rental units for Northern California families in Richmond, located just north of Oakland, California.
Vitus purchased the property from the John Stewart Company, a leader in multi-family housing management and provider of development and construction services to the affordable housing community.
“We appreciate being given the opportunity to acquire this property; the fact that it has been so well maintained over the years allowed for us to maximize our investment in construction improvements that will directly benefit the resident families,” said Sara Fay, Director at Vitus Group. “We at Vitus Group look forward to providing modernized affordable housing units to the community next year.”
Vitus will spend over $8,000,000 on interior and exterior renovations which will improve each of the one-, two- and three-bedroom units, located in several garden-style buildings. Significant upgrades to the community spaces are also planned, including an expanded community room which will feature computer stations, a media room and meeting space. New landscaping and garden gathering areas will also be added.
Renovations are expected to be complete in the spring of 2014.
Vitus Group specializes in developing sustainable, inclusive communities through the acquisition and rehabilitation of affordable housing projects across the nation.